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Goldman Sachs managed that its Web exposure to AIG was 'not materials', and that the firm was protected by hedges (in the form of CDSs with other counterparties) and $seven.5 billion of collateral.[147] The company mentioned the expense of these hedges being over $one hundred million.[148] In line with Goldman, the two the collateral and CDSs would have protected the bank from incurring an economic decline within the party of an AIG bankruptcy (however, since AIG was bailed out and never allowed to fall short, these hedges didn't fork out out).
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In 1969, Levy took over Weinberg's purpose as Senior Partner and created Goldman's trading franchise after again.[27] Levy is credited with Goldman's renowned philosophy of becoming "long-term greedy," which implied that as long as money is built over the long time period, shorter-time period losses are bearable.
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