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Scott Alvarez, general counsel, Board of Governors of the Federal Reserve Systems, told a judge they did not want to bail out AIG in 2008. (AP Photo/Carolyn Kaster)

(Bloomberg) — The Federal Reserve Board of Governors didn’t want to bail out American International Group Inc. with an $85 billion loan, preferring that the insurer find a savior in the private marketplace, the Fed’s top lawyer told a judge.

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