A big focus of the hearings today will be on the Collateral Call Disputes between AIG and Goldman in the run-up to the crisis. In other words, why did Goldman mark down (price) AIG’s Credit Default Swaps so much lower than other peers, coercing AIG into coming up with collateral they didn’t have? How did GS lead to AIG’s downfall, and thus, AIG’s bailout?

Angelides starts off questioning by asking Forster, former AIG CFO, how AIG reacted to GS’ marking down of their assets.