New York Fed Statement on GAO Review of Assistance to AIG
October 31, 2011
The GAO report captures the difficult challenges and decisions that the New York Fed faced with regard to AIG during the worst financial crisis in generations. Although the New York Fed was not responsible for supervising AIG and had only limited visibility into the depths of its problems, the New York Fed, as directed by the Board of Governors of the Federal Reserve and in close cooperation with the U.S. Department of the Treasury, put together an effective lending program that minimized disruption to the economy from AIG while safeguarding the taxpayer interest.

Jack Gutt 
(212) 720-6142