AIG’s and Lehman Brothers testify why they failed

American International Group Inc the giant insurer who had to be bailed out by the US government last month is being investigated by lawmakers, asking questions as to how it played its role in the chain of events leading to the $700 billion to rescue the financial industry amid the financial crisis that has hit globally.

One of AIG’s chief executive officers Maurice “Hank” Greenberg as well as two other CEO’s is to testify before the House Oversight and Government Reform Committee, in the two day hearing they have to talk about regulatory mistakes and financial excesses which has led to continuing fears of global recession.

Lehman Brothers CEO also testified yesterday in-front of the congressional oversight panel, but answers did not flow from the Lehman Brothers stand regarding the collapse of the credit market amid the September events.

Source: India Express