AIG names recipients of its bailout money

We feed the world, we protect the world, we save the world. When I say “we” I mean “the taxpayers” of course. As Democrats take more of the middle classes money to give out to not just other Americans, but also the world. Obama still hasn’t learned from this.

AIG says it recognizes the importance of upholding a high degree of transparency relating to bailout money.

AIG says it "recognizes the importance of upholding a high degree of transparency" relating to bailout money.

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 Payouts

Below are the top 10 largest payouts, according to a report released Sunday by AIG.

Societe Generale: $4.1 billion
Deutsche Bank: $2.6 billion
Goldman Sachs: $2.5 billion
Merrill Lynch: $1.8 billion
Calyon: $1.1 billion
Barclays: $0.9 billion
UBS: $0.8 billion
DZ Bank: $0.7 billion
Wachovia: $0.7 billion
Rabobank: $0.5 billion

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

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.

“We were told AIG posed systemic risk to our economy,” she said. “How do we know if that’s true if we don’t know where the money went?”

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