Instead, the Fed, for some reason, flipped and decided not only not to file AIG, but to throw several tens of billions of extra dollars at it, which led to the March Barney Frank AIG witch hunts (which by the way have still to lead to even one public questioning of Joe Cassano).

Here is the issue - as the Fed has lately been spinning its transparency with and without the use of recently retained lobbyists, it is critical that all the documentation that was presented at this meeting, and all tangential materials, be made public immediately. And this means not merely Huebner's presentations that had been put together as part of the above meeting (which as the e-mail indicates did take place, and there is undoubtedly information that the Davis Polk lawyer presented), but any discussion materials, memorandum and e-mails, between the Fed and all its legal and financial advisors: in this case, most notably, one Morgan Stanley, which was the financial adviser in the AIG situation. And just so readers recall the incest that is going on between the Fed and its financial advisor's, here are some of the firms engaged by the Fed in its ongoing efforts to vacuum any and every available security out there: in the Fed's $500 billion MBS program, retained financial companies are BlackRock Inc., Pimco, Wellington Management Co. and... Goldman Sachs. In another program, it is JP Morgan which is overseeing $540 billion in disbursements to money market mutual funds... and then there are the TALF advisors... and the list goes on and on.

At this point HR 1207 is a reality in Congress, and hopefully it may even pass the Senate, before the President likely vetoes the bill. It did, after all, take many months of demands and ultimately, a subpoena, to reveal the Fed's e-mails regarding Ken Lewis. Yet in the face of a crony government, proactive readers can again take action into their own hands. Pursuing the Fox initiative one step further, now that the parameters of the AIG disclosure needed are available, Zero Hedge believes it is in the public's best interest that the Fed disclose all documents prepared by Marshall Huebner, by Davis Polk and by Morgan Stanley with regard to the discussion that led to the conclusion to bail AIG out instead of letting it fail in early February.

Marshall Huebner advised Zero Hedge that he is "not at liberty to chat" on the topic when queried about the issue. Yet it is critical to uncover just who had the most to gain from preventing AIG from failing, and just what were the considerations that were analyzed and resolved by Fed members before deciding to invest a total of over $180 billion in taxpayer capital in bailing out a company which is at this point terminally broken and any cash invested in it will never be recovered.