Former AIG CEO Robert Benmosche, who led company after its $182B bailout, has died at 70

Economic IndicatorsAssociated Press

AIG says former President and CEO Robert Benmosche (ben-moh-SHAY), who led the insurer's turnaround after its $182 billion government bailout, has died of lung cancer at age 70.

The company says Benmosche died Friday morning at NYU Langone Medical Center.

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Benmosche became AIG's CEO in August 2009 and the company disclosed a year later that he was being treated for cancer. He stepped down on Sept. 1.

American Insurance Group Inc. was bailed out at the height of the 2008 financial crisis after its near collapse when the subprime mortgage bubble burst. The company paid back that bailout and it says the government received a profit of almost $23 billion.

A statement from Benmosche's family said he "engineered one of the most extraordinary corporate turnarounds in American financial history."