(The following memo from AIG Chief Executive Officer Bob Benmosche was
received by e-mail and was reformatted. The sender verified the statement.)
As you know, today the AIG Board of Directors met to review a demand received
from Starr International Company that AIG either pursue, or allow Starr to
pursue, legal claims brought by Starr in AIG's name contesting certain terms of
the U.S. Government's rescue of AIG in 2008.
Today, the AIG Board has determined to refuse Starr's demand in its entirety,
which means we will neither pursue these claims nor allow Starr to do so.
The Board's decision today was about continuing to move this company forward,
not backward. We as a company have kept our promise to return every dollar
America invested in us, plus a substantial profit.
The Board was legally required to consider the Starr demand - the law and the
courts required it - and we did so thoughtfully, weighing all the appropriate
factors. That is what sound corporate governance and properly undertaking our
responsibilities and obligations to our shareholders are all about.
I want to reiterate how excited we are about the opportunities ahead. We mean
it when we say thank you to the American people. They gave us the opportunity
to rebuild this company. You, our employees, expressed your genuine gratitude
every day over the last several years by keeping our promise and delivering a
profit of $22.7 billion to those who put their trust in us.
We will continue our momentum in honoring America's trust and confidence
through our strong performance as a company and our commitment to doing right
by each other, our customers, our investors, and the communities where we live
Press spacebar to pause and continue. Press esc to stop.