The Banking and Strategy Initiative

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Greenberg goes for the next swish

Who brought the house down?

Hank Greenberg in an apparent bid to recover AIG’s golden goose from the two year hiatus in economic activity, remembering his last coherent version of 2007 here:

Greenberg blamed new standards for credit-default swaps — pushed by Goldman or Deutsche Bank AG, he said — and subprime, housing-backed derivatives sold and then shorted by Goldman as contributing to AIG’s collapse

This is excerpted from a short note on Bloomberg here

Also, in case you are wondering, no we do not plan this effort to grow into something as bg as the Business Week BX..pretty cool stuff, eh!

Blankfein not stepping in yet, means Greenberg has another couple of hits at it..and his best chance is if he gets a closed door session behind the curtains..write in

Meanwhile Blankfein got a vote down from the Financial Crisis Inquiry Commission

Lloyd Blankfein, the head of Goldman Sachs Group Inc., failed to own up to his firm’s role in selling mortgage securities that helped trigger the global credit crisis, said the chairman of the panel investigating the financial meltdown.

“Mr. Blankfein himself never admitted that there was any responsibility of Goldman Sachs to make sure the products themselves were good products,” Philip Angelides, chairman of the Financial Crisis Inquiry Commission, told reporters after a hearing in Washington today. “That’s very troublesome.”

Blankfein had just explained things too simply for those who expected a sobbing recalcitrant kneltdown humbug in every witness to the state, where they sat happily with the same Greenberg, prompting him to spend $44m on a weekend layover with his team among other things

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This entry was posted on January 14, 2010 by in Meltdown, Obamanomics, TARP and tagged , , , , , .

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