AIG’s Tom Russo exits after settling probes, suits as legal head
May 18, 2016 by Sonali Basak
(Bloomberg) — Tom Russo, who helped American International Group Inc. negotiate the end of its U.S. bailout, is retiring from his post as general counsel.
Russo, 72, will stay with the insurer until a replacement is found, Chief Executive Officer Peter Hancock said Tuesday in a message to employees. The general counsel has been with the New York-based insurer since 2010, saying at the time that he joined “for the challenge.”
Russo was the former top attorney at Lehman Brothers Holdings Inc. until the securities firm’s bankruptcy in 2008. He led negotiations with the Treasury Department and Federal Reserve Bank of New York to help then-CEO Robert Benmosche repay the $182.3 billion rescue. The lawyer also worked on asset sales and helped AIG navigate legal clashes with shareholders, Wall Street counterparties, regulators and ex-employees. Click HERE to read more…
