NY Fed Prez Got Waiver For AIG, GE Holdings: Report

Law360, New York (July 21, 2011, 3:52 PM EDT) -- The president of the Federal Reserve Bank of New York was allowed to keep investments in American International Group Inc. and General Electric Co. even as the Fed was bailing them out in fall 2008, a government audit released Thursday said.

In September 2008, William C. Dudley was the executive vice president of the markets group of the New York Fed. As such, he was deeply involved in decisions about the bailouts of the two companies, according to the audit.

He also happened to have investments...
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