Sarah Dahlgren

  • She explained that most of the money drawn from the facility went to securities lending counterparties. 
  • Dixie asked how much money was drawn from the facility between September 16 and November 10 when the Maiden Lane transactions were announced.
    • Ms. Dahlgren said “north of $60 billion, but I’d have to verify that." (p2)

2010 0430 - FCIC memo of staff interview with Sarah Dahlgren, New York Fed - 5p

  • Federal Reserve Board -  - 2015
  • 2008 0916 - Email from Sarah Dahlgren Regarding Exposure to AIG & Impact Analysis - 5p

  • 2010 0430 - FCIC - FCIC memo of staff interview with Sarah Dahlgren, New York Fed - 5p

  • 2010 0526 - COP - Thomas C Baxter, Jr and Sarah J Dahlgren: The FRBNY’s involvement with the AIG - 6p
  • 2010 0526 - COP - Hearing - Congressional Oversight Panel Hearing on TARP and Other Assistance to AIG Testimony of Sarah Dahlgren - 46p
    • (p42) - Sarah Dahlgren (FRB) - No amount of liquidity can save an insurance company whose customers are fleeing.
  • 2021 04 - Yale - Lessons Learned: Sarah Dahlgren - Journal of Financial Crises - 1p / 3p / 13p
  • Communication is key: The public demands information.
    • The Federal Reserve System, including the FRBNY, long operated in relative anonymity.
  • “We weren’t used to sharing information,” Dahlgren said.
    • “We were a closed society.”
    • The mindset was, “we do monetary policy, and nobody needs to know what that is,” she said.
    • That changed with the financial crisis, when billions of dollars in public money propped up private companies.
    • She recalled, The idea of communicating to the public and with Congress wasn’t on my radar until all of a sudden, there was enormous backlash.
      • You’ve got enormous compensation issues and a whole bunch of things that we didn’t really anticipate.

2021 04 - Yale - Lessons Learned: Sarah Dahlgren - Journal of Financial Crises - 3p 

  • 2009 - FCIC - emails - FRBY-TOWNS-R3-002225 - big.assets.huffingtonpost.com/Dahlgren.pdf - 15p
    • (p2-3) (2009 0303) - Dahlgren -- why segregate the specific counterparties on these transactions from the range of others who have "benefitted" from the government assistance to AIG (which would include not just financial counterparties, but also a range of other debtors to AIG. as well as policy holders, etc ... )
    • (p3)  (2009 0303) - Dahlgren --separately, if the public wants to know where the funds have been used, AIG gave details of the uses of the government funds in its 10K that was issued on Monday -- it's on page 45 of the 10K ..... (and the $20 billion to insurance companies shouldn't go unnoticed ...... )
  • 2010 0430 - FCIC memo of staff interview with Sarah Dahlgren, New York Fed - 5p
    • (p2) - Dixie asked Ms. Dahlgren if she was involved when AIG initially said they did not need a facility and then quickly revised their estimate to $14 billion.
      • “Yes, that was me,” she said. “Early in the day, they said they’d be ok.
      • But the facility had been set up, the demand note signed, otherwise though there was no term sheet, no real lending documentation. But when they said $14 billion, we literally trucked in collateral from 70 Pine.”
      • She explained that most of the money drawn from the facility went to securities lending counterparties.