Witnesses testified about investment schemes such as the Bernie Madoff investment fraud scandal, and about offshore tax evasion legislation currently being developed by Chairman Baucus. Among the topics they addressed were international cooperation on financial fraud investigations, the use and misuse of federal bailout funds by U.S. financial institutions, ways to ensure greater transparency of financial transactions, and public outrage over an announcement that American Insurance Group (AIG) would pay out bonuses despite receiving billions in emergency taxpayer funding.