Hank Greenberg: It’s Not My Fault AIG is a Mess

Former American International Group (NYSE:AIG) CEO Hank Greenberg spoke with FOX Business Network about the current economic situation in the United States. Greenberg said while the country is “going through a problem. We will get through that problem.” He went on express confidence in “the American people” saying “when they have to, they’ll respond.”

On the United States’ economic situation:
“There are many people around the world who say we are a declining power. We are not a declining power. We are going through a problem. We will get through that problem. The American people, when they have to, they’ll respond. We shouldn’t think of ourselves as a declining power. Many countries have problems. I wouldn’t lose faith that we will solve these problems.”

On whether AIG needed to be bailed out:
“No. The bailout was handled badly. They caused a run on the banks. The system tightened up. There was no liquidity. They brought that on. There was no plan.”

On whether a financial crisis could happen again:
“It could happen again. It’s very possible.”

On the Dodd-Frank financial regulatory bill:
“I don’t think they know what they were passing at the time. And now we have to fund it.”

On why AIG was not successful after being bailed out:
“92% of the company is owned by the government. So it is really a state owned company and state owned companies can run very well. Private sector runs companies, not government.”

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