Billions of dollars were at stake when 21 executives of Goldman Sachs and the American International Group convened a conference call on Jan. 28, 2008, to try to resolve a rancorous dispute that had been escalating for months. Full Story »
Posted by Derek Hawkins - via Tim O'Reilly, OneRiot, Slatest, Columbia Journalism Review, New York Times (Most Emailed), Publish2 (Business)
Great investigative journalism about the yearlong dispute between Goldman Sachs and A.I.G. This in-depth report reveals some of of the behind-the-scenes transactions that led up to the government's bailout of A.I.G. - and Goldman's windfall profits. Factual, well-reported article on this troubled relation and its serious impact on the U.S. economy. HIghly recommended.
this is a fascinating story of behind the scene of complex negotiation between two major players, leading up to the 'financial meltdown' which has affected this country and the world so profoundly. each of these two clearly were totally concerned with its own survival and not much else. one did survive and made record monies afterward, perhaps implied here, at the expense of the other's. i'd like to have read more analysis of the implications of how this all occurred.
for this reader who is limited in understanding financial negotiation,the story depicts one financial institution, goldman sachs, as the stereotypical corporate 'shark'--doing and saying whatever it takes to come out on top-- at the expense, even destruction of another. i don't know enough to know if that's a fair view or not
Great reporting by the Times. The story is pieced together from a variety of named and anonymous sources, outlining both the broad contours, and small but significant details. Recommended read.
Matt Taibbi has written a lot related to this topic, here is one link: http://newstrust.net/stories/45773/toolbar
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