Goldman Sachs appeared to be a bigger player in American International Group’s mortgage-debt trades than originally thought, according to an analysis by The Wall Street Journal. Goldman Sachs reportedly had either originated or purchased protection from the insurer on some $33 billion of the $80 billion in mortgage assets insured by AIG, giving it the greatest exposure to the insurer—said to be twice as much as that of the Société Générale and Merrill Lynch.

A Goldman spokesman said that until AIG’s problems surfaced the insurer was considered, “One of the most sophisticated financial counterparties in the world,” adding, however, “What is lost in the discussion is that AIG assumed billions of dollars in risk it was unable to manage.”