The House Oversight Cmte. held a hearing looking at the 2008 bailout of AIG by the Government. Witnesses included Fmr. Treasury Sec. Henry Paulson, Treasury Sec. Timothy Geithner, TARP Inspector Gen. Neil Barofsky and AIG's ex-CFO Elias Habayeb.

Following the federal scrutiny on executive bonuses, the University of Maryland hosted panels of financial industry leaders and academics to discuss the recent report by Special Master for TARP Exec. Compensation Kenneth Feinberg. His findings on the top recipient companies, including AIG, Bank of America, Chrysler & GM, advised them to reduce their bonuses and reform their salary plans.

In his appearance before the House Oversight & Govt Reform Cmte., TARP Special Inspector Gen. Neil Barofsky advocated a reduction in AIG executive bonuses. Recently, Kenneth Feinberg, the White House's special adviser on exec. compensation, recommended that AIG reduce the $198M bonus payments they plan to make.

Following on the near-collapse of AIG, Rep. Paul Kanjorski (D-PA) has introduced a bill to oversee the insurance industry through a new federal office. Insurance Execs and government officials, including a member of the European Parliament, testified on H.R. 2609 - the Insurance Information Act of 2009 - before Chair Kanjorski's Financial Services Subcmte.

Treasury Sec. Timothy Geithner testified before the Senate Banking Cmte. and focused on the current state of AIG's assets from the Government's Troubled Asset Relief Program (TARP). Sec. Geithner also stated that 4 months into Pres. Obama's presidency that "there are important indications that our financial system is starting to heal."

Since September 2008, AIG has received over $150 billion in Federal assistance to help stabilize the company. The House Oversight Cmte. heard assessments from the three trustees appointed by the New York Federal Reserve to oversee the use of taxpayer funds. AIG Chairman & CEO Edward Liddy also testifies before the Committee.

The House Oversight Cmte. holds a hearing to examine the collapse and Federal rescue of the American International Group (AIG). The sole witness is former AIG CEO Maurice Greenberg, who resigned in 2005. He has disputed claims that he was responsible for losses at the financial services company.

Michael Crittenden analyzes Tuesday's testimony by Treasury Secretary Geithner and Federal Reserve Chairman Bernanke on federal intervention at AIG.

Treasury Sec. Geithner and Fed. Reserve Chair. Bernanke testified at a House Financial Services Cmte. hearing on efforts to prevent AIG from collapsing. In prepared testimony, Sec. Geithner said the regulatory system must be corrected after it failed to rein in excesses at AIG and other companies.

Rep. Bill Posey (R-FL) talks about today's Financial Services Cmte. hearing about oversight of federal aid to the American International Group (AIG). Treasury Secretary Geithner and Fed Chairman Bernanke are to testify.