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AIG Bailout Payments to Banks Probed by TARP Inspector Barofsky

Posted on 07 Apr 2009

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American International Group Inc.'s (AIG) payments to banks including Goldman Sachs Group Inc. after the insurer's bailout are being probed by the chief watchdog of the U.S. financial rescue program.

Neil Barofsky, special inspector general for the Troubled Asset Relief Program (TARP, has opened an audit into whether there were attempts made by New York-based AIG or the government to reduce the payments, according to an April 3 letter he wrote to Representative Elijah Cummings. The Maryland Democrat had requested the probe last month along with 26 other lawmakers.