HSBC bought credit default swaps from AIG

AIG is everyone’s favorite these days. From lavish parties to huge bonuses AIG is discussed everywhere these days. Here we examine the relationship between HSBC and AIG:

The following lists the collateral postings for counterparties who bought credit default swaps from AIG financial Products between Sept. 16, 2008 — the date of the initial government rescue — and Dec. 31, 2008:

Counterparty Amount Posted ($ BLN)
——————————————-
Societe Generale (SOGN.PA) $4.1
Deutsche Bank (DBKGn.DE) 2.6
Goldman Sachs Group (GS.N) 2.5
Merrill Lynch & Co Inc (BAC.N) 1.8
Calyon [CRINDZ.UL] 1.1
Barclays PLC (BARC.L) 0.9
UBS AG (UBSN.VX) (UBS.N) 0.8
DZ Bank [DETGNF.UL] 0.7
Wachovia Bank (WFC.N) 0.7
Rabobank [RABOM.UL] 0.5
KFW [KFW.UL] 0.5
JPMorgan Chase (JPM.N) 0.4
Banco Santander SA (SAN.MC) 0.3
Danske Bank (DANSKE.CO) 0.2
Reconstruction Finance Corp 0.2
HSBC Holdings PLC (HSBA.L) 0.2
Morgan Stanley (MS.N) 0.2
Bank of America Corp (BAC.N) 0.2
Bank of Montreal (BMO.TO) 0.2
Royal Bank of Scotland (RBS.L) 0.2
——————————————-
Top 20 CDS Total $18.3
Other 4.1
Total Collateral Postings $22.4
Source: AIG