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Keyword: princelythieves

New York Fed to AIG: Can You Keep a Secret?

01/07/2010 9:43:44 AM PST · by FromLori · 16 replies · 645+ views
Daily Finance ^ | 1/7/10 | PETER COHAN

In 2008 the New York Federal Reserve Bank -- then chaired by current Treasury Secretary Timothy Geithner -- urged American International Group (AIG) not to disclose to the public its Credit Default Swaps (CDS) settlement payments to global banks. AIG ultimately received $182.3 billion in bailout funds and credits from the government. The Bloomberg News report about this incident is based on emails between AIG and the New York Fed obtained by Darrell Issa (R-Calif.), a ranking member of the House Oversight and Government Reform Committee. The New York Fed played an important role in AIG's bailout, providing it with...

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