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Bernanke proposes audit of the Fed's AIG bail out
01/20/10
Federal Reserve Chairman Ben Bernanke on Monday invited the Government Accountability Office to audit the central bank’s involvement in the U.S. rescue of American International Group Inc. In a letter to Acting Comptroller General Gene Dodaro. With this step he tries to soften criticism of the bail out:
Here is a latest message about the Fed's AIG bailout:
FT: Fed makes ‘a killing’ on AIG contracts, Jan. 20, 2010
The "Fed boys" have not been stupid at all when structuring their deals. The procedure of the bail out is another matter. One has to take into account that such bail outs have been done under enormous time pressure and insecurity. Good to know that the "boys" kept clear head when it came to business matters!
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