Yesterday, House Committee on Oversight and Government Reform (Committee) Ranking Member Darrell Issa (R-CA) released several email exchanges between representatives of American International Group (AIG) and the Federal Reserve Bank of New York (FRBNY) discussing, among other things, what disclosures were required in AIG's SEC filings disclosure regarding AIG's payments for credit-default swaps to major bank counterparties, such as Goldman Sachs, Merrill Lynch, Deutsche Bank and Societe General. The released emails are only a small subset of what are reported to be more than 1,000 pages of emails, phone logs and other documents received by the Committee following Rep. Issa's separate request this past October to AIG CEO Robert Benmosche and New York Federal Reserve Bank President William Dudley, to provide "all records and communications referring or relating to the FRBNY's negotiations with AIG's CDS counterparties."

Update: In response, FRBNY General Counsel Thomas Baxter, Jr. sent separate letters to Ranking Member Issa and Committee Chairman Edolphus Townes (D-NY) "to clarify that matters relating to AIG securities law disclosures were not brought to the attention of [Treasury Secretary] Geithner," who at the time was president of the FRBNY, and that "Mr. Geithner played no role in, and had no knowledge of, the disclosure deliberations and communications referenced in those emails." Chairman Towns intends to convene a hearing during the week of January 18, 2010 to examine the email exchanges and what particular financial disclosure advice the FRBNY provided AIG.