Thursday, March 19, 2009

Sometimes the guy who "thinks with his "dick" is the smartest man in the room!

The ex-New York Gov. says that while the cash being given to executives of the bailed out insurer are maddening, the real concern should be the funds going to counterparties.

Eliot Spitzer at the resignation news conference in Albany, 12 March 2008
"Virtually all" of the $80 billion-plus in the initial AIG bailout went to the company's counterparties, including nearly $13 billion to investment bank Goldman Sachs (GSFortune 500) alone, Spitzer said.

"Why did that happen? What questions were asked? Why did we need to pay 100 cents on the dollar on those transactions if we had to pay anything?" he asked. "What would have happened to the financial system had it not been paid? These are the questions that should be pursued," he said.

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