Word: bailout
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...held by investment banks, or a significant portion is held by other financial institutions like hedge funds. Suppose all swaps are held by banks. Since swaps are a zero-sum game, the banking industry as a whole cannot lose money on swaps. Then there is no need for a bailout. (See 25 people to blame for the financial crisis...
Alternatively, if hedge funds hold significant positions, then it is possible for the banking industry as a whole to net a loss on swaps. That loss would be the hedge funds' gain. This means the bailout is ultimately saving the hedge funds...
...very least, there should be full transparency. Any institution receiving money from the government - and ultimately from American taxpayers - should reveal its holdings. Even institutions that do not require a bailout should be more closely tracked by regulators. The government can and should monitor all transactions, even those over-the-counter...
...White House scrambled on Monday to get ahead of the latest outrage stemming from the bailout of failed corporate behemoth American International Group (AIG): $165 million in bonus pay for executives in one part of the firm, which is now 80% controlled by American taxpayers...
...move came after Obama officials spent part of the weekend playing defense on AIG, as more details of the bailout became public. But the harsh criticism of the company is unlikely to stem rising public outrage with the multibillion-dollar cleanup operation. That anger came after federal officials named dozens of U.S. and European financial institutions that, together with municipalities in Virginia, California and elsewhere, have shared in more than $170 billion in AIG bailout money. (See 25 people to blame for the financial collapse...