Where did the money go.....

[chefdennis]

I know this is a old article, but seeing where the taxpayer funded AIG bailout money went and how much was spent in one place is not a pretty sight....yeap bush started this ( with timmys and summers and barrys and bens input and direction) but it was also continued under barry and his minions..and the bailouts and the results of them oe lack of results depending on where you are looking are still going on and are about to start again......since the 1st round worked so well, i guess we can look for "happy times" any day now......

Goldman Sachs Wins Big In Secret Bailout Via AIG

Henry Blodget|
Mar. 15, 2009, 8:33 PM
Goldman Sachs Wins Big In Secret Bailout Via AIG (GS)

In case you were wondering where on earth all that money went that you shoveled into the black hole known as AIG, we now have a pretty good idea.

$13 billion of it went to Goldman Sachs
$12 billion went to Soc Gen
$12 billion went to Deutsche Bank
$9 billion went to Barclays
$7 billion went to Merrill Lynch
$5 billion went to Bank of America

And so on.

All these firms did business with AIG voluntarily. All these firms knew (or should have known) the risks of doing business with an unregulated firm in an unregulated part of the market. All these firms were willing to take the risk that AIG wouldn't be able to make good on its commitments.

(Or, more accurately, all these firms were willing to take the risk the government would NOT bail out AIG if it were as dumb and reckless as it looked--and this proved to be a safe and smart bet.)

By now, however, one thing should be clear: The government's decision to bail out AIG on the terms it did was a colossal mistake. All of the counterparties that were secretly bailed out via the AIG bailout could have and should have shared at least some of the loss. But because incompetence is clearly not confined to those who work in the financial services industry, the American taxpayer will, once again, foot the bill.

* for a complete list of where the AIG bailout money went, click the link above to view the complete article