French and German banks were among the greatest beneficiaries of the U.S. government’s $70 billion rescue of AIG, according to a report published by the Congressional Oversight Panel on Thursday.

The same report recommended that U.S. Treasury do a better job tracking where money used to shore up the financial system actually ends up. And the report suggested U.S. regulators do more to prepare for future financial crises given the globalization of financial markets.

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