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NEWS ABOUT: New York Federal Reserve Bank

BofA Near $8.5B Deal to Settle Big Investors' Claims

BlackRock, New York Fed lost money on mortgage-backed securities

(AP) - Bank of America is close to a deal that calls for the lender to pay $8.5 billion to settle claims from a group of heavyweight investors who bought mortgage-backed securities before the housing collapse and lost a ton of money in the process. A person familiar with the discussions... More »

Fed Report Rakes Geithner Over AIG Bailout

He's accused of handing AIG creditors 'backdoor bailout'

(Newser) - Tim Geithner did a lousy job of looking out for the interests of taxpayers during the AIG bailout last year, according to a report from a federal oversight group. Geithner, then head of the Federal Reserve Bank of New York, made no attempt to renegotiate AIG's debts, effectively giving the... More »

Fed Knew of AIG Bonuses 5 Months Before Storm

Geithner's New York Fed planned for controversy in Sept. '08

(Newser) - Senior officials at the New York Federal Reserve knew about AIG's plans to pay large bonuses more than 5 months before controversy erupted, according to documents seen by the Washington Post. Correspondence and phone records show that the central bank was working with AIG, lawyers, auditors, and PR firms to... More »

NY Fed Chair Quits Over Goldman Ties

Friedman upped stake in bank after it fell under Fed supervision

(Newser) - The chairman of the Federal Reserve Bank of New York has abruptly stepped down amid criticism of his ties to Goldman Sachs, the Wall Street Journal reports. Stephen Friedman, who increased his holdings in Goldman after it became a bank holding company under Fed supervision, denied acting improperly. But he... More »

At NY Fed, Geithner Got Cozy With Wall Street

Geithner's cozy history with the high finance club draws critics' ire

(Newser) - While some feel Treasury Secretary Timothy Geithner has been an aggressive steward of the public trust, some critics point to his days as New York Fed president as proof he’s too cozy with the very banks that crippled the financial system. The New York Times investigates his tenure there,... More »

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