As he continues to battle cancer, American International Group’s Robert Benmosche says he will stay on as chief executive until 2012. In a statement, Benmosche, who says he is responding very well to “aggressive chemotherapy,” said he expects to work another 12 to 18 months before retiring. Benmosche took the helm at AIG in August 2009 as the company began selling assets to repay the U.S. government for $182.3 billion in assistance in received in 2008, including $40 billion from Trouble Asset Relief Program (TARP).
Meanwhile, the U.S. Government Accountability Office's (GAO) latest TARP report noted that AIG's shareholder equity had rebounded to $80.8 billion in the third quarter 2010. Shareholder equity, which involves a company’s ability to successfully adjust to negative financial shocks and prevent insolvency, is calculated by subtracting a company's total liabilities from its total assets.
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