Thursday, March 05, 2009

Complicated Fed testimony explained

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.

Image courtesy of Wikipedia

No comments: