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In U.S. Bailout of A.I.G., Forgiveness for Big Banks

Posted By admin On June 30, 2010 @ 8:11 am In Money Watch | Comments Disabled

LOUISE STORY and GRETCHEN MORGENSON
NY Times [1]
June 30, 2010

At the end of the American International Group’s annual meeting last month, a shareholder approached the microphone with a question for Robert Benmosche, the insurer’s chief executive.

“I’d like to know, what does A.I.G. plan to do with Goldman Sachs?” he asked. “Are you going to get — recoup — some of our money that was given to them?”

Mr. Benmosche, steward of an insurer brought to its knees two years ago after making too many risky, outsize financial bets and paying billions of dollars in claims to Goldman and other banks, said he would continue evaluating his legal options. But, in reality, A.I.G. has precious few.

When the government began rescuing it from collapse in the fall of 2008 with what has become a $182 billion lifeline, A.I.G. was required to forfeit its right to sue several banks — including Goldman, Société Générale, Deutsche Bank and Merrill Lynch — over any irregularities with most of the mortgage securities it insured in the precrisis years.

Full article here [1]

In U.S. Bailout of A.I.G., Forgiveness for Big Banks 100210banner1 [2]


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[1] NY Times: http://www.nytimes.com/2010/06/30/business/30aig.html?hp

[2] Image: http://itunes.apple.com/WebObjects/MZStore.woa/wa/viewSoftware?id=354152106&mt=8#

[3] AIG may join bailout suit against U.S. government: http://www.prisonplanet.com/aig-may-join-bailout-suit-against-u-s-government.html

[4] AIG payments to banks stoke bailout rage: http://www.prisonplanet.com/aig-payments-to-banks-stoke-bailout-rage.html

[5] Banks Commence Wholesale, Unsolicited Mortgage-Debt Forgiveness: http://www.prisonplanet.com/banks-commence-wholesale-unsolicited-mortgage-debt-forgiveness.html

[6] Goldman Sachs Names European Banks It Paid Amid AIG’s U.S.-Funded Bailout: http://www.prisonplanet.com/goldman-sachs-names-european-banks-it-paid-amid-aigs-u-s-funded-bailout.html

[7] Intervention Alert – Here Comes The Bailout Bailout: European Cental Banks Gobbling Up Portuguese, Irish And Greek Government Bonds: http://www.prisonplanet.com/intervention-alert-here-comes-the-bailout-bailout-european-cental-banks-gobbling-up-portuguese-irish-and-greek-government-bonds.html

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