Former AIG CEOs back credit default swap regulation
Tue Oct 7, 2008 1:33pm EDT

WASHINGTON, Oct 7 (Reuters) - Two former chief executives of American International Group (AIG.N: Quote, Profile, Research, Stock Buzz) said they would back regulation of the credit default swaps market in testimony at the U.S. House Oversight and Government Reform hearing on Tuesday.

* Robert Willumstad, CEO from June through mid-September 2008, said that if the right regulation was put in place he would support it.

* Martin Sullivan, who stepped down as CEO after 3 years in June 2008, also said he backed regulation.

* Investments in this market contributed to the company's cash crisis and eventual rescue by the government.