New York Fed Dumps Troubled AIG Bond Portfolio
The New York Fed took on much of AIG’s damaged bond portfolio as the insurance firm nearly went under three years ago. The funds had unpaid balances of $20 billion. The NYF has dumped that porfolio to Credit Suisse, after…
The New York Fed took on much of AIG’s damaged bond portfolio as the insurance firm nearly went under three years ago. The funds had unpaid balances of $20 billion.
The NYF has dumped that porfolio to Credit Suisse, after soliciting bids from four financial firms;
The WSJ reports
The New York Fed didn’t disclose how much Credit Suisse paid for the bonds, which had an unpaid principal balance of $7 billion, but the amount is likely to be more than $3 billion based on prices of comparable debt.
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