NY Fed attacks article on AIG debacle

new-york-fed2
New York Federal Reserve

The New York Federal Reserve has hit out at claims that it ignored advice from its own advisers to force counterparties of American International Group (AIG), a failed insurance firm, to accept losses on their credit default swap contracts.

The New York Fed repaid the insurer's eight biggest counterparties - Bank of America, Barclays, Calyon, Deutsche Bank, Goldman Sachs, Merrill Lynch, Société Générale and UBS - in full for their credit default swap exposure to AIG after all of the counterparti

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