Lawmakers want a testimony by Timothy Geithner
January 29th, 2010 - 12:34 am ICT by Aishwarya Bhatt
Washington DC, Jan 28 (THAINDIAN NEWS) US Lawmakers demanded a testimony by Treasury Secretary Timothy Geithner on the issue, whether the New York Federal Reserve Bank pressured the AIG to withhold the information on the payments that AIG made to various Banks, after it was bailed out by the US government. The House Oversight and Government Reform Committee questioned the Treasury Secretary Timothy Geithner’s decision in which the AIG got billions of dollars as a bailout.
“The steps the government took to rescue AIG were motivated solely by what we believed to be in the best interests of the American people,” Geithner said. “We acted because the consequences of AIG failing at that time, in those circumstances, would have been catastrophic for our economy and for American families and businesses.”
A New York Democrat Towns said that after a year after the government bailed out the AIG, the Americans want to know where was the money actually sent, when the government decided to help the company.
In his defense Tim Geithner said to the House Oversight and the Government Reform Committee that the government made the best decision last year, under the circumstances. He said that the government needed to bailout the AIG, otherwise the whole economy would have crumbled.
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