tag:blogger.com,1999:blog-5724181159639068489.post3539475408110323465..comments2023-11-05T05:09:14.089-05:00Comments on Goldman Sachs: Information, Comments, Opinions and Facts: More Of The Same...No Change In Sight. What Part does Goldman Sachs Play?RobertMhttp://www.blogger.com/profile/03960912417983904202noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-5724181159639068489.post-59649981747994481932009-12-11T21:31:19.512-05:002009-12-11T21:31:19.512-05:00Goldman Fueled AIG Gambles
Wall Street Titan's...Goldman Fueled AIG Gambles<br />Wall Street Titan's Role Shown in Journal Analysis; Firm Says Problems Hidden <br /><br /><br />Goldman Sachs Group Inc. played a bigger role than has been publicly disclosed in fueling the mortgage bets that nearly felled American Insurance Group Inc.<br /><br />Goldman was one of 16 banks paid off when the U.S. government last year spent billions closing out soured trades that AIG made with the financial firms. A Wall Street Journal analysis of AIG's trades, which were on pools of mortgage debt, shows that Goldman was a key player in many of them, even the ones involving other banks. <br /><br /><br /><br />The trades yielded Goldman less than $50 million in profits, which were mostly booked from 2004 to 2006, according to a person familiar with the matter. But they piled risks onto AIG's books, which later came to haunt the insurer and Goldman. The trades also gave Goldman a unique window into AIG's exposure to losses on securities linked to mortgages.<br /><br />When the federal government bailed out the insurer, Goldman avoided losses on its trades with AIG covering a total of $22 billion in assets. <br /><br />http://tinyurl.com/yd82defAnonymousnoreply@blogger.com