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Wednesday, March 11, 2009

AIG's Bailout Billions Benefit U.K. Banks

AIG's Bailout Billions Benefit U.K. Banks
"...The Fed allowed those institutions to keep the collateral that AIG posted and essentially tore up the credit default contracts. AIG has reported that $47 billion was used for collateral postings and debt payments. More U.K. banks were beneficiaries than those in any other country because of the countries' close financial ties, but no individual amounts have been released..."
Reference: www.thestreet.com

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