Regulation and Regulators Necessary for Financial System Future, Says AIG CEO (CNBC)
American International Group (AIG) CEO Robert Benmosche, beneficiary of a massive bailout by the U.S. federal government in 2008, said today, “Had we not acted, I believe the financial system as we know it today would not be here today.” AIG repaid the bailout earlier this year. Benmosche believes that another financial crisis is inevitable, but that regulation such as the Dodd-Frank Wall Street reform law, as well as action by regulators, such as Federal Reserve stress tests on financial institutions, is they key to assuring that the next failure will not destroy the financial system as a whole.
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