In a long overdue and entirely expected move, Edward Liddy is out as chairman and CEO of AIG — as soon as the ailing insurance giant that has soaked taxpayers for billions in bailout money finds replacements, according to Bloomberg and other outlets.

The move is being portrayed as Liddy's choice, and he supposedly recommends that the jobs be separated. But there's no doubt that he's being semi-propelled out of the boardroom.

The Bush regime had appointed Liddy — former boss of Allstate — last September to run AIG. He did manage to keep the bonuses rolling for AIG execs, but he didn't fare too well during Capitol Hill hearings.

Liddy's statement released today quotes him as saying, "Much work remains to be done at AIG, but much has already been accomplished."

Yes, like getting $182.5 billion in bailout money from the taxpayers, instead of being put into receivership, as California congressman Brad Sherman mused during the March hearing at which Liddy was roasted.