WASHINGTON (Reuters) - U.S. Treasury Secretary Timothy Geithner denied any role in disclosures about American International Group's payments to banks and defended his decisions as New York Federal Reserve chief to pay full price to retire AIG credit default swaps.
Geithner, in prepared testimony for a much-anticipated congressional hearing on Wednesday, said protracted demands for concessions from banks in late 2008 could have triggered devastating credit rating downgrades and brought AIG down, with "catastrophic" consequences for the U.S. economy.
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