Picture du Jour: How the AIG bailout really worked
While the AIG controversy rages and the enquiry into the bailout gathers momentum, Professor Linus Wilson of the University of Louisiana (via Clusterstock) has put together a helpful chart showing exactly how the bailout was constructed and indicating which banks got how much.
“Two things stand out: The Treasury’s overpayment for preferred stock was a crucial part of the bailout, and though Goldman Sachs is usually held up as the bad guy here, SocGen received $2.5 billion more,” remarked Clusterstock.
Fascinating stuff, especially with American taxpayers coming to the rescue of the European banks!
Source: Clusterstock, January 27, 2010.
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