republican staff report on a.i.g. bailout

8/14/2019 Republican Staff Report on A.I.G. Bailout

http://slidepdf.com/reader/full/republican-staff-report-on-aig-bailout 1/22

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@NM tubtepueh|c~ redenvel bnccnght go lgcc`rt nh `lln|ngh`c |` q`~er `ttnt|`hde# orgj bg|f|fe Oeler`c Reterve `hl \re`tur~( @t go Teq|ejber 211># @NM f`l redenvel ` |g|`c go ,021 bnccngh gu| go ` |g|`c dreln| cnhe go ,062 bnccngh(=

\ FE ORBH^ R EIED\T @C\ERH@\N_ET \G Q@^NHM @NM„T DGUH\ERQ@R\NET @\ Q@R

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0 Tee TNM\@RQ# –O`d|grt @ooed|nhm Eoogr|t |g Cnjn| Q`~jeh|t |g @NM Dguh|erq`r|net#‚ Hgvejber 0=# 211>( @v`nc`bce

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http://www.sigtarp.gov/reports/audit/2009/Factors_Affecting_Efforts_to_Limit_Payments_to_AIG_Counterparties.pdf


http://www.gao.gov/new.items/d09975.pdf

http://www.gao.gov/new.items/d09975.pdf





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q`~jeh|t &nh `lln|ngh |g |fe dgcc`|er`c @ NM f`l `cre`l~ qgt|el. nh e df`hme ogr }nhlnhmlg}h# gr |e`rnhm uq# |fe DLT dgh|r`d|t( 01 Gh Gd|gber 40# ò|er @NM f`l o`ncel |gdghvnhde n|t dguh|erq`r|net |g }nhl lg}h |fe DLT d gh|r`d|t# |fe ORBH^ grlerel @NM |g–t|`hl lg}h gh `cc lntduttnght }n|f dguh|erq`r|net(‚ 00

\fe ORBH^ ev`cu`|el juc|nqce gq|nght o gr le`cnhm }n|f |fe cnpunln|~ qrgbcejt rec`|el |g@NM„t dguh|erq`r|net„ dgcc`|er`c lej`hlt( 02 @ddgrlnhm |g Ecn`t F`b`~eb# ` ogrjer @NMejqcg~ee# fe `hl `hg|fer @NM ejqcg~ee qreteh|el nl e` t ogr jn|nm`|nhm |fete cnpunln|~qrgbcejt |g ORBH^ goondn`ct gh Teq|ejber 41# 2116( 04 @ddgrlnhm |g |fe Tqedn`cNhtqed|gr Meher`c ogr |fe \rgubcel @tte| Recneo Qrgmr`j &–TNM\@RQ‚.# Bc`dkrgdk Tgcu|nght# ` onrj fnrel b~ ORBH^ |g ev`cu`|e @NM„t cnpunln|~ heelt# qreteh|el tnjnc`rnle`t |g |fe ORBH^ be|}eeh c`|e Gd|gber `hl e`rc~ Hgvejber 2116( 0<

Ghe nle` qreteh|el |g ORBH^ goondn`ct }gucl f`ve `ccg}el |fe dguh|erq`r|net |g keeq|fe uhlerc~nhm `tte|t `hl |fe qrg|ed|ngh qrgvnlel b~ |fe dreln| leoùc| t}`qt( Uhler |fntgq|ngh# |fe gbcnm`|ngh |g qerogrj uhler |fe dgh|r`d| }gucl f`ve beeh |r`htoerrel orgj@NM |g ` tqedn`c qurqgte vefndce &–TQ_‚. ouhlel b~ |fe ORBH^# nh e df`hme ogr |fedguh|erq`r|net `mreenhm |g }`nve `h~ our|fer dgcc` |e r`c d`cct(05 ORBH^ goondn`ct dn|el `c`dk go t|`|u|gr~ ù|fgrn|~ nh reied|nhm |fnt gq|ngh( 0? \fnt e dute nt qrgbcej`|nd# `t |fe

Oeler`c Reterve mu`r`h|eel `t te|t `m`nht| cgttet nh b`ncgu|t go g|fer onrjt lurnhm |fefenmf| go |fe onh`hdn`c drntnt(0=

@hg|fer gq|ngh }gucl f`ve nhvgcvel |fe t`ce go |fe uhlerc~nhm `tte|t |g `h ORBH^*onh`hdel TQ_# }n|f |fe dguh|erq`r|net j`nh|`nhnhm tgje nh|eret| nh |fe `tte|t ` hl |feORBH^ fgclnhm ` tehngr hg|e |g be req`nl onrt| }feh |fe `tte|t rem`nhel v`cue( 06 ORBH^goondn`ct `ctg reied|el |f nt gq|ngh# dc`njnhm nhtuoondneh| |nje |g hemg|n`|e |fete le`ct }n|f@NM„t dguh|erq`r|net(0>

\fe onh`c gq|ngh# }fndf |fe ORBH^ uc|nj`|ec~ teced|el gh Hgvejber 4# 2116# }`t |gqurdf`te |fe uhlerc~nhm `tte|t nhturel b~ |fe DLT dgh|r`d|t orgj @NM„t dguh|erq`r|net#

|frgumf ouhlnhm qrgvnlel b~ |fe ORBH^ nh|g ` tqedn`c qurqgte vefndce d`ccel J`nlehC`he NNN &–JC4‚.(21 ORBH^ goondn`ct `rmuel |f`| b~ qurdf`tnhm |fe uhlerc~nhm `tte|torgj |fe dguh|erq`r|net# d`hdecnhm |fe DLT dgh|r`d|t# `hl dgjqeht`|nhm |fedguh|erq`r|net `| q`r# gr 011 deh|t gh |fe lgcc`r# |fe dguh|erq`r|net }gucl `mree |g |fe

01 Nl (00 Tee ej`nc orgj Ecn`t F`b`~eb |g L`vnl Ferygm# Gd|gber 40# 2116( B`|et $@NMFGRMJ110<(02 Tee TNM\@RQ# hg|e 0#tuqr` (04 Dgjjn||ee t|òo nh|ervne} }n|f Ecn`t F`b`~eb# I`hu`r~ 21# 2101(0< Tee TNM\@RQ# hg|e 0#tuqr` (05 Nl (0? Nl (0= \fe Oeler`c Reterve mu`r`h|eel `tte|t `m`nht| cgttet nh |fe Be`r T|e`rht — IQ Jgrm`h Df`te jermer# |fe B`hk go @jernd` b`ncgu|# `hl |fe Dn|nmrguq b`ncgu|( @t L`vnl ]ettec hg|et nh fnt bggk gh |fe onh`hdn`c drntnt# Nh Oel ]e \rut| #|fe Oeler`c Reterve reqe`|elc~ utel dre`|nve `hl nhhgv`|nve |edfhnpuet |g brg`lc~ nh|erqre| n|t t|`|u|gr~ ù|fgrn|~ `hlme| rguhl qg|eh|n`c cem`c gbt|`dcet( @ttujnhm# `rmuehlg # |f`| ORBH^ goondn`ct }ere dgrred|# `| ` jnhnjuj |feOeler`c Reterve dgucl f`ve dgje |g Dghmrett `hl repuet|el |`rme|el ù|fgrn|~ |g `lgq| |fnt `qqrg`df no hedett`r~(06 Nl (0> Nl (21 Nl (



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|r`ht`d|nght `hl @NM }gucl hg cghmer f`ve |g qgt| dgcc` |e r`c# e`tnhm n|t cnpunln|~qrgbcejt `hl `vgnlnhm `hg|fer dreln| r`|nhm lg}hmr`le( 20

\ FE ORBH^ –H EMG\N@\ET ‚ ]N\F @NM„T DGUH\ERQ@R\NET 9 –N L GH „\ K HG] ] F^

] E E _EH BG\FEREL \G @TK ‚

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reied|el |fe ORBH^„t repuet|(2>

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20 Nl (22 Nl (24 Nl (2< Nl (25 Nl (2? Dgjjn||ee t|òo nh|ervne} go \gj B` |er# Meher`c Dguhtec# ORBH^# I`hu`r~ 20# 2101(2= Nl (26 Nl (2> Tee TNM\@RQ# hg|e 0#tuqr` (41 Nl (40 Nl (



\ FE ORBH^ Q@^T Q@R

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\fe ogccg}nhm ln`mr`j nccut|r`|et |fe t|rud|ure go |fe b`dklggr b`ncgu| go @NM„tdguh|erq`r|net9 4<

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* 4 *



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@jernd`h |` q`~ert# }fg g}h `qqrg nj`|ec~ 61% go |fe dgjq`h~.( ]feh |fe v`cue go |fe `tte|t go JC4 nt je`turel `m`nht| |fe |g|`c dgt| go |fe dguh|erq`r|~ q`~jeh|t# |fenle` |f`| |` q`~ert }ncc qrgon| nt culndrgut(

MEN\FHER @LJN\T CE@LNHM R GCE NH L EDNTNGH \G Q@^ DGUH\ERQ@R\NET @\ Q@R

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2<# 2116(4=

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@| |fe ehl go |fe l`~ gh Hgvejber = [2116Z# ò|er ORBH^ goondn`ct f`l redenvelhem`|nve re`d|nght orgj teveh go |fe enmf| dguh|erq`r|net# tehngr ORBH^goondn`ct je| }n|f |feh*Qretnleh| Men|fher( @o|er lntduttnhm |fe dguh|erq`r|net„re`d|nght# |fe goondn`ct redgjjehlel |g Qretnleh| Men|fher |f`| |fe [JC4Z|r`ht`d|nght mg ogr}`rl }n|fgu| f`nrdu|t bedùte n| }gucl be njqr`d|nd`c |g gb|`nhf`nrdu|t orgj `cc |fe dguh|erq`r|net( Jr( Men|fher dghdurrel# `hl n| }`t lednlel|f`| ORBH^ }gucl de`te eoogr|t |g hemg|n`|e f`nrdu|t ( ORBH^ goondn`ct |feh

dgjjuhnd`|el |fnt redgjjehl`|ngh |g goondn`ct go |fe Oeler`c Reterve Bg`rl#}fg `tteh|el( 46

