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Goldman Sachs Got Billions From AIG For Its Own Account, Crisis Panel Finds

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Bushfire Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-26-11 10:10 PM
Original message
Goldman Sachs Got Billions From AIG For Its Own Account, Crisis Panel Finds
Source: Huffpo

Goldman Sachs collected $2.9 billion from the American International Group as payout on a speculative trade it placed for the benefit of its own account, receiving the bulk of those funds after AIG received an enormous taxpayer rescue, according to the final report of an investigative panel appointed by Congress.

The fact that a significant slice of the proceeds secured by Goldman through the AIG bailout landed in its own account--as opposed to those of its clients or business partners-- has not been previously disclosed. These details about the workings of the controversial AIG bailout, which eventually swelled to $182 billion, are among the more eye-catching revelations in the report to be released Thursday by the bipartisan Financial Crisis Inquiry Commission.

The details underscore the degree to which Goldman--the most profitable securities firm in Wall Street history--benefited directly from the massive emergency bailout of the nation's financial system, a deal crafted on the watch of then-Treasury Secretary Henry Paulson, who had previously headed the bank.

Read more: http://www.huffingtonpost.com/2011/01/26/goldman-sachs-aig-backdoor-bailout_n_814589.html
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armodem08 Donating Member (186 posts) Send PM | Profile | Ignore Wed Jan-26-11 10:25 PM
Response to Original message
1. Vampire squid indeed... n/t
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PSPS Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-26-11 10:31 PM
Response to Original message
2. Just more criminality that will be given a pass by Obama's "justice" department.
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SleeplessinSoCal Donating Member (710 posts) Send PM | Profile | Ignore Thu Jan-27-11 02:26 AM
Response to Reply #2
8. I'm making it a priority to badger the WH to replace Holder - Please help!!!
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Enthusiast Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-27-11 06:24 AM
Response to Reply #8
15. The WH?
They don't need no stinkin' badgers.
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Name removed Donating Member (0 posts) Send PM | Profile | Ignore Thu Jan-27-11 04:49 AM
Response to Reply #2
11. Deleted message
Message removed by moderator. Click here to review the message board rules.
 
Broderick Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-27-11 11:59 AM
Response to Reply #2
19. infuriating
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No Elephants Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-26-11 10:41 PM
Response to Original message
3. Isn't Goldman's "bonus" from AIG old news? I swear I read it months ago.
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girl gone mad Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-26-11 11:42 PM
Response to Reply #3
4. Goldman likes to deny that they were beneficiaries of the bailout..
or that they were in any danger from the financial crisis. The truth is quite different.
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Bobbysox22 Donating Member (47 posts) Send PM | Profile | Ignore Thu Jan-27-11 12:29 AM
Response to Original message
5. There is a revolving door between Goldman Sachs & the Obama administration
Edited on Thu Jan-27-11 12:38 AM by Bobbysox22
Goldman is retaining former Obama White House counsel Gregory Craig. Robert Hormats, the undersecretary of state for economic, energy and agricultural affairs, is an old Goldman hand.

http://www.mcclatchydc.com/2010/04/21/92637/goldmans-connections-to-white.html#ixzz1CD8xygQo

In October of 2008, a Goldman Sachs Vice President Neel Kashkari, was named by former Goldman CEO and then-Treasury Secretary Hank Pauslon to oversee the $700 billion TARP bailout. In January of this year, Tim Geithner hired a former Goldman Sachs lobbyist, Mark Patterson, to be his top aide and Chief of Staff. In March, President Obama nominated Goldman Sachs executive Gary Gensler to head the Commodity Futures Trading Commission, which regulates futures markets, even though (or "because") Gensler confessed to lax regulation during the Clinton administration over the very derivative instruments that caused the financial crisis. In April, Goldman hired as its top lobbyist Michael Paese, the top aide to Rep. Barney Frank on the House Financial Services Committee which Frank chairs.

http://www.salon.com/news/opinion/glenn_greenwald/2009/10/16/goldman

On 7-9-11 a Goldman Sachs executive has been named to head the division of the Securities and Exchange Commission that oversees mutual funds and investment advisers. The agency said Tuesday that Eileen Rominger will become director of investment management, replacing Andrew "Buddy" Donohue, who left the SEC in November. Rominger has worked for nearly 30 years as a portfolio manager and leader of asset management teams. She worked for 11 years at Goldman Sachs Asset Management, most recently as its global chief investment officer.

http://abcnews.go.com/Business/wireStory?id=12643375

Etc.
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Frank Booth Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-27-11 02:57 AM
Response to Reply #5
9. Out of everything Obama's done, his extremely cozy relationship with Goldman-Sachs
bothers me the most. I miss the days when the most powerful sleazeball associated with Obama was Tony Rezko.
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Rex Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-27-11 01:03 AM
Response to Original message
6. Hell they get a bonus!!!
Crime NEVER paid so well!
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snot Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-27-11 01:51 AM
Response to Original message
7. And it only took 2+ years to spot the obvious.
Edited on Thu Jan-27-11 01:52 AM by snot
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HCE SuiGeneris Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-27-11 04:32 AM
Response to Original message
10. Quelle surprise!
Tip of the icebergs?
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indimuse Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-27-11 04:53 AM
Response to Original message
12. ALL THESE CRIMINALS SHOULD BE IN JAIL!!
Along with ALL the congressional WHORES who SOLD US OUT!!!
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Hubert Flottz Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-27-11 05:02 AM
Response to Original message
13. Poor people get locked up for years for stealing a few dollars.
A crook/thief belongs in jail, instead of getting a multi million dollar bonus.
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Enthusiast Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-27-11 06:22 AM
Response to Original message
14. Well, no quid pro quo there.
Edited on Thu Jan-27-11 06:23 AM by Enthusiast
Most is amazing is after these revelations absolutely nothing will be done to these miscreants. Hell, they continue to run the county. Why is that?
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stockholmer Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-27-11 07:14 AM
Response to Original message
16. Nuremberg-style tribunal time, try the bastards (global bankers) for crimes against humanity n/t
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melm00se Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-27-11 07:24 AM
Response to Original message
17. even if there was no crime
(something that has yet to be determined), the appearance of this is extremely fishy and this thread goes down as evidence for the old adage: perception is realtiy
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benld74 Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-27-11 11:06 AM
Response to Original message
18. I hate reading shit like this, effin leeches!!
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Octafish Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-27-11 01:48 PM
Response to Original message
20. What a coincidence! (nt)
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