Bernanke said no episode in the current financial crisis has angered him more than the need to rescue AIG. He stated without equivocation:
"AIG exploited a huge gap in the regulatory system. There was no oversight of the financial-products division. This was a hedge fund, basically, that was attached to a large and stable insurance company, made huge numbers of irresponsible bets, took huge losses. There was no regulatory oversight because there was a gap in the system." The Wall Street Journal
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