45 Tee –@ Rno| `| |fe Oel Gver |fe B`ncgu| go @(N(M(#‚ He} grk \njet # I`hu`r~ 24# 2101( @v`nc`bce `|f||q9''}}}(h~|njet(dgj'2101'10'24'butnhett'edghgj~'24`nm(f|jc (4? Tee \njg|f~ O( Men|fher# Oeler`c Reterve B`hk go He} ^grk( @v`nc`bce `|f||q9''}}}(he}~grkoel(grm'`bgu||feoel'grmdf`r|'men|fher(f|jc ( 4= Tee –C`}j`kert D`cc gh Men|fher |g \et|no~ @bgu| Dghderht Gver @NM B`ncgu|#‚ \fe Fncc # I`hu`r~ 6# 2101(@v`nc`bce | f||q9''|fefncc(dgj'fgjehe}t'`ljnhnt|r`|ngh'=<>5=*c`}j`kert*d`cc*gh*men|fher*|g*|et|no~*`bgu|*`nm*b`ncgu|*dghderht (46 Tee TNM\@RQ# hg|e 0#tuqr` (

http://www.nytimes.com/2010/01/23/business/economy/23aig.html

http://www.newyorkfed.org/aboutthefed/orgchart/geithner.html

http://thehill.com/homenews/administration/74957-lawmakers-call-on-geithner-to-testify-about-aig-bailout-concerns




http://www.newyorkfed.org/aboutthefed/orgchart/geithner.html

http://www.nytimes.com/2010/01/23/business/economy/23aig.html



* 5 *

Tedre|`r~ Men|fher f`t tnhde vnmgrgutc~ leoehlel fnt ledntngh |g q`~ |fe dguh|erq`r|net `|q`r# t`~nhm |f`| n| }`t –`btgcu|ec~‚ |fe rnmf| |fnhm |g lg( 4>

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\fe ORBH^„t letnre |g qreveh| lntdcgture go |fe dguh|erq`r|net„ }nhlo`cc }`t ver~ dce`r}n|fnh @NM( Gh |fe t`je l`~ `t C`|grre„t e*j`nc `| |fe ORBH^# Ecn`t F`b`~eb# DOG go @NM OQ# redgjjehlel |g @NM„t onh`hdn`c `hl dgjjuhnd`|nght goondn`ct |f`| |fe

dgjq`h~ e qc`nh |fe |r`ht`d|ngh |g |fe qubcnd9

\fere teejt |g be ` cg| go dghoutngh `t |g |fe qrnde `| }fndf |fete |r`ht`d|nght `rebenhm |erjnh`|el( N |fnhk }e tfgucl be dce`r gh |f`| qgnh|( \fe |g|`c dgt| go |erjnh`|nhm |fe DLT `hl bu~nhm |fe uhlerc~nhm tuqer tehngr DLG bghl fecl b~|fe dguh|erq`r|~ nt q`r \fe ghc~ qrnde benhm hemg|n`|el }n|f |fe dguh|erq`r|~ nt|fe |g|`c qrnde `hl |fe Oel gooerel `cc dguh|erq`r|net q`r( <2

Tehngr _nde Qretnleh| ogr Dgjjuhnd`|nght Hndfgc`t @tfggf retqghlel |g F`b`~eb9

\fnt }gucl be ver~ fecqou c#bu| N uhlert|`hl |f`| |fe Oel nt ver~ tehtn|nve `hl }e

f`ve |g dce`r n| }n|f |fej(<4

\ FE ORBH^ @HL N\T C@]ÊRT E LN\EL @NM„T TED ONCNHMT \G R EJG_E

NHOGRJ@\NGH @BGU\ \FE Q@^JEH\T \G @NM„T DGUH\ERQ@R\NET

Nh Teq|ejber 2116# ò|er n|t onrt| rguhl go b`ncgu|t orgj |fe ORBH^# @NM `mreel |gtubjn| `cc go n|t oncnhmt |g |fe Tedurn|net `hl E df`hme Dgjjnttngh &–TED‚.# qrettrece`tet# `hl g|fer –tnmhno ndh|‚ dgjjuhnd`|nght |g |fe ORBH^„t dguhtec# L`vnt Qgck /]`rl}ecc &–L`vnt Qgck‚.( << T|`r|nhm nh Gd|gber 2116# |fe ORBH^ `hl L`vnt Qgck revne}el `hl eln|el `cc go @NM„t lrò| TED oncnhmt — nhdculnhm n|t remuc`r pu`r|erc~ `hl`hhu`c onh`hdn`c reqgr|t# n|t tf`refgcler jee|nhm `hhguhdejeh|t# `hl n|t reqgr|t gh

4> Tee nh|ervne} go Tedre|`r~ Men|fher gh DHBD# I`hu`r~ 0<# 2101(<1 Lrò| Repuet| ogr Qrgqgt`ct# Hgv( 00# 2116# B@\ET $ORBH^*\G]HT*R4*1256>5 &Tfg}nhm lece|el teh|ehde9 –@tdghtnler`|ngh ogr |fe \r`ht`d|ngh# |fe dguh|erq`r|net }ncc be q`nl `mmrem`|e dghtnler`|ngh epu`c |g |fe |g|`c hg|ngh`ce qgture go |fe DLT \r`ht`d|nght `t go |fe l`|e |fe~ `re |erjnh`|el# tubied| |g |edfhnd`c `liut|jeh|t `hl |rue*uqt‚.(<0 Ej`nc orgj @cei`hlrg C`|grre |g Qùc ]f~hg|| `hl g|fert# Hgv( 00# 2116# B@\ET $ORBH^*\G]HT*R0*0>0==4&ejqf`tnt llel.(<2 E*j`nc orgj Ecn`t F`~`beb |g Hndfgc`t @tfggf `hl g|fert# Hgv( 00# 2116# B@\ET $@NMFGMRJ11=<(<4 E*j`nc orgj Hndfgc`t @tfggf |g Ecn`t F`~`beb `hl g|fert# Hgv( 00# 2116# B@\ET $@NMFGMRJ11=<(<< E*j`nc orgj T`r`f L`fcmreh |g \fgj`t B` |er `hl g|fert# Teq|( 0># 2116# B@\ET $ORBH^*\G]HT*R4*112<10(



* ? *

e edu|nve dgjqeht`|ngh df`hmet `hl jìgr dgh|r`d|t( <5 Jgregver# @NM„t TEDlntdcgture bed`je ` mgverhjeh| mrguq qrgied|9 |fe ORBH^ `hl L`vnt Qgck tf`rel lrò|oncnhmt }n|f |fe \re`tur~ Leq`r|jeh| `t }ecc( <?

Uhler |fe tedurn|net c`}t# @NM }`t repunrel |g reqgr| n|t |r`ht`d|nght }n|f JC4 |g |feTED( Gh Ledejber 2# 2116# @NM reqgr|el JC4„t o grj`|ngh `hl n|t onrt| rguhl go |r`ht`d|nght# }fndf f`l gddurrel teveh l`~t e`rcner( <= @NM j`le ` tedghl oncnhm ghLedejber 2<# 2116# letdrnbnhm JC4„t tedghl rguhl go |r`ht`d|nght( <6

L`vnt Qgck eln|el bg|f |fe Ledejber 2 oncnhm `hl |fe Ledejber 2< oncnhm# `hl |fe qrettrece`tet |f`| @NM nttuel `cghm }n|f |fete oncnhmt( Tgje go L`vnt Qgck„t eln|t |ehlel |ggbtdure dgh|rgvertn`c le|`nct go |fe |r`ht`d|nght( Ogr e `jqce# |fe qrgqgtel Ledejber2< oncnhm nhdculel ` teh|ehde reoerrnhm |g q`r v`cue9 –@t ` retuc| go |fnt |r`ht`d|ngh# |fe@NMOQ dguh|erq`r|net redenvel 011 qerdeh| go |fe q`r v`cue go |fe Juc|n*Ted|gr DLGttgcl `hl |f e rec`|el DLT f`ve beeh |erjnh`|el(‚ L`vnt Qgck `||grhe~t drgttel gu| |fntteh|ehde( <>

\ FE ORBH^ L NRED\C^ NH\ER_EHEL ]N\F \FE TED \G QRE_EH\ NHOGRJ@\NGH

@BGU\ \FE @NM DGUH\ERQ@R\^ Q@^JEH\T ORGJ BEDGJNHM QUBCND

@NM„t |}g Ledejber 2116 TED oncnhmt letdrnbe |fe |r`ht`d|nght be|}eeh @NM# |feORBH^# `hl JC4( Ogccg}nhm n|t utu`c qrgdelure# @NM nhdculel dgqnet go |fe`mreejeh|t n| tnmhel }n|f |fe ORBH^ `hl JC4 `t e fnbn|t |g |fe lrò| oncnhmt( E*j`nctbe|}eeh ORBH^ goondn`ct nhlnd`|e |f`| |fe~ }`h|el |g keeq |fete `mreejeh|t tedre| orgj|fe TED `hl |fe qubcnd( 51 ]feh |fete goondn`ct ce`rhel |f`| @NM nh|ehlel |g nhdcule |fe`mreejeh|t `t q`r| go n|t TED oncnhmt# |fe~ gbied|el( ORBH^ @ttnt|`h| _nde Qretnleh|@cei`hlrg C`\grre `tkel# –Bu| d`h [@NMZ j`ke |fete l gdt qubcnd }n|fgu| gur dghteh|7@reh„| }e q`r|net |g |fnt `hl tfguclh„| }e f`ve ` t`~7‚ 50 Fg}ev er# L`vnt Qgck `lvntel|fe ORBH^ |f`| TED rucet repunrel |fe dgh|r`d|t |g be lntdcgtel( 52

