Interesting notes on the Paulson Era...
One thing to keep in mind, Paulson is the former CEO of Goldmans Sachs.
AIG is Goldman Sachs largest daily trading partner, something to the tune of $20B in obligations to Goldman Sachs. If AIG failed, it would crush Goldman Sachs.
In his proposed plan to Congress regarding the $700B bailout, he included this little note.
- "Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency."
Sept 30, 2008: Goldman Sachs CEO Lloyd Blankfein was the only Wall Street executive allowed to attend the Federal Reserves AIG bailout talks.
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