By Serena Lynn, Editor, the CCH Federal Banking Law Reporter and Bank Digest.
The Congressional Oversight Panel (COP) has released its June oversight report, “The AIG Rescue, Its Impact on Markets, and the Government's Exit Strategy.” The panel found that the Federal Reserve Board and Treasury Department failed to exhaust all other options before undertaking their unprecedented, taxpayer-backed rescue of American International Group (AIG) and its creditors. The COP conducted a comprehensive overview of the AIG transactions based on a review of thousands of documents. After reviewing the federal government's actions leading up to the AIG rescue and the actions of the Treasury, the panel identified several major concerns:
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