Twitter Ticker ($GS)
Goldman Sachs (GS) is in the spotlight in lieu of American International Group’s (AIG) counter party revelations.
GS is mired in resistance, and though it has enjoyed an uptrend since November, its days are numbered.
The Bloomberg take on the AIG story can be found here.
This is what I took from the article:
AIG spent billions of dollars since its bailout to pay collateral to GS, Deutsche Bank and others that traded securities with AIG.
Henry Paulson, former CEO of GS, saved AIG as Treasury Secretary. He also appointed AIG CEO Edward Liddy, whom he knew from the board of GS.
Now that is how you hedge! Who needs to trade electronic promises when you have the Treasury Secretary and CEO?
Afraid your counter party is retarded? Don’t worry! For a limited time, you can insure your trade by leveraging taxpayer money!
I remain impressed by the cojones of our robber barons.