This content is from: Portfolio
Bernanke Defends $180 Billion AIG Aid
The Federal Reserve will back a full review of its actions by federal government regulators.
The Federal Reserves decision to extend credit to AIG has been defended by the central banks Chairman, The Wall Street Journal reports. The Fed will back a full review of its actions by federal government regulators, said Ben Bernanke.
The Fed will support a full review by the U.S. Government Accountability Office and provide all records and personnel necessary to carry out the review, added Bernanke. The Fed agreed to offer over $180 billion of aid to the insurer to prevent potentially calamitous effects on the U.S. economy if AIG had failed.
Click here for the complete story.