Word: bankses
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Former AIG chief executive Maurice (Hank) Greenberg told Congress on Thursday morning that as much as $50 billion in payments that AIG has made in the past few months to banks and other financial firms, including Goldman Sachs and Deutsche Bank, should not have been made. Greenberg believes the banks...
Also troubling: Wall Street veterans are complaining that banks and other investment firms - many of which are recipients of federal aid - may be taking advantage of the taxpayer bailout of AIG to boost their profits. "It seems very possible that the banks are forcing AIG to unwind its contracts at...
AIG is in the process of unwinding its large derivative-trading book; in the past few months, it has terminated as much as $1.1 billion in derivative contracts. Traders say Goldman Sachs, Citigroup and others have either driven hard bargains with AIG or made specific trades that would benefit from...
"Wall Street firms make money when people are in pain," says Frank Partnoy, who once traded credit-derivative contracts at Morgan Stanley and is now a law professor at the University of San Diego. "I don't know if that is what is happening, but if the question is whether...
First, some background: private equity refers to what in the 1980s was called the leveraged buyout (LBO). LBO artists such as Henry Kravis and Carl Icahn borrowed lots of money on the junk-bond market built by financier Michael Milken and used it to finance takeovers - sometimes hostile ones - of...