Treasury Sec. Geithner and Fed Chair Bernanke are on Capitol Hill today, testifying before the House Financial Services Committee about the bailout of AIG. They are asking Congress for new regulatory power over non-bank financial insitutions like AIG. Bernanke, while defending the decision to bailout AIG last fall, said that if the federal government had more regulatory power at the time, "the outcome would have been far preferable to the situation we find ourselves in now" (from New York Times article: Treasury Chief Seeks Wider Power to Seize Troubled Firms). Here's Sec. Geithner:
Posted
03-24-2009 12:33 PM
by
Graham Griffith