Goldman Sachs, AIG Witnesses to Testify at Derivatives Hearing, FCIC Says
Goldman Sachs Group Inc. and American International Group Inc. representatives will appear at the next hearing of the Financial Crisis Inquiry Commission as the panel explores the role of derivatives in the credit crunch.
The hearing will be held June 30 and July 1 in Washington, the FCIC said today in a statement on its website.
AIG was bailed out by the U.S. in 2008 after collateral calls from Wall Street firms including New York-based Goldman Sachs on contracts tied to subprime mortgages. Derivatives have been blamed by lawmakers and investor Warren Buffett for bringing the financial system to the brink of collapse in 2008.
The panel, led by former California Treasurer Phil Angelides, will also call witnesses from the U.S. Commodity Futures Trading Commission, the Office of Thrift Supervision, and the New York State Insurance Department. The statement didn’t name the witnesses.
To contact the reporter on this story: Dan Kraut in New York at dkraut2@bloomberg.net.
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