Not a Gambling Problem
“I wouldn’t refer to it as gambling. [The credit default swaps were] underwritten individually and very carefully.”
鈥擬artin Sullivan, former AIG CEO, testifying before the House Committee on Oversight and Government Reform, that writing in the credit default swap market was not in poor judgment at the time. Rep. Carolyn Maloney, D.-N.Y., criticized the executives for “gambling” in a credit default swap market that was unregulated.
Legal Rights
“The enterprises that we as state regulators have direct supervision over are performing as well today as they were weeks ago. So that’s a good story for consumers.”
鈥擳homas Sullivan, Connecticut’s insurance commissioner, noting AIG’s parent company problems are unlikely to affect its insurance operations that come under state regulatory supervision. The commissioners maintain that conservative, state-based regulation has been responsible for keeping any issues in check.
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