Bernanke Angry About AIG's Missteps
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AIG
Federal Reserve Chairman Ben Bernanke said Tuesday that no other bailout has made him "angrier" than that of insurance giant American International Group (AIG Quote), but he added that the mammoth rescue plan was necessary to prevent mass chaos in the financial markets.
Before the Senate Budget Committee on Tuesday, Bernanke explained that AIG's collapse would have hurt not only the insurer, but its counterparties, competitors, the broad markets and taxpayers. If the firm failed, he said, it would have cost the global financial markets "trillions of dollars" and the government probably would not have recovered its massive investment. The Treasury Department announced a new $30 billion credit facility for AIG on Monday as the company reported the biggest loss on record for any company. AIG had already received up to $150 billion in government support, and the Fed and Treasury eased terms on repayments to keep the struggling firm afloat. Analysis |
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