Administration Defends AIG Bailout Actions

Law360, New York (January 27, 2010, 5:29 PM EST) -- Key officials involved in bailing out American International Group Inc. defended the government's intervention during a U.S. House of Representatives hearing Wednesday, stressing the catastrophic potential of an AIG failure and the lack of regulatory alternatives to the taxpayer bailout.

The House Committee on Oversight and Government Reform hearing focused primarily on two aspects of the billions of dollars in taxpayer support AIG received during the last half of 2008: whether the Federal Reserve Board of New York erred in granting AIG counterparties par value to...
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