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A survey showed the AIG name as one of the most hated brands. Marketing was one of most disliked words, as AIG tried to put a positive spin on parties, bonuses, bailouts and losses. The U.S. Government bailout of AIG angered many. What is HSBC’s relationship to AIG? How much did HSBC receive from AIG?
HSBC received $3.5 Billion (USD) from AIG
We learned something interesting from Business Week. HSBC USA is an AIG counterparty.
While HSBC did not take any bailout money AIG certainly did. Through insurance and reinsurance deals with AIG, HSBC USA profited nicely from the bailout of AIG. Another $3.5 Billion write off for HSBC would have hurt had AIG not received bailout help.
This is our money used for bailouts. I don’t think the taxpayer should pay it. There is no reason these counterparties can’t take a loss for putting money with the idiots at AIG. Why not go after the bonuses of the executives who OKed these idiotic contracts earlier this decade?
This article, HSBC received $3.5 Billion of AIG bailout money, is just one of our articles from The HSBC Monitor, Part 2 – News and Complaints Behind the Scenes
The HSBC Monitor monitors banking problems and customer complaints and has done so since 1999. Writers hold no stock positions. Some material is used under the fair use copyright act.
We use Thomson Reuters News Service Calais in all production material but are not associated with Thomson Reuters, banks, or financial institutions in any way.
