The SEC Covers for the NY Fed's Criminal Behavior?
In case you missed it, the NY Fed might have to explain what exactly went down in the AIG days but if the SEC has its way, they won't have to say a word until at least 2018.
You're kidding me. We have always known the SEC is useless but now it is clear they are also a scam.
Let me guess, it is in the best interests of the unwashed masses to keep this information secret because they just can't handle the truth? We know how much TPTB care about our well-being, right?
It could take until November 2018 to get the full story behind the U.S. bailout of insurance giant American International Group (AIG.N) because of an action taken last year by the Securities and Exchange Commission.
In May, the SEC approved a request by AIG to keep secret an exhibit to a year-old regulatory filing that includes some of the details on the most controversial aspect of the AIG bailout: the funneling of tens of billions of dollars to big banks like Societe Generale, Goldman Sachs (GS.N), Deutsche Bank (DBKGn.DE) and Merrill Lynch.
The SEC's Division of Corporation Finance, in granting AIG's request for confidential treatment, said the "excluded information" will not be made public until Nov. 25, 2018, according to a copy of the agency's May 22 order.
The SEC said the insurer had demonstrated the information in the exhibit, called Schedule A, "qualifies as confidential commercial or financial information."
The expiration date for the SEC order falls on the 10th anniversary of Federal Reserve of New York's decision to provide emergency financing to an entity set up to specifically acquire some $60 billion in collateralized debt obligations from 16 banks in the United States and Europe.
All the banks that got money from the Fed-sponsored entity -- Maiden Lane III -- had purchased insurance contracts, or credit default swaps, on those mortgage-related securities from AIG.
When does it stop, America? The SEC is supposed to protect investors, not participate in fraud with the perpetrators.
As Skeptical CPA might say, bah.