Bernanke To Be Deposed In Court Over AIG Bailout

Tyler Durden's picture


Bernanke still hasn’t picked what non-extradition country he will move to following his Federal retirement, and already the storm clouds are brewing overhead.

  • U.S. JUDGE SAYS EX-AIG CEO GREENBERG SHOULD BE PERMITTED TO DEPOSE FED CHAIRMAN BERNANKE OVER INSURER’S BAILOUT — COURT RULING
     
  • U.S. COURT OF FEDERAL CLAIMS JUDGE THOMAS WHEELER SAYS THERE ARE “EXTRAORDINARY CIRCUMSTANCES” FOR TAKING OF BERNANKE’S DEPOSITION

More from Reuters:

Federal Reserve Chairman Ben Bernanke should testify in the lawsuit by American International Group Inc’s (AIG.N) former chief Maurice “Hank” Greenberg against the United States over the insurer’s 2008 bailout, a judge ruled on Monday.

Judge Thomas Wheeler of the U.S. Court of Federal Claims rejected the government’s effort to keep Bernanke from being deposed, saying the Fed chairman was a “central figure” in the decision to bail out AIG.

Indeed, the court cannot fathom having to decide this multi-billion dollar claim without the testimony of such a key government decision maker,” Wheeler wrote. “These facts constitute ‘extraordinary circumstances’ for the taking of Mr. Bernanke’s deposition.”

Greenberg’s Starr International Co, which once had a 12 percent stake in AIG, is suing over the government’s taking of a 79.9 percent stake in the insurer in September 2008 and a separate 1-for-20 reverse stock split in June 2009.

Too bad Bernanke’s predecessor, who is just as culpable for the AIG collapse and bailout, won’t be sitting next to the Chairsatan or else we would very soon have a great reason to roll out the following image:

http://www.zerohedge.com/node/476957

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