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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

Reuters
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.

Full article here [1]

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[1] Full article here: http://www.huffingtonpost.com/2010/10/26/potential-aig-bailout-los_n_773902.html

[2] Having A Supply Of Healthy Foods That Last Just Makes Sense (AD): http://www.efoodsdirect.com//index.html?aid=14&adid=43

[3] Image: http://www.homegain.com/homevalues

[4] Treasury: U.S. to lose $25 billion on auto bailout: http://www.prisonplanet.com/treasury-u-s-to-lose-25-billion-on-auto-bailout.html

[5] TARP watchdog says Treasury lacking bank data: http://www.prisonplanet.com/tarp-watchdog-says-treasury-lacking-bank-data.html

[6] The Dallas Federal Reserve Bank President, Former Treasury Secretary, Head of the Congressional Budget Office and Leading Economists All Slam Bailout: http://www.prisonplanet.com/the-dallas-federal-reserve-bank-president-former-treasury-secretary-head-of-the-congressional-budget-office-and-leading-economists-all-slam-bailout.html

[7] Fannie, Freddie Slump on Concern Treasury Bailout Is Inevitable: http://www.prisonplanet.com/fannie-freddie-slump-on-concern-treasury-bailout-is-inevitable.html

[8] Crimes suspected in 20 bailout cases — for starters: http://www.prisonplanet.com/crimes-suspected-in-20-bailout-cases-for-starters.html

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