Bernanke Must Testify In $55B AIG Bailout Suit By Ex-CEO
By Max Stendahl (July 29, 2013, 12:58 PM EDT) -- Federal Reserve Chairman Ben Bernanke must testify in a $55 billion class action brought by former American International Group Inc. CEO Maurice "Hank" Greenberg against the federal government challenging its controversial 2008 bailout of the insurance giant, a judge ruled Monday.
U.S. Court of Federal Claims Judge Thomas C. Wheeler said he would allow counsel for Starr International Co. Inc., an entity led by Greenberg that once held a 12 percent stake in AIG, to depose Bernanke regarding his personal involvement in the bailout. Starr claims Bernanke's decisions led the government to improperly acquire, either illegally or without just compensation, a...
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