November 17, 2009New Audit Finds Fault with New York Fed in AIG BailoutNew York Times, New York Times | ||||||
The Federal Reserve Bank of New York gave up much of its power in high-pressure negotiations with the American International Group’s trading partners last year, according to a government report made public on Monday. Neil Barofsky, bailout inspector. Go to your Portfolio » Treasury Inspector General Neil Barofsky testified during a hearing of the House Committee on Oversight and Government Reform in October. Just two days before the New York Fed paid A.I.G.’s partners 100 cents on the dollar to tear up their contracts with the insurance giant, one bank volunteered to take a modest haircut — but it never got the chance. UBS, of Switzerland, alone offered to give a break to the New York Fed in... TAGGED: The Fed, AIG RECOMMENDED ARTICLES
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