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Leveraged Upside and Downside for Goldman Sachs Synthetic CDO ABACUS-2004-1 Credit default swaps in the deal In the end, Goldman Sachs got the upside and the counterparties got the downside. Goldman Sachs negotiated $806 million from AIG $2.1 $1.76 million annually billion Downside loss $384,000 Upside payout $195 annually million $510,000 annually $22.5 $2.3 million $1.76 $7.5 billion million million annually $195 million $22.5 million $7.5 million $384,000 $2.1 million annually annually $510,000 annually $2.3 million annually