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Geithner Scheduled to Testify Over AIG E-mails

Posted on 15 Jan 2010

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Treasury Secretary Timothy Geithner agreed to testify Jan. 27 before a House panel investigating why the Federal Reserve Bank of New York asked insurer American International Group Inc (AIG) to limit disclosures of the government's financial rescue to investors.

In an interview with CNBC with Geithner today, he said he wasn't involved in the exchange of e-mails between the Federal Reserve Bank of New York, which he headed at the time, and AIG on the matter in late 2008.

“You know I haven’t looked at those memos actually. I wasn’t involved in that decision,” Geithner said on CNBC. “I do think the Fed did disclose all of that information subsequently. It’s important that the American people see all of this information.”

Representative Edolphus Towns, a New York Democrat and chairman of the House Committee on Oversight and Government Reform, said in a statement that Geithner confirmed the date to testify. “I look forward to hearing Mr. Geithner’s testimony,” Towns said.

Lawmakers plan to ask Geithner about the exchange of e-mails and about the Fed's decision to pay 100 cents on the dollar to AIG counterparties, including Goldman Sachs Group Inc., to settle derivative contracts swaps they held that were based on subprime mortgages.