Testimonies from Geithner and Paluson For AIG Hearing

New York Times DealBook posted the prepared testimonies of Treasury Secretary Tim Geithner and Former Treasury Secretary John Paulson before the House Committee on Oversight and Government Reform today on (NYSE: AIG):

Snippet from Geithner:

Chairman Towns, Ranking Member Issa, members of the Committee on Oversight and Government Reform, thank you for the opportunity to testify today.

Let me begin by saying how important it is that the government’s decisions regarding American International Group, Inc. (AIG), as well as our broader strategy to address this financial crisis, are subject to careful, independent review and analysis.

The decisions regarding AIG have already been the focus of thoughtful examinations by the Government Accountability Office (GAO) and the Treasury Special Inspector General for the Troubled Asset Relief Program (SIGTARP). They have also been the focus of many hearings by this and other committees in Congress. And recently, with my full support, Chairman Bernanke asked the GAO to conduct another review.

I welcome the Committee's attention to this issue. And the Administration will continue to work closely with all relevant oversight bodies to make sure they have the information they need to properly assess the government’s actions.

The decision to rescue AIG was exceptionally difficult and enormously consequential."

Link to the Rest:
http://www.scribd.com/doc/25899750/Geithner-s-A-I-G-Testimony

Snippet from Paulson:

Chairman Towns, Ranking Member Issa, and distinguished Members of the Committee.

I appreciate the invitation to testify before the Committee.

I was Secretary of the Treasury in 2008. In that role, I had the privilege to work with the many talented men and women in government and the private sector who labored to pull our nation back from the brink of disaster.

The decision to rescue AIG was correct, and I strongly supported it. An AIG failure would have been devastating to the financial system and the economy.

Today’s hearing relates to payments to AIG’s credit default swap counterparties. I was not involved in any of the decisions made with respect to those payments, nor was I involved in any of the decisions about AIG’s public disclosure of those payments. Those matters were handled by the Federal Reserve Bank of New York and the Federal Reserve Board. They sought to make appropriate decisions on those matters, and I am confident that this review will show that they did.

I have limited knowledge on the topic of immediate interest to the Committee, but I will share my observations.

Link to the Rest:
http://www.scribd.com/doc/25877513/Henry-M-Paulson-Jr-s-Prepared-Remarks-for-A-I-G-Hearing

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