Company “exploited huge gap in regulatory system.”
What makes Federal Reserve Chairman Ben Bernanke angry? “If there is a single episode in this entire 18 months that has made me more angry, I can’t think of one other than AIG,” Bernanke told lawmakers today. “AIG exploited a huge gap in the regulatory system, there was no oversight of the financial-products division, this was a hedge fund basically that was attached to a large and stable insurance company.” We imagine then that this news has him steaming: AIG still has four PR firms on its payroll.
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