NY Fed misrepresented French AIG position: Tarp overseer

The New York Fed

Neil Barofsky, the overseer of the Troubled Asset Relief Program (Tarp), has accused New York Federal Reserve officials of misrepresenting the position of Commission Bancaire, the French banking regulator, on reducing payments to French counterparties of American International Group, the failed insurer.

In a report published November, Barofsky said Commission Bancaire refused the New York Fed's calls to secure haircuts on payouts to two of American International Group's (AIG) biggest counterpart

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