Follow WallStreetBlips on TwitterAIG Loan Shows Fed Miscalculated Risks
Published 10/10/2008 at WSJ.com: What's News US
The Fed's unexpected extension of another loan to AIG shows that it miscalculated the risks the company is facing.
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FRB: Press Release--Board authorizes Federal Reserve Bank of New York to borrow securities from certain regulated U.S. insurance subsidiaries of AIG--October 8, 2008
federalreserve.gov 10/8/2008 — Release Date: October 8, 2008 For immediate release The Federal Reserve Board has authorized the Federal Reserve Bank of New York to borrow securities from certain regulated U.S. insurance subsidiaries of the American International Group (AIG), ...
federalreserve.gov 10/8/2008 — Release Date: October 8, 2008 For immediate release The Federal Reserve Board has authorized the Federal Reserve Bank of New York to borrow securities from certain regulated U.S. insurance subsidiaries of the American International Group (AIG), ...
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Central Banks Cut Rates World-Wide — WSJ.com: What's News US 10/8/2008
The Federal Reserve, ECB and other major central banks announced coordinated cuts in target interest rates, the latest dramatic action to help stem a growing global financial crisis.
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AIG's CEO said in a letter to Treasury Secretary Paulson that a subsidiary's event criticized by lawmakers was for top independent agents, not employees.
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Total direct borrowing from the Fed's expanded discount window again soared to a record, topping $430 billion. A loan to AIG totaled $70.30 billion.
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AIG officials knew of potential problems in valuing derivative contracts long before the risky deals became an issue, documents show.
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The Fed is on the verge of appointing trustees to oversee the government's AIG stake, a move that offers a possible model for handling oversight of financial companies rescued by U.S.
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