Former Treasury Secretary Henry Paulson, the Bush-era architect of the massive bailout of ailing financial firms, will testify alongside his successor Timothy Geithner at Wednesday's hearing of the House Oversight and Government Reform Committee.
Paulson, the former CEO of Goldman Sachs, has accepted the committee's invitation to testify on his knowledge of the government's controversial decision to pay $27 billion to AIG's counterparties in 2008, says a spokesman for the committee's ranking Republican Darrell Issa.
In addition, former New York Federal Reserve chairman Stephen Friedman will testify. He resigned in May 2009 amid a controversy over his role as a director of Goldman Sachs and his purchases of the firm's shares.
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This will come back to bite Hank:
Former Secretary of the Treasury Henry Paulson testified before Congress about his role in the bailout of A.I.G. During his July 16, 2009 sword testimony, Paulson said: “I want you to know that I had no role whatsoever in any of the Fed’s decision regarding payments to any of A.I.G.’s creditors or counterparties.”
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