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Poll: Almost half in U.S. creationist
WASHINGTON, March 24 (UPI) -- The AIG mess is the best example for why U.S. federal officials need authority to seize failing non-bank institutions, President Obama said Tuesday.
The Federal Deposit Insurance Corp. has the authority to take over failing banks, but there is no authority to take over institutions such as the insurance company American International Group, Obama said during a night-time news conference.
"(It) is precisely because of the lack of this authority that the AIG situation has gotten worse," Obama said.
The inability of federal officials to step in when a non-bank entity is collapsing is why Treasury Secretary Timothy Geithner asked for the authority to do so, Obama said.
"And I think that there's going to be strong support from the American people and from Congress to provide that authority," he said.
The FDIC track record shows "it actually does these kinds of resolutions effectively," Obama said.
Asked why he took several days to react to AIG executives receiving millions of dollars in bonuses while the insurance giant got billions of dollars in federal assistance, Obama replied, "It took a couple of days because I like to know what I'm talking about before I speak."
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