(Update includes additional comments from Willumstad's speech, updated stock price)
GARDEN CITY, N.Y. (TheStreet) -- American International Group (AIG) will end up just a shell of its former self after working out the massive government support that staved off its collapse a year ago, its former chairman and CEO said Thursday.
Robert Willumstad, who took over for Maurice "Hank" Greenberg as chairman of the company in 2006 before serving a short stint as CEO after Martin Sullivan was ousted in the wake of the government bailout, gave a bleak outlook for the troubled company in a speech at Adelphi University on Long Island, his alma mater.
"It owes the government more than it has the ability to pay back," Williamstad said.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV