Now We’re Getting Somewhere

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March 6, 2009 6:02 pm
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Just out from the Journal (sub.req.) …

The beneficiaries of the government’s bailout of American International Group Inc. include at least two dozen U.S. and foreign financial institutions that have been paid roughly $50 billion since the Federal Reserve first extended aid to the insurance giant.

Among those institutions are Goldman Sachs Group Inc. and Germany’s Deutsche Bank AG, each of which received roughly $6 billion in payments between mid-September and December 2008, according to a confidential document and people familiar with the matter.

The gist of the rest of the piece is that, as many have surmised, European banks had a disproportionate exposure to AIG’s potential collapse.

And just to be clear, the named institutions and even the few specific dollar amounts are broadly in line with what people expected. The only difference being that this report appears to be based on actual documentation of where the money went rather than informed speculation.

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