Truth to Power

Robber barons invoke national security to hide their tracks

SEC mulled national security status for AIG details

NEW YORK (Reuters) – U.S. securities regulators originally treated the New York Federal Reserve’s bid to keep secret many of the details of the American International Group bailout like a request to protect matters of national security, according to emails obtained by Reuters.

The request to keep the details secret were made by the New York Federal Reserve – a regulator that helped orchestrate the bailout – and by the giant insurer itself, according to the emails.

The emails from early last year reveal that officials at the New York Fed were only comfortable with AIG submitting a critical bailout-related document to the U.S. Securities and Exchange Commission after getting assurances from the regulatory agency that “special security procedures” would be used to handle the document.</em>

Gee, wonder what they were hiding? We shouldn’t be concerned, its only our money.


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