tag:blogger.com,1999:blog-5724181159639068489.post8923283699278983352..comments2023-11-05T05:09:14.089-05:00Comments on Goldman Sachs: Information, Comments, Opinions and Facts: Time For ActionRobertMhttp://www.blogger.com/profile/03960912417983904202noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-5724181159639068489.post-69877211354160727002010-11-13T12:32:02.122-05:002010-11-13T12:32:02.122-05:00Jamie Dimon and Robert Rubin: Evasive on "Fra...Jamie Dimon and Robert Rubin: Evasive on "Fraud as a Business Model"<br /><br />Corrupt people in Congress and corrupt regulators cannot intervene for the banks this time. Banks have to face state courts, and many Attorneys General are happy to take them on.<br /><br /><br />Rubin's Citigroup bought credit default swap protection from Ambac, one of the two largest municipal bond insurers, on Citi's value destroying mortgage backed securitizations.<br /><br />During Rubin's watch as Citigroup's "risk wizard," Ambac sold protection on Citi's toxic CDOs including Diversey Harbor ($1.875 billion), Ridgeway Court Funding I ($1.57 billion), Ridgeway Court Funding II ($1.95 billion), Adams Square II ($510 million), 888 Funding ($500 million), Class V Funding III ($500 million). Citi settled many of these contracts with Ambac for deep discounts. (The Fed did not have taxpayers' interests in mind when it settled AIG's transactions with Goldman Sachs and others for 100 cents on the dollar.)<br /><br />Ambac filed for Chapter 11 bankruptcy on November 8, 2010, two weeks after Rubin's shameful performance on this panel.<br /><br />http://tinyurl.com/3a4hechAnonymousnoreply@blogger.com