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Timothy Geithner, former head of the Federal Reserve Bank of New York, testified there would have been "mass panic" had AIG failed in 2008.

(Bloomberg) — The failure in 2008 of American International Group Inc., the world’s biggest insurer, would have caused “mass panic on a global scale,” Timothy Geithner, the head of the Federal Reserve Bank of New York at the time, testified at a trial over the government bailout of the company.

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