Testimony Before the House Oversight Committee Concerning the AIG Trust

Abstract:     
This written testimony accompanied Professor J.W. Verret's oral testimony before the House Committee on Oversight and Government Reform. This testimony outlines flaws in the Trust Agreement established by the Federal Reserve Bank of New York to manage the government's $180 Billion investment in AIG. Also testifying during the hearing were Ed Liddy, the CEO of AIG, and the three trustees nominated by the Federal Reserve to manage the Trust.

Keywords: bailout, Citicorp, Corporate Federalism Initiative, ERISA, Geithner, George Mason Law School, government ownership, immunity, indemnity, Issa, Mercatus Center, nationalization, public companies, TARP, Towns, Treasury Department

JEL Classifications: G18, G21, G28, G34, G35, G38

Working Paper Series