This day a decade ago was a big day for the Hank Paulson lead Committee to Save the Banks (Bernanke and Geithner also served).  This was the day they saved Goldman Sachs after it had failed.  Goldman Sachs just happen to be the investment bank Paulson use to lead.

Thanks to Better Markets, we finally have confirmation Goldman Sachs failed.  Here is an internal NY Fed email confirming its failure.

 I will let Better Markets’ Dennis Kelleher do the talking, but to regular readers this is all going to sound like what I have writing about for the last decade.

Goldman Sachs has relentlessly tried to rewrite the history of the 2008 crash, pretending that it was never at risk of failure.  That is simply false.  As proved by an email from ten years ago, Goldman Sachs was ‘toast’ and would have gone bankrupt but for being bailed out by the United States government and taxpayers.  Those bailouts saved the bank and the jobs, status and wealth of all the Goldman bankers….

He then added,

While many are remembering the 10^th anniversary of the collapse of Lehman Brothers and the onset of the worse financial crash since 1929, there is too much spin, self-congratulation and omission or denial of the actual facts. … On this 10^th anniversary, it is important to remember that Goldman Sachs and the other too-big-to-fail financial firms only exist today due to the generosity and decisive role of the U.S. government and taxpayers in stopping the crisis and saving those Wall Street giants with trillions of dollars in bailouts.

He concluded,

False narratives, forgetting or ignoring those facts and so many others may be comforting to those on Wall Street and their allies, but it blinds them to what is happening in the country and why.