Boies spent a good part of the more than two hours Bernanke was on the stand, asking about that equity stake. He asked Bernanke if he had sought other opinions, or asked on what basis an equity stake needed to be taken in AIG. He also asked Bernanke if he had asked for any additional analysis on why the rates on the loans to AIG were so high.
Bernanke said he had not. Boies asked Bernanke if he had asked about the basis of various fees that were part of the bailout package. Bernanke said he had not.
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What Bernanke did say was that in approving the deal along with the rest of the Fed's Board of Governors he relied on the judgment of the New York Federal Reserve Bank, which was providing the initial commitments to AIG.
"All I recall is that the package needed to minimize the windfall to shareholders and protect the taxpayers," Bernanke said.
The lawsuit, which is being heard in a six-week bench trial, was brought by Starr International, once AIG's biggest shareholder and the investment firm of AIG's former CEO Hank Greenberg.