The federal government has provided more financial support for Citigroup Inc. than it has for American International Group Inc.
The Congressional Oversight Panel, the body overseeing government bailout efforts, has published data on the top beneficiaries of federal bailout support in a report on Troubled Asset Relief Program repayments.
The panel is led by Elizabeth Warren, a Harvard University professor once best known in the insurance industry as the source of research suggesting that disability is one of the most common of home loan foreclosures.
The panel notes in the report that AIG has not started paying the government back for government assistance but has not had any payments come due.
The government has provided a total of $170 billion in support for AIG, New York, about $290 billion in support for Citigroup, and $4.3 trillion in support for all aid recipients, the panel estimates.
The panel notes that this figure includes all theoretical exposure to loss.
The $4.3 trillion total “would translate into the ultimate ‘cost’ of the stabilization effort only if: (1) Assets do not appreciate, (2) No dividends are received, no warrants are exercised, and no TARP funds are repaid, (3) All loans default and are written off, and (4) All guarantees are exercised and subsequently written off,” the panel writes in its report.
As of July 2, AIG had received $70 billion in outlays from the U.S. Treasury Department and $100 billion in loans from the Federal Reserve System, the panel says.