Members of the insurance industry are taking exception to comments made by Treasury Secretary Timothy Geithner last week before the House Committee on Oversight and Government Reforms. 

Pressed on why Federal Reserve officials did not push harder for trading counterparties to bailed out American International Group to take “haircuts” on credit default swaps, Geithner responded that AIG’s businesses were so intertwined that weakening the parent company would imperil AIG’s insurance companies, and that regulators “could not separate those [insurance] companies from the companies that had taken terrible risks.”

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