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Sept. 17 (Bloomberg) -- Republican presidential candidate John McCain, shifting his position, suggested the government's $85 billion takeover of American International Group Inc. was unavoidable as both he and rival Barack Obama blamed regulators.
``On the bailout itself, I didn't want to do that,'' the Republican presidential nominee said on ABC's ``Good Morning America'' program today. ``But there were literally millions of people whose retirement, whose investments, whose insurance were at risk here, and they were going to have their lives destroyed because of the greed and excess and corruption.''
Twenty-four hours earlier, McCain said that he didn't want taxpayers to be ``on the hook'' for AIG. ``We cannot have the taxpayers bail out AIG or anybody else,'' McCain said yesterday on NBC's ``Today'' show.
Obama, the Democratic nominee, blamed policies pursued under President George W. Bush and said the takeover must not result in a bailout for AIG corporate officers or investors.