NU Online News Service, Jan. 27, 11:45 A.M. EST
WASHINGTON–Former Treasury Secretary Henry Paulson and current Secretary Timothy Geithner both told a skeptical congressional committee today that if U.S. action was not taken to bail out American International Group it would have been a catastrophe for the nation.
Their comments came at a hearing before the House Oversight and Government Reform Committee, which has questioned all elements of federal bank and U.S. Treasury actions to supply billions of dollars to bail out the insurance conglomerate and pay its bank trading partners in full for claims against depreciated assets.
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