American International Group Inc. has published a detailed list of the derivatives transactions that the Federal Reserve Bank of New York has been trying to help it unwind.
The list, which identifies the names of assets placed under the management of Maiden Lane III L.L.C., a special entity controlled by the New York Fed, includes the "CUSIP" number, or identification number, of each transaction; the tranche name; the notional value; the total amount of collateral posted; the negative mark-to-market amount; and the name of the counterparty.
The House Oversight and Government Reform Committee held a hearing this week on the decision made in November 2008 to keep the names of the counterparties secret and the decision made in March 2009 to keep the CUSIPs and tranche names confidential even after counterparties were identified.
New York Fed General Counsel Thomas Baxter said during the hearing that the New York Fed had believed that keeping details of the Maiden Lane III assets confidential would help the New York Fed make better deals.
