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Document Type

Lessons Learned

Abstract

Chester B. Feldberg worked for the Federal Reserve Bank of New York (FRBNY) for 36 years in a variety of roles. In the aftermath of the Global Financial Crisis, he served as a trustee for the AIG Credit Trust Facility (2009-2011). The trust was established in early 2009 to hold the equity stock of American International Group Inc. (AIG) that the U.S. government had received as a result of the 2008 AIG bailout. The three trustees were responsible for voting the stock, ensuring satisfactory corporate governance at AIG, and eventually disposing of the stock.

When he was named as a trustee, Feldberg was retired. Immediately previous, he had been chairman of Barclays Americas (2000-2008). He had retired from the Federal Reserve System in 2000. At that time, he was executive vice president of the Bank Supervision Group. Earlier, he ran the FRBNY’s discount window, and worked on teams involved with several financial system crises. This “Lesson Learned” is based on an interview with Mr. Feldberg.

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