Bailed out insurance giant American International Group Inc used $107.8 billion dollars from September 16, 2008 to the end of the year to fulfill obligations to customers, revealing for the first time the names of the firms receiving funds.
The disclosure comes as pressure mounts on AIG to reduce costs. The company came under heightened scrutiny over the weekend as politicians and political appointees expressed outrage that the company continued to pay $165 million in bonuses to employees despite receiving government assistance. The company has said it was legally obligated to do so.
“Our decision to disclose these transactions was made following conversations with the counterparties and the recognition of the extraordinary nature of these transactions,” AIG chief executive Edward Liddy said in a statement released by AIG.
A listing of payments, specifying names of firms, was released by AIG (Click here to see the full list)
Types of payments
- Collateral payments, $22.4 billion
- Maiden Lane III payments, $29.6 billion
- Guaranteed Investment Agreements, $12.1 billion
- Securities Lending to Counterparties, $43.7 billion
Top five recipients in each type:
The top five recipients of collateral payments were Societe Generale at $4.1 billion, Deutsche Bank with $2.6 billion, and Goldman Sachs with $2.5 billion, Merrill Lynch with $1.8 billion and Calyon with $1.1 billion.
Top five recipients of Maiden Lane III payments were Societe Generale with $6.9 billion, Goldman Sachs with $5.6 billion, Deutsche Bank with $2.8 billion, UBS with $2.5 billion.
States received payments on the Guaranteed Investment Agreements program with California receiving $1.02 billion, Virginia with $1.01, Hawaii with $770 million, Ohio with $490 million.
Securities Lending to Counterparties included Barclays at $7.0 billion, Deutsche Bank at $6.5 billion, BNP Paribas at $4.9 billion, Goldman Sachs with $4.8 billion, and Bank of America with $4.5 billion