Fed audit sheds light on scale of deterioration in AIG vehicles

federal reserve

Details published Wednesday by the Federal Reserve on its crisis lending actions and bailout vehicles revealed the scale of trouble that systemically important banks and institutions faced following the collapse of Lehman Brothers, a failed investment bank, in September 2008, and the level of deterioration in the portfolios of two of the three bailout vehicles.

The disclosures, forced by the Dodd-Frank regulatory reform act signed into law by US President Barack Obama in July, provide a fuller

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