Goldman Sachs Said to Give AIG-Hedging List to Investigators

[cory777]

Source: Bloomberg

Goldman Sachs Group Inc. told U.S. investigators which counterparties it used to hedge the risk that American International Group Inc. would fail, according to three people with knowledge of the matter.

The list was sought by panels reviewing the beneficiaries of New York-based AIG’s $182.3 billion government bailout, said the people, who declined to be identified because the information is private. Goldman Sachs, which received $12.9 billion after the 2008 rescue tied to contracts with the insurer, has said it didn’t need AIG to be rescued because it was hedged against the firm’s failure.

“We want to know the identity of those parties, partly just to know where American taxpayer dollars went, but partly to assess Goldman’s claim,” said Elizabeth Warren, chairman of the Congressional Oversight Panel, in a Senate hearing this week. “We cannot evaluate the credibility of their claim that they had nothing at stake one way or the other in the AIG bailout.”

Warren’s panel and the Financial Crisis Inquiry Commission, both of which are reviewing the use of taxpayer funds in financial bailouts, received the data from New York-based Goldman Sachs, the people said. Goldman Sachs had rebuffed a May request from the Congressional Oversight Panel for the names of counterparties, according to a document provided to lawmakers.

Read more: http://www.bloomberg.com/news/2010-07-22/goldman-sachs-said-to-name-counterparties-on-aig-hedges-for-u-s-panels.html

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[westerebus]

1. Oh Timmeeeehhh!

Ms. Warren has something for your classmates.

Well, now there's a surprise.


Do I need the sarcasm thingy?

[Po_d Mainiac]

2. What about Pa Pa Pa Pa..err Hank? n/t

[westerebus]

3. Hank?

He's busy with the decorators picking out the carpets for the new office of the Senior Consultant for Political Policy over at Kissinger and Associates, you know, former Senator...

Don't worry. Tim's got him on speed dial. Hank is number 2. Wife is number 1. Ben is 3. 4 has 666 on it. 5 is Goldman. 6 is the Star buck's on K street. 7 is POTUS. 8 is CNBC/larry. 9 is Summers.