I'm not saying Goldman Sachs did, or did not, do anything that violated the law. But, earlier this week I saw an exchange between Sen Levin and Goldman's Blankenfein that had me rolling on the floor trying to keep my from sides splitting from laughter.
Levin: So, you took taxpayer money?
Blankenfein: We didn't ask for it. The government insisted that we take the TARP. And, we've paid it back with good interest.
Levin: Did you pay AIG back?
Blankenfein: No. They had insured us for our loss. They simply fulfilled their obligation by paying what they owed us.
Levin: Ha Ha! So you did take tax payer money.
Blankenfein: We took what was owed us. It was the government that decided to support AIG.
Levin: Yes, but it was taxpayer money. If we hadn't supported AIG, you wouldn't have gotten any money.
Blankenfein: Respectfully, but that's not correct. We had taken out insurance coverage in the event that AIG failed.
Levin: Yes, but you did take the AIG money, didn't you?
Blankenfein: We took the money from AIG that they owed us. Had they not done so, they would have been in default. It was the government that decided that they didn't want AIG to default. It wasn't our call.
Levin: But, you did take taxpayer money. You can't deny it. Admit it.
I don't remember how Blankenfein responded. I don't think he rolled his eyes. That would have been disrespectful. But, we, watching this exchange on TV, had no such constraint. My eyes teared from laughter. Is this really the best kind of Senate our political system can produce?
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