Unable to obtain any concessions, but evidently willing & able to provide them

The Federal Reserve letter of Nov. 15 offers some interesting reading for those skeptical of the settlement of counterparty risk granted in favor of counterparties to the detriment of US taxpayers, the duration of which detriment will last perhaps a half a century or so. You may read that more broadly as all US citizens, all participants in the current and future US economy.

 

Well, in the spirit of glasnost, do tell! Can we see the book, the list of all the AIG related counterparties and amounts of date, so we may determine whose interests were served and how specifically "systemic" was defined and administered?  

No doubt the list contained "a wide range of creditors." In addition to the usual suspects cited above one may very well surmise the list also includes mind numbingly large amounts paid to soverign entities; foreign central banks; agencies of soverign entities or foreign central banks; foreign banks & US and foreign branches of foreign banks; NGO's; US banks; US investment banks; and bunches of other counterparties all of whom should have joined in the "concessions".

It was a colossal failure of nerve, confidence, and equity. We need to follow the money, and US citizens are due an open accounting of how much was given to whom and why.

Update on Wednesday, February 3, 2010 at 11:06AM by hb

The people at Zero Hedge have done a great job on the Fed / AIG counterparty book in Moral Hazard Defined. The list of counterparty settlements is presented in detail. Read'em & weep.