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Archive for Wednesday, January 20, 2010

Bernanke seeks review of Fed role in AIG

January 20, 2010

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— Federal Reserve Chairman Ben Bernanke took the unusual step Tuesday of asking Congress’ investigative arm to conduct a “full review” of the Fed’s role in bailing out insurance giant American International Group.

The Fed chief’s move is aimed at defusing criticism of the government’s $182 billion rescue. The bailout sparked public outrage and demands in Congress for more information, especially after it was revealed that millions in bonuses would go to employees in the AIG division most responsible for the company’s need for a bailout.

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