Bailout

Geithner Lays out AIG?s Feed Plan to Bernanke

By USLaw.com

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On the same day the federal government announced an additional $30 Billion of aid for insurance giant AIG, the Fed Chariman and Treasury Secretary had this to say about the company in seperate Congressional hearings:

“AIG exploited a huge gap in the regulatory system, there was no oversight of the financial- products division, this was a hedge fund basically that was attached to a large and stable insurance company.”
- Federal Reserve Chairman Ben Bernanke

“AIG is a huge, complex, global insurance company attached to a very complicated investment bank, hedge fund that was allowed to build up without any adult supervision.”
- U.S. Treasury Secretary Timothy Geithner

(Bailout captions of Library of Congress Prints and Photographs by financial professional Cathleen Rittereiser.)

Full post as published by Bailout Report on March 05, 2009 (boomark / email).