This time, it's the competition. AIG sure knows how to win friends and influence people.
Some of American International Group's biggest rivals have urged U.S. Federal Reserve Chairman Ben Bernanke to prevent the insurance giant from using the government rescue to win an advantage, particularly by cutting prices, The Wall Street Journal reported.
In an article posted on its website, the Journal said AIG's competitors had complained directly to Bernanke at a Mar 4 meeting at the St. Regis Hotel in Washington.
Bernanke said he would look into the complaints, the Journal reported, citing unidentified people familiar with the situation.
Industry executives and competitors told Reuters in December that AIG has been lowering prices to win new business and boost market share after receiving bailout dollars, even as market fundamentals suggest that prices need to be raised.
