Goldman Caught Using European Loophole To Help Massively Understate Greek Deficit

The Business Insider ^ | 2/9/10 | Vincent Fernando

[FromLori]

This looks pretty bad for both Goldman and Greece, as if things could look worse.

According to a scathing piece in Der Spiegel, European statisticians in Luxembourg have had a very difficult time getting proper Greek economic and financial data for years.

Worse yet, Goldman Sachs appears to have been helping Greece take advantage of a European regulatory loophole in order to understate its deficits:

Der Spiegel:

[MNlurker]

Man when the sh!t hits the fan on this its going to hit a lot harder than I originally thought...

[FromLori]

ping related stories

http://www.zerohedge.com/article/ever-increasing-parallels-between-aig-and-greece-and-cds-puppetmaster-behind-it-all

http://www.zerohedge.com/article/two-hedge-funds-one-bank-there-concerted-effort-destroy-greece

http://www.economicpolicyjournal.com/2010/02/rumor-of-day-goldman-sachs-and-george.html

http://www.zerohedge.com/article/run-greece-here-investors-pull-out-10-billion-troubled-country-crisis-escalation-here

[ConservativeMind]

Frankly, of what I know, I want to see all the managers of Goldman Sachs behind bars until they die.

[hennie pennie]

Oh my goodness gracious me, how surprising to find Goldman Sachs implicated in the potential Greek DEFAULT which may bring the EURO into serious difficulty. What a shock!!!

Goldman Sachs, ALONE, contributed more to BHO's presidential campaign than McCain/Palin received from ALL of Wall Street.

Perhaps Henry Paulson and Timothy Geitner and Barack Obama will help pooor little GS out.

[Notary Sojac]

We need a picture of Claude Rains exclaiming “I’m shocked, shocked to find that gambling is going on in here!” at this point.

[FromLori]

Me too after how they donated to obama ruined peoples 401ks etc.

[cherry]

isn’t this all what our founding fathers worried about?.....the insidious power of the unelected to alter and damage the security of the American people?...and now GS is doing it to the world..

[stephenjohnbanker]

“Frankly, of what I know, I want to see all the managers of Goldman Sachs behind bars until they die.”

But, but Lloyd Blankfein stated that “Goldman is doing God’s work”

[Oldexpat]

MOre of those nasty off balance sheet loans and investments.
Will Greece default on Goldman Sachs?

[FromLori]

Who is his God Lord Of The Flies?

Did you ever see the wiki pic of Lord of he Flies?

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

lol on the right

[FromLori]

[FromLori]

Hennie Pennie did you see soros is supposed to be in on it!!

[2banana]

Goldman Sachs, ALONE, contributed more to BHO's presidential campaign than McCain/Palin received from ALL of Wall Street.

Link or source?

[LZ_Bayonet]

isn’t this all what our founding fathers worried about?.....the insidious power of the unelected to alter and damage the security of the American people?...and now GS is doing it to the world..

"And I sincerely believe, with you, that banking establishments are more dangerous than standing armies; and that the principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale."

- Thomas Jefferson, in a letter to John Taylor in 1816.

[stephenjohnbanker]

“Who is his God Lord Of The Flies?”

Ahem.....he never specified ;-)

[stephenjohnbanker]

open secrets.org

University of California $1,591,395
Goldman Sachs $994,795
Harvard University $854,747
Microsoft Corp $833,617
Google Inc $803,436
Citigroup Inc $701,290
JPMorgan Chase & Co $695,132
Time Warner $590,084
Sidley Austin LLP $588,598
Stanford University $586,557
National Amusements Inc $551,683
UBS AG $543,219
Wilmerhale Llp $542,618
Skadden, Arps et al $530,839
IBM Corp $528,822
Columbia University $528,302
Morgan Stanley $514,881
General Electric $499,130
US Government $494,820
Latham & Watkins $493,835

[jmaroneps37]

http://www.collinsreport.net/2009/07/10/%e2%80%9c-a-danger-somebody-who-knew-how-to-use-this-program-could-manipulatestock-markets%e2%80%9d-wall-street-greed/ Goldman is a sleazy bunch.

[LZ_Bayonet]

We are perhaps spending too much time trying to stop "socialism" and not enough trying to stop "Goldman Sachs".

Senator Corazine, a former Goldman CEO, was on CNBC this morning and when a talking head started talking (attempting sarcasm) about how Goldman Sachs was the root of all the evil that has just taken place, another talking head quickly changed the subject before anyone could utter an additional word.

[stephenjohnbanker]

Wall Street to Obama = 3,500,000

Wall Street to McCain = 1,500,000 approx. on both