NU Online News Service, April 13, 2:08 p.m. EDT
Federal Reserve Board Chairman Ben Bernanke characterized American International Group as part of a "shadow banking" system that played a key role in the catastrophic economic downturn of 2007-2009.
Bernanke says AIG's problems in the fall of 2008 "exposed weaknesses in the statutory and regulatory framework" for the shadow-banking sector, and "meant that in practice they were inadequately regulated and supervised."
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