June 30 (Bloomberg) -- American International Group Inc. had a “contentious relationship” with Goldman Sachs Group Inc. tied to derivative contracts, according to the chairman of the Federal Crisis Inquiry Commission.
The relationship, in a two-year period when AIG posted the biggest quarterly loss in U.S. corporate history and Goldman Sachs recorded record profits, involved bets on subprime mortgages. FCIC Chairman Phil Angelides said the panel will today review trades between the two New York-based companies as it probes the role of derivatives in the 2008 credit freeze.
“Clearly there was a significant relationship between AIG and Goldman over the issue of derivatives, and it’s an issue we’ve explored to see what happened and what motivated the players, both Goldman and AIG, in that contentious relationship,” he said in a news briefing yesterday. Below is a timeline of key dates in the dealings between AIG and Goldman Sachs since 2008 when the insurer almost collapsed.
Read on.
READ the FCIC's timeline of Goldman Sachs's calls for more collateral from AIG:
AIG-Goldman Sachs Timeline -
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