Lloyd Blankfein: 'Here's Exactly How We Killed AIG'

BLANKFEIN STORYTIME

Just watch a couple minutes of this to get a sense of Blankfein's arrogance. I had not seen this testimony before today. Blankfein is surprisingly candid with the panel, as he admits that Goldman squeezed and suffocated AIG until it needed a massive taxpayer bailout that ultimately reached more than $180 billion, in which Goldman and its clients were conveniently paid 100 cents on the dollar.

In very abbreviated form, here's what actually happened.

1. Goldman made outrageous collateral demands for billions from AIG.
2. AIG eventually couldn't meet the collateral calls and was facing bankruptcy.
3. Paulson installed Goldman alum Ed Liddy as CEO of the bailed-out AIG.
4. Dan Jester sabotaged any attempt at payment negotiation on AIG's behalf.
5. AIG was forced to pay Goldman 100 cents on the dollar which was beyond ridiculous.
6. Goldman and its clients got at least $80 billion from bailed-out AIG.
7. Goldman and AIG execs took BILLIONS in bonuses while they were bailed out.
8. You paid for all of it.

Comments

[DailyBail]

CNN Bailout Tracker

http://money.cnn.com/news/storysupplement/economy/bailouttracker/

This has all the numbers on every friggin' bailout.

[DailyBail]

Remember the $182 Billion AIG Bailout?

It Just Wasn’t Generous Enough

http://www.thedailybeast.com/articles/2014/10/15/remember-the-182-billion-aig-bailout-it-just-wasn-t-generous-enough.html

The Fed and Treasury made virtually unlimited funds, $182 billion in all, available to AIG so that it could make payments to counterparties like Goldman Sachs and Deutsche Bank, and thus spare them from losses.

[DailyBail]

Meet Edward Quince, the Secret Federal Reserve Chairman in 2008

http://blogs.wsj.com/economics/2014/10/09/meet-edward-quince-the-secret-federal-reserve-chairman-in-2008/

[Cheyenne]

Goldman killed AIG almost as badly as Trump waxed the Lyin' Canadian in New York tonight. Sheesh.

[DailyBail]

*CLINTON 57% SANDERS 43%

*TRUMP 60% KASICH 25% CRUZ 15%

[DailyBail]

Saudi Arabia is raising $10bn from a consortium of global banks as the kingdom embarks on its first international debt issuance in 25 years to counter dwindling oil revenues and reserves.

http://www.cnbc.com/2016/04/19/saudi-arabia-takes-out-10bn-in-bank-loans.html

[DailyBail]

EXIT POLL: More than 70% Say Candidate With Most Votes Should Be Nominee

http://abcnews.go.com/Politics/live-republican-primary-exit-poll-analysis/story?id=38487665

[DailyBail]

RESULTS...

http://www.foxnews.com/politics/elections/2016/primary-caucus/new-york

Cruz didn't even have a whiff of 2nd place. Blair Sibley needs to release his friggin' list and finish Ted off for good.

[DailyBail]

Rio Warns of Fiscal Collapse as Brazil States Seek Debt Relief

http://www.bloomberg.com/news/articles/2016-04-19/rio-warns-of-fiscal-collapse-as-brazil-states-seek-debt-relief

[DailyBail]

Google Mobile Model Imperiled as EU Readies Antitrust Charges

http://www.bloomberg.com/news/articles/2016-04-19/google-s-mobile-model-threatened-by-eu-s-android-antitrust-probe

A fundamental threat to Google in Europe.

[DailyBail]

Intel Lays Off 12,000 People After Lobbying For More Foreign Workers

http://dailycaller.com/2016/04/19/intel-lays-off-12000-people-after-lobbying-for-more-foreign-workers/#ixzz46KldORGC

[DailyBail]

Federal Researchers Build Massive Online Database of DNA

http://www.nextgov.com/cio-briefing/2016/04/genomics-portal-would-let-scientists-analyze-individuals-samples/127545/

[BJCali]

I feel sick.

[S. Gompers]

The criminal elite have always believed the people exist to be stole from.

[john]

ENRON'S COLLAPSE: NEWS ANALYSIS; A Bubble No One Wanted to Pop

http://www.nytimes.com/2002/01/14/business/enron-s-collapse-news-analysis-a-bubble-no-one-wanted-to-pop.html

What the world is now awakening to is that the Enron Corporation was not much of a company, but its executives made sure that it was one hell of a stock.

In recent years, Enron came to exemplify the productivity miracle that new technologies were thought to have bestowed on astute companies across America. Now in bankruptcy, with the odor of scandal all around it, Enron, once an innovative energy company, has instead become an indictment of the anything-goes approach to business that characterized the late 1990's. The bull market euphoria convinced analysts, investors, accountants and even regulators that as long as stock prices stayed high, there was no need to question company practices.

[john]

Stay tuned….

[skinflint]

I would disagree with the accountant part there John. If you remember, Anderson had their own offices within the confines of the Enron headquarters. That is a significant conflict of interest and THEY knew something. They were called down on that mess during the hearings and the WSJ reported on that mess.