Federal Reserve Responds To AIG FOIA Request, Davis Polk And Morgan Stanley Data Forthcoming
Zero Hedge recently submitted a FOIA to the Federal Reserve regarding information prepared by Davis Polk and Morgan Stanley in their capacity as legal and financial advisors to the Fed in its negotiations on whether or not to push AIG into bankruptcy. We present their response.
The request was specifically worded as follows:
"a request for all documentation that was part of the discussions between the Federal Reserve and Davis Polk with regard to the AIG bankruptcy. Furthermore, I would like to see all prepared materials by either Davis Polk or Morgan Stanley and presented to the Federal Reserve, as well as any documents indicating how and why the Fed decided to bailout AIG instead of pursuing a bankruptcy option for the company."
The response was curious:
"Staff searched Board records and located a large volume of potentially responsive documents."
Zero Hedge is grateful to Jeanne M. McLaughlin for the prompt response and is looking to the September 30, 2009 to receive all the requested information, and humbly submits that this is information that should have been made publicly available much earlier, now that taxpayers are 80% owners of AIG and as such have every right to understand why and how hundreds of billions of their dollars were invested in this cesspool of toxic assets only to keep it, or rather its key beneficiary counterparty, Goldman Sachs alive.
For all who wish to join Zero Hedge in this endeavor for taxpayer funded transparency, the link to the Federal Reserve's FOIA site can be found here: