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Legal Commentary

: TalkLeft

Geithner-Led NY Fed Told AIG To Limit Disclosure On Bank Swaps

By Big Tent Democrat

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Bloomberg:

The Federal Reserve Bank of New York, then led by Timothy Geithner, told American International Group Inc. to withhold details from the public about the bailed-out insurer’s payments to banks during the depths of the financial crisis, e-mails between the company and its regulator show.

AIG said in a draft of a regulatory filing that the insurer paid banks, which included Goldman Sachs Group Inc. and Societe Generale SA, 100 cents on the dollar for credit-default swaps they bought from the firm. The New York Fed crossed out the reference, according to the e-mails, and AIG excluded the language when the filing was made public on Dec. 24, 2008.

(Emphasis supplied.) Is any comment necessary?

Full post as published by TalkLeft on January 07, 2010 (boomark / email).

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