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Goldman Caught Using European Loophole To Help Massively Understate Greek Deficit
The Business Insider ^ | 2/9/10 | Vincent Fernando

Posted on 02/09/2010 8:10:19 AM PST by 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:

(Excerpt) Read more at businessinsider.com ...


TOPICS: Business/Economy; Foreign Affairs; News/Current Events
KEYWORDS: bubblemafia; convictthem; euro; europe; globaleconomy; goldman; goldmansachs; greece; hankpaulson; henrypaulson; imprisonmentnow; jailthem; paulson; pigs; wallstreet; wallstreetcrooks
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To: onyx
NO, not "never mind" --- thanks much for posting the excerpt here in the thread, so many of the news sites and money sites are so ad-laden that they're very time consuming to click on.

Yeah, I wonder "which" investment bank they're speaking of, right?? LOL!

I weonder WHY nobody anywhere has taken out G.Soros?? I mean, doesn't that man have dozens of thousands of serious enemies??

41 posted on 02/09/2010 10:32:25 AM PST by hennie pennie
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To: hennie pennie

Jim Sincliar opines that it’s a short raid just like we witnessed when Bear, CITI and Lehman went down.


42 posted on 02/09/2010 10:42:24 AM PST by onyx (BE A MONTHLY DONOR - I AM)
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To: hennie pennie

As for Soros, he must have a very good security team. I recall Glenn Beck saying that he was surprised one night to find himself dining in the same NYC restaurant with Soros one night, and I remember thinking, ‘wow, that’s odd, Soros dines in public? A man so hated?’


43 posted on 02/09/2010 10:45:48 AM PST by onyx (BE A MONTHLY DONOR - I AM)
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To: onyx

Amazing! He must have brought half a dozen food-tasters with him.


44 posted on 02/09/2010 10:48:51 AM PST by hennie pennie
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To: hennie pennie

You’re likely right!


45 posted on 02/09/2010 10:51:12 AM PST by onyx (BE A MONTHLY DONOR - I AM)
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To: Liz
Greece's debt managers agreed a huge deal with the savvy bankers of US investment bank Goldman Sachs at the start of 2002. The deal involved so-called cross-currency swaps in which government debt issued in dollars and yen was swapped for euro debt for a certain period -- to be exchanged back into the original currencies at a later date.

I'm not as financially savvy as 'our buddy'(/s) Rahm Emanuel, but to me it looks like his buddies at GOLDMAN SACHS were basically having Greece pull a Check Kiting Scam, except with real money.

Pretty soon 'someone' better be sitting in a holding cell at a Federal Courthouse.

46 posted on 02/09/2010 11:24:36 AM PST by Condor51 (The difference between stupidity and genius is that genius has its limits [A. Einstein])
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To: Condor51; CutePuppy; Grampa Dave; stephenjohnbanker
...... looks to me like Rahm's buddies at GOLDMAN SACHS were basically having Greece pull a Check Kiting Scam, except with real money...........

I just can't wait til Rahm (or family members) announce they are going on a "family vacation" to Greece.

47 posted on 02/09/2010 11:52:11 AM PST by Liz (A person who smiles in the face of adversity probably has a scapegoat nearby.)
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To: Liz; stephenjohnbanker; hennie pennie; FromLori; hoosiermama
Traders make $8bn bet against euro

U.S. Stocks Rally on Growing Prospects for Bailout of Greece

U.S. stocks rallied, sending the Dow Jones Industrial Average up the most since July, as growing prospects for a bailout of Greece eased concern deteriorating government finances will derail the global economic recovery.

EU leaders will discuss Greece’s plans to reduce the region’s biggest deficit when they meet Feb. 11, and European Central Bank President Jean-Claude Trichet’s decision to leave a meeting of policy makers in Sydney one day early fanned speculation that officials will agree on aid.

Fitch Ratings analyst Brian Coulton said an EU bailout for Greece is a “possibility” and not “assured.” He spoke on a conference call today. Equities trimmed gains earlier, and European shares erased a rally, after Fitch Ratings analysts also said the U.K. needs to pledge further measures to rein in its budget deficit, and the medium-term outlook for Greece is “cloudy.”

48 posted on 02/09/2010 12:37:22 PM PST by onyx (BE A MONTHLY DONOR - I AM)
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To: onyx; Liz; stephenjohnbanker; hennie pennie; FromLori; hoosiermama; All

Not anymore

http://www.businessinsider.com/euro-no-bailout-ruh-roh-2010-2


49 posted on 02/09/2010 12:42:19 PM PST by FromLori (FromLori)
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To: FromLori

THANKS!


50 posted on 02/09/2010 12:45:14 PM PST by onyx (BE A MONTHLY DONOR - I AM)
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To: FromLori; onyx; Liz; STARWISE

I want little rats behind bars....Now not later....Then let them plea bargain to get the really BIG cheese, after the primaries and before the elections.


51 posted on 02/09/2010 1:15:01 PM PST by hoosiermama (ONLY DEAD FISH GO WITH THE FLOW.......I am swimming with Sarahcudah! Sarah has read the tealeaves.)
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To: Liz; Condor51
The problem with Greece was not as much Goldman Sachs, or for that matter, any other financial / currency advisers to other European semi-socialist countries, which (to different degrees) routinely understated their debt and deficits in violation of EU contract... with ECB (under Duisenberg and Trichet, who had to be cleared of fraud charges in collapse of Credit Lyonnais) routinely looking the other way, for the sake of Euro and the Union.

Bigger problem (and the US should heed that, too) is that Greece has been more socialist far longer than other European PIIGS (Portugal, Italy, Ireland, Greece, Spain) and now some of these PIIGS are coming home to oink.

The State of Greek Business - GreekCentral, by Tom Mazarakis (American who has lived in Greece since the early seventies)

PASOK is a name of Panellinio Sosialistikó Kínima - PanHellenic Socialist Movement, which governed Greece for most of last 3 decades. And this was written just before another Socialist government took over in Greece at the end of 2009... PASOK leader George Papandreou, Jr is also the President of the Socialist International.

From Europe could face years-long debt grind - AP, 2010 February 08, by Elena Becatoros and Carlo Provano


52 posted on 02/10/2010 12:12:03 AM PST by CutePuppy (If you don't ask the right questions you may not get the right answers)
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