Lame Excuse

From today's NYT:

"The New York Fed crossed out certain passages, including references to the fact that A.I.G.’s trading partners would get 100 cents on the dollar on their soured derivatives trades.


Thomas C. Baxter Jr., the New York Fed’s general counsel, in his prepared testimony offered the panel explanations for several of the deletions. He said that the New York Fed removed verbal descriptions of the payments to the banks because the filings offered much the same information in numbers, which he said were more precise."


Cleveland Representative Kucinich:


".. excoriated the New York Fed’s decision to pay 100 cents on the dollar to A.I.G.’s counterparties, including $2.5 billion to Goldman Sachs."


What were they thinking, that we were not going to find out they completely covered the loses of A.I.G?