However annoying this is, there is some truth to the claim that the takeover of AIG was a "backdoor bailout" of other firms. Somewhat like the IMF loaning money

However annoying this is, there is some truth to the claim that the takeover of AIG was a "backdoor bailout" of other firms. Somewhat like the IMF loaning money to countries like Thailand and South Korea during the Asian financial crisis. The bailout money went straight through the immediate recipients and on to their creditors.