Fed counters criticisms of AIG rescue
The Federal Reserve on Tuesday parried suggestions that it had mishandled the bailout of American International Group (AIG), the failed insurer.
Neil Barofsky, who oversees the Troubled Asset Relief Program (Tarp), on Tuesday accused the New York Fed of failing to effectively limit payments to the insurer's biggest counterparties. Barofsky also said the high interest rate charged on the Fed's rescue loan failed to address the insurer's liquidity difficulties.
The accusations form part of a 47
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