Federal Reserve Vice Chairman Donald L. Kohn explained all the Fed's transactions with AIG to the Committee on Banking, Housing, and Urban Affairs of the U.S. Senate today. It's headache-inducing. But what it amounts to is: sure, we bought all this toxic shite from AIG (and Bear Stearns). But we dumped it into companies with cool names: Maiden Lane I-III.
UPDATE 24 APRIL: Maiden Lane: cool name, shame about the losses.
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