AIG Chief Owns Goldman Stake Worth More Than $3 Million

New York Times:

Edward M. Liddy, the dollar-a-year chief executive leading the American International Group since its bailout last fall, still owns a significant stake in Goldman Sachs, one of the insurer's trading partners that was made whole by the government bailout of A.I.G.

Mr. Liddy earned most of his holdings in Goldman, worth more than $3 million total, as compensation for serving on the bank's board and its audit committee until he stepped down in September to take the job at A.I.G. He moved to A.I.G. at the request of Henry M. Paulson Jr., then the Treasury secretary and a former Goldman director.

Read the whole story: New York Times

Comments

[brandnewstuff]

03:08 PM on 04/17/2009

My stomach is ill from another old white corrupt man. AIG and Goldman raped this Nation- plain and simple- If I were the guys being convicted for the email ( Bear Stearn)- security fraud- I would be very pissed knowing this team is Scott Free-

Not to Mention Enron was a Wire Fraud Scam and Jeffery Skillings is away for 24years.
Just doing the Math

[Carolab]

06:05 PM on 04/17/2009

Don't overlook JP Morgan -- they are behind Bear Stearns, Lehman, Merrill Lynch and WaMu takeovers -- using Fed and FDIC money (our debt).

[Carolab]

06:06 PM on 04/17/2009

Not just Goldman, Morgan.

[breakingpoint]

02:21 PM on 04/17/2009

"Mr. Liddy earned most of his holdings in Goldman, worth more than $3 million total, as compensation for serving on the bank's board and its audit committee until he stepped down in September to take the job at A.I.G. He moved to A.I.G. at the request of Henry M. Paulson Jr., then the Treasury secretary and a former Goldman director."

Soon as I read this it didn't take me long to figure there's a conflict of interest here.
In fact there's no business or government agency that would allow or not thoroughly investigate such a potential conflict of interest.

So what's up with Obama?

http://www.goldmansachs666.com

[TotalRecall9]

10:50 AM on 04/17/2009

And nobody considered this a conflict of interest?!?

[jmpfjoy]

10:15 AM on 04/17/2009

I am not usually a squeaky wheel, but I feel victimized along with a lot of other people in this mess.

I love Obama and support him 100%, but, we cannot continue to turn a blind eye to the way things have been done at the highest levels of corporate America. After all the commotion dies down and things are looking up again, there is a huge risk that greed will continue to be the order of the day for these guys. Under those conditions, who can guarantee we are safe and this won't happen again?

It's always easier to turn away from the hard stuff and pretend it doesn't exist. I hope we don't become as complacent and trusting as we were before all this happened. WE are the hall monitors here, no one else, and we should not accept anything less than a complete overhaul of the current system.

Don't do business with the companies that don't change their business tactics. Don't elect Congressman that are in the pocket of corporations.

And most of all, pay attention and don't be silent.

[balance]

09:26 AM on 04/17/2009

1) Goldman takes multi-billion dollar positions with AIG.

2) Goldman ex-CEO Paulson commits the US Gov to bailout AIG, probably for the biggest loss to taxpayers, of any of the bailouts on Wall Street.

3) Then Paulson puts ex-Goldman guy, Liddy in charge of AIG.

4) Somehow, someway, AIG is committed to a 100% payout, despite the fact that it would be bankrupt, if not for Paulson's intervention.

5) Goldman gets around 13$billion from AIG.

So ...

What would have been so bad about having a fresh set of eyes and hands to examine and adjudicate the books at AIG's CDS department? Did the retention bonuses, also, have anything to do with Goldman Sachs accounts? Hypothetically (of course), if new people were hired instead, who did not have a history of prior "financial mistakes", have an easier time reporting potential "hijinx" on the books if they didn't have such potential "conflicts of interest"?

Does Goldman Sachs have so much power & influence in NYC & Washington, that such huge "conflicts of interest" merely illicit a yawn from the media and the goverment?

[jmpfjoy]

10:05 AM on 04/17/2009

I think the answer to that is clear.... Yes.

[Shammie2000]

09:22 AM on 04/17/2009

The Rethug's have their own propaganda network (Fixed News) the wall street crowd has several
networks of their own also, to inform you little people out there that it's ok for we rich well educated
types to take home 10,000 time the pay we give you, Oh Yeah ! if you try to fire us, well we got a
Golden Parachute also.

[dbg2]

09:04 AM on 04/17/2009

Speaking of Goldman remember the 145 dollar a barrel for oil last spring. Brought to you by Goldman market manipulation. Goldman wants out of the TARP so they can once again play these games with commodities. To many feds snooping around the office now. This info comes from within the firm.

[sueinmn]

08:45 AM on 04/17/2009

No wonder AIG paid Goldman back 100% on the dollar! I'm sure he was placed there for a reason. Saks looks after Saks!

[nomobull]

08:09 AM on 04/17/2009

A SHAREHOLDER MAKING MONEY OFF HIS SHARES HOW AWFUL.

[PhilipTaylor]

07:40 AM on 04/17/2009

Save GM!

STOP FUNDING WALL STREET including AIG!

Boycott Wall Street Banks by using Local Community Banks and Credit Unions!

[PhilipTaylor]

07:24 AM on 04/17/2009

OUTRAGEOUS! G0LDMAN AGAIN!

G0LDMAN = Paulson = Liddy = CR1M1NALS

L 1 E S to Congress = Liddy = Pandit

So we have a guy who acts like the great savior of A1G when he is the Great Savior of G0LDMAN!

He has funneled $13 Billion to them and is ready to funnel a $Billions much more to the Banks so they do not have to write DOWN anything on their Bets that GM will go Bankrupt!

Possibly a $Trillion in added Gains for the St!nk!ng Banks while GM goes into bankruptcy! Banks Win Again while Main Street Loses!

[Carolab]

06:07 PM on 04/17/2009

It's Goldman AND Mor-gan.

[JZ735]

02:45 AM on 04/17/2009

This s--t goes on and on...sick of it, and sick of Obama just letting it continue.

[lauralea]

02:04 AM on 04/17/2009

It's time to find out who runs, owns, be the boss men of goldman sachs.

[TXfemmom]

01:57 AM on 04/17/2009

Goldman is a pit of vampires and this guy is one of their own, meaning no scruples and looking out for himself and Goldman, first and foremost. He should not have any holdings in Goldman, if he is in the AIG thing. All these people and organizations and institutions are filled with huge conflicts of interests.

[Roxanna]

01:50 AM on 04/17/2009

Please tell me how someone who is on a Bail Out Course can be owning 3 Million..

This is the kind of preposterous fraud that is enraging America and will continue to undermine faith in the banking system.