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Context of 'January 24, 2002: CIA Veteran David Cohen Joins NYPD'

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Michael Sheehan (left), Raymond W. Kelly and David CohenMichael Sheehan (left), Raymond W. Kelly and David Cohen [Source: Alan Chin/New York Times (Feb. 15, 2004)] (click image to enlarge)The New York Police Department (NYPD) appoints CIA veteran David Cohen to the newly-created post of deputy commissioner of intelligence. [New York City, 1/24/2002] Cohen headed the CIA’s Directorate of Operations (DO) from 1995 to 1997. After leaving the agency, he joined AIG, the world’s largest insurance company, in November 2000. [National Underwriter Property and Casualty, 1/15/2001] He also apparently headed the CIA’s office in New York, which was located in WTC7 before its collapse, at some point. The press release announcing his hiring says that “he also served as the senior CIA official in the New York area,” but provides no additional details. “Asked if he ever worked in the CIA’s office in the World Trade Center, he laughed and said, ‘You’re going to have to ask the CIA where their offices were,’” reports the New York Times. [New York Times, 1/25/2002] NYPD also created a new post of deputy commissioner of counterterrorism, which will be filled by Michael Sheehan from 2003 to 2006. Cohen and Sheehan’s appointments are part of a huge expansion of NYPD’s intelligence-gathering and counterterrorism efforts, which will be the subject of numerous press reports. [New York Times, 1/15/2004; New Yorker, 7/25/2005]

Entity Tags: AIG (American International Group, Inc.), David Cohen, Central Intelligence Agency, Michael Sheehan, New York City Police Department

Timeline Tags: Complete 911 Timeline

AIG logo.AIG logo. [Source: American International Group (AIG)]In an historic move, the federal government bails out insurance corporation AIG with an $85 billion loan, giving control of the firm to the US government. After resisting AIG’s overtures for an emergency loan or other intervention to prevent the insurer from falling into bankruptcy, the government decided AIG, like the now-defunct investment bank, Bear Stearns, was “too big to fail” (see March 15, 2008). The US government will lend up to $85 billion to AIG. In return, the government gets a 79.9 percent equity stake in warrants, called equity participation notes. The two-year loan will carry a LIBOR interest rate plus 8.5 percentage points. LIBOR, the London InterBank Offered Rate, is a common short-term lending benchmark. The bailout comes less than a week after the government allowed a large investment bank, Lehman Brothers Holdings Inc., to fold (see September 14, 2008). As part of the loan agreement, Treasury Secretary Henry Paulson insists that AIG’s chief executive, Robert Willumstad, steps aside. Willumstad will be succeeded by Edward Liddy, the former head of insurer Allstate Corp (see September 18, 2008). [Wall Street Journal, 9/16/2008] Shares in AIG drop to $3.75 on the news. [Bloomberg, 3/5/2009]

Entity Tags: Henry Paulson, AIG (American International Group, Inc.), Edward Liddy, Robert Willumstad, US Federal Reserve

Timeline Tags: Global Economic Crises

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