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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
SCHEDULE
13D
Under
the Securities Exchange Act of 1934
(Amendment
No. __)(1)
American
International Group, Inc.
(Name
of Issuer)
Common
Stock
(Title
of Class Securities)
026874-107
(CUSIP
Number)
Howard
I. Smith
Vice
Chairman-Finance and Secretary
Telephone:
(212) 230-5050
(Name,
Address and Telephone Number of Person
Authorized
to Receive Notices and Communication)
October
30, 2008
(Date
of Event which Requires Filing of this Statement)
If the
filing person has previously filed a statement on Schedule 13G to report the
acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the
following box. [_]
Note:
Schedules filed in paper format shall include a signed original and five copies
of the schedule, including all exhibits. See Rule 13d-7 for other parties to
whom copies are to be sent.
(1) This
Schedule 13D constitutes Amendment No. 11 to the Schedule 13D on behalf of C. V.
Starr & Co., Inc. Trust, dated March 20, 2007, Amendment No. 13 to the
Schedule 13D on behalf of Maurice R. and Corinne P. Greenberg Joint Tenancy
Company, LLC, dated May 26, 2006, Amendment No. 15 to the Schedule 13D on behalf
of Universal Foundation, Inc., dated February 21, 2006, Amendment No. 15 to the
Schedule 13D on behalf of The Maurice R. and Corinne P. Greenberg Family
Foundation, Inc., dated February 21, 2006, Amendment No. 17 to the Schedule 13D
on behalf of Maurice R. Greenberg, dated November 23, 2005, Amendment No. 17 to
the Schedule 13D on behalf of Edward E. Matthews, dated November 23, 2005,
Amendment No. 19 to the Schedule 13D of Starr International Company, Inc., dated
October 2, 1978, and Amendment No. 19 to the Schedule 13D for C. V. Starr &
Co., Inc., dated October 2, 1978.
The
information required on the remainder of this cover page shall not be deemed to
be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934
(“Act”) or otherwise subject to the liabilities of that section of the Act but
shall be subject to all other provisions of the Act (however, see the
Notes).
|
CUSIP
No. 026874-107
|
||||||
|
1
|
NAME
OF REPORTING PERSON
I.R.S.
IDENTIFICATION NO. OF ABOVE PERSON
Maurice
R. Greenberg
|
|||||
|
2
|
CHECK
THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See
Instructions)
|
(a)
x
|
||||
|
(b)
o
|
||||||
|
3
|
SEC
USE ONLY
|
|||||
|
4
|
SOURCE
OF FUNDS (See Instructions)
PF
|
|||||
|
5
|
CHECK
IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or
(e) o
|
|||||
|
6
|
CITIZENSHIP
OR PLACE OF ORGANIZATION
United
States of America
|
|||||
|
NUMBERS
OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
|
7
|
SOLE
VOTING POWER
2,487,500
|
||||
|
8
|
SHARED
VOTING POWER
65,650,169
|
|||||
|
9
|
SOLE
DISPOSITIVE POWER
2,487,500
|
|||||
|
10
|
SHARED
DISPOSITIVE POWER
65,650,169
|
|||||
|
11
|
AGGREGATE
AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
68,137,669
|
|||||
|
12
|
CHECK
IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(SEE INSTRUCTIONS)o
|
|||||
|
13
|
PERCENT
OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.53%
|
|||||
|
14
|
TYPE
OF REPORTING PERSON (SEE INSTRUCTIONS)
IN
|
|||||
|
CUSIP
No. 026874-107
|
||||||
|
1
|
NAME
OF REPORTING PERSON
I.R.S.
IDENTIFICATION NO. OF ABOVE PERSON
Edward
E. Matthews
|
|||||
|
2
|
CHECK
THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See
Instructions)
|
(a)
x
|
||||
|
(b)
o
|
||||||
|
3
|
SEC
USE ONLY
|
|||||
|
4
|
SOURCE
OF FUNDS (See Instructions)
PF
|
|||||
|
5
|
CHECK
IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or
2(e) o
|
|||||
|
6
|
CITIZENSHIP
OR PLACE OF ORGANIZATION
United
States of America
|
|||||
|
NUMBERS
OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
|
7
|
SOLE
VOTING POWER
281,875
|
||||
|
8
|
SHARED
VOTING POWER
8,580,850
|
|||||
|
9
|
SOLE
DISPOSITIVE POWER
281,875
|
|||||
|
10
|
SHARED
DISPOSITIVE POWER
8,580,850
|
|||||
|
11
|
AGGREGATE
AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
8,862,725
|
|||||
|
12
|
CHECK
IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(SEE INSTRUCTIONS) o
|
|||||
|
13
|
PERCENT
OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.33%
|
|||||
|
14
|
TYPE
OF REPORTING PERSON (SEE INSTRUCTIONS)
IN
|
|||||
|
CUSIP
No. 026874-107
|
||||||
|
1
|
NAME
OF REPORTING PERSON
I.R.S.
