Senator Chuck Grassley has received documentation from Goldman Sachs showing the top recipients of AIG money. The grand total is $4.3 billion. Below are the recipients and their amounts. As you can see, they are all foreign entities. In other words, U.S. taxpayer money, used to bail out AIG which in turn was used to pay off Goldman Sachs went straight out of the country and into foreign banks.
DZ Bank AG Deutsche Zentrale-Genossenschafts Bank: $1.8 billion
Banco Santander Central Hispano SA: $484 million
Rabobank Nederland-London Branch: $182 million
Zurcher Kantonal bank: $200 million
Dexia Bank S.A: $105 million
Calyon-Cedex Branch: $200 million
The Hongkong & Shanghai Banking Corporation: $173 million
Depfa Bank Plc: $126 million
Sierra finance plc: $223 million
PGGM Pensioenfonds: $47 million
Natixis: $2 million
Zulma finance plc: $416 million
Stoneheath Re CRDV G: $68 million
Hospitals of Ontario Pension Plan: $94 million
Venice finance plc: $216 million
KBC Asset Management NVD Star Finance: $191 million
What a surprise. CBS News is reporting there will be no criminal charges against AIG.
CBS NEWS has learned that former AIG executive Joseph Cassano - the prime focus of the investigation into its collapse - will meet with Department of Justice attorneys next week in what will likely be an end to the two year criminal investigation into the company.
The New York Federal Reserve has released details on toxic asset purchases from Bear Stearns and AIG, now held in Maiden Lane, LLC. The asset lists are at the link on the New York Federal Reserve website.
The release of this information today comes after reaching agreement on issues of confidentiality with JPMorgan Chase with respect to the assets of ML and the American International Group, Inc. (AIG) with respect to ML II and ML III.
Congressional representative Alan Grayson is writing letters asking where are those AIG emails?
I write to request that you turn over to this office, and the public, e-mails backed up on AIG’s servers, including internal accounting documents and financial models developed by the company in the last decade. The public owns AIG. We bought it, for an initial down payment of $182 billion. You are the representatives of the public, through your positions as the three trustees of the AIG Credit Facility Trust.
All those who thought that AIG was out of the woods following its massive Federal Reserve bailout, may be in for a surprise.
(Bloomberg) -- American International Group Inc. posted a wider-than-expected loss after setting aside more reserves for insurance claims and paying down bailout debts. The shares fell 8.5 percent in New York trading.
The fourth-quarter net loss of $8.87 billion, or $65.51 a share, narrowed from $61.7 billion, or $458.99, a year earlier when AIG recorded the biggest loss in U.S. corporate history, the New York-based firm said today. Results included $6.7 billion in charges fueled by paying down AIG’s Federal Reserve credit line. It cost AIG $1.8 billion to add to property- casualty reserves as sales in the division slipped 2.2 percent.
The Huffington Post is reporting there is a potential smoking gun on Bernanke.
Bernanke overruled his staff advising him to not bail out AIG.
A Republican senator said Tuesday that documents showing Federal Reserve Board Chairman Ben Bernake covered up the fact that his staff recommended he not bailout AIG are being kept from the public. And a House Republican charged that a whistleblower had alerted Congress to specific documents provide "troubling details" of Bernanke's role in the AIG bailout.
Below is the CNBC interview with Sen. Bunning (R-KY):
