One little detail in the just released Federal Reserve statement that it is not cutting interest rates --
Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; Christine M. Cumming; ... Ms. Cumming voted as the alternate for Timothy F. Geithner
Geithner is the president of the New York Fed, who apparently was too busy to even attend the meeting by telephone. Is the AIG situation that bad?
UPDATE: It is.