If AIG’s executives believed the shares were worthless, it’s hard to imagine how they could justify filing balance sheets that showed the company still had a positive book value. It wouldn’t make sense for them to believe AIG’s common equity was greater than zero if they thought the common stock had no value.

Lots of questions for AIG and for the Federal Reserve. And it looks like we might see powerful people have to attempt to answer them: Bloomberg just flashed a headline reporting that Democrat Elijah Cummings is “demanding” Geithner testify about the AIG/Fed emails his Republican colleague Issa uncovered.

Ryan Chittum is a former Wall Street Journal reporter, and deputy editor of The Audit, CJR's business section. If you see notable business journalism, give him a heads-up at rc2538@columbia.edu.