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Investing

NY Fed Sells AIG Bonds (AIG, CS, GS)

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By Paul Ausick Published

Remember those mortgage bonds the Federal Reserve bought when it bailed out American International Group, Inc. (NYSE: AIG). Today the NY Fed sold $7.01 billion worth of the bonds to Credit Suisse Group (NYSE: CS). And that’s at the face value of the bonds.

According to a report from Bloomberg News, Goldman Sachs Group Inc. (NYSE: GS) made an “unsolicited offer” to buy some of the assets previously held by an AIG investment vehicle known as Maiden Lane II. The Fed instead offered the bonds in a competitive bidding process, which led NY Fed president William Dudley to say that he was “pleased with the strength of the bids and the level of market interest in these assets.” He might have added ‘surprised.’

Contact [email protected] for any questions or corrections.

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About the Author Paul Ausick →

Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.

He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.

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