The leaks continue apace:
The day after Vice Chairman Kohn testified before Congress, it started dawning on the FRBNY that they weren’t going to be able to keep the names of counterparties from Congress.
FRBNY staff member James Bergin e-mailed several other FRBNY staff:
“I have to think this train is probably going to leave the station soon and we need to focus our efforts on explaining the story as best we can. There were too many people involved in the deals – too many counterparties, too many lawyers and advisors, too many people from AIG – to keep a determined Congress from the information.” 62
Fascinating stuff . . .
62 E-mail from James Bergin to Alejandro LaTorre et al, March 6, 2009, BATES #FRBNY-TOWNS-R3-008604.
Public Disclosure As A Last Resort: How the Federal Reserve Fought to Cover Up
the Details of the AIG Counterparties Bailout From the American People
U.S. House of Representatives , 111th Congress
Committee on Oversight and Government Reform
January 25, 2010