Bernanke Offers Fed’s AIG Records to Gov’t Watchdogs

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Bernanke Offers Fed’s AIG Records to Gov’t Watchdogs

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The Fed has nothing to hide about its dealings with AIG when it saved the too-big-to-fail insurance behemoth during the great bailout of 2008-9—or at least Federal Reserve Chairman Ben Bernanke has signaled his full willingness to make the central bank’s relevant “records and personnel” available to investigators from the Government Accountability Office.

CNN Money:

In a letter to Acting Comptroller General Gene Dodaro on Tuesday, Bernanke said the Fed agreed to provide billions of dollars of aid to the troubled insurance giant to prevent “potentially calamitous effects on the U.S. economy” should AIG fail.

[...] Given the continuing questions about the AIG assistance, the Fed chairman said the Fed would welcome a full review by the GAO and will make available “all records and personnel necessary to conduct this review.”

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By SoTexGuy, January 19, 2010 at 12:26 pm Link to this comment

It seems increasingly obvious that if the entire panoply of efforts by the Fed and Congress to rescue the banking system and by coincidence our economy could be scrutinized in their entirety the conclusion would be that the goal of all of it was to prevent major losses by the principals of Goldman Sachs.

It’s also obvious that no accounting of the facts will ever include all the facts or evidence or result in any meaningful change in the way things are done on Wall Street or inside the Beltway.

It could be a good show, though.

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