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Potential AIG Bailout Loss Was Concealed By Treasury, Federal Auditor Says

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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