Lloyd Blankfein running AIG.

Today in court, prosecutors walked us through the dream, courtesy of a recorded conversation between former Goldman board member Rajat Gupta and Raj Rajaratnam.

Raj Rajaratnam: I called you because there’s a rumor that Goldman might buy a commercial bank.

Rajat Gupta: There was a big discussion, a divided discussion, at a board meeting. More people were saying why, because it’s a low return business… but it may be interesting to develop a deposit base which is a low cost source of funding. Not that we’re having trouble raising funding…

Rajat Gupta: AIG was in the discussion mix… there’s some value there, with AIG or Wachovia.

Goldman Sachs Considered Buying AIG In 2008 [NetNet]

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Comments (116)

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  10. Posted by Gscrot | March 15, 2011 at 5:34 PM

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    This proves Raj is innocent. GS would never buy a US Govt conduit that was shovelling money through it to pay for the upside down CDS.

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