"Vampire Squid" Goldman Sachs confesses it is being investigated for helping Greece hide its debts
2010-05-11 0:00

From: dailymail.co.uk



Goldman Sachs has admitted that it is under investigation for helping Greece to hide its vast debts.

The controversial Wall Street bank - nicknamed the Vampire Squid because its tentacles stretch far and wide - is accused of having profiteered out of a complex currency deal that helped Greece massage its finances.

In a regulatory filing in the U.S., Goldman disclosed that is 'subject to a number of investigations and reviews by various governmental and regulatory authorities in connection with its financial transactions with Greece.

The European Commission has already been probing the bank's relationship with Athens. It is unclear from the disclosure, how many other countries might be looking into its dealings with the Mediterranean state.

The Wall Street giant is claimed to have received as much as £192m in fees by entering a complex currency transaction in 2001 that helped Athens borrow cash without putting it on the books as a loan.

The so-called 'swap' deal helped Greece meet eurozone limits on government borrowing.

The arrangement was allowed under European Union rules, but is now coming under much closer scrutiny because of the financial meltdown of the Mediterranean state.

The Greek deficit stands at nearly 13 per cent of GDP and public debt is almost twice the official ceiling at 113 per cent of GDP.

Goldman Sachs was once seen as the invincible bank that could beat other firms hands down. It has always paid vast sums of cash to its employees, so it can employ the hottest talent in the financial world.

But in recent weeks, the bank's supremacy in financial markets has been placed under threat by the revelation that it is being investigated for fraud by the U.S. authorities.

America's Securities and Exchange Commission accuses Goldman of misleading its own clients and encouraging them to invest in a product that was destined to fail.

The lawsuit centres on trades set up by its sub-prime mortgage trader Fabrice Tourre, who has since been placed on 'administrative leave'.
Goldman's dealings are also being probed by the UK regulator, the Financial Services Authority.

Source: dailymail.co.uk



Related Articles
Goldman: We Are Not "Vampire Squid Wrapped Around Humanity´s Face"
Goldman Sachs: Record of $23 billion in bonuses for 2009; explaining their economic parasitism
Chelsea Clinton Engaged to Goldman Sachs Investment Banker
Goldman Sachs Bankers Buy Guns to Defend Against “Populist Uprising”
Goldman Sachs boss says banks do "God's work"
Is the Singularity already happening at Goldman Sachs?
Goldman Sachs behind every market crash since 1920s
Warren Buffett buys into Goldman Sachs


Latest News from our Front Page

DNA discovery unearths 'unknown chapter in human history' in Europe 15,000 years ago
2016-02-09 4:31
Scientists studying the DNA of ancient Europeans found evidence of a 'major population upheaval' at the end of the last Ice Age A major and unexplained population shift occurred in Europe around 15,000 years ago when local hunter-gatherers were almost completely replaced by a group from another area, scientists researching our ancestors' genetics have discovered. The findings were made after the ...
Hackers Leak Info on 9,372 DHS Employees
2016-02-08 22:30
Homeland Security claims there is no indication that any breach of sensitive or personally identifiable information occurred Hackers released the names, positions, phone numbers and email addresses of more than 20,000 alleged FBI employees Monday only hours after leaking similar data from more than 9,000 people at the DHS. The group claiming responsibility, known as “DotGovs,” first alerted Infowars to the alleged ...
Gyms, Wikipedia, & Anti-White Racism
2016-02-08 22:16
A media-generated “uproar” following the innocent renaming of a River Falls, Wisconsin, school gym, and the blatant manipulation of Wikipedia, have served as the latest examples of the ongoing anti-white racism which is becoming endemic in society at large. As reported in the River Falls Journal, the Meyer Middle School in River Falls, Wisconsin, needed a new fitness center. To this ...
Pegida's Multi - Culti (state) Agenda!
2016-02-08 4:49
This guy raises some very interesting points regarding the recent PEGIDA launch in the UK and around Europe. Make sure to check out the videos below. The focus on the criticism descends into a Nazi accusation contest. "No no THEY are the REAL Nazi's." Pegida UK is fronted by Tommy Robinson, Paul Weston and Anne Marie Waters. They held a demo in ...
Sweden plans to expel up to 80,000 asylum-seekers (that didn't seek asylum)
2016-02-08 3:58
Enrichment Sweden intends to expel up to 80,000 migrants who arrived in 2015 and whose application for asylum has been rejected, Interior Minister Anders Ygeman said Wednesday. Ed: Wait, so they are in the country despite being rejected asylum? How did that happen and who let them in then? "We are talking about 60,000 people but the number could climb to 80,000," the ...
More News »