Goldman Sachs 'Most Aggressive' In Demanding Cash From AIG
huffingtonpost.com — Goldman Sachs was the "most aggressive" financial firm to demand cash from AIG on what it viewed as souring deals during the financial crisis, the head of a federal investigative panel said Wednesday. Goldman Sachs Group, the most profitable firm on Wall Street, was the "first in the door" in demanding collateral from the disgraced insurer — once one of the world's most successful and creditworthy companies — on its derivatives deals, said Phil Angelides, chairman of the Financial Crisis Inquiry Commission. Goldman comprised 27 percent of AIG's derivatives portfolio at the end of 2007, yet held 89 percent of collateral that AIG posted to all of its counterparties, Angelides said, citing AIG documents. Wall Street's most successful firm was "way ahead of everyone else" on demanding collateral from the giant insurer, Angelides said. And Goldman was "much more aggressive" about marking down the value of those securities, he added.