Geithner Made Sweetheart Deal to Buddies
November 20, 2009
Remember, Obama’s voters were against corporate welfare?
WASHINGTON, Nov 19 (Reuters) – U.S. Treasury Secretary Timothy Geithner on Thursday defended the costly bailout of insurer AIG and urged swift regulatory reform to safeguard the economy from the failure of big financial firms.
Before Congress’ Joint Economic Committee, Geithner faced fierce criticism of his role in the rescue of American International Group Inc (AIG.N) in 2008, when he was president of the New York Federal Reserve Bank.
Geithner said AIG’s failure posed as significant a risk to the economy as the collapse of investment bank Lehman Brothers, which sparked a panic that froze global trade and threatened to topple the entire financial system.
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