In November 2008, the SEC approved a request by American International Group (NYSE:AIG) to keep secret until November 2018 documents which reveal securities behind the brewing scandal over its bailout by the Federal Reserve.
A copy of the SEC’s order revealed that the SEC’s Division of Corporation Finance ordered this "excluded information" not to be made public until Nov. 25, 2018. A redacted version was first revealed in March. But now it is available for all to see because of Congressional investigation. Without further ado, here are the infamous five pages protected for national security.
Just to be clear, the original expiration date for the SEC order was a full 10 years to the day after the Federal Reserve Bank of New York’s decision to set up an emergency financing vehicle to acquire $60 billion of collateralized debt obligations related to transactions with financial institutions which included Goldman Sachs (NYSE:GS), Societe Generale (OTCPK:SCGLY), and Deutsche Bank (NYSE:DB).
Also see what I had to say about the AIG saga on BNN Canada Wednesday. The clip runs about 10 minutes.