Friday, January 29, 2010

The black-ops outfit for the Fed

Bloomberg News columnist David Reilly says the New York Fed, a quasi-governmental body, is like a "a black-ops outfit for the nation’s central bank."

The New York Fed orchestrated the bailout of AIG counterparties. Its "impenetrability comes in handy since the bank is the preferred vehicle for many of the Fed’s bailout programs," he says.