WASHINGTON--The Securities and Exchange Commission is investigating insurers, as well as other financial institutions and rating agencies, for their role in securitizing subprime loans, SEC Chairman Christopher Cox said today.
Mr. Cox in testimony today before the Senate Banking Committee also blasted Congress for failure to give any federal regulatory agency the authority to regulate investment bank holding companies like American International Group, saying it was a "costly mistake."
New York-based AIG's holding company is a financial services company regulated by the federal Office of Thrift Supervision, according to the New York Department of Insurance.
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