Posted on 03/16/2009 4:49:37 AM PDT by Virginia Ridgerunner
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.
(Excerpt) Read more at news.yahoo.com ...
Money well spent.
come on...they can go after the little guy contracts be damned but these banks can do what they want when we support them...I call BS on this...tax the bonuses at 100% thus we can be assured no taxpayer money was spent.
I just forgot the sarcasm tag.
I got it anyway!
I was merely er bloviating...I understood you were being sarcastic.
Why sholdn’t an investor in Spain get just as much (and just as little) protection for an investment as an investor in Indiana? If a bond is going into default, I guess we could say, “save the US resident investors and let the others go”. But for a country that is as dependent on non-resident investors as we are, that would be a suicidal policy.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.