Not the bonuses to the AIG FP folks – but, rather, AIG’s passthrough of billions of dollars of emergency federal funding to “the coffers of several dozen big banks, shielding them from losses.”
And AIG didn’t just pass the billions through to American banks – but “Société Générale of France and Deutsche Bank of Germany, each of which received nearly $12 billion, Barclays of Britain, which received $8.5 billion, and UBS of Switzerland, which received $5 billion.”
The magic phrase: 100 percent on the dollar. Why? Who’s in charge of this debacle, anyway?