The bailout of American International Group (AIG) took center stage at hearings held by the House Committee on Oversight and Government Reform.
“In effect, the taxpayers were propping up the hollow shell of AIG by stuffing it with money, and the rest of Wall Street came by and looted the corpse,” Chairman Edolphus Towns, said in his opening remarks. “The circumstances surrounding the payments to the counterparties has created an air of suspicion and distrust among the American people, starting with the New York Fed’s initial refusal to name the counterparties.”
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