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

[Bushfire]

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

[armodem08]

1. Vampire squid indeed... n/t

[PSPS]

2. Just more criminality that will be given a pass by Obama's "justice" department.

[SleeplessinSoCal]

8. I'm making it a priority to badger the WH to replace Holder - Please help!!!

[Enthusiast]

15. The WH?

They don't need no stinkin' badgers.

[Name removed]

11. Deleted message

Message removed by moderator. Click here to review the message board rules.

[Broderick]

19. infuriating

[No Elephants]

3. Isn't Goldman's "bonus" from AIG old news? I swear I read it months ago.

[girl gone mad]

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.

[Bobbysox22]

5. There is a revolving door between Goldman Sachs & the Obama administration

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.

[Frank Booth]

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.

[Rex]

6. Hell they get a bonus!!!

Crime NEVER paid so well!

[snot]

7. And it only took 2+ years to spot the obvious.

[HCE SuiGeneris]

10. Quelle surprise!

Tip of the icebergs?

[indimuse]

12. ALL THESE CRIMINALS SHOULD BE IN JAIL!!

Along with ALL the congressional WHORES who SOLD US OUT!!!

[Hubert Flottz]

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.

[Enthusiast]

14. Well, no quid pro quo there.

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?

[stockholmer]

16. Nuremberg-style tribunal time, try the bastards (global bankers) for crimes against humanity n/t

[melm00se]

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

[benld74]

18. I hate reading shit like this, effin leeches!!

[Octafish]

20. What a coincidence! (nt)