WASHINGTON (Reuters) – Goldman Sachs(GS.N: Quote, Profile, Research) demanded billions of dollars in collateral from AIG to protect its customers, the Wall Street bank said on Thursday, defending itself against accusations that it contributed to the insurer’s woes while padding its own profits.
But an American International Group(AIG.N: Quote, Profile, Research) official questioned Goldman’s lack of flexibility in the 2007-2008 dispute over credit default insurance products linked to baskets of loans that included subprime mortgages.
WASHINGTON (Reuters) – Goldman Sachs Group Inc (GS.N: Quote, Profile, Research, Stock Buzz) President Gary Cohn said he’s working overtime these days to stay in touch with clients as the firm weathers its battle with regulators.
Cohn told Reuters he planned to head to Europe to meet clients after spending Wednesday in Washington D.C. squaring off with a congressionally-appointed panel that is investigating the origins of the financial crisis.
WASHINGTON (Reuters) – The former head of the AIG unit that nearly crippled the insurer said the 2008 taxpayer bailout of up to $182 billion was too generous to customers like Goldman Sachs.
Goldman Sachs, in turn, insisted it simply followed its agreement with American International Group and underlying accounting rules in demanding collateral under the credit default insurance products it bought from AIG.