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Oct. 27 (Bloomberg) -- In the months leading up to the September 2008 collapse of giant insurer American International Group Inc. , Elias Habayeb and his colleagues worked nights and weekends negotiating with banks that had bought $62 billion of credit-... Full Article at Bloomberg.com
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Beginning late in the week of Nov. 3, the New York Fed, led by President Timothy Geithner, took over negotiations with the banks from AIG, together with the Treasury Department and Chairman Ben S. Bernanke’s Federal Reserve. Full Article at The Market Ticker
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We limited our overall credit exposure to AIG through a combination of collateral and market hedges
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There should be a high bar against not disclosing ... The taxpayer has every right to understand in detail what happened.
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I think the Federal Reserve was trying to stop the spread of fear in the market ... The market was having enough trouble dealing with Lehman. If you add, on top of that, AIG paying off some fraction of its liabilities, a system which is already substantially frozen would freeze rock-solid.
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We need to end 'too big to fail,' ... It needs to be a priority issue.
