A Goldman Sachs executive told an inquiry panel Thursday that the firm had no regrets about collecting billions of dollars in taxpayer money for correctly predicting the demise of the U.S. housing market.

David Viniar, Goldman’s chief financial officer, said Uncle Sam had an obligation to honor American International Group’s full debts. The firm was entitled to be paid $12.9 billion out of the $182 billion bailout that went to crippled insurance giant AIG — the largest federal rescue. “The government stepped into AIG’s shoes” and therefore had to honor its contract with Goldman, Viniar told the panel investigating the financial meltdown.