Bailed out insurer AIG halts lobbying after government takeover
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Washington - Insurance giant American International Group Inc, bailed out of a cash-flow crisis last month by a loan that temporarily made the US government its majority shareholder, said Monday that it would stop lobbying in Washington. A spokesman said that the company's Washington office would continue to monitor federal lawmaking to assess impacts on AIG, but that routine work to influence congressional legislation would stop. In addition, the company has cancelled more than 150 posh corporate events, saving an estimated 80 million dollars. AIG management came under fierce criticism from lawmakers after the revelation that executives spend 440,000 dollars on a retreat at a luxury spa, just days after the federal loan that kept the company afloat. AIG is continuing to try to sell off assets to repay an 85- billion-dollar loan from the federal government.
Copyright DPA
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