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Geithner called to explain AIG bailout secrecy

January 8, 2010

A House committee is planning to grill Treasury Secretary Timothy Geithner about his role in the massive bailout of failed insurer American International Group Inc.

The House Oversight Committee is responding to news that key details about AIG's bailout were suppressed by the Federal Reserve Bank of New York while Geithner was its president.

A growing chorus of lawmakers says Geithner must explain his involvement in deals that diverted billions from AIG's bailout to Goldman Sachs and other big banks.

New York Democrat and committee Chairman Edolphus Towns says the hearing will examine the rise and fall of AIG and its business partners.

The New York Fed and Treasury say Geithner was not made aware of the e-mails that pushed for more secrecy.

Source: AP

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