AIG Bailout Went to European Banks

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March 16, 2009

Troubled insurance giant AIG, already under fire for intending to pay out $165 million in bonuses and compensation, succumbed Sunday to congressional pressure, identifying banks that received chunks of the company’s billions in federal bailout funds last year.

AIG, a recipient of at least $170 billion in federal bailout money , got an $85 billion loan from the Federal Reserve.

[efoods]The list released Sunday of "counterparties" that benefited from the bailout is topped by European banks Societe Generale and Deutsche Bank, which received $4.1 billion and $2.6 billion, respectively.

Wall Street firms Goldman Sachs and Merrill Lynch round out the top four, receiving $2.5 billion and $1.8 billion, respectively.

In releasing the list, AIG said it "recognizes the importance of upholding a high degree of transparency with respect to the use of public funds," in a statement.

Lawmakers have been pushing for AIG to release a list of its counterparties since last fall, arguing taxpayers have a right to know how federal aid is being used.

Earlier this month, in reference to lawmakers request for a list of AIG’s counterparties, U.S. Rep. Carolyn Maloney, D-New York, told CNNMoney it was critical to determine whether AIG’s collapse would have resulted in a market catastrophe.

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