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Fair Game - Your Money at Work, Fixing Others’ Mistakes

o, the $85 billion loan to A.I.G. was really a bailout of the company's counterparties or trading partners. Now, inquiring minds want to know, whom did we rescue? Which large, wealthy financial institutions - counterparties to A.I.G.'s derivatives contracts - benefited from the taxpayers' $85 billion loan? Were their representatives involved in the talks that resulted in the last-minute loan? And did Lehman Brothers not get bailed out because those favored institutions were not on the hook if it failed? We'll probably never know the answers to these troubling questions. But by keeping taxpayers in the dark, regulators continue to earn our mistrust.

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