What brave examples of capitalism. No wonder the US banks involved haven’t been quick to return the TARP money. If they did, how long would they survive? How many bonuses could they afford to pay out?
At least two dozen American and European banks benefited from the bailout of American International Group, with approximately $50 billion paid out to them since the Federal Reserve first gave aid to the insurance giant, the Wall Street Journal reported Saturday.
Goldman Sachs and Deutsche Bank received about $6 billion between September and December last year, the paper said, quoting a confidential document and people familiar with the matter.
Other banks that received large payouts from AIG late last year include Merill Lynch, which was bought by Bank of America , and France’s Societe Generale, according to the report.
Morgan Stanley , Royal Bank of Scotland, HSBC, Calyon, Barclays, Rabobank, Danske Bank, Santander, Wachovia and Bank of America are also among the counterparties who benefited from the AIG bailout, the paper said.
AIG, whose $61.66 billion fourth-quarter loss was the largest ever for a US company, received $30 billion more in government funds last Monday.
The insurer’s financial health hasn’t improved despite getting as much as $150 billion from the government last year.
Lawmakers have pressed the insurer to disclose its counterparties and have slammed the secrecy of banking bailouts.