SEC Orders AIG Bailout Details Sealed Until 2018
January 13th, 2010Via: Reuters:
It could take until November 2018 to get the full story behind the U.S. bailout of insurance giant American International Group (AIG.N) because of an action taken last year by the Securities and Exchange Commission.
In May, the SEC approved a request by AIG to keep secret an exhibit to a year-old regulatory filing that includes some of the details on the most controversial aspect of the AIG bailout: the funneling of tens of billions of dollars to big banks like Societe Generale, Goldman Sachs (GS.N), Deutsche Bank (DBKGn.DE) and Merrill Lynch.
The SEC’s Division of Corporation Finance, in granting AIG’s request for confidential treatment, said the “excluded information” will not be made public until Nov. 25, 2018, according to a copy of the agency’s May 22 order.
The SEC said the insurer had demonstrated the information in the exhibit, called Schedule A, “qualifies as confidential commercial or financial information.”
The expiration date for the SEC order falls on the 10th anniversary of Federal Reserve of New York’s decision to provide emergency financing to an entity set up to specifically acquire some $60 billion in collateralized debt obligations from 16 banks in the United States and Europe.
All the banks that got money from the Fed-sponsored entity — Maiden Lane III — had purchased insurance contracts, or credit default swaps, on those mortgage-related securities from AIG.
The SEC’s decision to approve AIG’s request for confidential treatment got scant attention at the time. But it could spark controversy now following the release last week of 14-month-old emails that reveal that some at the New York Fed had discussions with AIG officials about how much information should be disclosed to the public about the Maiden Lane III transaction.
The New York Fed, then led by Treasury Secretary Timothy Geithner, plays a critical role in the world of finance given its close dealings with all the major Wall Street banks, many of which were counterparties of AIG.
SEC spokesman John Nestor declined to comment on the reasons for granting AIG’s request to treat the exhibit as confidential.
I learned of this story tonight and thought of Crptogon. 2018. What a laugh. Where’d they pick that date from, a hat with little white pieces of paper with other dates on them?
Moves like these are stupid. Who is the psychic here that portends that human beings on the planet will not be able to handle the “truth,” or the facts about this major fraud/swindle until 2018?
Treating people like they are stupid and don’t deserve to know the truth is what caused the American Revolution against England (among other things).
Uh, if I were a banker right now, or worked for the SEC? Security guards for sure.
Or find another effing job, moron.
Not more pay or bonus(blood money).
When that bonus hits the news (if its not censored) GOOD LUCK.
Watching “Its a Wonderful Life” is a holiday tradition for me. It was even more poignant to me this year watching Mr. Potter play his role.
That more bankers would watch this movie and be refreshed as to what their role in society is SUPPOSED to BE, GRRRRR, as compared to what they’ve been doing in their latest incarnation. GRRRR.
How can anyone not be angry at the Bankers of the world? ROAR.
CRIMES should be punished. PUN-Ish-shed. Not put under some creep shit blanket of immunity until no one cares any more.
Another piece of crap legislation from our bogus system of checks and balances. My ASS!