Pelosi: House to Investigate Getting AIG Bailout Money Back For Taxpayers »
Posted By capj71 9 months, 2 weeks ago in NewsSpeaker of the House Rep. Nancy Pelosi announced that she has asked the Chairman of the House Financial Services Committee, Rep. Barney Frank to explore the legal possibilities for taking AIG’s $170 billion in federal bailout money back, after the company announced that they will be handing out $165 million in executive bonuses.
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capj71
Hi I am Capj71, but my friends call me Jason. I love politics. I am a liberal, and proud of it. I share and prop ...
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nostalgia9 months, 2 weeks ago
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Here's a better reason for Pelosi to look at what AIG has been doing:
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A.I.G. Reveals Biggest Beneficiaries of Its Rescue
The American International Group on Sunday released the names of financial institutions that benefited last fall when the Federal Reserve saved it from collapse with an $85 billion rescue loan and then 3 subsequent bailouts.
The disclosure included counterparties to both its credit default swap operations and its securities lending businesses, both of which contributed heavily to A.I.G.’s troubles, as well as to muncipalities who participated in certain investment programs. All told, Sunday’s statement detailed payments of more than $94 billion, excluding payments to municipalities. All were made using government loans.
initial $85 billion loan - That money was used to post collateral to counterparties, including France’s Société Générale, Germany’s Deutsche Bank and Goldman Sachs.
Foreign banks, including Deutsche Bank, France’s Societe Generale and Calyon and Britain’s Barclays, figured prominently among the firm’s credit default swap counterparties.
Nearly $44 billion was paid out to 20 firms, most of which were banks. (One non-bank that appeared on the list was the Citadel Investment Group, the giant hedge fund based in Chicago. It received about $200 million.)
A.I.G. also disclosed $12.1 billion in payments to municipalities, including about $1 billion each to California and and Virginia, under guaranteed investment agreements. These were essentially places for municipalities to hold money raised from the likes of bond issuances until the cash was needed.
http://dealbook.blogs.nytimes.com/2009/03/15/aig-d...
Time for AIG to go the bankruptcy route!! -
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