Martin Feldstein, the George F. Baker Professor of Economics at Harvard University and President Emeritus of the National Bureau of Economic Research [NBER], announced today he is stepping down after 22 years on the board of directors at American International Group (AIG), an international insurance company that has received over $180 billion in taxpayer money.
From The Crimson: Feldstein declined to comment on why he will not stand for re-election at the company’s annual general meeting on June 30.
“I never discuss AIG,” Feldstein wrote in an email.
The company announced six new nominees to its board on May 19. According to the Washington Post, at least five of the nominees were selected by the company’s federally-appointed trustees.
“We’ve spent considerable effort focused on AIG’s board of directors,” AIG trustee Douglas L. Foshee said during a May 13 hearing before the U.S. House of Representatives’ Committee on Oversight and Government Reform. “We’ve come to the conclusion that if AIG is to succeed, it needs a fresh start.”
Feldstein’s exit comes as the last in a series of departures of veteran directors at AIG. Long-time directors Stephen F. Bollenbach and James F. Orr also announced that they will step down.