The chief executive at the helm of AIG when the federal government bailed out out the firm said he won't take his golden parachute.

"I do not intend to accept the payments available to me under the AIG severance plan," Robert B. Willumstad told the House Oversight and Government Reform Committee at a hearing today.

He added: "I don't believe AIG could have done anything differently."

"There was no private market solution to AIG's situation," he said.

Willumstad had been CEO for nearly three months when the government bailed out the firm in September.

-Klaus Marre