NU Online News Service, July 26, 2:15 p.m. EDT
American International Group is in need of "effective, comprehensive and rigorous" regulation to ensure history does not repeat itself at the insurance giant, says a new regulatory report.
The report, released by the Special Inspector General for the Troubled Asset Relief Program (SIGTARP), also indicates that despite the federal government's ownership stake and assistance to the insurer, there is currently no designated federal regulator of AIG, a finding that drew indignation from Rep. Spencer Bachus, R-Ala. during a recent hearing.
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