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Friday, April 21, 2023 11:17:01 AM
This is how Goldman Sachs was paid every penny on the dollar while others failed or were hit much harder which was one of the main reasons all nationally chartered or regulated banks were FORCED to take the TARP bailout - regardless of need. They wanted to make sure that while Goldman and other favored Wall Streeters were paid the maximum amount possible the counterparty risks would be covered by the TARP funds spread among the connecting branches. Derivatives, not the common vanilla flavored sort, but the massive, esoteric structures that had no real long-term history to evaluate were a MAJOR cause of the 2008 crisis. The GSEs were a large enough, accessible, controllable, and easy to vilify - the perfect patsies.
One can avoid reality, but one cannot avoid the consequences of avoiding reality.
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