WASHINGTON–New York Insurance Superintendent Eric Dinallo and federal regulators were hit with withering criticism from the leadership of the Senate Banking Committee today as he tried to defend state regulators' role in overseeing troubled American International Group.
Superintendent Dinallo fell under the microscope as panel members sought to determine why the federal government has been forced to pony up $170 billion so far to stabilize AIG–and if the Treasury Department and the Federal Reserve Board know how much more will be needed to keep AIG afloat.
One lawmaker accused Mr. Dinallo of giving vague testimony and failing to properly monitor securities dealings by AIG's life units.
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