There’s been a persistent stink over whether the fumbling efforts of the Federal Reserve and US Treasury to prop up AIG had the effect of bailing out Goldman Sachs, intentionally or otherwise. And whether there was a conspiracy.
Well, here’s the long-awaited report on the matter from the Office of the Special Inspector General for the Troubled Asset Relief Program – or SIGTARP, for short.
The SIGTARP himself, Neil Barofsky, seems to come to the conclusion that the exercise was an expensive muddle and certain from the outset to have unintended consequences. But there was no conspiracy — just incompetence.
Some people familiar with the matter will no doubt fume. But on our skim-reading not much blame is laid at the door of the saintly Goldman Sachs.
Full details in the Long Room.
Click below for the report’s summary and conclusion.