IDENTIFICATION NO. OF ABOVE PERSON
Starr
International Company, Inc.
|
|||||
|
2
|
CHECK
THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See
Instructions)
|
(a)
x
|
||||
|
(b)
o
|
||||||
|
3
|
SEC
USE ONLY
|
|||||
|
4
|
SOURCE
OF FUNDS (See Instructions)
WC
|
|||||
|
5
|
CHECK
IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or
2(e) o
|
|||||
|
6
|
CITIZENSHIP
OR PLACE OF ORGANIZATION
Panama
|
|||||
|
NUMBERS
OF SHARES BENEFICIALLY OWNED BY EACH REPORTING
PERSON WITH |
7
|
SOLE
VOTING POWER
207,899,272
|
||||
|
8
|
SHARED
VOTING POWER
0
|
|||||
|
9
|
SOLE
DISPOSITIVE POWER
207,899,272
|
|||||
|
10
|
SHARED
DISPOSITIVE POWER
2,112,119
|
|||||
|
11
|
AGGREGATE
AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
210,011,391
|
|||||
|
12
|
CHECK
IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(SEE INSTRUCTIONS) o
|
|||||
|
13
|
PERCENT
OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.81%
|
|||||
|
14
|
TYPE
OF REPORTING PERSON (SEE INSTRUCTIONS)
CO
|
|||||
|
CUSIP
No. 026874-107
|
||||||
|
1
|
NAME
OF REPORTING PERSON
I.R.S.
IDENTIFICATION NO. OF ABOVE PERSON
C.
V. Starr & Co., Inc.
|
|||||
|
2
|
CHECK
THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See
Instructions)
|
(a)
x
|
||||
|
(b)
o
|
||||||
|
3
|
SEC
USE ONLY
|
|||||
|
4
|
SOURCE
OF FUNDS (See Instructions)
WC
|
|||||
|
5
|
CHECK
IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or
2(e) o
|
|||||
|
6
|
CITIZENSHIP
OR PLACE OF ORGANIZATION
Delaware
|
|||||
|
NUMBERS
OF SHARES BENEFICIALLY OWNED BY EACH REPORTING
PERSON
WITH
|
7
|
SOLE
VOTING POWER
0
|
||||
|
8
|
SHARED
VOTING POWER
26,429,714
|
|||||
|
9
|
SOLE
DISPOSITIVE POWER
0
|
|||||
|
10
|
SHARED
DISPOSITIVE POWER
26,429,714
|
|||||
|
11
|
AGGREGATE
AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
26,429,714
|
|||||
|
12
|
CHECK
IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(SEE INSTRUCTIONS) o
|
|||||
|
13
|
PERCENT
OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.98%
|
|||||
|
14
|
TYPE
OF REPORTING PERSON (SEE INSTRUCTIONS)
CO
|
|||||
|
CUSIP
No. 026874-107
|
||||||
|
1
|
NAME
OF REPORTING PERSON
I.R.S.
IDENTIFICATION NO. OF ABOVE PERSON
Universal
Foundation, Inc.
|
|||||
|
2
|
CHECK
THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See
Instructions)
|
(a)x
|
||||
|
(b)
o
|
||||||
|
3
|
SEC
USE ONLY
|
|||||
|
4
|
SOURCE
OF FUNDS (See Instructions)
WC
|
|||||
|
5
|
CHECK
IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or
2(e) o
|
|||||
|
6
|
CITIZENSHIP
OR PLACE OF ORGANIZATION
Panama
|
|||||
|
NUMBERS
OF SHARES BENEFICIALLY OWNED BY EACH REPORTING
PERSON
WITH
|
7
|
SOLE
VOTING POWER
2,112,119
|
||||
|
8
|
SHARED
VOTING POWER
0
|
|||||
|
9
|
SOLE
DISPOSITIVE POWER
0
|
|||||
|
10
|
SHARED
DISPOSITIVE POWER
2,112,119
|
|||||
|
11
|
AGGREGATE
AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,112,119
|
|||||
|
12
|
CHECK
IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAINSHARES
(SEE INSTRUCTIONS) o
|
|||||
|
13
|
PERCENT
OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.08%
|
|||||
|
14
|
TYPE
OF REPORTING PERSON (SEE INSTRUCTIONS)
CO
|
|||||
|
CUSIP
No. 026874-107
|
||||||
|
1
|
NAME
OF REPORTING PERSON
I.R.S.
