Right from the start we’ve been told that AIG had to be bailed out to stem the systemic risk that would be created by its failure. Supposedly, if AIG went down it would set off a domino like reaction through the financial system.
Strangely, however, the public has never been able to learn who the beneficiaries of the government’s bailout of AIG. The company claims the information is private, and so far the government has been going along with that line. But this morning the Wall Street Journal has heroically identified dozens of US and foreign financial insitutions that have been paid $50 billion through the bailout of AIG.
Two of the biggest winners were Goldman Sachs and Deutsche Bank, who each received upwards of $6 billion from AIG after it was bailed out. Here is the list.
- Goldman Sachs
- Deutsche Bank
- Merrill Lynch
- Société Générale
- Royal Bank of Scotland
- Banco Santander
- Morgan Stanley
- Bank of America
- Lloyds Banking Group
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