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For Crying Out Loud Tim »

AIG, Liddy, Goldman Sachs – Just How Deep Does The Rabbit Hole Go?

In a follow up post on the Congresswoman Bachmann conference call one earlier (Brief Bachmann Conference Call – AIG More Funny Business Than Just Bonuses)

I found some more interesting information about the AIG, Liddy, & Goldman Sachs connections. 

NEW YORK (MarketWatch) — Goldman Sachs said it would hold a conference call with reporters on Friday to, “answer questions from journalists, and clarify certain misperceptions in the press regarding Goldman Sachs’ trading relationship with American International Group.” 

Members of the public can listen to the call via webcast, the company said in a press release.
Lawmakers and pundits have been questioning the Goldman (GS: relationship after it was revealed that about $13 billion of government funds that went to AIG, ended up being paid to Goldman Sachs.

Goldman’s position with AIG came to light officially on Sunday, when the insurer revealed on Sunday details of $105 billion of government funds that it paid to U.S. and international banks including Goldman, Deutsche Bank and Societe Generale.
Most of the leading U.S. and European banks were represented on the list of recipients of AIG payouts. But Goldman got the biggest single total, receiving $12.9 billion. See full story.
A lot of the payments were made to satisfy collateral demands from derivative-based hedges Goldman purchased from AIG.
Goldman’s trading relationship with AIG came front-and center again on Wednesday, when the House grilled AIG Chairman Edward Liddy about the company’s business dealings.
Liddy, the former Allstate chief executive and ex-Goldman Sachs director — who became chief of American International Group Inc. when the giant insurer collapsed into the arms of the U.S. government in September – faced the grilling of his career on Capitol Hill at a hearing dominated by outrage over its latest bonus scandal. See full story.

Liddy also was chairman of the compensation committee at Goldman Sachs Group, a leading investment bank that paid its top five executives at least $43 million each for 2007. [emphasis mine]
Again, everyone is going mad and turing into a lynch mob over $165 Million dollars, well, isn’t $13 Billion something to get worked up about as well, given the lack of need for the bailout funds at Goldman Sachs, especially when Liddy has such strong ties to it? 
The AIG bonuses are 1/100th of what AIG sent to Liddy’s former company. 
Had we never given them the money in the first place, none of this would have happened, but if we’re going to be outraged, let’s make sure we look at the entire field.
Who knows, maybe we can even get the American public to realize why the trillions in bailouts to failed companies was such a bad idea in the first place. 
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This entry was posted on Friday, March 20th, 2009 at 10:06 am and is filed under It's The Spending Stupid, Know Thy Enemy, MN 6th - Bachmann, National, Politics. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

One Response to “AIG, Liddy, Goldman Sachs – Just How Deep Does The Rabbit Hole Go?”

  1. AIG, Liddy, Goldman Sachs - Just How Deep Does The Rabbit Hole Go? says:
    March 20, 2009 at 1:32 pm

    [...] Read more here: AIG, Liddy, Goldman Sachs – Just How Deep Does The Rabbit Hole Go? [...]