As I have stated here many times before, this was not a bailout of AIG rather a bailout of AIG's counterparties. I'm not surprised that Goldman Sachs is the largest beneficiary of taxpayer money. For those who are not aware, Ex Secretary of the Treasury, Hank Paulson was the past CEO of Goldman Sachs. Oh! what a surprise, current Treasury Secretary Tim Geithner was a bigwig at Goldman too. Maybe they should change their name to Government Sachs.-Lou
AIG handed over $100 billion to major banks, states
LONDON (MarketWatch) -- American International Group said over the weekend it had paid over $100 billion of its bailout funds to U.S. states and international banks including Goldman Sachs, Deutsche Bank and Societe Generale.
The cash was used to cover collateral payments, cancel derivative contracts and meet obligations at its securities lending business after the firm had to be bailed out last year.
Most of the major U.S. and European banks were represented on the list, but AIG revealed that Goldman Sacks was the biggest single beneficiary from the payments, receiving $12.9 billion.
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