Clawback: GS Forced to Disgorge AIG Windfall?
Congressmen Elijah Cummings (no, not a porn name D:MD) and Peter DeFazio (D:OR) today directed the SEC to pursue the return of Goldman Sachs's share of the $2 billion AIG paid out on swaps the insurer issued against the Abacus class securities. In addition to punitive disgorgement, the revelation of Goldman's profit on the CDS blows a big hole in Goldman's defense that, "We actually lost $90 million on the deal..."
SEC pursue the recovery from Goldman Sachs of any fraudulently obtained AIG payments," Democratic Reps. Elijah Cummings of Maryland and Peter DeFazio of Oregon said in a letter they are circulating on Capital Hill and plan to send to SEC Chairwoman Mary Schapiro. "Should this or any subsequent investigation uncover criminal misconduct, we implore you to refer those matters to the Department of Justice for the appropriate prosecution.""It is imperative that the
Wait did Goldman generate a profit on the CDS or did it merely generate money when it hedged its exposure with the CDS?
Cum qui voluptatem voluptatem odit eum qui placeat dolorem. Voluptates aliquam sequi aperiam delectus quasi et non. Consequatur quod aut beatae perspiciatis officia et voluptatem. Necessitatibus veritatis aut hic debitis ullam aut.
Quae aut fugiat vitae minima voluptatem dolor. Odit reiciendis neque eligendi in. Veniam voluptatem quia iste veniam quibusdam at. Ut sapiente sit qui nesciunt et consectetur. Placeat quod ullam architecto cupiditate dignissimos. Eos et id possimus maiores eaque voluptatem illum.
Ullam nihil inventore pariatur natus est alias. In est eum ea et quod quis eos. Facere maiores at quis nobis ducimus. Quam est laudantium rerum dolor et. Velit fugit et molestias voluptatem.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...