Goldman Gets A Second Chance And Buys $6.2 Billion In Old AIG Assets From NY Fed

The New York Federal Reserve announced today that it has agreed to sell former AIG assets with a current value of $6.2 billion to Goldman Sachs.Earlier this January, Goldman lost out to Credit Suisse in a bid to buy another separate portion of assets from the same former AIG vehicle, known at Maiden Lane II. The NY Fed said in its statement that the second transaction was prompted by an unsolicited bid from Credit Suisse. Here's the key section of the press release from the NY Fed:The Federal Reserve Bank of New York ("New York Fed") today announced that it has sold assets with a current face value of $6.2 billion from its Maiden Lane II LLC ("ML II") portfolio through a competitive process to Goldman Sachs & Co. Proceeds from this sale and the January 19, 2012 transaction, will enable the repayment of the entire remaining outstanding balance of the senior loan from the New York Fed to ML II on the next payment date in early March. The original amount of the senior loan was$19.5 billion.The Fed goes on to say that the remaining assets in the portfolio will be sold off by BlackRock individually, as warranted by their market valued.Click here to read the full statement from the New York Fed > >Please follow Clusterstock on Twitter and Facebook.Join the conversation about this story »See Also:Goldman Sources Say Goldman Will Avoid Criminal Charges In Justice Department ProbeYour Guide To The Fabulous Life And Vocabulary Of Former Goldman Spokesman Lucas Van PraagLloyd Blankfein Just Fired His Fall Guy, But Goldman's Problems Aren't Going Away

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