$90 billion for banks from AIG bail-out
Sunday, 15 March 2009 21:53US insurance giant AIG has disclosed that European banks including Deutsche Bank and France's Societe Generale were among the biggest beneficiaries of its bail-out by the US taxpayer.
AIG said more than $90 billion has been paid to various banks - including Goldman Sachs, Merrill Lynch and Bank of America - since AIG nearly went bankrupt last September.
Other European banks that received funds from AIG since its bail-out include Royal Bank of Scotland, UBS, BNP Paribas, Banco Santander, Danske Bank and Rabobank.
The US government, which is spending up to $180 billion on the AIG rescue, extended aid to the insurer after large losses from one of its divisions' bets on toxic mortgage assets triggered rating cuts and collateral demands that AIG could not meet.
