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Not hundreds of billions, but GS received $12.9 billion as part of the AIG bailout. AIG had basically written insurance policies it couldn't pay, so the governm
by drumdance 10y ago
Not hundreds of billions, but GS received $12.9 billion as part of the AIG bailout. AIG had basically written insurance policies it couldn't pay, so the government stepped in.
- kasey_junk 10y agoI don't doubt that GS is worth our scorn, nor that they peddle in influence (I'd go so far as to say that we should in act laws to limit that influence peddling). But, punishing GS for an act we don't like that another actor did (the government underwriting a private insurance company) is not how the law is supposed to work. I for one, am very uncomfortable with punishing an entity for not understanding the technical aspects of their business nor for using made up numbers to justify why a punishment is just.
- drumdance 10y agoI'm not saying we should punish GS for getting $12.9 billion. I'm saying that, in light of the totality of events, this $5 billion fine is not meaningful.