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AIG: A Case Against Goldman Now?
Posted on 16. Apr, 2010 by Tiernan Ray in Stocks
Ah-ha!
I was wondering why American International Group (AIG) was in the green earlier today while everything else was breaking down on the SEC’s suit against Goldman Sachs (GS).
In a story this afternoon, ZeroHedge says it’s because AIG now has a legal precedent to sue Goldman Sachs.
No detail from ZeroH’s Tyler Durden on whether AIG might actually be bringing suit or what the shape of such a suit might take.
I would note that on Monday, The Wall Street Journal’s Serena Ng wrote that AIG has unwound most of its soured mortgage trades” with Goldman, citing anonymous sources.
Those mortgage-backed securities caused AIG to record losses of $1.5 billion to $2 billion last year, according to sources.
And those asset pools were called Abacus, the same name as those at the focus of the SEC’s allegations today.
God bless America
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