Hey, my bank account would be looking great too if I just skipped paying my bills for a month, especially that mortgage. - Ed.
Nouriel Roubini wrote in March that Goldman Sachs was insolvent:
So for the Treasury to hide behind the "systemic risk" excuse to fork out another $30 billion to AIG is a polite way to say that without such a bailout (and another half-dozen government bailout programs such as TAF, TSLF, PDCF, TARP, TALF and a program that allowed $170 billion of additional debt borrowing by banks and other broker-dealers, with a full government guarantee), Goldman Sachs and every other broker-dealer and major U.S. bank would already be fully insolvent today.
Yet Goldman reported a $1.7 billion dollar profit for last quarter.
Read more @ George Washington's Blog
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