AP News
(2010-03-04 17:33:53)
WHY CITIGROUP CEO VIKRAM PANDIT TESTIFIED: The Congressional Oversight Panel for the $700 billion financial bailout held a public hearing on Citi's generous, multistep bailouts. The government eventually committed more than $45 billion.
PANDIT'S POINTS: Echoing Obama administration positions justifying the Wall Street rescue, Pandit said: The bailouts were unfortunate but necessary; things might have been much worse; bad bailouts make a good case for Obama-style financial overhaul.
PANDIT'S HELPER: Pandit appeared agile and responsive to panel questions — especially compared to the only other witness, Assistant Treasury Secretary Herbert Allison. Allison sidestepped so many questions that panel Chairman Elizabeth Warren wondered aloud if Treasury had sent her the wrong witness.
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