\fe ORBH^ }`t q`r|nduc`rc~ dghderhel `bgu| |fe qg|eh|n`c lntdcgture go `h `||`dfjeh||g `h `mreejeh| be|}eeh @NM `hl JC4( \fnt `||`dfjeh|# khg}h `t –Tdfeluce @#‚nhdculel |fe h`jet go `cc go @NM„t dguh|erq`r|net# |fe nleh|nond`|ngh hujbert go e`df|r`ht`d|ngh# `hl |fe qrndet `| }fndf JC4 }`t qurdf`tnhm |fe uhlerc~nhm tte|t( Nh |feehl# @NM„t oncnhmt gh Ledejber 2# 2116# `hl Ledejber 2<# 2116# nhdculel |fe`mreejeh|t be|}eeh @NM `hl JC4 bu| gjn||el Tdfeluce @( 54

<5 Tee# e(m(# e*j`nc orgj Jndfec Betf`r`# L`vnt Qgck# |g Ernd Bntfgq# Jgrm`h T|`hce~# Gd|( 24# 2116# B@\ET$ORBH^*\G]HT*R0*1261=5 &`||`dfnhm dgq~ go lrò| pu`r|erc~ reqgr|.; e*j`nc orgj Qe|er B`ygt# L`vnt Qgck# |g@hlre` T|`h# L`vnt Qgck# @qrnc 4# 211> &`||`dfnhm dgq~ go lrò| `hhu`c reqgr|.(<?

Tee# e(m(# e*j`nc orgj Qe|er B`ygt# L`vnt Qgck# |g T|eqfeh @cbredf|# \re`tur~# `hl g|fert# Led( 2# 2116# B@\ET$ORBH^*\G]HT*R0*102=4>(<= @NM Ogrj 6*K# oncel Led( 2# 2116(<6 @NM Ogrj 6*K# oncel Led( 2<# 2116(<> E*j`nc orgj Igec Quccn`j |g K`|fceeh Tf`hhgh# Led( 24# 2116# B@\ET $@NMFGMRJ20>6 &`||`dfnhm QLO td`h go f`hl}rn||eh eln|t.(51 Tee E*j`nc orgj @cei`hlrg C`\grre |g I`jet Bermnh `hl g|fert# Hgv( 2<# 2116# B@\ET $ORBH^*\G]HT*R4*11=5<<; E*j`nc orgj FèR`h Knj |g I`jet Bermnh `hl g|fert# Hgv( 25# 2116# B@\ET $ORBH^*\G]HT*R4*11=5<4(50 E*j`nc orgj @cei`hlrg C`\grre |g I`jet Bermnh `hl g|fert# Hgv( 2<# 2116# B@\ET $ORBH^*\G]HT*R4*11=5<<(52 E*j`nc orgj I`jet Bermnh |g FèR`h Knj `hl g|fert# Hgv( 25# 2116# B@\ET $ORBH^*\G]HT*R4*11=5<4(54 @NM Ogrj 6*K# oncel Led( 2# 2116# `hl @NM Ogrj 6*K# oncel Led( 2<# 2116(



* = *

@| |fe ehl go 2116# |fe TED gbied|el |g |fe `btehde go Tdfeluce @ orgj @NM„t oncnhmt#`hl grlerel @NM |g en|fer once Tdfeluce @ qubc ndc~ gr qrgvnle n| |g |fe TED ogr revne}`cghm }n|f ` repuet| ogr dghonleh|n`c |re`|jeh|( 5< ]feh goondn`ct `| |fe ORBH^ ce`rhelgo |fe TED„t gbied|ngh# |fe~ nh|ervehel lnred|c~ }n|f |fe TED |g |r~ |g `vgnl f`vnhm |gqrgvnle ` dgq~ go Tdfeluce @ — eveh |g |fe TED„t t|òo# gh ` dghonleh|n`c b`tnt( I`jetBermnh go |fe ORBH^„t cem`c mrguq `tkel |fe TED„t t|òo |g mr`h| `h –`c|erh`|nve qrgdett cnke TED t|òo revne}nhm |fe j`|ern`c `| |fe Oeler`c Reterve#‚ 55 tg |f`| |fe TED }guclhg| f`ve dut|gl~ go |fe lgdujeh| `hl dgucl hg| qrgvnle n| nh retqghte |g OGN@ repuet|t(Bermnh |gcl |fe TED |f`| Tdfeluce @ tfgucl be e ejq|el orgj |fe TED„t utu`c OGN@qrgdet t bedùte go `h e |r`grlnh`r~ –mgverhjeh|`c nh|eret|‚ nh keeqnhm n|t dgh|eh|ttedre|( 5?

Letqn|e |fe ORBH^„t qretture# |fe TED nhtnt|el gh revne}nhm ` dgq~ go Tdfeluce @(Fg}ever# |fe ORBH^ tuddeelel nh me||nhm |fe TED |g |re`| n| lnooereh|c~ orgj ever~g|fer dgjq`h~„t dghonleh|n`c tubjnttnght9 |fe lgdujeh| }`t f`hl*lecnverel |g ` tehngrTED goondn`c `hl keq| –nh ` tqedn`c `re` `| |fe TED }fere h`|ngh`c tedurn|~ rec`|el oncet`re keq|(‚ 5= L`vnt Qgck dghve~el }grl |g @NM |f`| |fe ORBH^ f`l te| uq |fete tqed n cTED qrgdeluret# |feh `llel# –^gu tfgucl# fg}ever# fe`r |fnt lnred|c~ orgj |fe TED(‚ 56

Ogccg}nhm |fe TED„t nht|rud|nght# @NM qreq`rel ` ogrj`c repuet| ogr dghonleh|n`c|re`|jeh| — ` ce||er `rmunhm |f`| @NM }gucl tuooer –tubt|`h|n`c dgjqe|n|nve f`rj‚ no Tdfeluce @ }ere lntdcgtel( \fe ORBH^ `hl L`vnt Qgck `lvntel @NM e |ehtnvec~ }fncen| qreq`rel |fe d ghonleh|n`c |re`|jeh| repuet|# `hl eveh qrgvnlel `rmujeh|t ogr nhter|nghnh @NM„t oncnhmt(5> Gh I`hu`r~ 0<# 2116# @NM tubjn||el Tdfeluce @ `hl |fe dghonleh|n`c|re`|jeh| repuet| |g |fe TED# ogccg}nhm |fe tqedn`c qrgdeluret |f`| |fe ORBH^ f`l`rr`hmel( ?1

QUBCND QRETTURE ONH@CC^ OGRDET ORBH^ \G QERJN\ H@JET GO DGUH\ERQ@R\NET\G BE L NTDCGTEL NH J @RDF 211>

Je`h}fnce# Jejbert go Dghmrett dgh|nhuel |g |r~ |g gb|`nh nhogrj`|ngh `bgu| |fedguh|erq`r|~ q`~jeh|t( Gh J`rdf 5# 211># Oel _nde Df`nrj`h Lgh`cl Kgfh |et|nonelbeogre |fe Teh`|e B`hknhm Dgjjn||ee# }fere Teh`|grt drn|ndnyel |fe ORBH^„t ledntngh|g keeq |fe h`jet go |fe dguh|erq`r|net tedre|( @o|er _nde Df`nrj`h Kgfh„t lnt`t|rgut`qqe`r`hde beogre |fe Teh`|e B`hknhm Dgjjn||ee# ORBH^ @ttnt|`h| _nde Qretnleh|

5< Ce||er orgj Teb`t|n`h Mgjey @berg# Lnvntngh go Dgrqgr`|ngh Onh`hde# TED# |g K`|fceeh Tf`hhgh# Led( 41# 2116#B@\ET $@NMFGMRJ1141><(55 E*j`nc orgj I`jet Bermnh |g \fgj`t B` |er# I`h 04# 211># B@\ET $ORBH^*\G]HT*R4*11<00>(5? E*j`nc orgj I`jet Bermnh |g Feceh Juddngcg# @cei`hlrg C`\grre# `hl Ig~de F`hteh# I`h( 04# 211># B@\ET$ORBH^*\G]HT*R4*11>06>; tee `ctg E*j`nc orgj I`jet Bermnh |g \fgj`t B` |er# I`h 04# 211># B@\ET$ORBH^*\G]HT*R4*11<00> &–[]Z e re`dfel gu| |g |fe TED t|òo ]e fnmfcnmf|el |fe tubt|`h|n`c f`rj |f`| |fequbcnd lntdcgture go |fe nhogrj`|ngh dgucl dùte |g JC NNN# `hl |fe Oeler`c Reterve„t tnmhnond`h| nh|eret| nh |fenhogrj`|ngh‚.(5= E*j`nc orgj I`jet Bermnh |g \fgj`t B` |er# I`h 04# 211># B@\ET $ORBH^*\G]HT*R4*11<00>(56 E*j`nc orgj Lnemg Rg|ty|`nh |g K`|fceeh Tf`hhgh# I`h( 04# 211># B@\ET $@NMFGMRJ00<>(5> Tee e*j`nc orgj Lnemg Rg|ty|`nh |g K`|fceeh Tf`hhgh# J`rdf 04# 211># B@\ET $@NMFGMRJ1?>> &tummet|nhm`rmujeh|t ogr }f~ |fe lntdcgture go Tdfeluce @ }gucl f`rj @NM„t dgjqe|n|nve qgtn|ngh.(?1 Ce||er orgj K`|fceeh Tf`hhgh |g |fe Tedre|`r~ go |fe Tedurn|net `hl E df`hme Dgjjnttngh# I`h( 0<# 211>#@NMFRJ1141>=(



