The first witness called by Boies, Scott Alvarez, the general counsel of the Federal Reserve Board of Governors, testified about the credit terms extended by the government to financial institutions earlier in 2008 and about the terms offered to AIG.Under questioning by Boies, Alvarez insisted that when the bailout began on Sept. 16, 2008, the government had not decided that its equity interest in AIG would take the form of warrants for common stock.Boies argued in his opening that the government imposed a demand for warrants and then changed the deal, insisting on preferred stock to avoid shareholder challenges to its control.He pointed to Sept. 21, 2008, AIG board minutes stating that a bailout involving warrants was “now proposed to be convertible preferred stock.” Alvarez’s hand-written meeting notes from Sept. 18 said “there may be issues with warrants at AIG.”
Blogs I Follow
- I get it and I don’t get it…. mocking earnestness and mocking people are not the same thing
- Excession, by Iain Banks
- I listened. The Republicans are not saying much. Rep. Sensenbrenner (R,WI) offers an oped in the New York Times
- Greatest song ever recorded, for its voice, and lilting but complex melody: Myan Myan by Coupé Cloué
- “Sevastopol” by Emilio Fraia in The New Yorker
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