The lesson that should be learned - one that has been made apparent time after time in the Government's response to the financial crisis - is that the default position, whenever Government funds are deployed in a crisis to support markets or institutions, should be that the public is entitled to know what is being done with Government funds.

Notwithstanding the Federal Reserve's warnings, the sky did not fall there is no indication that AIG's disclosure undermined the stability of AIG or the market or damaged legitimate interests of the counterparties. Action Adventure Thriller An agent, sent by the Indian army to observe a terrorist, finds his mission complicated when he discovers undercover agents in his own country. Federal Reserve officials initially refused to disclose the identities of the counterparties or the details of the payments, warning that disclosure of the names would undermine AIG's stability, the privacy and business interests of the counterparties, and the stability of the markets.Īfter public and Congressional pressure, AIG disclosed the identities. The now familiar argument from Government officials about the dire consequences of basic transparency, as advocated by the Federal Reserve.once again simply does not withstand scrutiny. Similarly, it has been widely reported that the Government, while arguably acting on behalf of General Motors and Chrysler, took an active role in negotiating substantial concessions from the creditors of those companies. As SIGTARP reported in its audit of the initial Capital Purchase Program investments, for example, Treasury and the Federal Reserve were fully prepared to use their leverage as regulators to compel the nine largest financial institutions (including some of AIG's counterparties) to accept $125 billion of TARP funding and to pressure Bank of America to conclude its merger with Merrill Lynch. While there can be no doubt that a regulators' inherent leverage over a regulated entity must be used appropriately, and could in certain circumstances be abused, in other instances in this financial crisis regulators (including the Federal Reserve) have used overtly coercive language to convince financial institutions to take or forego certain actions.

He refusal of FRBNY and the Federal Reserve to use their considerable leverage as the primary regulators for several of the counterparties, including the emphasis that their participation in the negotiations was purely 'voluntary,' made the possibility of obtaining concessions from those counterparties extremely remote. B-Air Grizzly Multi-Purpose Waterproof Tarp, 8x10 Ft., Blue.

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