(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.
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