Good article by
Joe Nocera of the NY Times. Don't forget to note all the government programs (and not just taxpayer dollars) that allowed Goldman to be successful.
Quote:
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How about the government’s decision to save A.I.G. — and make all the counterparties whole? Although Goldman insists that it had hedged its A.I.G. exposure, a collapse of the firm would have been devastating for the financial system, Goldman very much included. And of course the government wound up paying off all the A.I.G. counterparties at 100 cents on the dollar, which in Goldman’s case amounted to $12.9 billion.
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Why Treasury allowed a 100% payout is beyond me.
__________________
"A government big enough to give you everything you want is a government big enough to take from you everything you have."
(
* IAFJ = it's a fucking joke)
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