Goldman Sachs (GS) received $5.55 billion from the government in fall of 2008 as payment for then-worthless securities it held in AIG. Goldman had already hedged its risk that the securities would go bad. It had entered into agreements to spread the risk with the 32 entities named in Friday's report.
Overall, Goldman Sachs received a $12.9 billion payout from the government's bailout of AIG, which was at one time the world's largest insurance company.
[...]
The initial $85 billion to bail out AIG was supplemented by an additional $49.1 billion from the Troubled Asset Relief Program, known as TARP, as well as additional funds from the Federal Reserve. AIG's debt to U.S. taxpayers totals $133.3 billion outstanding.
[...]
AIG received the bailout of $85 billion at the discretion of the Federal Reserve Bank of New York, which was led at the time by Timothy Geithner [who was thereafter appointed by the Obama administration as Secretary of the US Treasury].
USA Today
Tell me again; where are they getting the money to do that?Less than three years after receiving $10 billion in bailout money from American taxpayers, Goldman Sachs informed its employees [in 2011] that it [would] fire 1,000 workers in the United States and elsewhere, shifting their jobs to the cheaper Singaporean labor market.
[...]
Goldman is firing American workers at a time of record profits for the company, which raked in $2.7 billion in profits in the first three months of 2011 alone.
Goldman’s plan is helped by conservatives in Washington who have prevented Congress from discouraging corporations from outsourcing.
[...]
Many conservatives justify outsourcing by arguing that not only would companies be more profitable by shifting low-skilled work to developing countries, but laid-off American workers would be forced to re-educate themselves for new, high-paying industries.
Think Progress
Fast forward to the present:
Smart move. He's at much less risk of consequences in Los Angeles.Tim Leissner, chairman of Goldman Sachs Southeast Asia’s operations, has taken a “personal leave” amidst corruption scandals associated with Malaysia’s state-owned 1MDB fund, with which Goldman worked closely.
President of Goldman’s Singapore operations since 2006 and chairman of its Southeast Asia operations since 2014, Leissner [...] was seen as a “key player” in cultivating the bank’s very profitable relationships with Kuala’ Lumpur’s banking and government elite, including Malaysian Prime Minister Najib Razak [who chairs the state-owned investment and development company, 1Malaysia Development Berhad (1MDB)].
[...]
Goldman orchestrated the $6.5 billion sale of three 1MDB bonds in 2012 and 2013, from which the bank earned $593 million in fees and expenses. The deal has raised questions, as such fees in Malaysia are usually much lower.
It has since emerged that Razak received a $681 million “donation” to his personal bank account.
[...]
It was discovered this week that Leissner has moved from Singapore to his Los Angeles home, calling it a “personal leave.”
RT
...but hey, do what you want...you will anyway.
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