Financial commission member compares AIG to BP

A member of the Financial Crisis Inquiry Commission on Wednesday compared the 2008 conduct of bailed-out insurance giant AIG to BP's handling of the Gulf oil spill. 

Byron Georgiou, a Democratic commissioner, grilled AIG executives on their inability to publish accurate figures about its losses in the wake of its bailout, which triggered the 2008 financial collapse. 

"Ultimately you ought to have disclosed to the public more a more accurate number," he said. "And I guess I would suggest to you that this appears that AIG was as forthcoming to the investing public about its losses at that time as British Petroleum has been about the amount of oil that has been spilling into the Gulf. I mean, it's astonishing to me."

Executives at the hearing claimed that uncertainty in the market, specifically regarding the value of its credit default swaps, made it difficult to calculate a true figure.