Goldman Got $2.9 Billion for Own Bets in AIG Bailout, FCIC Says
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Goldman Sachs Group Inc. received $2.9 billion for its own account as a taxpayer bailout enabled American International Group Inc. to make good on credit-default swaps linked to mortgages, a congressionally appointed panel said.
The money was included in about $3.4 billion in swap-related payments, most of which AIG made following the government’s bailout, the Financial Crisis Inquiry Commission wrote in a book outlining its findings. That was in addition to about $14 billion that Goldman Sachs collected from AIG and passed to other counterparties, according to the report.