Tim Geithner’s Prepared Testimony

...The decision to rescue AIG was exceptionally difficult and enormously consequential. At that time, our economy stood at the brink. The financial institutions that Americans rely on to protect their savings, help finance their children’s education, and help pay their bills were at risk in ways few had ever experienced. The institutions and markets that businesses rely on to make payroll, build inventories, fund new investments, and create new jobs were threatened like at no time since the Great Depression. Across the country, people were rapidly losing confidence in our financial system and in the government’s ability to safeguard their economic future. Action was required. The world was watching. And the government did not have the luxury of time...

WSJ: Tim Geithner’s Prepared Testimony