The actual Black Rock presentation which proves Goldman Sachs was willing to take a hair cut on AIG CDS payouts is online.
The document availability is by the good graces of Zero Hedge, who I also highly recommend reading their analysis and details on the ongoing AIG payout saga. Here are some of their BlackRock presentation document conclusions on Goldman Sachs:
Now keep in mind, that of the top 5 counterparties, SocGen, GS, Deutsche Bank, Merrill and Calyon, only Goldman had subsequently sold off its entire CDO book: once again implying that unlike the other 4 firms, who at least held the exposure on their own balance sheet, and thus one can say deserved to receive some insurance, Goldman had bought then sold its entire portfolio, in essence making Goldman nothing than an AIG conduit, which was fully hedged and, as noted above, only had counterparty risk, yet which had the benefit of up to $1 billion in excess cash on its books due to day-to-day marking of its CDS exposure and its advantage collateral arrangement.
Futhermore, as Goldman owned CDS on AIG itself (as a counterparty hedge), Goldman had absolutely no risk in its relationship with AIG whatsoever!!!
The maneuvers and manipulations of Goldman are becoming almost fascinating, not that I wish to be mesmerized by something this way wicked comes...but it's all quite astounding.
I note that no one even approached Detsche Bank on CDS negotiations. Merrill Lynch, like Societe Generale wouldn't budge on taking less than par on CDS payouts.
Another thing to note is how BlackRock is telling you this toxic waste is exactly that and here is the NY Fed giving billions upon billions of dollars to foreign financial institutions no less, for complete toxic sludge.
If you haven't been following this, well, you really should be. To read about the original event, see the real screw job.
I'm reposting it here because I despise scribd, the embedding documents site. I have no idea why so many are using scribd, it makes PDFs even more harder to read than a PDF already is. Yesterday, literally, the Wall Street Journal put email copies in sideways and of course disabled downloads on what should be public documents on scribd. So, to even read the sideways emails, one had to capture, do an image screenshot in order to simply rotate. All of that to just to even read original evidence documents. Come on folks, it's 2010, share the originals in better formats please!
This document is large, an 6.6 MEG file, but you just have to read this for yourself to believe it.
The BlackRock Maiden Lane II draft presentation for discussion purposes is here and attached to this post.