Emails Show Fed Tried to Keep Details of AIG Bailout Secret

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Newly disclosed emails show the New York Federal Reserve attempted to keep secret many of the details of the AIG bailout, citing national security grounds. The emails were released last week by the New York Fed ahead of a congressional hearing on the bailout. The Fed’s bailout of AIG remains controversial, in part because it secretly funneled nearly $70 billion to sixteen big US and European banks in what many described as a backdoor bailout. It was later disclosed that recipients of the AIG bailout included Goldman Sachs and Deutsche Bank.

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