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Report Claims U.S. Bailout Funds A Boon To Firms Abroad

The U.S. bailout was approved with fears at their height over the financial crisis.
A U.S. Congressional report has concluded that the U.S. government's $700 billion bailout of the financial sector in 2008 benefited international firms.

The report, produced by the U.S. Congressional Oversight Panel and quoted in "The Washington Post," reportedly shows that much of the $70 billion given to troubled financial services firm American International Group (AIG) ended up in the hands of international partners in France, Germany, and elsewhere.

The report also notes the U.S. bailout had more impact internationally than other countries' efforts had within the United States.

It calls on policy makers to consider how much money would end up in other countries when the U.S. government responds to future crises.

It also calls on leaders to work across borders to develop plans for responding globally to future crises.

compiled from agency reports