The Daily Bail

I've been working behind the scenes all afternoon on this.

We are looking into the possibility of beginning the process to file a FOIA Freedom Of Information Act request pursuant to aig counterparty disclosure. If there are any federal lawyers reading and you don't mind giving me some advice on a few small issues, please contact me: thedailybail@gmail.com.

From now on and until the day he is indicted for costing American taxpayers hundreds of billions, Joseph Cassano's name will be highlighted at the beginning of every AIG article I write. He was the head of the financial products division of AIG London that brought down the entire company and is now helping to bring down our nation.

Judging by the Bernanke testimony you are about to watch, we are not the only ones concerned today with AIG. It's now a $180 billion problem and growing. The first video is Senator Bernie Sanders of Vermont.

There are two more videos from B-52's testimony on the inside including questions from Kentucky Senator Jim Bunning who wonders if these types of losses with AIG were imagined by the Fed when the decision was made to bailout the reckless insurer turned hedge fund.

Some highlights are below from B-52's testimony from Mark Felsenthal of Reuters.

Pressed by the Senate committee to justify the latest in an expanding series of bailouts for American International Group , Bernanke said there was no alternative, even though the company had been irresponsible. "We know that failure of major financial firms in a financial crisis can be disastrous for the economy. We really had no choice," he told the panel.

"Right now, small businesses across the country, who played by the rules, paid their bills on time, can't get a line of credit, while AIG seems to have an open spigot for taxpayer money," said Senator Ron Wyden, a Democrat. Bernanke said AIG's extensive relationships with banks around the globe presented the risk of "contagion" should the company fail, and said authorities were working hard to try to neutralize dangerous positions.

"We have been doing what we can to break the company up, to get it into a saleable position and to try to defang it," he said. "If there's a single episode in this entire 18 months that has made me more angry, I can't think of one (other than) AIG," Bernanke added, equating the company's financial services division with an unregulated hedge fund.