NEW YORK, March 15 (Reuters) - AIG disclosed on Sunday
that European banks including Deutsche Bank and
France's Societe Generale were among the biggest beneficiaries of
the taxpayer bailout of the insurer.
Sunday's disclosure that more than $90 billion has been paid to various banks -- including Goldman Sachs, Merrill Lynch and Bank of America -- since AIG nearly went bankrupt last September could stoke further public outrage about a bailout which already has many politicians up in arms.
European banks that received funds from AIG since its bailout include Royal Bank of Scotland, UBS, Societe Generale, BNP Paribas, Banco Santander , Danske, Rabobank, and Calyon, part of Credit Agricole.
The U.S. government, which is spending up to $180 billion on the AIG rescue, extended aid to the insurer after large losses from a financial product unit's bets on toxic mortgage assets that triggered rating cuts and collateral demands that AIG could not meet. Keywords: FINANCIAL AIG/COUNTERPARTIES
Keywords: FINANCIAL AIG/COUNTERPARTIES
(Reporting by Lilla Zuill)
((lilla.zuill@thomsonreuters.com;+1 646 223 6281))
To read a recent blog on AIG Financial Products, the unit that wrote the credit default swaps that have led to the bulk of its losses, click on: http://blogs.reuters.com/reuters-dealzone/ Keywords: FINANCIAL AIG/COUNTERPARTIES
Keywords: FINANCIAL AIG/COUNTERPARTIES
NEW YORK, March 15 (Reuters) - American International Group Inc disclosed on Sunday that U.S. and European banks have been among the biggest beneficiaries of the up to $180 billion U.S. taxpayer bailout of the insurer.
The following lists the collateral postings for counterparties who bought credit default swaps from AIG Financial Products between Sept. 16, 2008 -- the date of the initial government rescue -- and Dec. 31, 2008:
Counterparty Amount Posted ($ BLN) Societe Generale $4.1 Deutsche Bank 2.6 Goldman Sachs Group 2.5 Merrill Lynch & Co Inc 1.8 Calyon 1.1 Barclays PLC 0.9 UBS AG 0.8 DZ Bank 0.7 Wachovia Bank 0.7 Rabobank 0.5 KFW 0.5 JPMorgan Chase 0.4 Banco Santander SA 0.3 Danske Bank 0.2 Reconstruction Finance Corp 0.2 HSBC Holdings PLC 0.2 Morgan Stanley 0.2 Bank of America Corp 0.2 Bank of Montreal 0.2 Royal Bank of Scotland 0.2
Top 20 CDS Total $18.3 Other 4.1 Total Collateral Postings $22.4
Source: AIG
(Compiled by Emily Chasan) Keywords: FINANCIAL AIG/CDS (emily.chasan@thomsonreuters.com; +1 646 223 6114; Reuters Messaging: emily.chasan.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Sunday's disclosure that more than $90 billion has been paid to various banks -- including Goldman Sachs, Merrill Lynch and Bank of America -- since AIG nearly went bankrupt last September could stoke further public outrage about a bailout which already has many politicians up in arms.
European banks that received funds from AIG since its bailout include Royal Bank of Scotland, UBS, Societe Generale, BNP Paribas, Banco Santander , Danske, Rabobank, and Calyon, part of Credit Agricole.
The U.S. government, which is spending up to $180 billion on the AIG rescue, extended aid to the insurer after large losses from a financial product unit's bets on toxic mortgage assets that triggered rating cuts and collateral demands that AIG could not meet. Keywords: FINANCIAL AIG/COUNTERPARTIES
Keywords: FINANCIAL AIG/COUNTERPARTIES
(Reporting by Lilla Zuill)
((lilla.zuill@thomsonreuters.com;+1 646 223 6281))
To read a recent blog on AIG Financial Products, the unit that wrote the credit default swaps that have led to the bulk of its losses, click on: http://blogs.reuters.com/reuters-dealzone/ Keywords: FINANCIAL AIG/COUNTERPARTIES
Keywords: FINANCIAL AIG/COUNTERPARTIES
NEW YORK, March 15 (Reuters) - American International Group Inc disclosed on Sunday that U.S. and European banks have been among the biggest beneficiaries of the up to $180 billion U.S. taxpayer bailout of the insurer.
The following lists the collateral postings for counterparties who bought credit default swaps from AIG Financial Products between Sept. 16, 2008 -- the date of the initial government rescue -- and Dec. 31, 2008:
Counterparty Amount Posted ($ BLN) Societe Generale $4.1 Deutsche Bank 2.6 Goldman Sachs Group 2.5 Merrill Lynch & Co Inc 1.8 Calyon 1.1 Barclays PLC 0.9 UBS AG 0.8 DZ Bank 0.7 Wachovia Bank 0.7 Rabobank 0.5 KFW 0.5 JPMorgan Chase 0.4 Banco Santander SA 0.3 Danske Bank 0.2 Reconstruction Finance Corp 0.2 HSBC Holdings PLC 0.2 Morgan Stanley 0.2 Bank of America Corp 0.2 Bank of Montreal 0.2 Royal Bank of Scotland 0.2
Top 20 CDS Total $18.3 Other 4.1 Total Collateral Postings $22.4
Source: AIG
(Compiled by Emily Chasan) Keywords: FINANCIAL AIG/CDS (emily.chasan@thomsonreuters.com; +1 646 223 6114; Reuters Messaging: emily.chasan.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.