WASHINGTON: The New York Federal Reserve (Fed) under Timothy Geithner failed to exhaust all options to arrange a private-sector rescue of American International Group before launching a taxpayer-funded bailout in 2008, a government watchdog group said yesterday.
A report by the Congressional Oversight Panel said Geithner, now US Treasury Secretary, on Sept 15, 2008 left the task of finding a private bailout for AIG to two Wall Street banks, JPMorgan Chase and Goldman Sachs Group.
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