26-04-2010, 01:56 AM
AIG Will Be Paying for Legal Defense of Goldman Sachs’ Top Executives; They Have Insurance Underwritten by AIG
April 25th, 2010 Unless the AIG imbroglio is untangled, the rest of this is nonsense.
—Elliot Spitzer: “There are no coincidences in this world. None.”
Who bailed out AIG?
The U.S. Taxpayer.
So, who’s actually going to pick up the tabs to both prosecute and defend Blankfein and the gang?
The U.S. Taxpayer.
I don’t understand the significance of this Kabuki theater production, but for sheer batshit insanity points, this somehow feels different; like it’s going to be a tough one to top anytime soon.
![[Image: orsonclapping.gif]](http://cryptogon.com/images/orsonclapping.gif)
Via: Bloomberg / Business Week:
American International Group Inc. may be required to pay to defend lawsuits against Goldman Sachs Group Inc.’s top executives, including Chairman and Chief Executive Officer Lloyd Blankfein, under directors and officers insurance policies held by the company.
AIG, which was rescued from collapse by the U.S. government, sold so-called Side A directors and officers’ coverage to New York-based Goldman Sachs, according to a person with knowledge of the policy. Goldman Sachs was sued last week by the U.S. Securities and Exchange Commission, which claimed it misled investors about collateralized debt obligations tied to subprime mortgages in 2007.
“If it were a derivative suit against Goldman, defense costs would be covered, and I’d prefer not to be a primary on the policy,” said John Degnan, vice chairman and chief operating officer of AIG competitor Chubb Corp., while answering a question about Goldman Sachs on an April 22 earnings call.
April 25th, 2010 Unless the AIG imbroglio is untangled, the rest of this is nonsense.
—Elliot Spitzer: “There are no coincidences in this world. None.”
Who bailed out AIG?
The U.S. Taxpayer.
So, who’s actually going to pick up the tabs to both prosecute and defend Blankfein and the gang?
The U.S. Taxpayer.
I don’t understand the significance of this Kabuki theater production, but for sheer batshit insanity points, this somehow feels different; like it’s going to be a tough one to top anytime soon.
American International Group Inc. may be required to pay to defend lawsuits against Goldman Sachs Group Inc.’s top executives, including Chairman and Chief Executive Officer Lloyd Blankfein, under directors and officers insurance policies held by the company.
AIG, which was rescued from collapse by the U.S. government, sold so-called Side A directors and officers’ coverage to New York-based Goldman Sachs, according to a person with knowledge of the policy. Goldman Sachs was sued last week by the U.S. Securities and Exchange Commission, which claimed it misled investors about collateralized debt obligations tied to subprime mortgages in 2007.
“If it were a derivative suit against Goldman, defense costs would be covered, and I’d prefer not to be a primary on the policy,” said John Degnan, vice chairman and chief operating officer of AIG competitor Chubb Corp., while answering a question about Goldman Sachs on an April 22 earnings call.
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