Insurer lists where $52bn of US aid went, including EU banks
AIG has revealed details of how it has paid $52bn of US government bailout cash to firms and US states under four main headings.
- Collateral Postings, $22.4
- Equity in Maiden Lane III, $5.0
- GIAs Held by Municipalities, $12.1
- Maturing Debt & Other, $12.5
The revelations prompted widespread criticism in the US as much of the US taxpayers’ money went to European banks, according to Reuters.
AIG provoked another storm of criticism for paying $165m (£118m) in bonuses to executives in the business unit that brought the stricken insurer to the brink of collapse.
The Times and Guardian report that Lawrence Summers, President Obama’s leading economic adviser, described the payments in a company propped up by $170 billion of taxpayers’ cash as “outrageous”.
Chris Dodd, a member of the Senate, said: “Executives at other companies receiving [taxpayer money] have voluntarily forgone bonuses – there’s no reason why those at AIG shouldn’t do the same.”
AIG said it was contracted to pay the bonuses.
The full list of AIG’s bailout beneficiaries is:
Collateral postings
- Societe Generale $4.1
- Deutsche Bank 2.6
- Goldman Sachs 2.5
- Merrill Lynch 1.8
- Calyon 1.1
- Barclays 0.9
- UBS 0.8
- DZ Bank 0.7
- Wachovia 0.7
- Rabobank 0.5
- KFW 0.5
- JPMorgan 0.4
- Banco Santander 0.3
- Danske 0.2
- Reconstruction Finance Corp 0.2
- HSBC Bank 0.2
- Morgan Stanley 0.2
- Bank of America 0.2
- Bank of Montreal 0.2
- Royal Bank of Scotland 0.2
Total $22.4
Maiden Lane II payments
- Deutsche Bank $2.8
- Landesbank Baden-Wuerttemberg 0.1
- Wachovia 0.8
- Calyon 1.2
- Rabobank 0.3
- Goldman Sachs 5.6
- Société Générale 6.9
- Merrill Lynch 3.1
- Bank of America 0.5
- The Royal Bank of Scotland 0.5
- HSBC Bank USA 0.0*
- Deutsche Zentral-Genossenschaftsbank 1.0
- Dresdner Bank AG 0.4
- UBS 2.5
- Barclays 0.6
- Bank of Montreal 0.9
- Other payments to under Shortfall Agreement $2.5
Total $29.6
US states that received cash
- California 1.02
- Virginia 1.01
- Hawaii 0.77
- Ohio 0.49
- Georgia 0.41
- Colorado 0.36
- Illinois 0.35
- Massachusetts 0.34
- Kentucky 0.29
- Oregon 0.27
- Delaware 0.26
- New York 0.21
- New Jersey 0.21
- Mississippi 0.18
- Washington 0.17
- Pennsylvania 0.15
- Florida 0.15
- Rhode Island 0.14
- Arizona 0.12
- Texas 0.10
Total GIAs $12.10
Maturing debt counterparties
- Barclays 7.0
- Deutsche Bank 6.4
- BNP Paribas 4.9
- Goldman Sachs 4.8
- Bank of America 4.5
- HSBC 3.3
- Citigroup 2.3
- Dresdner Kleinwort 2.2
- Merrill Lynch 1.9
- UBS 1.7
- ING 1.5
- Morgan Stanley 1.0
- Societe Generale 0.9
- AIG International Inc. 0.6
- Credit Suisse 0.4
- Paloma Securities 0.2
- Citadel 0.2
Total $43.7
