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Goldman Sachs (GS) played a key role in helping Greece hide its true debt levels, reports Der...

Goldman Sachs (GS) played a key role in helping Greece hide its true debt levels, reports Der Spiegel. In 2002, Greece and Goldman "devised a special kind of swap with fictional exchange rates" that created additional credit of up to $1B for the debt-laden country.
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Comments (7)
  • youngman442002
    , contributor
    Comments (5131) | Send Message
     
    Great.....another GS scandal.....they will probably get paid 100% again.....can we afford to keep them from failing again...lol.....Sarcasm on
    10 Feb 2010, 08:11 AM Reply Like
  • 1980XLS
    , contributor
    Comments (3333) | Send Message
     
    I wouldn't be surprised if Goldman is short Greek debt either.
    There has been many occasions where they go directly against their clients interests.

     

    I wonder if they brokered any long securities or derivatives on Greek debt to clients in the last few years?
    10 Feb 2010, 08:36 AM Reply Like
  • Tom Au, CFA
    , contributor
    Comments (6774) | Send Message
     
    Another unholy alliance between big business and government.
    10 Feb 2010, 10:55 AM Reply Like
  • strutzma
    , contributor
    Comments (45) | Send Message
     
    Of all things...Congress should hold hearings into how/where GS has performed these services...(yes, include the US)...instead they want a company president to come in and testify, through a translator, about some engineering problem that, technically, he knows nothing about.
    17 Feb 2010, 06:57 PM Reply Like
  • Scootger
    , contributor
    Comments (228) | Send Message
     
    Goldman probably owns most of Greece, it could turn out to be their only bad trade, doubt it!!
    17 Feb 2010, 11:01 PM Reply Like
  • Joseph Harned
    , contributor
    Comments (49) | Send Message
     
    We are living witnesses to the birth of the final cleptocracy. Our democratic origins, profoundly rooted in Greece, have become so perverted by the tyranny of greed that America has moved beyond the tipping point, and will die not with a bang but a bankruptcy,
    17 Feb 2010, 11:28 PM Reply Like
  • johnnycash
    , contributor
    Comments (4) | Send Message
     
    GS is a disgrace to capitalism and our country. It's a travesty that they continue to operate unscathed while the rest of the world suffers. They are not only too big to fail, they are too big to fight.
    18 Feb 2010, 12:35 AM Reply Like
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