IDENTIFICATION NO. OF ABOVE PERSON
The
Maurice R. and Corinne P. Greenberg Family Foundation,
Inc.
|
|||||
|
2
|
CHECK
THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See
Instructions)
|
(a)
x
|
||||
|
(b)
o
|
||||||
|
3
|
SEC
USE ONLY
|
|||||
|
4
|
SOURCE
OF FUNDS (See Instructions)
WC
|
|||||
|
5
|
CHECK
IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or
2(e) o
|
|||||
|
6
|
CITIZENSHIP
OR PLACE OF ORGANIZATION
New
York
|
|||||
|
NUMBERS
OF SHARES BENEFICIALLY OWNED BY EACH REPORTING
PERSON
WITH
|
7
|
SOLE
VOTING POWER
0
|
||||
|
8
|
SHARED
VOTING POWER
989,308
|
|||||
|
9
|
SOLE
DISPOSITIVE POWER
0
|
|||||
|
10
|
SHARED
DISPOSITIVE POWER
989,308
|
|||||
|
11
|
AGGREGATE
AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
989,308
|
|||||
|
12
|
CHECK
IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(SEE INSTRUCTIONS) o
|
|||||
|
13
|
PERCENT
OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.04%
|
|||||
|
14
|
TYPE
OF REPORTING PERSON (SEE INSTRUCTIONS)
CO
|
|||||
|
CUSIP
No. 026874-107
|
||||||
|
1
|
NAME
OF REPORTING PERSON
I.R.S.
IDENTIFICATION NO. OF ABOVE PERSON
Maurice
R. and Corinne P. Greenberg Joint Tenancy Company, LLC
|
|||||
|
2
|
CHECK
THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See
Instructions)
|
(a)
x
|
||||
|
(b)
o
|
||||||
|
3
|
SEC
USE ONLY
|
|||||
|
4
|
SOURCE
OF FUNDS (See Instructions)
OO
|
|||||
|
5
|
CHECK
IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or
2(e) o
|
|||||
|
6
|
CITIZENSHIP
OR PLACE OF ORGANIZATION
Florida
|
|||||
|
NUMBERS
OF SHARES BENEFICIALLY OWNED BY EACH REPORTING
PERSON
WITH
|
7
|
SOLE
VOTING POWER
0
|
||||
|
8
|
SHARED
VOTING POWER
25,269,689
|
|||||
|
9
|
SOLE
DISPOSITIVE POWER
0
|
|||||
|
10
|
SHARED
DISPOSITIVE POWER
25,269,689
|
|||||
|
11
|
AGGREGATE
AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
25,269,689
|
|||||
|
12
|
CHECK
IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(SEE INSTRUCTIONS)o
|
|||||
|
13
|
PERCENT
OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.94%
|
|||||
|
14
|
TYPE
OF REPORTING PERSON (SEE INSTRUCTIONS)
OO
|
|||||
|
CUSIP
No. 026874-107
|
||||||
|
1
|
NAME
OF REPORTING PERSON
I.R.S.
IDENTIFICATION NO. OF ABOVE PERSON
C.
V. Starr & Co., Inc. Trust
|
|||||
|
2
|
CHECK
THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See
Instructions)
|
(a)x
|
||||
|
(b)
o
|
||||||
|
3
|
SEC
USE ONLY
|
|||||
|
4
|
SOURCE
OF FUNDS (See Instructions)
OO
|
|||||
|
5
|
CHECK
IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or
2(e) o
|
|||||
|
6
|
CITIZENSHIP
OR PLACE OF ORGANIZATION
New
York
|
|||||
|
NUMBERS
OF SHARES BENEFICIALLY OWNED BY EACH REPORTING
PERSON
WITH
|
7
|
SOLE
VOTING POWER
0
|
||||
|
8
|
SHARED
VOTING POWER
8,580,850
|
|||||
|
9
|
SOLE
DISPOSITIVE POWER
0
|
|||||
|
10
|
SHARED
DISPOSITIVE POWER
8,580,850
|
|||||
|
11
|
AGGREGATE
AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
8,580,850
|
|||||
|
12
|
CHECK
IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(SEE INSTRUCTIONS)o
|
|||||
|
13
|
PERCENT
OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.32%
|
|||||
|
14
|
TYPE
OF REPORTING PERSON (SEE INSTRUCTIONS)
OO
|
|||||
|
Item
4.
|
Purpose
of Transaction
|
|
Item
4 is amended and supplemented to add the following information for
updating as of the date hereof:
Mr.
