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SEC mulled national security status for AIG details
Reuters
Monday, January 25th, 2010
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.
The SEC, according to an email sent by a New York Fed lawyer
on January 13, 2009, agreed to limit the number of SEC employees
who would review the document to just two and keep the document
locked in a safe while the SEC considered AIG's confidentiality
request.
Full
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