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

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

The Aeon of Horus is Ending and the Elites are Nervous as their Icons are Dying
2014 04 18
I predict there is going to be a huge resurgence of interest in European indigenous spiritual traditions from Norse to Celtic/Gaelic to Slavic and so on. Millions of Europeans are going to realise that we are the victims of Christianity and New Age garbage. Their bastardised Kabbalah, the psychic force used by Crowley and the elites to cement his Aeon ...
Easter - Christian or Pagan?
2014 04 18
From: truthbeknown.com Contrary to popular belief, Easter does not represent the "historical" crucifixion and resurrection of Jesus Christ. In reality, the gospel tale reflects the annual "crossification" of the sun through the vernal equinox (Spring), at which time the sun is "resurrected," as the day begins to become longer than the night. Rather than being a "Christian" holiday, Easter celebrations date back ...
Man-Made Blood Might Be Used in Transfusions by 2016
2014 04 18
Researchers in the U.K. have created the first man-made red blood cells of high enough quality to be introduced into the human body The premise of the HBO show and book series True Blood revolves around a technological breakthrough: scientists figure out how to synthesize artificial human blood, which, as an ample new source of non-human food, allows vampires to "come ...
The Trials of the Cherokee Were Reflected In Their Skulls
2014 04 18
Researchers from North Carolina State University and the University of Tennessee have found that environmental stressors – from the Trail of Tears to the Civil War – led to significant changes in the shape of skulls in the eastern and western bands of the Cherokee people. The findings highlight the role of environmental factors in shaping our physical characteristics. ...
Our Fears May Be Shaped by Ancestral Trauma
2014 04 18
Last December, an unsettling Nature Neuroscience study found that mice who were taught to associate the smell of cherry blossoms with pain produced offspring who feared the smell of cherry blossoms, even if they had never been exposed to it before. We knew that the process was epigenetic—that it was not hard-wired in the permanent genetic structure of the mouse—but ...
More News »