The now familiar argument from Government officials about the dire consequences of basic transparency, as advocated by the Federal Reserve…once again simply does not withstand scrutiny. Federal Reserve officials initially refused to disclose the identities of the counterparties or the details of the payments, warning that disclosure of the names would undermine AIG’s stability, the privacy and business interests of the counterparties, and the stability of the markets.
17 November 2009
read it and weep
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