* 6 *

@ce C`|grre jutel9 –N }g hler no |fere nt ` }`~ |g me| [DghmrettZ goo |fe on `|ngh ghdguh|erq`r|~ h`jet (‚ ?0

\fe l`~ ò|er _nde Df`nrj`h Kgfh„t |et|njgh~# |fe ORBH^ bem`h |g dgjqrefehl |f`||fe~ }ereh„| mgnhm |g be `bce |g keeq |fe h`jet go |fe dguh|erq`r|net orgj Dghmrett(ORBH^ t|òo jejber I`jet Bermnh e*j`ncel tever`c g|fer ORBH^ t|òo9

N f`ve |g |fnhk |fnt |r`nh nt qrgb`bc~ mgnhm |g ce`ve |fe t|`|ngh tggh `hl }e heel|g ogdut gur eoogr|t gh e qc`nhnhm |fe t|gr~ `t bet| }e d`h( \fere }ere |gg j`h~qegqce nhvgcvel nh |fe le`ct — |gg j`h~ dguh|erq`r|net# |gg j`h~ c`}~ert `hl`lvntgrt# |gg j`h~ qegqce orgj @NM — |g keeq ` le|erjnhel Dghmrett orgj |fenhogrj`|ngh( ?2

\fe ORBH^ }`t uhtuddettouc nh me||nhm Dghmrett goo n|t –on `|ngh#‚ `hl `t ` retuc| go |feehtunhm qubcnd qretture# |fe ORBH^ onh`cc~ `ccg}el |fe dguh|erq`r|~ h`jet |g bereve`cel(

@NM `qqe`rt |g f`ve nh| ehlel |g rece`te Tdfeluce @ nh n|t eh|nre|~# }n|fgu| `h~dghonleh|n`c rel`d|nght( ?4 @ ce||er |g |fe TED lrò|el b~ @NM„t gu|tnle dguhtec# Tuccnv`h

/ Drgj}ecc# gh J`rdf 01# 211># reve`ct @NM„t nh|eh|nght9

Nh cnmf| go durreh| lntdcgture nh |fe jeln` rem`rlnhm der|`nh dguh|erq`r|net |gdreln| leoùc| t}`qt mu`r`h|eel b~ [@NMZ# @NM fereb~ }n|flr`}t n|t @qqcnd`|nghogr Dghonleh|n`c \re`|jeh| ( @NM nh|ehlt |g once ` dgjqce|e vertngh go Tdfeluce @ }n|fgu| `h~ rel`d|nght( ?<

Fg}ever# |fe lrò| ce||er }n|flr`}nhm @NM„t dghonleh|n`c |re`|jeh| repuet| }`t heverteh| |g |fe TED( @h e*j`nc orgj |fe ORBH^„t I`jet Bermnh |g T`r`f L`fcmreh gh J`rdf02# 211># e qc`nhel |fe ORBH^„t oe`r go Dghmrett m`nhnhm `ddett |g |fe nhogrj`|nghorgj |fe TED9

[EZveh no }e tuddeel nh rel`d|nhm |fe t|uoo }e }`h| |g rel`d|# qegqce tfgucl bedghtdngut |f`| |fnt rel`d|el nhogrj`|ngh }ncc t|ncc tn| nh |fe TED„t oncet# `hl |feTED j`~ }ecc me| ` repuet| orgj Dghmrett ogr |f`| nhogrj`|ngh( N lgh„| khg} no |fere„t ` } `~ |g j`h`me n| tg |f`| Dghmrett }gh„| `tk ogr n|# gr no |fe~ lg# }gh„|rece`te n|( ?5

@t `h `qq`reh| retuc| go ORBH^ qretture# @NM rece`tel ghc~ |fe h`jet go |fedguh|erq`r|net `hl |fe `mmrem`|e `jguh|t e`df dguh|erq`r|~ redenv el # `hl rehe}el n|tdghonleh|n`c |re`|jeh| repuet| }n|f |fe TED ogr |fe ret| go |fe l`|`( ?? \frgumfgu| n|tlntduttnght }n|f @NM `bgu| |fe q`r|n`c lntdcgture go Tdfeluce @# |fe ORBH^ tfg}el n|t

qreoerehde ogr cett# r`|fer |f`h jgre# lntdcgture( \fe ORBH^ vne}el |r`htq`rehd~ `t `

?0 E*j`nc orgj @cei`hlrg C`|grre |g I`jet Bermnh# J`rdf ?# 211># B@\ET $ORBH^*\G]HT*R4*1010=6(?2 E*j`nc orgj I`jet Bermnh |g @cei`hlrg C`\grre e| `c# J`rdf ?# 211># B@\ET $ORBH^*\G]HT*R4*116?1<(?4 Lrò| ce||er |g TED qreq`rel b~ Tuccnv`h / Drgj}ecc gh J`rdf 01# 211>( B`|et $@NMFGMRJ12>4(?< Nl (?5 E*j`nc orgj I`jet Bermnh |g T`r`f L`fcmreh e| `c# J`rdf 02# 211># B@\ET $ORBH^*\G]HT*R4*12>20?(?? Tee @NM Ogrjt 6*K# J`rdf 0?# 211>(



* 01 *

nt lntdcgtel (‚ =4 \fnt nttue# Fuebher t`nl# heelel |g mg –rnmf| |g [@NM DEGZ El [Cnll~Zrnmf| hg}(‚ =<

@qq`reh|c~# |fe ORBH^„t dgerdngh tuddeelel nh me||nhm Ferygm„t dgjqeht`|ngh q`dk`me–uh`mreel |g#‚ ogr @NM hever j`le |fe oncnhm(

\ FE ORBH^„ T @\\EJQ\T \G K EEQ NHOGRJ@\NGH TEDRE\ ]ERE J G\N_@\EL B^ @

L ETNRE \G @_GNL TDRU\NH^ G_ER N\T DGHLUD\ GO \FE @NM B@NCGU\

\fe TED„t lntdcgture rucet `re nh|ehlel |g qrg|ed| nhvet|grt b~ ehturnhm |f`| |fe~ redenve`cc j`|ern`c nhogrj`|ngh `bgu| qubcnd dgjq`hnet„ butnhett `hl onh`hdn`c dghln|ngh( \feORBH^„t nh|eroerehde }n|f @NM„t lntdcgture gbcnm`|nght }`t hg| nh @NM„t nhvet|grt„nh|eret|t# gr nh |fe qubcnd nh|eret|( Nht|e`l# |fe ORBH^„t mg`c }`t |g `vgnl qubcndtdru|nh~ go |fe ejb`rr`ttnhm le|`nct go |fe b`ncgu|(

]feh ORBH^ c`}~ert onrt| re`cnyel |f`| |fe `mreejeh|t `jghm @NM# JC4# `hl |feORBH^ jnmf| bedgje qubcnd# |fe~ `tkel fg} lntdcgture jnmf| be `vgnlel9

\fere nt ` jedf`hntj |g repuet| dghonleh|n`c |re`|jeh| orgj |fe TED# bu| |fe

t|`hl`rlt `re h`rrg}er |f`h uhler OGN@( \r`le tedre|t dghonleh|n`cn|~ nt ghe go |fe jgt| orepueh|c~ dc`njel e ejq|nght# bu| |fe TED f`t ` rnmgrgut qrgdett ogrcggknhm `| |fete repuet|t( N `tkel [L`vnt QgckZ |g |`ke ` cggk |g tee }f`| ectejnmf| be `qqcnd`bce — |g |fe e |eh| |f`| }e lnl }`h| |g |r~ |g keeq |fete`mreejeh|t dghonleh|n`c ogr qgcnd~ qurqgtet# }fndf }e j`~ gr j`~ hg| }`h| |g( =5 [ejqf`tnt `llelZ

Nh g|fer }grlt# |fe ORBH^ redgmhnyel |f`| |fe hgrj`c re`tght redgmhnyel b~ |fe TEDogr keeqnhm ` oncnhm dghonleh|n`c jnmf| hg| `qqc~# `hl |fe ORBH^ fgqel |g onhl ` }`~ |g

iut|no~ hgh*lntdcgture ogr –qgcnd~ qurqgtet‚ —n(e(#|g qrg|ed| |fe Oel„t nht|n|u|ngh`cnh|eret| nh tedred~(

E*j`nct be|}eeh ORBH^ goondn`ct dghonrj |f`| tedred~# hg| `ddguh|`bncn|~# }`t |fenrmg`c( Nh I`hu`r~ 211># `t |fe ORBH^ dghtnlerel |fe TED„t repuet| ogr qgr|nght go Tdfeluce @ |g bedgje qubcnd# I`jet Bermnh go |fe ORBH^ cem`c mrguq `rmuel |f`| hg| eveh |fe dgcujh fe`lnhmt gh Tdfeluce @ tfgucl be lntdcgtel9

@ce [C`|grre# ORBH^ @ttnt|`h| _nde Qretnleh|Z f`l `r|nduc`|el |fe letnre `| gheqgnh| |g f`ve |fe }fgce tdfeluce [@Z be dghonleh|n`c( N|„t cett go ` cem`cc~jg|nv`|el }grr~ |f`h ` }grr~ |f`| nhdculnhm |fe dgcujh fe`lnhmt dgucl our|fer nhdn|e OGN@ repuet|t gr cn|nm`|ngh— |f`| no qegqce khg} |fe dguh|erq`r|~ h`jet`hl `jguh|t `re nhleel gh |fnt tdfeluce# |fe~ }ncc be `cc |fe jgre cnkec~ |g

repuet| n|(=?

