Goldman: Greece Currency Swindle

Goldman Sachs Robbed the EU By Way of Greece.

… Greek officials essentially mortgaged the country’s airports and highways to raise much-needed money …

the debt deadlines were deferred again and again, and the practical cost of that debt is as unfathomable as the derivatives on which it was leveraged. It has been the most massive and sophisticated pay day loan scam in history.

Greece’s debt may have remained under control except for the collusion of banking and Greek government that then ran afoul of EU treaty accounting misadventures. … Goldman Sachs has shorted the Euro.

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7 Responses to “Goldman: Greece Currency Swindle”

  1. worzzz Says:

    Goldman Sachs Robbed the EU By Way of Greece.

    … Greek officials essentially mortgaged the country’s airports and highways to raise much-needed money …

    the debt deadlines were deferred again and again, and the practical cost of that debt is as unfathomable as the derivatives on which it was leveraged. It has been the most massive and sophisticated pay day loan scam in history.

    Greece’s debt may have remained under control except for the collusion of banking and Greek government that then ran afoul of EU treaty accounting misadventures. … Goldman Sachs has shorted the Euro.

    http://blog.seattlepi.com/morningeconomist/archives/205238.asp

    Goldman Sachs helped the Greek government to mask the true extent of its deficit with the help of a derivatives deal that legally circumvented the EU Maastricht deficit rules. At some point the so-called cross currency swaps will mature, and swell the country’s already bloated deficit. ….

    in the Greek case the US bankers devised a special kind of swap with fictional exchange rates. That enabled Greece to receive a far higher sum than the actual euro market value of 10 billion dollars or yen. In that way Goldman Sachs secretly arranged additional credit of up to $1 billion for the Greeks. — This credit disguised as a swap didn’t show up in the Greek debt statistics.

    Italy used a similar trick to mask its true debt with the help of a different US bank. ….

    Goldman Sachs charged a hefty commission for the deal and sold the swaps on to a Greek bank in 2005.

    http://www.spiegel.de/international/europe/0,1518,676634,00.html

    Goldman Goes Rogue – Special European Audit To Follow.

    … We now learn – from Der Spiegel last week and today’s NYT – that Goldman Sachs has not only helped or encouraged some European governments to hide a large part of their debts, but it also endeavored to do so for Greece as recently as last November. These actions are fundamentally destabilizing to the global financial system, as they undermine: the eurozone area; all attempts to bring greater transparency to government accounting; and the most basic principles that underlie well-functioning markets. When the data are all lies, the outcomes are all bad –

    http://baselinescenario.com/2010/02/14/goldman-goes-rogue-%e2%80%93-special-european-audit-to-follow/

  2. worzzz Says:

    Exporters bracing for European meltdown.

    As global markets sway during the Greek debt crisis, Israel’s exporters are preparing a contingency plan, including for the possibility that the Euro zone may collapse entirely. …

    The exporters need to free themselves from their dependence on exports to the West. ….

    “Israel’s economy has protected itself well over the past few years,” ***

    http://www.haaretz.com/print-edition/business/exporters-bracing-for-european-meltdown-1.290564

    *** … Diaspora machers played a big role in causing the economic woes of the West. Now they turn toward the East.

  3. worzzz Says:

    Goldman Sachs Publicly Supports Financial Reform, But Fights It With Lobbyists

    …. Goldman has hired nearly 40 lobbyists, all former government employees, to target financial reform alone …

    http://www.huffingtonpost.com/2010/05/17/goldman-sachs-publicly-su_n_578434.html

    …The financial lobby is fiercely fighting derivatives reform. … Republicans threatened a filibuster on key amendments coming up next week, such as the Merkley-Levin amendment, which would write into law the wall between commercial banking and investment banking. …

    http://www.huffingtonpost.com/robert-kuttner/the-week-wall-street-beca_b_577995.html

    Flood of Cash to Congress Is Unabated as Banks Seek Influence.

    http://www.bloomberg.com/apps/news?sid=aq8VW7B4waQU&pid=20601087#

    In 2010 Goldman Sachs was criticized for its involvement in the 2010 European sovereign debt crisis. Goldman Sachs between the years 1998-2009 has been reported to systematically help the Greek government to mask its national true debt facts. In September 2009, though, Goldman Sachs among others, created a special Credit Default Swap (CDS) index for the cover of high risk national debt of Greece. The interest-rates of Greek national bonds have soared to a very high level, leading the Greek economy very close to bankruptcy in March 2010 and yet again in May 2010.

    http://en.wikipedia.org/wiki/Goldman_Sachs

    http://en.wikipedia.org/wiki/2010_European_sovereign_debt_crisis

  4. worzzz Says:

    Currency Speculators – Now targeting the Euro?

