Sunday, March 08, 2009

Follow the Money, Part 2: AIG

Well, a few of the answers are here.

Where, oh where, did AIG's bailout billions go? That question may reverberate even louder through the halls of government in the week ahead now that a partial list of beneficiaries has been published.

The Wall Street Journal reported on Friday that about $50 billion of more than $173 billion that the U.S. government has poured into American International Group Inc (AIG.N) since last fall has been paid to at least two dozen U.S. and foreign financial institutions.

The newspaper reported that some of the banks paid by AIG since the insurer started getting taxpayer funds were: Goldman Sachs Group Inc (GS.N), Deutsche Bank AG (DBKGn.DE), Merrill Lynch, Societe Generale (SOGN.PA), Calyon, Barclays Plc (BARC.L), Rabobank, Danske (DANSKE.CO), HSBC (HSBA.L), Royal Bank of Scotland (RBS.L), Banco Santander (SAN.MC), Morgan Stanley (MS.N), Wachovia, Bank of America (BAC.N), and Lloyds Banking Group (LLOY.L).

(By the way, Lloyd's has been taken over by the Gummint of Britain....)

The Wall Street Journal, citing a confidential document and people familiar with the matter, reported that Goldman Sachs and Deutsche Bank each got about $6 billion in payments between the middle of September and December last year

Goldman. Isn't that the former home of Henry Paulson?

Oh, well.

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