[ejqf`tnt `llelZ

=4 Nl( =< Nl( =5 E*j`nc orgj I`jet Bermnh |g F`eR`h Knj `hl g|fert# Hgv( 25# 2116# B@\ET $ORBH^*\G]HT*R4*1124>0&ejqf`tnt llel.(=? E*j`nc orgj I`jet Bermnh |g @cei`hlrg C`|grre# I`hu`r~ 0<# 211># B@\ET $ORBH^*\G]HT*R4*116?4=(



* 00 *

\fe ORBH^„t I`jet Bermnh our|fer e qc`nhel |f`| ghe go |fe re`tght }f~ |fe ORBH^retnt|el `ccg}nhm @NM |g qrgvnle ` dgq~ go Tdfeluce @ |g |fe TED }`t Dghmrettngh`cgvertnmf|9

Qurtu`h| |g |fe TED„t rucet ogr dghonleh|n`cn|~ repuet|t# oncert jut| once ` q`qerdgq~ go |fe repuet|el dghonleh|n`c qgr|ngh }n|f |fe TED# `hl jut| `ctg dghteh| |gn|t our|fer lntdcgture |g g|fer `mehdnet `hl Dghmrett( \fnt repunrejeh| nt mnvnhmut tgje q ù te# tnhde }e f`veh„| g|fer}nte lntdcgtel |fnt nhogrj`|ngh |g

Dghmrett(==

[ejqf`tnt `llelZ

\fe ORBH^ dce`rc~ fgqel |g qreveh| Dghmrett orgj oucc~ uhlert|`hlnhm |fe q`~jeh|t |g@NM„t dguh|erq`r|net(

MEN\FHER „T R GCE NH \FE @NM DG_ER UQ R EJ@NHT UHDCE@R

]feh `tkel lnred|c~ no fe }`t nhvgcvel nh |fe eoogr|t b~ |fe ORBH^ |g qreveh|lntdcgture go |fe @NM dguh|erq`r|~ q`~jeh|t# Tedre|`r~ Men|fher retqghlel# –N }`th„|nhvgcvel nh |f`| ledntngh(‚ =6 Gh I`hu`r~ 6# 2101# ORBH^ Meher`c Dguhtec \fgj`tB` |er }rg|e R`hknhm Jejber Ntt` |g dc`rno~ |fe rgce go |feh*Qretnleh| Men|fher9

[JZ`||ert rec`|nhm |g @NM tedurn|net c`} lntdcgturet }ere hg| brgumf| |g |fe`||eh|ngh go Jr( Men|fher ( Nh j~ iulmjeh| `t |fe He} ^grk Oel„t dfneo cem`cgoonder# lntdcgture j`||ert go |fnt h`|ure lnl hg| }`rr`h| |fe `||eh|ngh go |feqretnleh|( =>

Jr( B` |er ren|er`|el |fnt dc`nj nh `h nh|ervne} }n|f Dgjjn||ee t|òo( 61 Puet|nght go tedurn|net lntdcgture# B` |er t`nl# }ere –ce m c t|uoo#‚ `hl B` |er lnl hg| brnhm cem`c t|uoo |g |fe `||eh|ngh go |feh*Qretnleh| Men|fher( 60 Fg}ever# B` |er t`nl |f`| –gh tnmhnond`h|qgcnd~ nttuet# go dgurte N }gucl mg‚ |g Men|fher(62

Fg}ever# lgdujeh|t redenvel b~ |fe Dgjjn||ee tummet| |f`| Tedre|`r~ Men|fher }`t# `|

` jnhnjuj# ehm`mel qertgh`cc~ nh revne}nhm }f`| nhogrj`|ngh `bgu| |fe @NM b`ncgu|}gucl be reve`cel |g Dghmrett `hl |fe qubcnd( Gh Hgvejber ?# 2116# T`r`f L`fcmreh#|fe ORBH^„t ce`l t|òo jejber nh @NM„t gqer`|nght# e*j`ncel Men|fher }n|f ` qrgqgtelt|`|ejeh| rem`rlnhm @NM„t uqdgjnhm epun|~ d`qn|`c r`nte ogr Men|fher„t `qqrgv`c9

[NZh |erjt go t`~nhm tgje|fnhm qubcndc~ `bgu| gur nh|eh|nght# }e |fnhk |f`|t`~nhm tgje|fnhm |f`| dghve~t |fe ogccg}nhm j`ket tehte9

N| nt gur &Oeler`c Reterve'\re`tur~. dgh|nhuel nh|eh|ngh |g qu| |fe dgjq`h~ nh `tguhl d`qn|`c qgtn|ngh `hl e n| |fe o`dncn|~'qreoerrel tedurn|net'dgjjgh t|gdk g}hertfnq `t tggh `t qr`d|nd`bce

[NZo ~gu `re mggl }n|f |fnt# }e }gucl `ctg j`ke ture |f`| |fe dgjq`h~ t|ndkt |g|fnt cnhe &edfg. ( 64 [ejqf`tnt `llelZ

== E*j`nc orgj I`jet Bermnh |g \fgj`t B` |er# I`h( 6# 211># B@\ET $ORBH^*\G]HT*R4*11<00>(=6 Tee nh|ervne} go Tedre|`r~ Men|fher gh DHBD# I`hu`r~ 0<# 2101(=> Tee ce||er orgj \fgj`t B` |er |g L`rrecc Ntt`# I`hu`r~ 6# 2101(61 Dgjjn||ee t|òo nh|ervne} }n|f \fgj`t B` |er# I`h( 20# 2101(60 Nl (62 Nl (64 E*j`nc orgj T`r`f L`fcmreh |g \njg|f~ Men|fher `hl g|fert# Hgv( 5# 2116# B@\ET $ORBH^*\G]HT*R0*0><4<0(



* 02 *

Gh Hgvejber 04# 2116# Men|fher redenvel ` reqgr| gh @NM„t ret|rud|urnhm |f`| }gucl beteh| |g Dghmrett# }fndf Men|fher f`l `tkel |g qertgh`cc~ revne}( 6< Tgqfn` @ccntgh# `t|òo jejber go |fe Oeler`c Reterve„t Bg`rl go Mgverhgrt# e*j`ncel |fe lrò|dghmrettngh`c reqgr| |g tever`c Oeler`c Reterve t|òo9

@||`dfel nt ` lrò| Dghmrettngh`c reqgr| ogr |fe ret|rud|urnhm q`dk`me ogr @NM`hhguhdel gh Jghl`~# Hgvejber 01( N |rnel |g |`ke ever~|fnhm nh |fe reqgr|orgj qubcndc~ `v`nc`bce lgdujeh|t# tudf `t qrett rece`tet# |fe qrngr @NMDghmrettngh`c Reqgr|# `hl @NM„t jgt| redeh| 01*P( No |fere nt `h~|fnhm nh |fereqgr| |f ` | ~gu becneve tfgucl hg| be qubcndc~ lntdcgtel# qce`te tqednond`cc~ qgnh| |f`| gu| (65 [ejqf`tnt `llelZ

Jndfèc Hectgh# ` t|òo jejber go |fe ORBH^# ogr}`rlel @ccntgh„t ej`nc |g Men|fher}n|f |fe ogccg}nhm jett`me9

\nj — |fnt nt |fe lrò| EET@*repunrel oncnhm gh @NM |f`| |fe Bg`rl g}et |fe Fncc#`t ~gu repuet|el (6? [ejqf`tnt `llelZ

Nh `lln|ngh# Tedre|`r~ Men|fher„t jee|nhm cgmt orgj fnt |ehure `t Qretnleh| go |feORBH^ tfg} |f`| fe }`t remuc`rc~ ehm`mel }n|f |gq @NM goon dnct `hl |fe ORBH^goondn`ct lnred|c~ retqghtnbce ogr @NM„t lntdcgturet |g |fe TED(6= Men|fher„t tdfelucetfg}t |f`| fe f`l `| ce`t| tn ogrj`c jee|nhmt }n|f |gq ORBH^ t|òo je j bert `bgu|@NM*rec`|el nttuet be|}eeh Hgvejber <# 2116# `hl Hgvejber 20# 2116( 66 N| nt uhdce`r}fe|fer @NM„t lntdcgture gbcnm`|nght }ere lntduttel nh |fete jee|nhmt(

@| ` jnhnjuj# |fe dgver*uq go |fe le|`nct `bgu| @NM„t dguh|erq`r|~ q`~jeh|t bem`h ghTedre|`r~ Men|fher„t }`|df# `hl |fe duc|ure go |fe ORBH^ nh }fndf |fnt bef`vngrgddurrel reoced|el fnt ce`lertfnq( Tedre|`r~ Men|fher heelt |g e qc`nh fnt rgce nh |fedgver*uq# `hl no fe |fnhkt |fe bef`vngr go fnt t|òo `| |fe ORBH^ }`t `qqrgqrn`|e(

