Now it's time for the other side from The Daily Bail - Debt & Deficit Portal. Bailout News. Federal Reserve Corruption:
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An important point not mentioned by Cohan below is that by the time Goldman began entering into CDS contracts with AIG, they were often creating the underlying securites. That is to say, Goldman had a hand in making the CDOs, so they knew that the CDS had a better chance of paying off than AIG assumed when they wrote the contracts.
Cohan, via the FCIC report, does however provide amazing new detail and general color of the internal back-and-forth with Goldman execs, including the possibility of collusion between Goldman and French bank Société Générale, who pocketed more than $16 billion from U.S. taxpayers via AIG.. . . .
Janet Tavakoli offers additional detail...
s Tructured f Inance , i Nc .
You can read the information (with many great links) here