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Lawmaker questions AIG plan to sell assets

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May 13, 2009 10:51 AM EST | AP

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WASHINGTON — The government-installed head of AIG is telling Congress the insurance giant is selling many of its foreign assets to repay U.S. taxpayers, but a key lawmaker questions whether the plan makes sense.

American International Group Inc. Chief Executive Edward Liddy says the company has reduced, but not eliminated, the risk its failure could pose to the global economy despite getting more than $180 billion in federal bailout aid.

But Rep. Edolphus Towns, D-N.Y., chairman of the House Oversight and Government Reform Committee, says Congress needs "to understand what the long-range plan is for AIG," and asked whether it makes sense to sell off assets in a bear market where prices are depressed.