E _NLEHDE DGH\R@LND\T MEN\FHER „T DC@NJ \F@\ F E@C\F GO DGUH\ERQ@R\NET

] @T NRRECE_@H\ \G L EDNTNGH \G Q@^ DGUH\ERQ@R\NET @\ Q@R

@ddgrlnhm |g TNM\@RQ9

\feh*ORBH^ Qretnleh| Men|fher `hl |fe ORBH^ Meher`c Dguhtec [\gj B` |erZ|gcl TNM\@RQ |f`| |fe onh`hdn`c dghln|ngh go |fe dguh|erq`r|net }`t hg| ` recev ` h|o`d|gr nh |fe ledntngh |g dre`|e [JC4Z `hl q`~ dguh|erq`r|net eooed|nvec~ `| q`r( 6>

Tedre|`r~ Men|fher„t dc`nj nt dgh|r`lnd|el b~ nh|erh`c ORBH^ dgjjuhnd`|nght gb|`nhel

b~ |fe Dgjjn||ee( Nh `h e*j`nc l`|el Gd|gber 22# 2116# ORBH^ goondn`c J`rm`re|

6< E*j`nc orgj Jndfèc Hectgh |g \njg|f~ Men|fher# Hgv( 04# 2116# B@\ET $ORBH^*\G]HT*R4*12>6<4(65 E*j`nc orgj Tgqfn` @ccntgh |g Jndfèc Hectgh# e|( `c(# Hgvejber 04# 2116# B@\ET $ORBH^*\G]HT*R4*12>6<4(6? Tee hg|e 60# tuqr` (6= Tee –Men|fher„t d`cehl`r `| |fe He} ^grk Oel#‚ He} ^grk \njet # v`nc`bce |f||q9''lgdujeh|t(h~|njet(dgj'men|fher*tdfeluce*he}*~grk*oel'q`me'?16$q:?16 ( 66 Nl (6> Nl (

http://documents.nytimes.com/geithner-schedule-new-york-fed/page/608#p=608

http://documents.nytimes.com/geithner-schedule-new-york-fed/page/608#p=608



* 04 *

JdDghhecc rec`~t |g |feh*Qretnleh| Men|fher |fe le|`nct go ` dghoerehde d`cc }n|f t|òo orgj |fe Oeler`c Reterve„t Bg`rl go Mgverhgrt9

\fe he} JC 4 — nh }fndf |fe~ |e`r uq |fe DLT `hl qurdf`te |fe uhlerc~nhmDLGt — teejt qre||~ mggl orgj ` onh`hdn`c t|`bncn|~ qertqed|nve &no n| d`h belghe.# be||er |f`h |fe grnmnh`c ghe |fe~„l qrgqgtel bd n| teejt |g rejgvedghtnler`bc~ jgre uhder|`nh|~ ogr |fe onrjt `hl `rmu`bc~ ogr |fe t~t|ej([ejqf`tnt `llelZ >1

\fnt e*j`nc dce`rc~ tummet|t |f`| rejgvnhm uhder|`nh|~ ogr @NM„t dguh|erq`r|net }`t `qrnj`r~ qurqgte go JC4 `hl |fe ledntngh |g q`~ |fe dguh|erq`r|net `| q`r(

MEN\FHER „T DC@NJT R @NTEP UET\NGHT @BGU\ QURQGTE GO @NM B@NCGU\

Tedre|`r~ Men|fher„t dc`nj |g TNM\@RQ |f`| |fe b`dklggr b`ncgu| go @NM„tdguh|erq`r|net f`l hg|fnhm |g lg }n|f |fe fe`c|f go @NM„t dguh|erq`r|net `ctg r`ntetpuet|nght `bgu| }f~ @NM }`t b`ncel gu| nh |fe onrt| qc`de( @t |fe ]`cc T|ree| Igurh`chg|et9

[NZo Jr( Men|fher hg} t`~t |fe @NM b`ncgu| }`th„| lrnveh b~ ` heel |g retdueDLT dguh|erq`r|net# |feh }f`| }`t |fe qgnh|7 ]f~ q`~ Mgclj`h [T`dftZ `hleveh ogrenmh b`hkt cnke Tgdne|e Meher`ce bnccnght go |` lgcc`rt |g j`ke |fej}fgce7 >0

Tedre|`r~ Men|fher hg} dc`njt |f`| |fe qgnh| go @NM„t b`ncgu| }`t |g qrg|ed| @NM„tnhtur`hde qgcnd~ fgclert9

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`drgtt |fnt dguh|r~ `hl# go dgurte# t`vert `rguhl |fe }grcl(>2

Fg}ever# `t |fe ]`cc T|ree| Igurh`c our|fer e qc`nht9

ê|# no |fere nt ghe |fnhm |f`| `cc gbtervert teejel |g `mree gh c`t| ~e`r# n| }`t |f`|@NM„t jghe~ |g q`~ qgcnd~fgclert }`t temrem`|el `hl tòe nhtnle |fe remuc`|elnhtur`hde tubtnln`rnet( No |fe re`c t~t|ejnd l`hmer }`t |fe dghln|ngh go |fetefnmfc~ remuc`|el tubtnln`rnet —}fere |fere }`t hg DLT |r`lnhm — |feh |feBec|}`~ h`rr`|nve njqcglet( >4

Tedre|`r~ Men|fher„t nhdghtnt|eh| t|`|ejeh|t `hl `qq`reh| dgh|r`lnd|nght r`nte njqgr|`h|

puet|nght `bgu| |fe ledntngh |g hg| ghc~ ouhhec bnccnght go |` q`~er lgcc`rt |g @NM„tdguh|erq`r|net# bu| `ctg |fe ledntngh |g b`nc gu| @NM n|teco(

>1 Tee e*j`nc orgj J`rm`re| JdDghhecc |g \njg|f~ Men|fher# Gd|gber 22# 2116( B`|et $ORBH^*\g}ht*R0*0>5?<5(>0 Tee –@NM hl T~t|ejnd Rntk#‚ ]`cc T|ree| Igurh`c # Hgvejber 24# 211>(>2 Tedre|`r~ Men|fher nt pug|el nh –@NM `hl T~t|ejnd Rntk#‚ ]`cc T|ree| Igurh`c # Hgvejber 24# 211>(>4 Nl (



* 0< *

\ FE ORBH^ F @T T\GHE]@CCEL \FE DGJJN\\EE „T NH_ET\NM@\NGH @\ E _ER^ \ URH

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R`hknhm Jejber Ntt` `ctg repuet|el lgdujeh|t |f`| f`l beeh tubjn||el b~ |fe ORBH^|g TNM\@RQ# `hl }fndf TNM\@RQ utel |g qreq`re n|t ùln| go |fete nttuet( >6 \feOeler`c Reterve lnred|e l TNM\@RQ hg| |g qrgvnle |fe Dgjjn||ee }n|f |fe lgdujeh|t nhTNM\@RQ„t qgttettngh(>>

Gh I`hu`r~ 6# 2101# R`hknhm Jejber Ntt` `hl Dghmrettj`h JdFehr~ }rg|e Df`nrj`h\g}ht# d`ccnhm gh fnj | g fgcl ` fe`rnhm `hl brnhm Tedre|`r~ Men|fher beogre |feDgjjn||ee |g |et|no~( 011 Nh retqghte# Df`nrj`h \g}ht `hhguhdel |fe Dgjjn| |ee „t

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Gh I`hu`r~ 02# 2101# |fe R`hknhm Jejber }rg|e Df`nrj`h \g}ht# dn|nhm |fe ORBH^„teoogr|t |g dghde`c nhogrj`|ngh orgj |fe Dgjjn||ee ` hl repuet|nhm |f`| |fe Dgjjn||eenttue ` tubqgeh` ogr |fe nhogrj`|ngh |g |fe ORBH^( 012 Nh retqghte |g |fe R` hk nhmJejber„t repuet|# Df`nrj`h \g}ht nttuel ` tubqgeh` gh I`hu`r~ 04# 2101( 014

Nh retqghte |g |fe Dgjjn||ee„t tubqgeh`# |fe ORBH^ qrgvnlel |fe Dgjjn||ee }n|f gver251#111 q`met go lgdujeh|t gh I`hu`r~ 0># 2101( 01< Uhogr|uh`|ec~# |fnt lgdujeh|qrglud|ngh nt nhdgjqce|e# `hl n| `qqe`rt |f`| |fe ORBH^# letqn|e |fe Dgjjn||ee„ttubqgeh`# rej`nht recud|`h| |g oucc~ dggqer`|e }n|f |fe Dgjjn||ee„t nhvet|nm`|ngh( \fe

ORBH^„t lgdujeh| qrglud|ngh lget hg| nhdcule `h~ lgdujeh|t retqghtnve |g |feDgjjn||ee„t tubqgeh` qrngr |g Teq|ejber 2116# tg |fe Dgjjn||ee nt hg| durreh|c~ `bce |g

