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Mar 24, 2009


Frank Hope

Great post. I'm truly excited about the excellent job that Rep. Maxine Waters did in confronting Sec-Treas Geithner on the issue of conflicts of interest with regards to Goldman Sachs and the bailout.

And I'm equally thrilled that Rep. Elijah Cummings is pursuing using the TARP Special Investigator General to investigate the money that was secretly transfered to AIG counterparties including Goldman Sachs. That after all is the SIG's job. It's embarrassing to have the NY state attorney general be more actively pursuing abuses of the TARP program than the SIG.

I have posted a few stories on my blog regarding these developments. There is one on Rep. Maxine Waters here. And one on Rep. Elijah Cummings here. I also wrote an article about the TARP SIG here.

I just want to give a big shout out to the great job POGO is doing on this issue. I have no doubt that the congressional staff of these two very dedicated and patriotic congresspeople are using POGO as a source of information. Keep up the good work!


This discussion is a complete waste of time -
a) AIG cannot "selectively" default against specific counterparties;
b) If I understand what GS did behind these trades, if AIG were to default or restructured against all counterparties equally, GS will fare better than others.

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