Geithner passes buck on AIG

geithner-tim

Tim Geithner, the US Treasury Secretary and the head of the New York Federal Reserve at the time of its bailout of American International Group, has said he was in no way involved in the decision to repay the insurers eight biggest counterparties in full.

Geithner told lawmakers on Wednesday that he was "absolutely" aware of the decision to pay the eight biggest counterparties of the insurer's financial products unit 100 cents on the dollar for credit default swap (CDS) contracts but said he was

To continue reading...