RSSReport: Billions wasted in AIG bailout
From: The Washington Times | November 17, 2009
The Federal Reserve's initial emergency plan last fall to save then-failing American International Group was so hastily put together and poorly structured that it resulted in billions of additional taxpayer dollars spent on the insurance giant, says a new report by a Treasury Department independent watchdog. The plan - coordinated by then head of the Federal Reserve Bank of New York (FRBNY) Timothy F. Geithner, who now serves as Treasury secretary - allowed too much leverage to AIG counterparties while significantly handcuffing the Federal Reserve's negotiating power, according to an audit released Tuesday by Neil Barofsky, special inspector general for ...
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