The moderation of growth in the second-half of 2004 was largely the result of a marked decline in the external contribution, which was only partially compensated for by higher domestic demand.
Throughout this difficult period, our goals have remained unchanged: to protect our economy and preserve financial stability, and to position AIG to repay the Federal Reserve and return the Treasury's investment as quickly as possible. In our role as creditor, we have made clear to AIG's management, beginning last fall, our deep concern surrounding compensation issues at AIG.