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American International Group, Inc. Message Board

  • sew1959a sew1959a Mar 4, 2013 12:48 PM Flag

    ------ Fraud is now a Commodity according to BofA, Geithner&NY Fed.--AIG news

    How a $43M deal got the NY Fed to back BofA in dispute v. AIG by Galen Moore Boston Business Journal Date: Monday, March 4, 2013, 8:08am EST The Federal Reserve Bank of New York has filed briefs supporting Bank of America (NYSE: BAC) in a $10 billion mortgage securities lawsuit against the big bank, brought by bailed-out insurer American International Group

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    (AIG). According to reports, the New York Fed was contractually bound to do so by the terms of a past deal with BofA's Countrywide unit. The New York Fed submitted a settlement to a Los Angeles court on Thursday, related to assets it purchased from AIG in its 2008 bailout, Reuters reported Friday. The settlement showed AIG sold litigation claims along with the assets – bolstering BofA's claim that AIG does not have standing to sue over the mortgage securities gone bad. The New York Times' Gretchen Morgenson writes that the Fed was contractually obligated to get BofA's back in the legal dispute, by the terms of the deal the Fed signed in July 2012, when it took $43 million to settle cash-flow claims related to the same mortgage securities. As part of that deal, the New York Fed agreed to testify on beits legal dispute with A Less

    Sentiment: Hold

 
AIG
55.65+0.32(+0.58%)Mar 2 4:00 PMEST

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