AIG, one of the most recognised and respected brand names in the financial world, has been transformed by serial government bail-outs and the furore over bonus payments into a current-day version of Enron, the disgraced energy trading company that plunged into bankruptcy eight years ago.

People wait outside the House financial services committee room to hear the testimony from Edward Liddy

Unlike Enron, which became synonymous with corporate criminality after its collapse, there is no indication anyone at AIG, including in its controversial financial products unit, broke any laws. But the Justice department is investigating the role of two dozen companies, including AIG, in the subprime crisis.