AIG – Coverup

It seems to me that you’re covering for something. (p43)

—  Damon SILVERS, COP Member / Policy Director for the AFL-CIO

2010 1216 – COP – Hearing – Treasury Secretary Timothy Geithner, Congressional Oversight Panel – [PDF-88p, VIDEO-CSPAN]

  • What could the New York Fed be hiding?
  • For one thing, a clear explanation of why it felt it had to bail out AIG.
    • The story from regulators during the crisis was that credit-default swap counterparties had to be paid lest the financial system collapse.
    • The public became incensed about 100-cents on the dollar pay-outs to big banks.
  • Then last winter, Treasury Secretary Timothy Geithner, who ran the New York Fed in 2008, said the real problem had been AIG’s insurance business, threatening average consumers.

2010 0910 – WSJ – ‘Systemic Risk’ Stonewall: Some bailout questions the Fed still hasn’t answered  —  [BonkNote]  —  [link]

⇒  2010 0127 – GOV (House-OGR) – The Federal Bailout AIG, Edolphus Towns (D-NY)  —  [BonkNote]