Maurice R. Greenberg, one of the Reporting Persons, has sent a letter to
the Board of Directors of the Issuer regarding certain proposed changes to
the terms of the funding provided to the Issuer by the Federal Government,
which proposed changes will remain subject to state insurance regulatory
laws and other applicable laws and regulations. A copy of the
letter is attached as Exhibit 2 to this Schedule 13D/A.
Any
actions taken by the Reporting Persons may be effected at any time or from
time to time, subject to any applicable limitations imposed on the actions
by the Securities Act of 1933, as amended, state insurance regulatory laws
or other applicable laws. There can be no assurance, however,
that any Reporting Person will take any of the actions described in this
Item 4.
|
|
|
Item
5.
|
Interest
in Securities of the Issuer
|
|
Item
5 is amended and supplemented to add the following information for
updating as of the date hereof:
|
|
|
Starr
International made distributions of 15,419 shares of Common Stock on
October 24, 2008 pursuant to the Starr International Company,
Inc. Deferred Compensation Profit Participation Plan.
As
of the date of the filing of this statement, the Reporting Persons may be
deemed to beneficially own in the aggregate 278,430,935 shares of Common
Stock, representing approximately 10.36% of the Issuer’s outstanding
Common Stock (based on 2,688,833,724 shares of Common Stock reported by
the Issuer as outstanding as of July 31, 2008, in the Issuer’s Form
10-Q filed on August 6, 2008).
Starr
International has the sole power to vote and direct the disposition of
207,899,272 shares of Common Stock, of which 15,700,000 shares are held by
Starr International Investments, Ltd., a wholly owned subsidiary of
Starr International, and 192,199,272 shares are held directly by Starr
International, and the shared power to direct the disposition of 2,112,119
shares of Common Stock held by Universal Foundation.
|
|
|
Item
7
|
Material
to Be Filed as Exhibits
|
|
Exhibit
1
|
Joint
Filing Agreement, dated October 30, 2008, by and among Mr. Greenberg, Mr.
Matthews, Starr International, CV Starr, Universal Foundation, Greenberg
Foundation, Greenberg Joint Tenancy Company, and CV Starr
Trust.
|
|
Exhibit
2
|
Letter,
dated October 30, 2008, from Mr. Greenberg to Mr. Edward Liddy, Chairman
& Chief Executive Officer of the
Company.
|
SIGNATURE
After
reasonable inquiry and to the best of my knowledge and belief, I certify that
the information set forth in this statement is true, complete, and
correct.
Dated: October
30, 2008
|
MAURICE
R. GREENBERG
|
|
|
By:
|
/s/Bertil
P-H Lundqvist
|
|
Name: Bertil P-H
Lundqvist
|
|
|
Title:
Attorney-In-Fact
|
|
|
By:
|
/s/George
Y. Liu
|
|
Name:
George Y. Liu
|
|
|
Title:
Attorney-In-Fact
|
|
|
EDWARD
E. MATTHEWS
|
|
|
By:
|
/s/Bertil
P-H Lundqvist
|
|
Name: Bertil P-H
Lundqvist
|
|
|
Title:
Attorney-In-Fact
|
|
|
By:
|
/s/George
Y. Liu
|
|
Name:
George Y. Liu
|
|
|
Title:
Attorney-In-Fact
|
|
|
STARR
INTERNATIONAL COMPANY, INC.
|
|
|
By:
|
/s/Bertil
P-H Lundqvist
|
|
Name: Bertil P-H
Lundqvist
|
|
|
Title:
Attorney-In-Fact
|
|
|
By:
|
/s/George
Y. Liu
|
|
Name:
George Y. Liu
|
|
|
Title:
Attorney-In-Fact
|
|
|
C.
