AIG discloses bailout recipients

AIG said over the weekend it had paid over $100 billion of its bailout funds to US states and international banks including Goldman Sachs, Deutsche Bank and Societe Generale. The cash was used to cover collateral payments, cancel derivative contracts and meet obligations at its securities lending business after the firm had to be bailed out last year.

Most of the major US and European banks were represented on the list, but AIG revealed that Goldman Sachs was the biggest single beneficiary from the payments, receiving $12.9 billion. Bank of America Corp. and Merrill Lynch together received $12 billion in payments, followed by Societe Generale, which got $11.9 billion and Deutsche Bank, which was handed $11.8 billion.

Payments to municipalities totaled $12.1 billion.

"AIG recognises the importance of upholding a high degree of transparency with respect to the use of public funds," the group said in a statement.

The group had previously argued that disclosing the identity of counterparties could damage its business relationships or cause competitive harm, but it had come under increasing pressure from lawmakers to provide details. The remainder of the $173 billion that AIG received from taxpayers has been used to repay debt, boost capital levels at some of its units and fund vehicles created to wind down its derivatives contracts.

The Obama administration and US senators have reacted angrily to the  $1 billion in bonus payouts and retention pay to executives announced on Sunday by the American insurance giant.