AIG chief admits mistakes

The chief executive of US insurance giant, AIG has admitted that fundamental mistakes were made at the company.



Edward Liddy is to appear in front of the Congressional committee to answer questions about the bonuses paid out to executives and the plight of AIG.



He’s expected to tell the Congressional hearing later today that mistakes were made at the insurance company on a scale that few could have imagined possible.



Before Mr Liddy’s appearance before the committee, members expressed their anger, not just at the bonuses paid to AIG executives, but also at the US$170 billion bail-out by the US government.