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 FOR RELEASE:

Immediately
September 17, 2008



State Comptroller Thomas P. DNapoli Statement on AIG

“The federal response to AIG’s crisis was a difficult but necessary step as we move through these challenging times.

A failure by AIG could have had a catastrophic impact on our economy. Governor Paterson and New York State Insurance Superintendent Dinallo deserve a lot of credit for making sure this got the attention it required, and for taking the early steps needed to facilitate federal assistance.

But in a broader sense, we probably never should have gotten to this point in the first place.

Taken as a whole – Fannie, Freddie, Lehman, Merrill and Bear Stearns earlier in the year – we have a powerful reminder about the perils of deregulation. For too long, federal regulators just haven’t been regulating.”

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