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Strategies & Market Trends : The Residential Real Estate Post-Crash Index-Moderated
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From: Les H2/16/2011 12:42:37 PM
5 Recommendations  Read Replies (1) of 119361
 
Irked that Goldman Sachs appears to have reaped a $2.9 billion taxpayer-aided windfall on an investment of a mere $20 million, some experts and watchdogs say the Wall Street giant should return the money to the U.S. Treasury.

"It's a very simple call to make," said Sylvain Raynes, a frequent Goldman critic who's an expert in the kinds of deals in which the investment bank landed an apparent jackpot. "They should never have been given this money, and they should give it back."

The assessment by the Financial Crisis Inquiry Commission also exposed a potentially huge regulatory omission in the rescue of the insurance giant American International Group, which was the conduit for more than $90 billion in tax dollars to U.S. and European banks.

It's now clear that the Federal Reserve Bank of New York, which quarterbacked the hurried, $182 billion bailout of AIG to avoid a meltdown of global financial markets, did little to guard against windfalls for major banks and investment banks.

mcclatchydc.com
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