By: Eliot Spitzer, William K. Black and Frank Partnoy.

In a December New York Times op-ed, we called for the full public release of AIG email messages, internal accounting documents and financial models generated in the last decade. Today, a Bloomberg story revealed that under Timothy Geithner's leadership, the Federal Reserve Bank of New York told AIG to withhold details from the public about its payments to banks during the crisis. This information was discovered when emails between the company and the Fed were requested by representative Darrell Issa, ranking member of the House Oversight and Government Reform Committee.

The emails requested by Issa span five months beginning in November 2008. The Fed's request to suppress this information would not have come to light without the release of these emails. If five months of emails reveal information key to our understanding of the aftermath of the crisis, imagine what 10 years of emails could contribute to our understanding of its causes. We believe the AIG emails and other internal company documents are the 'black box' of the financial crisis -- if we understand the failure of AIG, we will more fully understand the crisis - what caused it and more importantly how to prevent it from happening again.

As such, today we are renewing our request for the full public disclosure of all AIG documents. We believe the government should put these documents on-line, thereby establishing an open-source investigation that would allow journalists and citizens the opportunity to piece together the story of what happened at AIG and in so doing more fully understand what happened in the broader financial collapse. AIG - and more specifically its credit-default swaps exposure - was an important contributing factor to the crash of the financial markets. What sets this company apart from others that played a role in the crisis is that we, the taxpayers, own it. As we noted in our original piece, US taxpayers bought 80% of AIG when they bailed the company out with $180 billion last year. As owners of the company, taxpayers are also owners of AIG. As owners of the company we can demand the release of these documents.

The taxpayer's stake in AIG is held by the A.I.G. Credit Facility Trust, whose three trustees are Jill M. Considine, a former chairman of the Depository Trust Company and a former director of the Federal Reserve Bank of New York; Chester B. Feldberg, a former New York Fed official who was chairman of Barclays Americas from 2000 to 2008; and Douglas L. Foshee, chief executive of the El Paso Corporation and chairman of the Houston branch of the Federal Reserve Bank of Dallas. We call on these three officials (interestingly all former Fed officials) to immediately release the documents we request.

The value of these documents, if it were ever in doubt, was certainly proved by today's revelations.

Release the emails.

Source: Huffington Post.com, Jan 7 2010

Views: 42

Comment

You need to be a member of 12160 Social Network to add comments!

Join 12160 Social Network

"Destroying the New World Order"

TOP CONTENT THIS WEEK

THANK YOU FOR SUPPORTING THE SITE!

mobile page

12160.info/m

12160 Administrators

 

Latest Activity

Less Prone favorited Sandy's video
13 hours ago
Less Prone favorited Doc Vega's blog post The Escape
13 hours ago
Less Prone posted a photo

Same Package - Different Label

This way or that way, we get to the same place. It's time to take another road.
13 hours ago
Less Prone favorited Sandy's video
13 hours ago
agen Dadu is now a member of 12160 Social Network
13 hours ago
Less Prone commented on tjdavis's photo
Thumbnail

TRIVIA OF THE DAY Kier means “Penis” in Persian

"Nomen est omen. A political dick destroying his own country."
13 hours ago
tjdavis's blog post was featured
13 hours ago
Doc Vega's 2 blog posts were featured
13 hours ago
tjdavis favorited honeygirl's video
17 hours ago
Doc Vega posted blog posts
yesterday
Doc Vega commented on cheeki kea's blog post IN ITS OWN WORDS: CHAT GPT LAYS OUT THE AGENDA.
"Wow! The final progressive steps to the government run matrix. Now just fine tuning it. I…"
yesterday
cheeki kea commented on Doc Vega's blog post The Escape
"That's a great poem it's a good time for writing being national poetry month in America…"
yesterday
cheeki kea favorited honeygirl's video
yesterday
cheeki kea commented on cheeki kea's blog post The Decades of Evidence SSRI Antidepressants Cause Mass Shootings
"All good points guys and perhaps in the future we'll see some new freak show of mRNA vax that…"
yesterday
cheeki kea posted a blog post
yesterday
Doc Vega commented on cheeki kea's blog post The Decades of Evidence SSRI Antidepressants Cause Mass Shootings
"SSRI's are poor substute for counciling soldiers back from war suffering from PTSD! "
Tuesday
Doc Vega favorited cheeki kea's blog post The Decades of Evidence SSRI Antidepressants Cause Mass Shootings
Tuesday
Gordon Freeman commented on honeygirl's video
Thumbnail

Trump FULLY SURRENDERS to Iran giving them HORMUZ FOREVER!!!

"Iranians were controlling that strait from more than 2000 years so, i don't see how can U.S.…"
Tuesday
Gordon Freeman commented on Sandy's photo
Thumbnail

FB_IMG_1774426812008

"that's by design, why wonder?"
Tuesday
Gordon Freeman commented on cheeki kea's blog post The Decades of Evidence SSRI Antidepressants Cause Mass Shootings
"About that...FDA is known to be covering all kind of stories for big pharma... including all you…"
Tuesday

© 2026   Created by truth.   Powered by

Badges  |  Report an Issue  |  Terms of Service

content and site copyright 12160.info 2007-2019 - all rights reserved. unless otherwise noted