With its $182 billion bailout under renewed scrutiny, New York-based American International Group Inc. released details of the securities held in its Maiden Lane III business.
Created by company and the government to house toxic assets, the inner workings of Maiden Lane III were revealed in a filing with the Securities and Exchange Commission. The move comes on the heels of Rep. Darrel Issa (R.-Calif.) released the information as part a probe by the House Committee on Oversight and Government Reform.
Not surprisingly, the list of counterparties included both U.S.-based banks such as Goldman Sachs Group Inc., and Merrill Lynch, as well foreign domiciled firms including UBS, Deutsche Bank and Societe Generale.
Officials from the Federal Reserve had long resisted to disclose details on the securities, or even the names of the counterparties, arguing it could make them harder to sell, thereby undercutting efforts for the government to recoup its loans to AIG.
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