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In reply to the discussion: The Goldman Sachs Project to take over Europe nearly complete [View all]Octafish
(55,745 posts)43. AIG and the Goldman Sachs Bailout
EXCERPT...
Why make the banks whole while requiring a waiver from AIG? It simply doesn't make sense. Especially since we're talking about taxpayer money.
The documents also indicate that regulators ignored recommendations from their own advisers to force the banks to accept losses on their A.I.G. deals and instead paid the banks in full for the contracts. That decision, say critics of the A.I.G. bailout, has cost taxpayers billions of extra dollars in payments to the banks. It also contrasts with the hard line the White House took in 2008 when it forced Chryslers lenders to take losses when the government bailed out the auto giant.
Even if it turns out that it would be a hard suit to win, just the gesture of requiring A.I.G. to scrap its ability to sue is outrageous, said David Skeel, a law professor at the University of Pennsylvania. The defense may be that the banking system was in trouble, and we couldnt afford to destabilize it anymore, but that just strikes me as really going overboard.
Could it have to do with the fact that the US Treasury Secretary at the time was Hank Paulson, former CEO of Goldman Sachs? Or the fact that the US Treasury, Federal Reserve, and Goldman Sachs are all run by the same people?
SNIP...
Taxpayer money wasn't protected at all. Because if protecting taxpayers was one of their goals (which should have been their primary goal), they would have made the banks take concessions. But in no uncertain terms, everyone was focused on making the banks whole.
CONTINUED...
http://the-classic-liberal.com/aig-goldman-sachs-bailout/
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I wonder if congress will.... They made so much money from these guys via insider trading...
midnight
Nov 2012
#10
You amass 100,000 people in the street. Break into their gated communities and.....
Hotler
Nov 2012
#34
At 2:49 Masters blames CDS debacle on deregulation of banks, which WS lobbied for
GiaGiovanni
Dec 2012
#57
Mark Carney, Governor of the Bank Of Canada will become Governor of the Bank of England
CJCRANE
Nov 2012
#4
I dream of a day where THIS will be the top post on DU- this is THE most important issue
RepublicansRZombies
Nov 2012
#5
They are being exposed, we are learning their tricks, and we are becoming sick of them.
Fire Walk With Me
Nov 2012
#20
K&R. Thanks for posting. A lot of us have been talking about this for many years
Egalitarian Thug
Nov 2012
#30
I guess that's why all over site, and congressional approval to borrow money had to be dispensed
midnight
Nov 2012
#40
is that what was meant? ohhh But why not say so directly if that's what the poster believes?
HiPointDem
Dec 2012
#54