Treasury Secretary defends big bailout as necessary
(NEWSER) - Timothy Geithner defended the AIG bailout he helped engineer today, in testimony before a House Oversight Committee that was out for blood. “In effect, the taxpayers were propping up the hollow shell of AIG,” declared chairman Edolphus Towns, “and the rest of Wall Street came by and looted the corpse.” Geithner protested that though the decision to rescue the insurance giant was “exceptionally difficult” it had prevented a “second Great Depression.” More»
