AIG cited as case for shadow-bank rules

The American International Group (AIG) situation highlights the need for strong, effective consolidated supervision of all systemically-important financial firms, said Ben Bernanke, the chairman of the Federal Reserve.

Bernanke said that AIG built up its concentrated exposure to the subprime mortgage market largely out of the sight of its functional regulators. He said that ore-effective supervision could have identified and blocked the extraordinarily reckless risk-taking at AIG Financial

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