Meg Green |
The Federal Reserve Bank of
Credit Suisse Securities (
The four broker-dealers involved in the competitive process were:
In 2011, the New York Fed began to sell off some of the assets of Maiden Lane II, which are mostly residential mortgage-backed securities, but halted the sale in the summer citing poor market conditions (Best's News Service,
Last year, AIG had offered
The New York Fed, through BlackRock Solutions, will continue to sell the remaining securities in the Maiden Lane II portfolio individually and in segments over time as market conditions warrant through a competitive sales process, while taking appropriate care to avoid market disruption, the Fed said. There will be no fixed timeframe for the sales, and the Fed said it will only sell the assets if it views the bid as a good value for the public.
When Maiden Lane II was created, the New York Fed's goal was to take the troubled assets from AIG's balance sheet and loan the company cash to conduct business. In addition to Maiden Lane II, the New York Fed created Maiden Lane III, which holds credit default swaps, as part of the
Most of AIG's insurance subsidiaries currently have Best's Financial Strength Ratings of A (Excellent).
Early afternoon on
(By
Copyright: | (c) 2012 A.M. Best Company, Inc. |
Source: | A.M. Best Company, Inc. |
Wordcount: | 463 |
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