Jew Goldman "Ripoff" Sachs whines for Goyim Bailout

[CrackSmokeRepublican]

Bankrupt Jew News.
--The CSR
-----------

Goldman's Lies of Omission
By Janet Tavakoli
October 28, 2009

In my opinion, David Viniar's (CFO of Goldman Sachs) comments in the fall of 2008 were a lie, and for that matter, Lloyd Blankfein's (CEO of Goldman Sachs) later comments to the Wall Street Journal were disingenuous.

In the context of what was happening near the time of AIG's implosion, the key question was "What is going on between Goldman and AIG?" Their rhetoric surrounding this issue is a deft dodge. They may claim they didn't "technically" lie, but Goldman's business exposure to AIG posed both credit risk and reputation risk. They seem to overlook elements of the former and put insufficient value on the latter.

Goldman should have plainly stated that it was owed billions in additional collateral from AIG — after already having collected billions — due to credit default swap contracts and other trading positions. Whether or not Goldman thought its credit risk was totally hedged is a separate, albeit important issue, and I'll get to that later.

Among the proximate causes of AIG's failure were previous calls for collateral made by its credit default swap trading counterparties, including Goldman Sachs. They were entitled to pressure AIG on its prices and demand more collateral; I had publicly challenged AIG's prices myself more than a year earlier. These actions gave a major push to AIG's subsequent credit downgrade, which tripped contract triggers that AIG had unwisely permitted its more clever counterparties to insert. (The credit default swap market is not standardized.) This meant AIG had to come up with collateral equal to the entire remaining amount of the credit default swap contract.

Unfortunately, AIG was essentially bankrupt at this point and it couldn't meet its obligations. The government could have stepped in and renegotiated its contracts. [Goldman's "hedges" might have disputed whether a reduced payment triggered a restructuring event, if applicable, in their contracts.] But that isn't what happened...

Goldman's Lies of Omission -  Tavakoli Finance

http://www.tavakolistructuredfinance.com/GS.pdf