More than $100 Billion Dollars AIG Bailout Funds Were Paid to the National and International Banks

More than $100 billion dollars from the AIG bailout funds have been paid to the US and European banks.

The major receivers of the funds were Goldman Sachs, Deutche Bank and the Societe Generale.

The paid money is used to overcome the collateral damage, canceling the derivatives contracts and funding its security lending, after the company’s bailout.

The biggest earner of them all was the preferred Goldman Sachs group of industries, which received an approximate amount of $12.9 billions.

Though Goldman insisted that they never needed the bailout money because they were already fully ”collateralized and hedged”, yet they did not refuse to the offered amount.

People smell something fishy in such payments, because the former treasury secretary used to work in Goldman Sachs as the chief executive of the company.

The other receivers of the funds include Bank of America and Merrill Lynch which received $12 billion in total, while the Societe Generale got $11.9 billion and the Deutsche bank received about $11.8 billion.

Though the AIG group was previously not ready to give out the names of its counterparts, yet the persistent demands of the law makers made them give out the details of their funds.

Bailed Out, Yet Bonus!

First the AIG went bankrupt and then went asking for money from the government and in turn from the public.

The AIG bailout forced the taxpayers to pay their hard earned money to AIG for bonuses! AIG took $170 billion from the people and started rewarding its employees by giving out bonuses, perhaps for portraying such an enormously convincing bankrupt story!

Most of the sensible politicians including Barack Obama got furious on their action, but then again, hail the democracy, which nowadays seems to be working at all the corrupted angles.

It is more like, the victimized people are paying bonuses to the people who ruined AIG and made them a victim.

Global Social Service

The so called bankrupt insurance giant went ahead and did some global social service, with the money ”earned” from their well enacted sob story of the bailout.

It is reported that a part of the AIG bailout funds, which is around $35 billion dollars, is being used to bailout some European banks.

It seems the Global economy is finally at work these days, which is making the taxpayer’s money going round and round the mulberry bush with zero improvement in the crisis.

So, now the taxpayers are becoming homeless and jobless so that they could serve the banks in Europe!

To be or Not to be

Goldman and AIG bailout funds shares the Hamlet’s dilemma of ”to be or not be”, as they are unable to explain the 12 billion transfer of the AIG bailout funds, to the Goldman Sachs Inc.

Both of them are not giving a clear answer to the question that, why the bailout money was given to Goldman, when it was already fully collateralized and hedged?

On one hand, Goldman is saying that they accepted the money because AIG was not allowed to fail and it did.

Therefore they could not get the expected money from the hedges.

Also, Goldman was entitled to get the collateral money by the terms of their contract; on the other hand, it claimed that it needed no bailout money because all the AIG bets were fully hedged.

Now, who is lying to the public, the State, Wall Street, AIG, or all of them! Everybody is wondering if theses bailouts are mere hoaxes.