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

Apr 20, 2016 at 2:03 PM
DailyBail in AIG, AIG Bailout, Goldman Sachs Criminal Investigations, aig, bailout, bailout video, cds, cds, congress, congressional hearings, congressional video, credit default swaps, fcic, financial crisis, goldman sachs, goldman sachs, lloyd blankfein, lloyd blankfein, mark to market

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.

 

 

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