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bailout of AIG, bailouts big mistake, Bank of America, CitiGroup, financial institutions, Goldman Sachs, gov'nt loses $36 billion, HSBC, Merrill Lync, obama socialist agenda, politics, power grab, taxpayers ripped-off, U. S. Treasury, Wall Street, watchdog panel
FoxNews.com | Associated Press
Published June 10, 2010
AP/FILE
AIG president Robert Benmosche
WASHINGTON — A watchdog panel says it’s still unclear whether U.S. taxpayers will ever fully recoup the $182 billion they plowed into American International Group Inc., and the government should have used up all its options before bailing out the crippled insurance titan.
The government could have acted sooner and more aggressively to engineer a privately funded rescue of AIG in September 2008, the Congressional Oversight Panel says in a new report released Thursday.
The bailout had a “poisonous” effect, the report says, because now the markets believe the government will commit taxpayer money to prevent the collapse of big financial institutions and to repay their trading partners.