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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Skeeter Bug who wrote (117994)	3/16/2009 9:02:03 AM
From: Freedom Fighter	Read Replies (1) \| Respond to of 132070

Skeeter >mostly the financial institutions. when AI was bailed out, the the same day $20 billion was transferred to Goldman Sachs. we aren't bailing out AIG in as much as we are bailing out all the companies AIG owes money to.< This is correct on an individual basis, but it can't be right in aggregate. There may have been a connection between AIG and Goldman Sachs where the bailout of AIG was handed over to Goldman and other financial major institutions. However, Goldman went hat in hand to Warren Buffett and the Tarp for capital. So they were in trouble too. The net of all these derivatives has to be zero. Yet all the major financial institutions are either bust, mortally wounded, or hurting and a lot of it is supposed to be from derivatives. So who got rich? The only person I know that publicly stated he was on the right side of this trade is Prema Watsa. But even his positions (which were public for quite awhile) were not massive. For every dollar AIG, Bear Sterns, Lehman, Citi, Goldman etc.. lost on derivatives on a NET basis, there must be a winner out there somewhere. So who got rich on the taxpayer's money? I predict we will never know because that is who is really pulling many of the strings.