Eli Broad: AIG Can't Recover

LA billionaire says he has "no hope" for insurer
By Jason Farago,  Newser Staff
Posted Mar 10, 2009 7:20 AM CDT
Billionaire Eli Broad walks away from the podium after a news conference at the Museum of Contemporary Art Tuesday, Dec. 23, 2008, in downtown Los Angeles.   (AP Photo/Damian Dovarganes)
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(Newser) – Eli Broad, a former director and shareholder of AIG, said yesterday that "it is too late" for the insurance giant to make any recovery. The Los Angeles billionaire told Reuters that the government's initial bailout of AIG came "on the harshest of terms," and that a Citigroup-style guarantee of toxic assets would have been more sensible. Broad said he was no longer investing in insurance: "I don't have any hope, not now."