Fed profits from sale of AIG assets

On Tuesday, The Federal Reserve Bank of New York completed the sale of a portfolio of risky mortgage securities once held by AIG, former insurance giant. Better still, it turned a profit.

Read: Fed preps for sale of AIG assets

The sale marks a “milestone” for the New York Fed and its efforts to liquidate distressed assets accepted at the height of the 2008 financial crisis, with the public set to receive a net gain of $2.8 billion.

Read more about how Credit Suisse won the bidding for the remaining securities in Maiden Lane II.

Read: AIG rising from the ashes

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The staff of Advisor.ca have been covering news for financial advisors since 1998.