Yesterday Treasury Secretary Geithner and his predecessor, Henry Paulson, defended their decision to complete the $182 billion bailout of American International Group Inc. (AIG). The men argued that it was necessary to prevent the implosion of the financial system.
Geithner, who was the president of the New York Federal Reserve when AIG was rescued, insisted that he was motivated solely by what “we believed to be the best interests of the American people.”
Paulson said under oath that an AIG failure would have devastated the financial system and economy.
Lawmakers are planning to argue that the men failed to obtain concessions for tax payers and reference emails that suggest the New York Fed sought to conceal it had repaid AIG’s counterparties in full with $62 billion in taxpayer funds.
About EQUITIES:
Since 1951, EQUITIES Magazine has been a leading media company providing business editorial content designed to serve the needs of business leaders, professionals, institutional investors and retail investors. We are focused on business and the business of making money, not on lifestyle subjects. We publish original reporting in print and on our website, as well as select content at www.nasdaq.com. For 28 years we have hosted our own branded investor conferences that connect public company CEO’s with our loyal readers in the investment community.
Sign up for a free one-year subscription to EQUITIES Magazine
