American International Group chief executive Edward Liddy faces tough questions Wednesday on Capitol Hill when he will testify before the House Financial Services Committee on how taxpayers' money poured into the insurance giant has been spent.
On Tuesday, the Obama administration turned up the heat on AIG over its employee bonuses, saying the embattled insurer will be forced to repay U.S. taxpayers before it gets another bailout of $30 billion.
In Op-Ed piece in the Washington Post published Wednesday, Liddy acknowledged that mistakes were made at the insurance giant and vowed to do everything possible to give back the money to taxpayers, who had a right to be angry.
"The anger is understandable, and I share it," wrote Liddy, who took the reins of AIG bout six months ago and works for an annual salary of $1.
"No one knows better than I do that AIG has been the recipient of generous amounts of government financial aid," he wrote. "We are acutely aware not only that we must be good stewards of the public funds we have received but that the patience of America's taxpayers is wearing thin."