V. STARR & CO., INC.
|
|
|
By:
|
/s/Bertil
P-H Lundqvist
|
|
Name: Bertil P-H
Lundqvist
|
|
|
Title:
Attorney-In-Fact
|
|
|
By:
|
/s/George
Y. Liu
|
|
Name:
George Y. Liu
|
|
|
Title:
Attorney-In-Fact
|
|
|
UNIVERSAL
FOUNDATION, INC.
|
|
|
By:
|
/s/Bertil
P-H Lundqvist
|
|
Name: Bertil P-H
Lundqvist
|
|
|
Title:
Attorney-In-Fact
|
|
|
By:
|
/s/George
Y. Liu
|
|
Name:
George Y. Liu
|
|
|
Title:
Attorney-In-Fact
|
|
|
THE
MAURICE R. AND CORINNE P. GREENBERG FAMILY FOUNDATION,
INC.
|
|
|
By:
|
/s/Bertil
P-H Lundqvist
|
|
Name: Bertil P-H
Lundqvist
|
|
|
Title:
Attorney-In-Fact
|
|
|
By:
|
/s/George
Y. Liu
|
|
Name:
George Y. Liu
|
|
|
Title:
Attorney-In-Fact
|
|
|
MAURICE
R. AND CORINNE P. GREENBERG JOINT TENANCY COMPANY, LLC
|
|
|
By:
|
/s/Bertil
P-H Lundqvist
|
|
Name: Bertil P-H
Lundqvist
|
|
|
Title:
Attorney-In-Fact
|
|
|
By:
|
/s/George
Y. Liu
|
|
Name:
George Y. Liu
|
|
|
Title:
Attorney-In-Fact
|
|
|
C.
V. STARR & CO., INC. TRUST
|
|
|
By:
|
/s/Bertil
P-H Lundqvist
|
|
Name: Bertil P-H
Lundqvist
|
|
|
Title:
Attorney-In-Fact
|
|
|
By:
|
/s/George
Y. Liu
|
|
Name:
George Y. Liu
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Title:
Attorney-In-Fact
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Exhibit
1
JOINT
FILING AGREEMENT
In accordance with Rule 13d-1(k) under
the Securities Exchange Act of 1934, as amended, each of the undersigned hereby
agrees to the joint filing on behalf of each of them of a statement on Schedule
13D (including amendments thereto) with respect to the Common Stock of American
International Group, Inc., and that this Agreement be included as an Exhibit to
such joint filing.
Each of the undersigned acknowledges
that each shall be responsible for the timely filing of any statement (including
amendments) on Schedule 13D, and for the completeness and accuracy of the
information concerning him or it contained herein, but shall not be responsible
for the completeness and accuracy of the information concerning the other
persons making such filings, except to the extent that he or it knows or has
reason to believe that such information is inaccurate.
Dated: October
30, 2008
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MAURICE
R. GREENBERG
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By:
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/s/Bertil
P-H Lundqvist
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Name: Bertil P-H
Lundqvist
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Title:
Attorney-In-Fact
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By:
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/s/George
Y. Liu
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Name:
George Y. Liu
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Title:
Attorney-In-Fact
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EDWARD
E. MATTHEWS
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By:
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/s/Bertil
P-H Lundqvist
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Name: Bertil P-H
Lundqvist
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Title:
Attorney-In-Fact
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By:
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/s/George
Y. Liu
|
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Name:
George Y. Liu
|
|
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Title:
Attorney-In-Fact
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STARR
INTERNATIONAL COMPANY, INC.
|
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By:
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/s/Bertil
P-H Lundqvist
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Name: Bertil P-H
Lundqvist
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|
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Title:
Attorney-In-Fact
|
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By:
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/s/George
Y. Liu
|
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Name:
George Y. Liu
|
|
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Title:
Attorney-In-Fact
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C.
V. STARR & CO., INC.
|
|
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By:
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/s/Bertil
P-H Lundqvist
|
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Name: Bertil P-H
Lundqvist
|
|
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Title:
Attorney-In-Fact
|
|
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By:
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/s/George
Y. Liu
|
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Name:
George Y. Liu
|
|
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Title:
Attorney-In-Fact
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UNIVERSAL
FOUNDATION, INC.
|
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By:
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/s/Bertil
P-H Lundqvist
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Name: Bertil P-H
Lundqvist
|
|
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Title:
Attorney-In-Fact
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By:
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/s/George
Y. Liu
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Name:
George Y. Liu
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Title:
Attorney-In-Fact
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THE
MAURICE R. AND CORINNE P. GREENBERG FAMILY FOUNDATION,
INC.
