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October 15, 2012

"A Former Goldman Bond Salesman's Insider Account Of The Trades That Brought Down AIG"

Interesting, though I wasn't as surprised as the author seems to be that "As my sales partner explained, both AIG FP and Goldman thought they were taking advantage of the other side. Each one walked away from the closing table of the deal convinced that they’d gotten one over on the other side."

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Patrick R. Sullivan

Classic example of hope triumphing over experience;

'This kind of regulatory shopping happens all the time, of course, but it’s still a failure of regulatory leadership which we need to notice. Fortunately it appears that, as a result of Dodd-Frank, AIG will be designated a Systemically Important Financial Institution (SIFI) and will be regulated by the Federal Reserve Bank in the future.'

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