Bernanke to kick back the sheets on the AIG Bailout

Ben sends a letter to the Comptroller of the Government Accounting Office (GAO) noting that the Federal Reserve would provide the GAO with all documents and personnel to conduct a review into “all aspects” of the aid afforded AIG.

Noted in Ben’s letter; "In this spirit, to afford the public the most complete possible understanding of our decisions and actions in this matter, and to provide a comprehensive response to questions that have been raised by members of Congress, the Federal Reserve would welcome a full review by GAO of all aspects of our involvement in the extension of credit to AIG”.

This is a Bernanke “limited offer”. As long as the sheets are kicked back, let’s strip the bed and determine Ben’s role during the Lehman Bankruptcy, Fannie Mae, Freddie Mac and the multitude of other bank bailouts throughout the prior 18 months?

What precisely is the agenda of Bernanke using AIG as a congressional pacifier? Maybe he believes AIG is the magic token essential for his re-confirmation hearing.

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