Fed tried to keep AIG details secret, Davis Polk emails reveal
When American International Group used bailout money to pay $62 billion to its bank trading partners to retire bad bets on credit default swaps, lawyers scrambled to keep the arrangement under wraps. Their solution: Send all securities filings, press releases and significant communications to the Fed’s outside counsel, Davis Polk & Wardwell, Forbes reports. The magazine says the “damage control effort” was revealed in e-mails between in-house lawyers for the New York Fed and Davis Polk, its outside firm.
Fed tried to keep AIG details secret, Davis Polk emails reveal
abajournal.com
Wed, Jan 27, 2010