Public Policy Commons^™

Lessons Learned: Jenni Lecompte, Mercedes Cardona

Journal of Financial Crises

Jenni LeCompte was deputy assistant secretary in charge of public affairs operations at the Treasury Department during the Global Financial Crisis and later became assistant secretary, public affairs. She coordinated communications, served as a spokesperson, and advised Secretary Timothy Geithner during the crisis. This “Lessons Learned” is based on an interview with Ms. LeCompte.

Comment Letters May Have Helped Shape Federal Reserve’S Municipal Liquidity Facility (Mlf) And Main Street Lending Program (Mslp), Steven Kelly

Journal of Financial Crises

YPFS Archive Notes highlight noteworthy content or additions to the YPFS Resource Library.

In support of the YPFS efforts to archive primary and secondary materials that shed light on financial crises, this YPFS Archive Note highlights the addition of public comment letters solicited by the Federal Reserve to evaluate two of its proposed emergency lending facilities, the Municipal Liquidity Facility (MLF) and the Main Street Lending Program (MSLP) designed to help the US economy endure the financial stresses caused by the coronavirus pandemic. The released correspondence reflects a wide array of congressional and stakeholder concerns. Ultimately, the Fed incorporated …

Lessons Learned: Robert Hoyt, Esq., Yasemin Esmen

Journal of Financial Crises

Robert Hoyt was General Counsel at the U.S. Department of Treasury between 2006 and 2009. He oversaw legal aspects of policies implemented to manage the crisis, including the rescues of Bear Stearns, AIG, and the U.S. Auto industry, the conservatorship of Fannie Mae and Freddie Mac, and the failure of Lehman Brothers, as well as the creation and implementation of the Troubled Asset Relief Program (TARP.) This Lessons Learned is based on a phone interview with Mr. Hoyt.

The Rescue Of American International Group Module F: The Aig Credit Facility Trust, Alec Buchholtz, Aidan Lawson

Journal of Financial Crises

In September 2008, American International Group, Inc. (AIG) experienced a liquidity crisis. To avoid the insurance giant’s bankruptcy, the Federal Reserve Bank of New York (FRBNY) extended an $85 billion emergency secured credit facility to AIG. In connection with the credit facility, AIG issued 100,000 shares of preferred stock, with voting rights equal to and convertible into 79.9% of the outstanding shares of AIG common stock, to an independent trust (the Trust) set up by the FRBNY. Three trustees held the stock for the sole benefit of the US Treasury, exercised the rights, powers, authorities, discretions, and duties of the …