Counterparties

Who is getting all those taxpayer dollars that are being flushed through AIG? Zachary Roth at TPM has some names (but the WSJ and NYT did the investigating).

This Journal story from October 2008 names the following nine American and foreign banks as having bought swaps from AIG: Goldman Sachs; Merrill Lynch; UBS of Switzerland; Credit Agricole SA of France; Deutsche Bank of Germany; Barclays, and Royal Bank of Scotland Group, of Britain; and CIBC, and Bank of Montreal, of Canada.

This is just about as bad as anyone could imagine [except it is pretty much what Cynthia has imagined, and said]. I don't think Geitner has much credibility left. This won't help.

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