Greenberg Says AIG Bailout Was Avoidable

Maurice "Hank" Greenberg, the former CEO of AIG, told Congress today that if the struggling insurance giant had simply been allowed to declare bankruptcy taxpayers would have been spared spending $180 billion to bail out the company. And a bankruptcy by AIG would not have created economic havoc, Greenberg told a House Oversight Committee. "It would have been a ripple, but it wouldn't have been catastrophic," he said. The U.S. government bailed out AIG out of fear that a collapse of the huge...Full Story
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