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Judge Adds The Fed To List Of Financial-Crisis Lawbreakers In AIG Ruling
Forbes: It’s cold consolation for former AIG Chairman Hank Greenberg and his shareholders now, but a federal judge in Washington has ruled that the Federal Reserve broke the law when it seized almost 80% of AIG’s stock and charged it loan-shark rates for an $85 billion bailout in the depths of the financial crisis.
The Fed’s behavior was all the more reprehensible because it gave other financial firms like Citigroup, Bank of America, Goldman Sachs and Morgan Stanley tens of billions of dollars in emergency loans on better terms.
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