Related: Breaking News: Goldman Sachs Screwed Greece
Yeah, they are bringing the whole system down after they looted the thing.
"Quiet conflict with Goldman helped push AIG to precipice; Demands bled much-needed cash from insurer" by Gretchen Morgenson and Louise Story, New York Times | February 7, 2010
NEW YORK - Billions of dollars were at stake when 21 executives of
AIG had long insured complex mortgage securities owned by Goldman and other firms against possible defaults.
The ones Goldman was betting against, huh?
With the housing crisis deepening, AIG, once the world’s biggest insurer, had paid Goldman $2 billion to cover losses the bank said it might suffer.
AIG executives wanted some of the money back, insisting that Goldman - like a homeowner overestimating the damages in a storm to get a bigger insurance payment - had inflated the potential losses. Goldman countered that it was owed even more, while also resisting consulting with third parties to help estimate a value for the securities.
Ready to rip some throats open, America?
After more than an hour of debate, the two sides on the call signed off with nothing settled, according to internal AIG documents and a tape recording reviewed by The New York Times.
Behind-the-scenes disputes over huge sums are common in banking, but the standoff between AIG and Goldman would become one of the most momentous in Wall Street history. Well before the federal government bailed out AIG in September 2008, Goldman’s demands for billions of dollars from AIG helped put the insurer in a precarious financial position by bleeding it of much-needed cash. That ultimately provoked the government to step in.
That means YOU, TAXPAYERS!!!!!!
With taxpayer assistance to AIG currently totaling $180 billion, regulatory and congressional scrutiny of Goldman’s role in the insurer’s downfall is increasing....
They TAKE DOWN EVERYTHING THEY TOUCH!!!!
'course, horse is already out the barn and in the pasture!
In just the year before the AIG bailout, Goldman collected more than $7 billion from AIG. And Goldman received billions more after the rescue. Though other banks also benefited, Goldman received more taxpayer money, $12.9 billion, than any other firm.
And THEY DESTROYED the WORLD ECONOMY, folks!!!!
In addition, according to two people with knowledge of the positions, a portion of the $11 billion in taxpayer money that went to
Sort of like MONEY-LAUNDERING, 'ey?
Goldman stood to gain from the housing market’s implosion because in late 2006, the firm had begun to make huge trades that would pay off if the mortgage market soured.
After they BUNDLED and SOLD that s*** to investors!!!!!
Isn't there some CRIMINALITY in there?
The further mortgage securities prices fell, the greater were Goldman’s profits....
While they were telling clients they were a GREAT INVESTMENT!!!
Goldman’s bet that the housing market would decline, has left some questioning whether Goldman had other reasons for lowballing the value of the securities that AIG had insured, said Bill Brown, a law professor at Duke University who is also a former employee of both Goldman and AIG. The dispute between the two companies, he said, “was the tip of the iceberg of this whole crisis.’’
“There could have been an incentive for Goldman to say, ‘AIG, you owe me more money,’ ’’ Brown said.
Goldman is proud of its reputation for aggressively protecting itself and its shareholders from losses as it did in the dispute with AIG....
They DESERVE to have their heads separated from their bodies.
I have never seen such unrepentant and evil scum.
Still, documents show there were unusual aspects to Goldman’s payments. It resisted, for example, letting third parties value the securities as its contracts with AIG required. And Goldman based some payment demands on lower-rated bonds that AIG’s insurance did not even cover.
Translation: Goldman's is a HOUSE of THIEVES!!!!
Also see: The Boston Globe's Invisible Ink: AIG's Hundred Million Dollar Bonuses
It saddens me to see the American people having been took in such a way.
And make sure you keep this quiet, MSM:
"Ex-staffer indicted in software case" by Bloomberg News | February 12, 2010
NEW YORK - A former Goldman Sachs Group computer programmer, Sergey Aleynikov, was indicted yesterday on federal charges that he stole trading software from the bank.
Aleynikov, 40, was arrested July 3 and charged with theft of trade secrets and transportation of stolen property.
Related:
"Goldman's "secret" isn't a secret at all. Their program trading system, dragged into the light by the arrest of a former programmer, churns the market constantly, capturing a few dollars here and there as the price of targeted stocks fluctuates, raking in $100 million a day for which nothing of value is given back. It is legalized looting on a scale that makes Bernie Madoff's scams look like stealing a few coins from the collection plate. And all of this is paid for by the traders who are not allowed to use programs, the investors who get to the trade windows a second later than Goldman Sachs, and of course, the actual companies being traded." -- Wake the Flock Up "
And doing it all while BETTING AGAINST the products they were promoting!!!!
“Proprietary information and trade secrets are sometimes the most valuable assets of a business,’’ FBI assistant director-in-charge Joseph Demarest said yesterday.
Especially when it is a RIP-OFF SCHEME!!!
The proprietary code, worth millions of dollars, lets the company do “sophisticated, high-speed and high-volume trades on various stock and commodities markets,’’ prosecutors have said in court documents.
Aleynikov, free on $750,000 bond, holds dual US and Russian citizenship.A member of the Jewish Mafia?
He said the files prosecutors said he stole weren’t shared with anyone and he took them so he could work at home.
--more--"
And did you know that Goldman Sachs has been neck deep in every ugly financial meltdown in the
And now they are going to BRING DOWN the GLOBAL ECONOMY!!!
