Q: AIG - Where Did The Money Go? - Securities Lending

  • 2009 0315 - AIG Press Release - AIG Discloses Counterparties To CDS, GIA And Securities Lending Transactions - 6p
  • 2008 - AIG 10k, For the fiscal year ended December 31 - SEC-link-345p
  • 2009 0315 - AIG Press Release - AIG Discloses Counterparties To CDS, GIA And Securities Lending Transactions - 6p
  • 2009 1231 - Examination Report of AIG - AGC Life Insurance Company - Missouri - 25p
  • 2010 0430 - FCIC memo of staff interview with Sarah Dahlgren, New York Fed - 5p
  • 2010 0610 - COP - Report - The AIG Rescue, Its Impact on Markets, and the Government’s Exit Strategy - 337p
  • 2010 0812 - COP - Report - The Global Context and International Effects of the TARP - 162p
  • She explained that most of the money drawn from the facility went to securities lending counterparties. 
  • Dixie asked how much money was drawn from the facility between September 16 and November 10 when the Maiden Lane transactions were announced.
    • Ms. Dahlgren said “north of $60 billion, but I’d have to verify that. (p2)

2010 0430 - FCIC memo of staff interview with Sarah Dahlgren, New York Fed - 5p

  • (p166) - At September 30, 2008, AIG had borrowed approximately $11.5 billion under the Fed Facility to provide liquidity to the securities lending program.

2008 - AIG 10k, For the fiscal year ended December 31 - SEC-link-345p

AGC Life Insurance Company operates as a holding company

  • AIG <Inc> made capital contributions <$18.3> in 2008 to substantially offset these securities lending losses from funds primarily obtained from the U.S. government.

2009 1231 - Examination Report of AIG - AGC Life Insurance Company - Missouri - 25p

2010 0812 - COP - Report - The Global Context and International Effects of the TARP - 162p

(p80) - Foreign counterparties of AIG received government funds from AIG‟s payments through its securities lending program. AIG‟s foreign-based securities lending counterparties received $28.7 billion.332 

(p80) - 332 The following foreign-based securities lending counterparties received U.S. rescue funds:

  • <Total $28.7 Billion>
  • Barclays ($7.0 billion),
  • Deutsche Bank ($6.4 billion),
  • BNP Paribas ($4.9 billion),
  • HSBC ($3.3 billion),
  • Dresdner Kleinwort ($2.2 billion),
  • UBS ($1.7 billion),
  • ING ($1.5 billion),
  • Société Générale ($0.9 billion),
  • Credit Suisse ($0.4 billion),
  • Paloma Securities ($0.2 billion),
  • Citadel Securities ($0.2 billion).

2009 0315 - AIG Press Release - AIG Discloses Counterparties To CDS, GIA And Securities Lending Transactions - 6p

Attachment D – Payments to AIG Securities Lending Counterparties Institution Payments to Counterparties by U.S. Securities Lending

  • --  Total $43.7 <International 28.6 Billion / US - 15.1 Billion>
  • Barclays $7.0
  • Deutsche Bank 6.4
  • BNP Paribas 4.9
  • Goldman Sachs 4.8
  • Bank of America 4.5
  • HSBC 3.3
  • Citigroup 2.3
  • Dresdner Kleinwort 2.2
  • Merrill Lynch 1.9
  • UBS 1.7
  • ING 1.5
  • Morgan Stanley 1.0
  • Societe Generale 0.9
  • AIG International Inc. 0.6
  • Credit Suisse 0.4
  • Paloma Securities 0.2
  • Citadel 0.2

2009 - FCIC - emails - FRBY-TOWNS-R3-002225 - big.assets.huffingtonpost.com/Dahlgren.pdf - 15p

  • (p3)  (2009 0303) - Dahlgren --separately, if the public wants to know where the funds have been used, AIG gave details of the uses of the government funds in its 10K that was issued on Monday -- it's on page 45 of the 10K ..... (and the *$20 billion to insurance companies shouldn't go unnoticed ...... )

For the fiscal year ended December 31, 2008 - AIG 10k - 344p

(p45) - Borrowings outstanding and remaining available amount that can be borrowed under the Fed Facility were as follows:

Inception through December 31, 2008  // Inception through February 18, 2009 (c) (In millions)

Borrowings:

  • Loans to AIGFP for collateral postings, GIA and other debt maturities ......... $ 46,997 //  $ 47,547
  • *Capital contributions to insurance companies (a) ........... 20,850 // 20,850
  • Repayment of obligations to securities lending program . .... 3,160 // 3,160
  • Repayment of intercompany loans ..................... 1,528 // 1,528
  • Contributions to AIGCFG subsidiaries .................. 1,672 // 1,686
  • Debt repayments .................................. 2,109 // 2,319
  • Funding of equity interest in ML III.................... 5,000 // 5,000
  • Repayment from the proceeds of the issuance of Series D  Preferred Stock and common stock warrant ...........(40,000)  // (40,000)
  • Other(a)(b) ...................................... (4,516) // (6,890)

(a) Includes securities lending activities.