Sunday, December 13, 2009
GOOD WORK GOLDMAN SQUID
BANZAI7 NEWS--Goldman Sachs Group Inc played a bigger role in fueling the mortgage bets that crippled American Insurance Group Inc than has been publicly disclosed, the Wall Street Journal reported on Saturday.
An analysis by the paper of AIG's trades on pools of mortgage debt shows that Goldman was a key player in many, including those involving other banks, the Journal said.
The bank originated or bought protection from AIG on roughly $33 billon of the $80 billion of U.S. mortgage assets that AIG insured during the housing boom.
That was about twice as much as Societe Generale and Merrill Lynch, the firms with the largest exposure to AIG after Goldman, according to an analysis of ratings-firm reports and an internal AIG document, the Journal said.
They deserve a record bonus for this good work!
Meanwhile Rip Van Obama had this to say on 60 Minutes: "I did not run for office to be helping out a bunch of fat cat bankers on Wall Street."
Oh really? How would we ever know. Perhaps he should read Obama's Big Sellout,
which outlines in great detail what you have been reading on this Blog all year, Obama has surrounded himself with a bunch of Wall Street bag men.