AIG was a hedge fund attached to a stable insurer, says Bernanke

Wednesday, March 4, 2009

Federal Reserve chairman Ben Bernanke was widely quoted as criticising AIG in a Senate hearing yesterday. “I think if there’s a single episode in this entire 18 months that has made me more angry, I can’t think of one, than AIG,” he said, according to various press reports. He added that was angry about the way AIG had strayed from its core insurance business and took unmonitored and unnecessary risks through its financial products unit, describing AIG Financial Products as a hedge fund attached to a large and stable insurance company.  http://www.creditflux.com/Structured/2009-03-04/AIG-washedge-fund-attached-tostable-insurer-says-Bernanke

One Response

  1. […] AIG was a hedge fund attached to a stable insurer, says Bernanke […]

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