AIG Reveals Counterparties After Chair Maloney Urges Fed to Release Information

AIG REVEALS COUNTERPARTIES AFTER CHAIR MALONEY URGES FED TO RELEASE INFORMATION

Today Congresswoman Carolyn B. Maloney, Chair of the Joint Economic Committee (JEC), released the following statement reacting to the release of AIG counterparty information. AIG's filing comes after Congresswoman Maloney repeatedly urged the Federal Reserve to release the identities and amounts:

"I've been asking for this information for months. This is a good first step, but I'm concerned by how long it took. Not knowing was not acceptable. Transparency about the counterparties is essential to having an informed debate and developing solutions to our current economic crisis, as well as to Congress' ability to oversee the use of taxpayers' money. This also demonstrates the necessity of H.R. 1242, the TARP

Accountability and Disclosure Act, to create a central government data base for the use of the TARP oversight entities with real time financial information. The speed with which the economic crisis is unfolding requires that future disclosures be made in a much more timely fashion." On March 4, 2009, Chair Maloney sent a letter to Federal Reserve Chairman Ben Bernanke to renew her request from November 18, 2008 for information pertaining to the Federal Reserve's purchase of collateralized debt obligations and residential mortgage backed securities from AIG."

Source