Skip to comments.Greece Paid Goldman $300 Million To Help It Hide Its Ballooning Debts
Posted on 02/14/2010 7:18:12 PM PST by DontTreadOnMe2009
In 2001, just after Greece was admitted to Europes monetary union, Goldman helped the government quietly borrow billions, people familiar with the transaction said. That deal, hidden from public view because it was treated as a currency trade rather than a loan, helped Athens to meet Europes deficit rules while continuing to spend beyond its means...
Instruments developed by Goldman Sachs, JPMorgan Chase and a wide range of other banks enabled politicians to mask additional borrowing in Greece, Italy and possibly elsewhere.
In dozens of deals across the Continent, banks provided cash upfront in return for government payments in the future, with those liabilities then left off the books. Greece, for example, traded away the rights to airport fees and lottery proceeds in years to come.
[Greece paid Goldman] about $300 million in fees for arranging the 2001 transaction, according to several bankers familiar with the deal.
(Excerpt) Read more at businessinsider.com ...
If the headline is true, heads should roll and be put on pikes.
I almost feel sorry for convicted bank robbers when I look at how Goldman profits from crime.
Surely this monkey business can’t be exclusive to Greece.
Nothing is going to happen. GS has Geithner on speed dial.
Well, isn’t this getting interesting. We the people of Government Sachs were left in the dark on this? SHEESH!
Who will protect us from our protectors?
Insured by AIG?
Goldman is rotten to the core. And they own the Obama administration.
Not one single dollar to Goldman Sachs from taxpayer funds. No, never again.
Goldman Sachs et al
A: We appoint them to government posts.
Why would anybody do business with GS when they will stab you right in the back.
Nothing wrong here. Goldman is in business to make money. It didn’t violate any laws as far as I can see. Unethical? maybe, but so what? As long as they make money for their stockholders. As for the Greek government, that’s for the Greeks to deal with..
|Greece, for example, traded away the rights to airport fees and lottery proceeds in years to come.
I bet the State of California has done stuff like this. "When cash flow managers get desperate."
|Nothing wrong here.
I agree. New York banks can't play World Money Cop. If Greece wants to pull a little wool over the EU's eyes, that's not our problem. Somebody would loan them the money; might as well be our guys getting the $300 million. Besides, this author writes it up as if The Crime of the Century happened. Countries take out loans every day. If one of 'em hides it on their books, that's on them.
You are absolutely right!
Goldman are criminals.
In Florida last week a bank robber in his 70's was found robbing banks of a few hundred each to pay his mortgage... guess he didn't want to take too much from any one bank.
“In Florida last week a bank robber in his 70’s was found robbing banks of a few hundred each to pay his mortgage... guess he didn’t want to take too much from any one bank.”
Man, that IS sad.
No, I wouldn’t put the blame for this shady deal on Goldman Sachs but on Greece. Still it’s troubling that they got inside information on a whole blooming COUNTRY having to take its skirts off by a hard deadline. People thinking about trading with Greece would like to know this sort of stuff, capisce? We can’t have the whole world going Greek on us without warning.
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