QUOTE OF THE YEAR

BANZAI7 NEWS--A Goldman Squid spokesman says that up until AIG was rescued by the government, the insurer “was viewed as one of the most sophisticated financial counterparties in the world. It wasn’t until the government intervened in September 2008 that the full extent of AIG’s problems became apparent."

“What is lost in the discussion is that AIG assumed billions of dollars in risk it was unable to manage,” the Goldman spokesman added.

This tells you what kind of idiots Goldman Sachs thinks occupy the rest of the world.  "Sophisticated financial counterparty"? Does Azzam the Donkey's Ass work at Goldman?

Here's the plain truth, Goldman found a bucket of big fish and milked it for all it was worth. That's fine, finding big fish is what the trading game is about. But Goldman transformed itself into an equally big fish in the process and as we all know, when these two fish wound up high and dry Uncle Hank and Ben "Money Printer" Bernanke pulled out  the  bailout buckets pronto.

Here we are a little over a year later watching record squid bonus payouts (cash or stock/who cares) and senior resignation threats at AIG over salary caps.

Obama's pre-Christmas sound bytes are pure comedy compared to what is being cooked up in Europe.