    1997 … the president of Malaysia has blamed his country’s misfortune on currency speculators—directing much of his ire at financier George Soros … http://www.dollarsandsense.org/archives/1998/0598weller.html

    http://www.haaretz.com/print-edition/business/ecb-head-deepest-crisis-since-wwii-1.290565

    Volcker Sees Euro ‘Disintegration’ Risk. http://www.huffingtonpost.com/2010/05/14/volcker-euro-risks-disint_n_576742.html

    EU nations override UK on hedge fund rules.

    … The new EU rules would regulate managers of hedge funds, private equity, real estate and commodity funds for the first time, requiring them to register with regulators and hand over information on their trades. They will also have to set aside capital to counter risks — as banks do. … http://news.yahoo.com/s/ap/20100518/ap_on_bi_ge/eu_europe_hedge_funds

    Attaboy … Get a handle on the Wall Street crooks. …..

  5. worzzz Says:

    UPDATE 2-Germany bans naked short-selling, Euro slides.

    German officials who want to discourage what they consider speculative attacks on Euro zone financial markets …
    Since the beginning of the year, the euro has lost about 14 percent versus the dollar. …

    http://www.reuters.com/article/idINN1851288220100518?rpc=44

    Ron Paul: http://eclipptv.com/viewVideo.php?video_id=11912

  6. worzzz Says:

    Extreme deregulation caused our current financial crisis.

    http://www.citizen.org/Page.aspx?pid=2722

    http://www.citizen.org/documents/FinanceReregulationFactSheetFINAL.pdf

    xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

    Public Citizen: http://www.citizen.org/Page.aspx?pid=183

    http://www.citizen.org/Page.aspx?pid=2554

    xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

    Paul Volcker Supports Merkley-Levin Amendment To Senate Financial Reform Bill

    The letter reads, in its entirety: “I am fully in support of the Merkley-Levin amendment, which will clarify and enhance the proprietary trading restrictions contained within the Dodd Bill.”

    http://citizenvox.org/2010/04/30/merkley-levin-amendment-aims-to-bring-integrity-back-to-marketplace/

    Merkley-Levin amendment aims to bring integrity back to marketplace

    Contacting your senators on S. 3217. https://www.usaa-advocacy.com/error.aspx?Code=NoActiveAlert

    http://banking.senate.gov/public/_files/TheRestoringAmericanFinancialStabilityActof2010AYO10732_xml0.pdf

    http://www.govtrack.us/congress/bill.xpd?bill=s111-3217

    http://www.govtrack.us/congress/bill.xpd?bill=s111-3217&tab=votes

    http://www.govtrack.us/congress/vote.xpd?vote=s2010-158

  7. worzzz Says:

    Goldman Sachs Revolving Door: The New Edition

    http://www.huffingtonpost.com/2010/05/20/goldman-sachs-revolving-d_n_580740.html

    http://huffpostfund.org/stories/2010/05/goldman-sachs-publicly-backs-financial-reform-%E2%80%94-while-dispatching-army-lobbyists

    xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

    Nine ways to profit from the euro’s implosion.

    2. Not just the dollar: Other currencies will benefit from the Euro’s collapse, including the Swiss franc and the Japanese yen, considered safe havens in times of financial drama. The British pound, the currencies of emerging markets and the Israeli shekel are also likely to benefit if the Euro is eliminated. ….

    http://www.haaretz.com/print-edition/business/nine-ways-to-profit-from-the-euro-s-implosion-1.289339

    … The shekel fell hard against not only the euro and the dollar, but also lost over 0.8% versus the Bank of Israel’s currency basket representing the weighted value of the currencies of Israel’s main trading partners. …

    http://www.haaretz.com/print-edition/business/foreign-hedge-funds-drive-shekel-down-1-6-vs-dollar-1.291364

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