Live_Free_Or_Die
08-22-2009, 12:01 AM
Finally, the Reserve Bank’s agreement to provide advances under the September Facility continue to be specifically conditioned on the Reserve Bank being satisfied in its sole discretion with the nature and value of the collateral securing AIG’s obligations at the time of the advance, and on the Reserve Bank being reasonably satisfied in all respects with the corporate governance of AIG. Reserve Bank representatives are in regular contact with AIG’s senior management and attend all AIG board of directors meetings, including committee meetings, as an observer. The Reserve Bank also has staff on-site at AIG to monitor the company’s funding, cash flows, use of proceeds and progress in pursuing its global divestiture plan. Control and management of the daily business and operations of AIG and its subsidiaries continue to be vested in the new chairman and chief executive officer of AIG and his management team. These and other provisions protect the interests of the Federal Reserve, the Treasury Department, and taxpayers in having full repayment by AIG of all of its Federal Reserve borrowing without incurring any losses.
source: http://banking.senate.gov/public/_files/CongressionalReportRestructuringFinal.pdf
I think Congress should have the same oversight on the Federal Reserve that the Federal Reserve thinks is necessary of AIG.
Support S.604!
source: http://banking.senate.gov/public/_files/CongressionalReportRestructuringFinal.pdf
I think Congress should have the same oversight on the Federal Reserve that the Federal Reserve thinks is necessary of AIG.
Support S.604!