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60 Minutes Interview: AIG's Ed Liddy

60 Minutes correspondent Steve Kroft talks with Ed Liddy -- the man tapped to take over the reins of failed insurance giant AIG -- about the gargantuan task ahead. It's a thankless job that Liddy neither sought nor particularly wanted. He had retired from the chairmanship of Allstate when Treasury Secretary Hank Paulson asked him to take over. He agreed to do it for a salary of one dollar a year.

Liddy told Kroft: "I think we have almost a unique place, and not a very desirable place, in terms of the anger and frustration that Americans feel about bailouts. You know, individuals aren't being bailed out. Why should a company be bailed out? So I understand it. We're just trying to do the best we can to pay back the taxpayer."

Posted on May 18, 2009

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Video Archives - May 2012