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Potential AIG Bailout Loss Was Concealed By Treasury, Federal Auditor Says
Posted By admin On October 26, 2010 @ 9:38 am In Money Watch | Comments Disabled
Oct 26, 2010
The U.S. Treasury concealed $40 billion in likely taxpayer losses on the bailout of American International Group (AIG.N), the New York Times said, citing a report by Neil Barofsky, the special inspector general for the Troubled Asset Relief Program.
“In our view, this is a significant failure in their transparency,” Barofsky said in an interview with the New York Times.
Early this month, the Treasury changed its usual valuation methods and issued a report saying that U.S. taxpayers would ultimately lose just $5 billion on the AIG investment, the paper said.
The Treasury had previously maintained a conservative estimate that it would lose $45 billion on the bailout of AIG.
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