For all the ZOMFG about Richard Wagoner stepping down at the request of the White House, a reminder -- this has happened before:
Willumstad will lose his job at the helm of AIG, according to a person briefed on the matter, in connection with the U.S. government's $85 billion rescue package for the giant insurer.
He will be replaced by Edward Liddy, a former chief executive of the insurer Allstate Corp, said another person briefed on the matter.
Neither AIG nor Willumstad was immediately available for comment.
AIG on Tuesday received a two-year loan of up to $85 billion from the U.S. Federal Reserve so it can pay its bills, and sell assets with what the central bank called the "least possible" disruption to the broader economy.
The same thing happened with Fannie Mae and Freddie Mac.
So while demanding Wagoner's resignation was an extraordinary step, it was not unprecedented.