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Money laundering, Goldman-style
Louise Story and Gretchen Morgenson had a lengthy new story up at the Times yesterday on how Goldman bled AIG to death. The piece details negotiations over payouts on swaps that Goldman had purchased from AIG. Details of the negotiations are interesting, but this paragraph jumped out at me:
In addition, according to two people with knowledge of the positions, a portion of the $11 billion in taxpayer money that went to Société Générale, a French bank that traded with A.I.G., was subsequently transferred to Goldman under a deal the two banks had struck.
It seems that Goldman was even more of a beneficiary of the AIG bailout than we previously thought. Officially, it received more than any other counterparty, but add in the Société payments and headlines that referred to “AIG Trading Partners…” or “AIG Counterparties” would have to be revised to read “Goldman Sachs.”
This is outrageous. When was this arrangement made, and why? Did Goldman use SocGen to hide the extent to which it caused (and benefitted from) the AIG catastrophe? Would the size of its taxpayer-funded bonus pools be threatened by full disclosure of the payments? Like so many other aspects of Goldman’s business, this deserves an investigation.
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kevin @DorisDay each profile has an "interlocks" tab to show people who work at the same organization: http://littlesis.org/person/48716/Judith_... |
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DorisDay @kevin Hi...also, if those relationships need to be moved to the "interlocks" tab, how can I do this? And, I managed to create a duplicate profile (without relationships)...How do I delete it? Thanks. |
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DorisDay @kevin I'm not sure I know what an "interlock is." Can you please explain? Is the link I sent you an "interlock?" |
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kevin @DorisDay we typically use the interlocks tab to get to that info, unless it is explicitly mentioned somewhere. |
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DorisDay
@kevin Since Norm works at the same company, I thought it would be obvious. How about http://www2.prnewswire.com/cgi-bin/storie... |
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DorisDay @kevin It is sourced. I added the links. Also it is a matter of public record, easily researched on the Web, in news stories and in numerous press releases. |
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C.Douglas Remember to build out groups and individuals on the "Buffalo" list:http://littlesis.org/list/78/Buffalo |
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andrew.stecker
@kevin Dinallo has more connections to Spitzer than to Cuomo, at least until recently. I think the short sellers now have a lot of money, and also have some very powerful enemies, so they are investing in politicians, particularly the NY AG's office. I'm going to try and finish a post on this over the weekend. It's worth checking out the stories about the downfall of Fairfax Financial (http://online.wsj.com/article/SB123449787...), and also MBIA (http://www.bloomberg.com/apps/news?pid=20...). Bill Ackman was the most prominent figure in the shorting of MBIA and Ambac, a situation that led to a congressional hearing in Feb. 08 (then Gov. Spitzer, Insurance Commissioner Dinallo and Ackman all testified). Spitzer's appearance was unnecessary and his position wasn't entirely supportive of Ackman's interests, but Ackman did give Spitzer $10,000 just one month before the hearing. |
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kevin @andrew.stecker that article is fascinating. I will take a look at BIA too. As for Dinallo/Cuomo, do you know what their relationship is? |
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WileECoyote Philanthropy 400 - America's largest char... Fidelity, Schwab and other financial services firms soliticit and manage charitable accounts from their clients - these operations are included as charities on this list. |