>< Tee ce||er orgj L`rrecc Ntt` |g ]nccn`j Lulce~# Qretnleh|# Oeler`c Reterve B`hk go He} ^grk# Gd|gber 41# 211>;ce||er orgj L`rrecc Ntt` |g Rgber| Behjgtdfe# Qretnleh| `hl Dfneo E edu|nve Goonder# @NM# Gd|gber 41# 211>(>5 Tee ce||ert `hl lgdujeh| qrglud|nght orgj @NM |g L`rrecc Ntt`# Ledejber 0# 211># Ledejber 0?# 211># I`hu`r~ 0>#2101# `hl I`hu`r~ 20# 2101(>? Tee ce||er orgj ]nccn`j Lulce~# Qretnleh|# Oeler`c Reterve B`hk go He} ^grk# |g L`rrecc Ntt`# Hgvejber 0=# 211>(>= Tee Dgjjn||ee t|òo e*j`nc repuet|t |g t|òo go Oeler`c Reterve B`hk go He} ^grk# I`hu`r~ 6# 2101# `hl I`hu`r~ 01#2101; ce||er orgj L`rrecc Ntt` |g \fgj`t B` |er# Meher`c Dguhtec# Oeler`c Reterve B`hk go He} ^grk# I`hu`r~ 00#2101(>6 Tee ce||er orgj L`rrecc Ntt` |g Henc B`rgotk~# TNM\@RQ# I`hu`r~ =# 2101(>> Tee ce||er orgj Henc B`rgotk~# TNM\@RQ# |g L`rrecc Ntt`# I`hu`r~ 02# 2101(011 Tee ce||er orgj L`rrecc Ntt` `hl Q`|rndk JdFehr~ |g Elgcqfut \g}ht# I`hu`r~ 6# 2101(010 Tee –Df`nrj`h \g}ht @hhguhdet Fe`rnhm |g E `jnhe He} ^grk Oel„t Rgce nh @lvntnhm Qubcnd Lntdcgture go @(N(M( Dguh|erq`r|~ Q`~jeh|t#‚ I`hu`r~ 6# 2101( @v`nc`bce `|f||q9''gvertnmf|(fgute(mgv'nhle (qfq7gq|ngh:dgjWdgh|eh|/|`tk:vne}/nl:<=40/N|ejnl:<> (012 Tee ce||er orgj L`rrecc Ntt` |g Elgcqfut \g}ht# I`hu`r~ 02# 2101(014 Tee –Tubqgeh` |g |fe He} ^grk Oel ogr @NM Dguh|erq`r|~ Lgdujeh|t#‚ Dgjjn||ee gh Gvertnmf| `hl Mgverhjeh|Reogrj# I`hu`r~ 04# 2101( @v`nc`bce `|f||q9''gvertnmf|(fgute(mgv'nj`met't|grnet'HÔelTubqgeh`W`||et|elW0(04(1>(qlo (01< Tee ce||er `hl lgdujeh| qrglud|ngh orgj Tf`rn Ceveh|f`c# ORBH^# |g Elgcqfut \g}ht `hl L`rrecc Ntt`# I`hu`r~0># 2101(

http://oversight.house.gov/index.php?option=com_content&task=view&id=4731&Itemid=49

http://oversight.house.gov/images/stories/NYFedSubpoena_attested_1.13.09.pdf

http://oversight.house.gov/images/stories/NYFedSubpoena_attested_1.13.09.pdf

http://oversight.house.gov/index.php?option=com_content&task=view&id=4731&Itemid=49



* 05 *

ce`rh }feh |fe ORBH^ onrt| bed`je `}`re go qg|eh|n`c qrgbcejt `| @NM( Nh `lln|ngh# |feORBH^„t lgdujeh| qrglud|ngh lget hg| nhdcule `h~ lgdujeh|t retqghtnve |g |feDgjjn||ee„t tubqgeh` ò|er J`~ go 211># tg |fe Dgjjn||ee nt hg| durreh|c~ `bce |g ce`rh|fe oucc e |eh| go |fe ORBH^„t eoogr|t |g dghde`c nhogrj`|ngh `bgu| |fe dguh|erq`r|~q`~jeh|t orgj |fnt Dgjjn||ee `hl |fe qubcnd gver |fe c`t| enmf| jgh|ft(

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MEN\FHER @HL B@V\ER J EE\ NH @L_@HDE GO F E@RNHM

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Tedre|`r~ Men|fher lnl hg| re tq ghl |g ` repuet| orgj R`hknhm Jejber Ntt` ogr `hnh|ervne} beogre |fe fe`rnhm# 000 hgr f`t Tedre|`r~ Men|fher retqghlel |g ` cnt| go

puet|nght `bgu| |fete nttuet teh| b~ R`hknhm Jejber Ntt` nh `lv`hde go |fe fe`rnhm(002

\ FE @NM DGUH\ERQ@R\^ Q@^JEH\T @HL DG_ER *UQ R @NTEP UET\NGHT @BGU\ R GCE

GO OELER@C R ETER_E J G_NHM OGR]@RL

\fe njqrgqrne|~ go |fe `d|nght go |fe Oeler`c Reterve nh |fe @NM b`ncgu| f`t njqgr|`h|`hl o`r*re`dfnhm njqcnd`|nght ogr qubcnd qgcnd~( Onrt|# |fe q`~jeh| go @NM„t DLTdguh|erq`r|net `| q`r je`ht |f`| ,?2(0 bnccngh go |` q`~er jghe~ j`~ f`ve beeh }`t|el(Tedghl# |fete `d|nght gumf| |g nhogrj |fe leb`|e nh Dghmrett gver ` t}eeqnhm onh`hdn`cremuc`|gr~ reogrj qrgqgt`c |f`| teekt |g mnve |fe Oeler`c Reterve v`t| he} qg}ert gver

|fe eh|nre U(T( edghgj~( \fnrl# |fe ORBH^„t nh|eroerehde }n|f @NM„t tedurn|net

015 Tee ce||er orgj L`rrecc Ntt` |g Elgcqfut \g}ht# I`hu`r~ 21# 2101(01? Tee ce||er orgj L`rrecc Ntt` |g Elgcqfut \g}ht# I`hu`r~ 05# 2101(01= Dgjjn||ee t|òo nh|ervne} go \gj B` |er# Meher`c Dguhtec# ORBH^# I`hu`r~ 20# 2101(016 Nl (01> Nl (001 Nl (000 Tee ce||er orgj L`rrecc Ntt` |g \njg|f~ Men|fher# I`hu`r~ 04# 2101(002 Tee ce||er orgj L`rrecc Ntt` |g \njg|f~ Men|fher# I`hu`r~ 22# 2101(



* 0? *

lntdcgture gbcnm`|nght lejght|r`|et |f`| |fe oeler`c mgverhjeh| nt }nccnhm |g tubver|nhvet|gr qrg|ed|ngh `hl |fe ruce go c`} nh grler |g qrg|ed| b`ncgu|t orgj qubcnd `hlDghmrettngh`c tdru|nh~( Onh`cc~# |fe tedred~# dghde`cjeh|# `hl c`dk go |r`htq`rehd~ nh |feOeler`c Reterve„t `d|nght f`ve njqgr|`h| njqcnd`|nght ogr |fe dgh|nhuel fe`c|f go lejgdr`d~ `hl oree j`rke|t(

Gh Ledejber 00# 211># |fe Fgute q`ttel F(R( <0=4# ` onh`hdn`c remuc`|gr~ reogrj bncctqghtgrel `hl munlel |frgumf Dghmrett b~ Fgute Onh`hdn`c Tervndet Df`nrj`h B`rhe~Or`hk &L*J@.( No eh`d|el# |fnt bncc }gucl j`ke |fe Oeler`c Reterve |fe t~t|ejnd rntk remuc`|gr# e |ehlnhm mgverhjeh| dgh|rgc gver v`t| t}`|fet go |fe U(T( edghg j ~( Te||nhm`tnle |fe tubt|`h|nve qrgbcejt }n|f |fe dre`|ngh go ` t~t|ejnd rntk remuc`|gr# 004 |fe @NMb`ncgu|# dguh|erq`r|~ q`~jeh|t# `hl dgver*uq lejght|r`|e |fe c`dk go }ntlgj nh mnvnhm|fe Oeler`c Reterve tudf brg`l he} ù|fgrn|~(

\fe ORBH^ `hl n|t `||grhe~t `| L`vnt Qgck nh|eroerel }n|f @NM„t tedurn|net lntdcgturetnh tever`c }`~t( \fe~ eln|el @NM„t TED oncnhmt nh }`~t |f`| j`le n| jgre lnoonduc| ogrnhvet|grt `hl |fe qubcnd |g uhlert|`hl |fe JC4 |r`ht`d|nght( \fe~ dgh|`d|el |fe TEDlnred|c~ `hl qretturel n| |g |re`| @NM„t oncnhmt lnooereh|c~ orgj g|fer dgjq`hnet„ oncnhmt(Nh `lln|ngh# |fe~ `qqe`r |g f`ve ogrdel @NM |g d`hdec ` dgjqeht`|ngh*rec`|el oncnhm |f`| n|

}`t repunrel |g j`ke( \fe ORBH^„t eln|t go @NM„t oncnhmt `hl |fe ORBH^„t qretturegh |fe TED }ere nh|ehlel |g terve |fe Oel„t nh|eret|t b~ gbtdurnhm ejb`rr`ttnhm le|`nct`bgu| |fe ORBH^„t b`dklggr b`ncgu| go @NM„t dguh|erq`r|net( Nhvet|grt d`hhg| beqrg|ed|el b~ ` lntdcgture t~t|ej |f`| ghc~ repunret oucc |r`htq`rehd~ }feh |fe Oeler`cReterve„t ejb`rr`ttjeh| nt hg| `| t|`ke( \fe tqedn`c TED qrgdeluret et|`bcntfel vnÒRBH^ qretture `ctg lejght|r`|e |f`| b`ncgu|t ce`l |g ehogrdel o`vgrn|ntj(

Onh`cc~# |fe tedred~# dghde`cjeh|# `hl c`dk go |r`htq`rehd~ nh |fe dghlud| go |fe Oeler`cReterve f`ve terngut njqcnd`|nght ogr |fe dgh|nhuel fe`c|f go lejgdr`d~ `hl oreej`rke|t( \fe Oeler`c Reterve„t q`~jeh| go q`r |g @NM„t dguh|erq`r|net hl |fetubtepueh| dgver*uq go nhogrj`|ngh `bgu| |fete q`~jeh|t r`nte dghderht `bgu| |fe