|
|
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By:
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/s/Bertil
P-H Lundqvist
|
|
Name: Bertil P-H
Lundqvist
|
|
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Title:
Attorney-In-Fact
|
|
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By:
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/s/George
Y. Liu
|
|
Name:
George Y. Liu
|
|
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Title:
Attorney-In-Fact
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|
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MAURICE
R. AND CORINNE P. GREENBERG JOINT TENANCY COMPANY, LLC
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By:
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/s/Bertil
P-H Lundqvist
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Name: Bertil P-H
Lundqvist
|
|
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Title:
Attorney-In-Fact
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|
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By:
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/s/George
Y. Liu
|
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Name:
George Y. Liu
|
|
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Title:
Attorney-In-Fact
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C.
V. STARR & CO., INC. TRUST
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|
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By:
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/s/Bertil
P-H Lundqvist
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Name: Bertil P-H
Lundqvist
|
|
|
Title:
Attorney-In-Fact
|
|
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By:
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/s/George
Y. Liu
|
|
Name:
George Y. Liu
|
|
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Title:
Attorney-In-Fact
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Exhibit
2
October
30, 2008
Mr.
Edward Liddy
Chairman
& Chief Executive Officer
American
International Group, Inc.
70 Pine
Street
New York,
New York 10270
Dear
Ed,
As
you are well aware, the situation at AIG is deteriorating rapidly.
Time is clearly running out. I know we share the same goal,
along with hundreds of thousands of AIG employees and shareholders, as well
as the American taxpayer: Saving AIG.
The
current Federal government loan to AIG is effectively nationalizing
the company for the benefit of AIGFP’s credit default counterparties.
No one else benefits. And the plan to sell off assets cannot be
successfully accomplished to repay fully the Federal loan -- the
crippling combination of declining asset values and extremely poor market
conditions make it difficult to consummate any sale of assets at an acceptable
price and on a timely basis.
The
value of AIG’s assets is declining daily. Employees are leaving and
renewals are down. Brokers are looking to place
business elsewhere. I happen to be in Asia this week and have
observed first-hand life agents departing AIG and significant business
moving to AIG’s competitors. All of this is happening in the midst of
dysfunctional credit markets and collapsed equity prices
globally. Unless there is immediate change to the structure of the
Federal loan, the American taxpayer will likely suffer a significant
financial loss.
Earlier
this month, AIG’s largest shareholders proposed that AIG be permitted to
participate in a TARP-like program whereby the current Federal loan would
be converted into a senior preferred security, thereby reducing the need to
sell assets in a rapid, fire-sale manner. Under this plan, AIG
stakeholders would be treated neither any better nor any worse
than stakeholders in other companies receiving assistance from the
government. And of course, AIG would be subject to the same conditions
imposed by the government on those institutions receiving the
capital. In other words, there is no preferential treatment, but
rather consistent treatment, from the Federal government across the wide
number of beneficiaries of recent Federal assistance.
This
so-called “Plan B” would create a win-win rather than a lose-lose
for everybody. Furthermore, “Plan B” could be modified or superseded
by a Federal guaranty to meet AIGFP’s counterparty collateral
requirements. This would allow a large portion of the previously
drawn capital from the Federal credit facility to be repaid and redeployed
elsewhere in the financial system with no loss to the American
taxpayer. This type of guaranty is being considered by the Federal
government in connection with the monoline insurance industry and has been
successfully employed recently for the money market
industry.
Almost
all of the company’s stakeholders – except credit default contract
counterparties – stand to lose under the current loan structure. AIG has
some 8,500 employees in New York State alone. Those jobs are in jeopardy,
along with the almost $900 million in associated payroll that helps support
local businesses and New York’s tax base. Additionally, millions of
ordinary Americans, including pensioners and retirees, have seen the value of
their AIG stock largely disappear.
The
objectives of AIG and the Federal government are completely aligned. Each
wants to see the repayment of the loan in full. However, the current
loan structure offers little hope of that happening, and your prompt action
is required to effect the necessary change.
Ed,
given we share the same goal of saving AIG, which was and can be again the
greatest insurance company in the world, your publicly weighing in on these
issues would be very helpful.
Sincerely,
/s/ Maurice R. Greenberg
cc: Governor
David Paterson
Senator Richard Shelby
Senator Christopher J. Dodd