* WASHINGTON (7/1/10)—Former American International Group (AIG) executive Joseph Cassano on Wednesday told members of the Financial Crisis Inquiry Commission that his organization‘s credit derivative-related losses would have been less substantial if the U.S. government hadn’t unwound those derivatives as a condition of the 2008 bailout of AIG, The Wall Street Journal
reported. While many related AIG's financial troubles can be linked to its derivatives portfolio, a 2009 report found that the majority of AIG's shortfall was concentrated in lines of insurance in which claims develop slowly, such as professional liability and worker's compensation. Cassano, who headed AIG's Financial Products division between 2002 and 2008, told the commission that many of AIG’s mortgage collateralized debt obligations were not entirely tainted by weak underwriting standards, and that AIG’s debt pools would not have realized extensive losses due to the recent market turbulence and accounting losses… * ALEXANDRIA, Va. (7/1/10)--The National Credit Union Administration on Wednesday announced that it has archived, in full, an online town hall meeting which took place on June 28. The NCUA addressed its upcoming regulatory plans, and some recent developments, during the online town hall
… * WASHINGTON (7/1/10)--The Federal Reserve Monday announced the results of an auction of $2 billion in 28-day term deposits
through the Term Deposit Facility. The Fed received nearly $11.14 billion in competitive bids and more than $121 million in non-competitive bids. The awarded deposits will settle today and mature on July 29. The Fed is set to conduct a third and final auction July 12, which will offer 84-day term deposits (News Now
June 2) ...