`ddguh|`bncn|~ go |fe uheced|el bureùdr`|t }n|fnh |fe Oeler`c Reterve T~t|ej( \fe o`d||f`| ` pu`tn*mgverhjeh| `mehd~# uh`ddguh|`bce |g |fe @jernd`h qegqce# cnkec~ }`t|elbnccnght go |` q`~er lgcc`rt `hl }eh| |g mre`| cehm|ft |g qreveh| Dghmrett `hl |fe@jernd`h qegqce orgj ce`rhnhm `bgu| |fete `d|nght lejght|r`|et |fe |fre`| |f`| |feOeler`c Reterve qgtet |g b`tnd qrnhdnqcet go @jernd`h lejgdr`d~(

004 Tee e(m( Qe|er I( ]`ccntgh# @jernd`h Eh|erqrnte Nht|n|u|e# –\@RQ B`b~9 \fe @ljnhnt|r`|ngh„t Retgcu|ngh @u|fgrn|~ogr Hghb`hk Onh`hdn`c Onrjt‚ &Teq|ejber 41# 211>.# `v`nc`bce `| f||q9''}}}(èn(grm'gu|cggk'0111== (

http://www.aei.org/outlook/100077

http://www.aei.org/outlook/100077



* 0= *

@qqehln N * Tujj`r~ \njecnhe go @NM Dguh|erq`r|~ Q`~jeh|t`hl Lntdcgture

• Teq|ejber 0?# 2116 9 |fe Oeler`c Reterve Bg`rl# }n|f |fe tuqqgr| go |fe \re`tur~Leq`r|jeh|# `u|fgrnyel |fe ORBH^ |g cehl uq |g ,65 bnccngh |g @NM |g eh`bce @NM |g`vgnl oncnhm ogr b`hkruq|d~(

• Teq|ejber 0># 21169 @NM `mreet |g tubjn| `cc go n|t TED oncnhmt |g ORBH^ `hl n|tdguhtec# L`vnt Qgck# ogr eln|t beogre oncnhm(

• Teq|ejber * Gd|gber 21169 @NM nt o`del }n|f mrg}nhm cnpunln|~ qretturet bed`utego n|t gbcnm`|ngh |g qgt| dgcc`|er`c |g n|t DLT dguh|erq`r|net( @NM„t qrevngut dreln|o`dncn|~ nt nhtuoondneh| |g dgver |fe dgcc`|er`c d`cct(

• Gd|gber 40# 21169 ORBH^ |ecct @NM |g t|gq hemg|n`|nhm }n|f dguh|erq`r|net(

• Hgvejber 4# 21169 ORBH^ lednlet |g dre`|e J`nleh C`he NNN |g qurdf`te |fe

uhlerc~nhm `tte|t `| q`r orgj @NM„t dguh|erq`r|net(

• Hgvejber ?*=# 21169 ORBH^ –hemg|n`|et‚ }n|f @NM„t dguh|erq`r|net ghdghdettnght ogr |fe v`cue go |fe uhlerc~nhm `tte|t( \fe dguh|erq`r|net reoute |g tecc|fe `tte|t `hl |erjnh`|e |fe DLT dgh|r`d|t ogr cett |f`h q`r(

• Hgvejber 01# 21169 Oel Bg`rl `qqrgvet et|`bcntfjeh| `hl ouhlnhm go J`nleh C`heNNN; @NM `hhguhdet J`nleh C`he NNN lurnhm ` dghoerehde d`cc }n|f `h`c~t|t(

• Hgvejber 00# 21169 Nh|erh`c @NM e*j`nct9 \fere nt –dghoutngh‚ nh |fe j`rke|qc`de`bgu| |fe JC4 |r`ht`d|ngh( –\fe Oel gooerel `cc dguh|erq`r|net q`r(‚ Bu| |fe Oel nt–tehtn|nve‚ `bgu| |fe le|`nct(

• Hgvejber 0=# 21169 L`vnt Qgck }`rht ORBH^ |f`| ` qehlnhm TED oncnhm b~ @NM#}fndf lntdcgtet ` he} dgjqeht`|ngh q`dk`me ogr @NM„t DOG# jnmf| ejb`rr`ttDf`nrj`h Berh`hke `| ` fe`rnhm go |fe Dgjjn||ee gh Gvertnmf| `hl Mgverhjeh|Reogrj( \fe oncnhm nt hever tubjn||el |g |fe TED(

• Hgvejber 25# 21169 J`nleh C`he NNN nt ogrjel `hl qurdf`tet ,<?(0 bnccngh &q`r. go uhlerc~nhm `tte|t orgj @NM„t dguh|erq`r|net# `hl |fe dgrretqghlnhm DLT dgh|r`d|t`re d`hdecel( [onrt| rguhl go |r`ht`d|nght; tedghl rguhl |`ket qc`de gh Ledejber 06`hl 22# 2116Z

• Hgvejber 25*Ledejber 2# 21169 @NM qreq`ret ` reqgr| }n|f |fe TED |f`| letdrnbet|fe ogrj`|ngh go J`nleh C`he NNN hl |fe Hgvejber 25 |r`ht`d|nght( ORBH^ `hlL`vnt Qgck qerogrj fe`v~ eln|t( ORBH^ nhn|n`cc~ gbied|t |g @NM„t nh|eh|ngh |g once|fe `mreejeh|t be|}eeh n|teco# @NM# `hl J`nleh C`he NNN `t e fnbn|t# bu| receh|t(

• Ledejber 2# 21169 @NM oncet |fe J`nleh C`he NNN reqgr| }n|f |fe TED( \fe reqgr|nhdculet |fe `mreejeh|t `t e fnbn|t# bu| n| gjn|t Tdfeluce @ — ` le|`ncel cnt| go |feuhlerc~nhm `tte|t# qurdf`te `jguh|t# `hl dguh|erq`r|~ h`jet(



* 06 *

• Ledejber 06 `hl 22# 21169 J`nleh C`he NNN j`ket ` tedghl rguhl go qurdf`tet9

,0? bnccngh &q`r. go uhlerc~nhm `tte|t orgj @NM„t dguh|erq`r|net# `hl |fedgrretqghlnhm DLT dgh|r`d|t `re d`hdecel(

• Ledejber 06*2<# 21169 @NM qreq`ret ` reqgr| ogr |fe TED letdrnbnhm J`nleh C`heNNN„t tedghl rguhl go |r`ht`d|nght( ORBH^ `hl L`vnt Qgck eln| |fe lr`o|(

• Ledejber 2<# 21169 @NM oncet n|t tedghl reqgr| }n|f |fe TED( \fe reqgr| nhdculetuql`|el vertnght go |fe uhlerc~nhm `mreejeh|t bu| lget hg| nhdcule Tdfeluce @(

• Ledejber 41# 21169 TED }rn|et |g @NM lnred|nhm @NM |g en|fer once Tdfeluce @qubcndc~ gr ecte qrgvnle ` ogrj`c dghonleh|n`c |re`|jeh| repuet| (

• I`hu`r~ 04# 211>9 ORBH^ nh|ervehet lnred|c~ }n|f |fe TED |g dre`|e tqedn`cqrgdeluret ogr |fe tubjnttngh go @NM„t dghonleh|n`c |re`|jeh| repuet| (

• I`hu`r~ 0<# 211>9 @NM tubjn|t ` dghonleh|n`c |re`|jeh| repuet| ogr Tdfeluce @#utnhm |fe tqedn`c qrgdeluret `rr`hmel b~ ORBH^(

• Oebru`r~ 0=# 211>9 \fe TED retqghlt |g @NM„t dghonleh|n`c |re`|jeh| repuet|#`tknhm ogr jgre le|`ncel `rmujeh|t(

• J`rdf 5# 211>9 Oel _nde Df`nrj`h Lgh`cl Kgfh |et|nonet beogre Teh`|e B`hknhmDgjjn||ee( Qubcnd `hl Dghmrettngh`c qretture ogr |fe lntdcgture go nhogrj`|nghdgh|`nhel nh Tdfeluce @ mrg}t(

• J`rdf 01# 211>9 @NM„t c`}~ert lr`o| ` ce||er |g |fe TED d`hdecnhm |fe dghonleh|n`c|re`|jeh| repuet| `hl qerjn||nhm |fe TED |g rece`te Tdfeluce @ nh n|t eh|nre|~( \fece||er nt hever teh| |g |fe TED(

• J`rdf 0?# 211>9 @NM qubcndc~ rece`tet |fe h`jet go |fe dguh|erq`r|net `hl`mmrem`|e nhogrj`|ngh `bgu| `jguh|t e`df dguh|erq`r|~ redenvel( @NM lget hg|rece`te |fe rej`nhnhm nhogrj`|ngh nh Tdfeluce @# tudf `t nleh|nond`|nght go e`df `tte|qurdf`tel `hl |fe `jguh|t J`nleh C`he NNN q`nl ogr e`df `tte|( @NM oncet ` rel`d|eldgq~ go Tdfeluce @ reoced|nhm |fe he} lntdcgturet `hl tubjn|t `h `jehleldghonleh|n`c |re`|jeh| repuet| |g |fe TED `tknhm |f`| |fe rej`nhnhm nhogrj`|ngh t|`~tedre|(

• J`~ 22# 211>9 @o|er our|fer dgrretqghlehde# |fe TED mr`h|t @NM„t `jehleldghonleh|n`c |re`|jeh| repuet|( \fe rej`nhnhm nhogrj |ngh nh Tdfeluce @ }ncc t|`~tedre| uh|nc Hgvejber 25# 2106(



@qqehln NN — \g|`c Q`~jeh|t |g @NM Dreln| Leo`uc| T}`qDguh|erq`r|net &nh bnccnght.00<

* 0> *

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republican staff report on a.i.g. bailout

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