WASHINGTON — Timothy Geithner, one of the key architects of the 2008 taxpayer bailout of AIG, told a judge Monday morning he consulted the secret Federal Reserve "Doomsday book" before pulling the trigger on the deal.
The move by Geithner, in his second day of testimony, could be crucial because Hank Greenberg, a large AIG shareholder, is suing Uncle Sam for $40 billion, claiming the Fed stepped outside its rules by demanding a high interest rate on the bailout and by grabbing an 80 percent equity stake in the insurance giant.
Greenberg's Starr International is looking to claw back $40 billion it claims was improperly grabbed by the Fed. The trial, expected to last six weeks, is playing out in the US Court of Claims, here.
The Doomsday Book is a little known tome that was entered into evidence at the trial but will be kept under court seal. The book is a collection of emergency documents and memoranda, Geithner, the former president of the New York Fed, said.
Geithner, when he served at president of the New York Fed, had a version of it that he kept in a roughly two-inch thick binder, he testified.
There's also a "huge" version that's kept in the New York Fed's legal library, said lawyer David Boies, who's leading Greenberg's fight for the loot.
The trial is in its eighth day. Former Federal Reserve Chairman Ben Bernanke is expected to testify on Thursday.
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