Politics & Government

June 8, 2010 4:59 PM

AIG's problems far greater than Bush officials told public

At the peak of the 2008 financial crisis,then-Treasury Secretary Henry Paulson and top Federal Reserve officials urged a government loan of $85 billion to AIG so the giant insurer's temporary cash squeeze wouldn't trigger global financial chaos. Nearly two years later, taxpayers are on the hook for twice that amount, and it now appears that Paulson and senior Federal Reserve officials either didn't understand AIG's financial situation or were less than candid about one of the largest corporate bailouts in U.S. history.

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