AIG May Be on the Hook in Lawsuits Against Goldman Sachs Board

[Lucky Luciano]

This is rather ironic...

By Bob Van Voris
    April 24 (Bloomberg) -- American International Group Inc.
may be required to pay to defend lawsuits against Goldman Sachs
Group Inc.’s top executives, including Chairman and Chief
Executive Officer Lloyd Blankfein, under directors and officers
insurance policies held by the company.
    AIG, which was rescued from collapse by the U.S.
government, sold so-called Side A directors and officers’
coverage to New York-based Goldman Sachs, according to a person
with knowledge of the policy. Goldman Sachs was sued last week
by the U.S. Securities and Exchange Commission, which claimed it
misled investors about collateralized debt obligations tied to
subprime mortgages in 2007.
    “If it were a derivative suit against Goldman, defense
costs would be covered, and I’d prefer not to be a primary on
the policy,” said John Degnan, vice chairman and chief
operating officer of AIG competitor Chubb Corp., while
answering a question about Goldman Sachs on an April 22 earnings
call.

--SNIP--

With assistance from Hugh Son and Carlyn Kolker in New York.
Editors: David E. Rovella, Michael Hytha.

To contact the reporter on this story:
Bob Van Voris in New York at [phone] or
[email protected]

[hobbit709]

1. I hope it costs them every penny they got from the taxpayers.

[rfranklin]

2. this is the problem...these guys are totally insulated...

their biggest pain is not being recognized universally as the great financial benefactors that they know they are.

[Skink]

3. Who us?