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Barclays, Deutsche Bank Win Auction of Toxic AIG Assets

Barclays and Deutsche Bank on Thursday won a fierce bidding war for a portfolio of toxic assets the US government acquired in the 2008 bailout of insurance giant AIG.

By Adam Tempkin and Karen Brettell, Reuters | Updated on April 26, 2012

April 26 (IFR/Reuters) – Barclays and Deutsche Bank on Thursday won a fierce bidding war for a portfolio of toxic assets the US government acquired in the 2008 bailout of insurance giant AIG.

The Federal Reserve announced it had selected the two banks to buy two vast collateralized debt obligations (CDOs), consisting of bundles of commercial mortgage bonds, which have a face value of $7.5 billion.

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