Oversight Committee AIG Hearing Highlights

The House Committee on Oversight and Government Reform is holding a hearing today, The Federal Bail Out of AIG.

All prepared statements are at the above link. The hearing has testimony from:

  • Treasury Secretary Timothy Geithner
  • Former Treasury Secretary Mr. Henry Paulson
  • SIGTARP Inspector General Mr. Neil Barofsky
  • Executive VP and NY Fed General Council Mr. Thomas Baxter
  • Senior VP and AIG CFO Mr. Elias Habayeb
  • Former NY Fed Chairman of Board of Governers Mr. Stephen Friedman

I'm still swimming through mountains of documents and tons of verbiage, but I will sum up what I do not know so far.

Firstly, it seems that when it comes to figuring out who precisely gave the go ahead for the 100% AIG counterparty payouts, magically top officials were not involved.

Here Comes The Show - Congressional Hearings, Debt and Conjecture

Multiple Screens! 360 Panavision! Let the shouting begin! The Committee on Oversight and Government Reform will hold hearings the next two days. Committee Chair Representative Waxman:

Lax oversight and reckless investments on Wall Street are causing massive disruption throughout our economy. Our hearings will examine what went wrong and who should be held to account.

Up on the executive chopping block are:

DAY 1: Causes and Effects of the Lehman Brothers Bankruptcy

  • Dr. Luigi Zingales, Professor of Finance, University of Chicago
  • Dr. Robert F. Wescott, President, Keybridge Research LLC
  • Nell Minow, Chairman of the Board and Editor, The Corporate Library
  • Gregory W. Smith, General Counsel, Colorado Public Employees’ Retirement Association