Banks, finance houses gained from AIG bailout
Source: Agencies |
July 26, 2010, Monday
|
Print Edition
Print Edition
BANKS and financial companies in Germany, Spain, Ireland, Britain and Hong Kong were indirect beneficiaries of the US government's 2008 bailout of American International Group Inc, new documents revealed.
The documents released by Sen Chuck Grassley contain a list of the 27 banks, hedge funds and financial companies that received US$4.3 billion from Goldman Sachs Group Inc. The money was to reimburse them for losses on investments called credit default swaps.
The money trail actually began with AIG, which sold the swaps to Goldman. The big investment bank in turn sold them to its customers, including the international banks and financial companies. When AIG received a bailout worth US$182.5 billion, it reimbursed Goldman and other banks, which then repaid their customers.
The documents released by Sen Chuck Grassley contain a list of the 27 banks, hedge funds and financial companies that received US$4.3 billion from Goldman Sachs Group Inc. The money was to reimburse them for losses on investments called credit default swaps.
The money trail actually began with AIG, which sold the swaps to Goldman. The big investment bank in turn sold them to its customers, including the international banks and financial companies. When AIG received a bailout worth US$182.5 billion, it reimbursed Goldman and other banks, which then repaid their customers.
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