AIG ships billions in bailout abroad

[dbackjon]

Billions of American taxpayer dollars used to bailout insurance giant AIG are flowing to some of the largest foreign banks in the world, according to new documents released by beleaguered company Sunday.

The revelation seemed sure to cause political complications for President Barack Obama and his economic team, already on the defensive Sunday over why they couldn’t stop AIG from doling out $165 million in bonuses to some of its top corporate officials – even as the company was receiving a massive infusion of taxpayer funds.

The documents AIG released account for some of the more than $180 billion in aid that AIG has received, and they detailed for the first time which financial firms are benefitting from the federal handout.
In all, AIG disclosed payments of $105.3 billion between September and December 2008. And some of the biggest recipients were European banks. Societe Generale, based in France, was the top foreign recipient at $11.9 billion, Deutsche Bank of Germany got $11.8 billion and Barclays, based in England, was paid $8.5 billion.

Here in the U.S. , Goldman Sachs received $12.9 billion. Edward Liddy, the government-installed CEO of AIG, sat on the board of directors of Goldman Sachs until he joined AIG.

http://news.yahoo.com/s/politico/200903 ... tico/20039

[hank scorpio]

This was inevitable, as AIG insures many foreign banks, but I am sure the talking heads will bitch and moan about it.

[dbackjon]

This was inevitable, as AIG insures many foreign banks, but I am sure the talking heads will bitch and moan about it.

Yes, inevitable, but sure to upset people

[hank scorpio]

This was inevitable, as AIG insures many foreign banks, but I am sure the talking heads will bitch and moan about it.

Yes, inevitable, but sure to upset people

You bet, but AIG can't just dump policies held by foreign banks/corps that are most likely some of their biggest customers.

[dbackjon]

Yes, inevitable, but sure to upset people

You bet, but AIG can't just dump policies held by foreign banks/corps that are most likely some of their biggest customers.

One question sure to be asked is whether or not some of the other countries should have chipped in.

[travelinman67]

Hank...

You don't feel Paulson's doling out billions with no trasparency (don't forget his repeated refusal to reveal details of the bailout distributions), especially when it directly benefitted some of his old cohorts is minimally improper if not criminal?

I have a gut feeling we're FAR from seeing the end of this. Knowing Bush's handlers, they kept the Prez far away from the details and decisions of this scheme...this sounds like 100% Paulson.
Maybe the House would better utilize their time trying to untie the economic knot from the past 18 months...let the houndawgs sniff out the culprits...tree 'em and bring to justice.
The bitching about "Bush" and the "Iraq war" is nonsense and will wind up nowhere.

[dbackjon]

I have a gut feeling we're FAR from seeing the end of this. Knowing Bush's handlers, they kept the Prez far away from the details and decisions of this scheme...this sounds like 100% Paulson.
Maybe the House would better utilize their time trying to untie the economic knot from the past 18 months...let the houndawgs sniff out the culprits...tree 'em and bring to justice.
The bitching about "Bush" and the "Iraq war" is nonsense and will wind up nowhere.

Agree on that. Obama has a plan to get us out of Iraq, and whatever Bush did, he can not do anymore damage, so that can wait.

This crisis is CURRENT, and needs Congress' full attention.

[dgreco]

I have a gut feeling we're FAR from seeing the end of this. Knowing Bush's handlers, they kept the Prez far away from the details and decisions of this scheme...this sounds like 100% Paulson.
Maybe the House would better utilize their time trying to untie the economic knot from the past 18 months...let the houndawgs sniff out the culprits...tree 'em and bring to justice.
The bitching about "Bush" and the "Iraq war" is nonsense and will wind up nowhere.

Agree on that. Obama has a plan to get us out of Iraq, and whatever Bush did, he can not do anymore damage, so that can wait.

This crisis is CURRENT, and needs Congress' full attention.

sorry to go OT, but I caught about 15 minutes of the news this morning and haven't found anything else on it. Did the Iraqi prime minister say that US troops can not leave unless they give consent? IDK if I was losing my mind or is the Iraqi government trying to flex some muscle?