{"id":191800,"date":"2009-06-22T23:17:00","date_gmt":"2009-06-23T04:17:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2009\/06\/22\/goldman-sachs-is-at-the-heart-of-this-mess\/"},"modified":"2009-06-22T23:17:00","modified_gmt":"2009-06-23T04:17:00","slug":"goldman-sachs-is-at-the-heart-of-this-mess","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2009\/06\/22\/goldman-sachs-is-at-the-heart-of-this-mess\/","title":{"rendered":"Goldman Sachs is at the Heart of this Mess"},"content":{"rendered":"<p>It&#8217;s not just Goldman, it&#8217;s a systemic thing, but <a href=\"http:\/\/www.bloomberg.com\/apps\/news?pid=20601087&amp;sid=atPG852RVX3Y\">their role in the collapse of AIG<\/a>:<\/p>\n<blockquote style=\"color: rgb(0, 0, 153);\"><p>Goldman Sachs Group Inc. and Societe Generale SA extracted about $11.4 billion from American International Group Inc. before the insurer\u2019s collapse as the firms demanded to hold cash against losses on mortgage-linked securities, according to regulatory filings.<\/p><\/blockquote>\n<p>The problem with credit default swaps is that unlike short selling, which only effects a share price (though naked shorts should be banned, and the ban <span style=\"font-weight: bold;\">enforced<\/span>), credit default swaps (CDS) can have the effect of bankrupting a company in a matter of hours, and frequently the holders of these securities have no interest in the survival of the underlying assets.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It&#8217;s not just Goldman, it&#8217;s a systemic thing, but their role in the collapse of AIG: Goldman Sachs Group Inc. and Societe Generale SA extracted about $11.4 billion from American International Group Inc. before the insurer\u2019s collapse as the firms demanded to hold cash against losses on mortgage-linked securities, according to regulatory filings. The problem &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[970,1004,985],"tags":[],"class_list":["post-191800","post","type-post","status-publish","format-standard","hentry","category-corruption","category-finance","category-regulation"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/191800"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=191800"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/191800\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=191800"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=191800"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=191800"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}