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Monday, February 8, 2010

Goldman Sachs Links and News - February 8, 2010

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Goldman Sachs Denies Sinister Behavior, Again -- Daily Intel
By Jessica Pressler Did Goldman Sachs push A.I.G. over the edge? - Douglas French ...
By Douglas French
Raymond J. Learsy: The Question Unasked Again and Again of Goldman ...
By Raymond J. Learsy
Goldman's payment demands on AIG probed: report
Reuters
"This is the New York Times' third attempt to develop a conspiracy theory about Goldman Sachs and AIG," Goldman spokesman Lucas van Praag said in an email. GS666 Comment: Go NYT's. Keep up the effort to uncover the truth.
The Big Picture » Blog Archive » Goldman Sachs vs AIG
By Barry Ritholtz
Vox Verax: The Goldman Sachs Party
By TM
Goldman Sachs: Contributor to Mortgage Meltdown | The Ruth Group
By Will Kirkland
AIG-GATE: THE WORLDS GREATEST INSURANCE HEIST
Before It's News0
What Do People Really Think Of Goldman Sachs? (VIDEO) - Home - The ...
By DailyBail

4 COMMENTS:

Anonymous said...: How Goldman Sachs Helped Greece to Mask its True Debt

http://www.spiegel.de/international/europe/0,1518,676634,00.html

http://montyhallparadox.blogspot.com/2010/02/still-goldman-and-aig.html; February 9, 2010 at 3:47 AM
Anonymous said...: Maybe foreign governments will wake up if our government won't?

The Ever Increasing Parallels Between AIG And Greece... And The CDS Puppetmaster Behind It All

David Fiderer's below piece, originally published on the Huffington Post, continues probing the topic of Goldman and AIG. For all intents and purposes the debate has been pretty much exhausted and if there was a functioning legal system, Goldman would have been forced long ago to pay back the cash it received from ML-3 (which in itself should have been long unwound now that plans to liquidate AIG have been scrapped) and to have the original arrangement reestablished (including the profitless unwind of AIG CDS the firm made improper billions on, by trading on non-public, pre-March 2009, information), and now that AIG is solvent courtesy of the government, so too its counterparties can continue experiencing some, albeit marginal, risk, instead of enjoying the possession of cold hard cash. Oh, and Tim Geithner would be facing civil and criminal charges.

Yet as we look forward, we ask, who now determines the variation margin on Greek CDS (and Portugal, and Dubai, and Spain, and, pretty soon, Japan and the US), the associated recovery rate, and how much collateral should be posted by sellers of Greek protection? If Greek banks, as the rumors goes, indeed sold Greek protection, and, as the rumor also goes, Goldman was the bulk buyer, either in prop or flow capacity, it is precisely Goldman, just like in the AIG case, that can now dictate what the collateral margin that Greek counterparties, and by extension the very nation of Greece, have to post on billions of dollars of Greek insurance. Let's say Goldman thinks Greece's debt recovery is 75 cents and the CDS should be trading at 700 bps, instead of the "prevailing" consensus of a 90 recovery and 450 spread, then it will very likely get its way when demanding extra capital to cover potential shortfalls, since Goldman itself has been instrumental in covering up Greece's catastrophic financial state and continues to be a critical factor in any future refinancing efforts on behalf of Greece. Obviously this incremental margin, which only Goldman will ever see, even if the CDS was purchased on a flow basis, will never be downstreamed on behalf of its clients, and instead will be used to [buy futures|buy steepeners|prepay 2011 bonuses|buy more treasuries for the BONY $60 billion Treasury rainy day fund].
In essence, through its conflict of interest, its unshakable negotiating position, and its facility to determine collateral requirements and variation margin, Goldman can expand its previous position of strength from dictating merely AIG and Federal Reserve decision making, to one which determines sovereign policy! This is unmitigated lunacy and a recipe for financial collapse at the global level.

http://www.zerohedge.com/article/ever-increasing-parallels-between-aig-and-greece-and-cds-puppetmaster-behind-it-all; February 9, 2010 at 8:06 AM
W.C. Varones said...: Goldman helped Greece cheat EU stability pact:

http://wcvarones.blogspot.com/2010/02/goldman-rats-helped-greece-cheat-eu.html; February 9, 2010 at 8:54 AM
Anonymous said...: Listen to this..if this is true, everything is a joke:

The Indymac Slap in our Face. 02.08.10

http://www.thinkbigworksmall.com/mypage/player/tbws/23088/1540466; February 9, 2010 at 8:21 PM

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