New York Fed's auction of AIG bonds is deemed a success

04/7/2011 | Wall Street Journal, The

The Federal Reserve Bank of New York sold for $1.33 billion 42 of 52 subprime bonds that it inherited from American International Group. Market participants deemed the sale a success because the bonds were sold at prices that generally met expectations. The New York Fed plans to conduct a series of such auctions to eliminate residential mortgage-backed bonds acquired when it aided AIG during the height of the financial crisis.

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