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Why AIG Counter-Parties Recieved 100% on Derivatives

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Barry Ritholz debunks the Wall Street Journal's conclusion that two French banks were paid in full on their AIG derivatives because of an obscure French law: "Paulson’s successor, Treasury Secretary Tim Geithner, explicitly stated that if the pass thrus were not permitted, the system might have collapsed. Thus, the NY Fed, and now the Treasury, wanted the 100% payouts to help liquify the system."
SOURCE:   The Big Picture

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