Yielding to congressional demands, American International Group last week revealed the U.S. and foreign financial institutions to which it paid some $120 billion in taxpayer bailout money to settle its controversial derivatives trades, announcing that it now sees that use of such money should be public.
The disclosure of its derivative counterparties was largely overshadowed by the firestorm from AIG's payment of $165 million in retention bonuses to its Financial Products unit last week.
But the counterparty payments did come under fire in Congress and the media–including a March 17 column by New York's former governor and attorney general, Eliot Spitzer, in the online publication Slate, headlined: "The Real AIG Scandal."
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
