"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

Devil’s Deal: US-Backed Syrian Rebels Already Signed Pact with ISIS Prior to Haines Beheading
2014 09 17
While Washington considers appropriating half a billion in funds to the Syrian rebels, we now learn that opposition groups the Free Syrian Army (FSA) and al Qaeda affiliate ‘al Nusra Front’, have officially aligned themselves with ISIS… Despite grand words by US President Obama and British PM David Cameron, here’s what’s really behind their plan to bomb ISIS in Syria… In a ...
World War III for Dummies
2014 09 16
A Step-by-Step Guide to Understanding the Present World Situation. 1998 - 2000 Powerful elites and influential think tanks forecast a coming period of American aggression. Zbigniew Brzezinski speaks for the Globalist faction of the western PRC (Predatory Ruling Class) in ’The Grand Chessboard’, a book in which he openly advocates for bolder American action in dominating the Eurasian land mass. During this ...
Rotherham child-sex victim confronts her alleged abuser in the street... but SHE is arrested
2014 09 16
A victim of Rotherham’s child sex abuse scandal confronted a man she says groomed her - but was left shocked when she was the one arrested. The woman was shocked when she saw the man walking through the town’s centre on Friday and decided to challenge him over the allegations. But she was tackled by two police officers and pushed up against ...
Slaves of Charleston - Beyond Wealth of Jewish South Carolina
2014 09 15
Founded in 1749 in downtown Charleston, South Carolina, the Beth Elohim Synagogue is one of the very earliest synagogues in America. While other synagogues and congregations are also now a part of Charleston city life, Beth Elohim Synagogue is the oldest one in the area and serves as the repository for certain historical artifacts of Jewish life in the city. ...
Martian meteorite yields more evidence of the possibility of life on Mars
2014 09 15
A tiny fragment of Martian meteorite 1.3 billion years old is helping to make the case for the possibility of life on Mars, say scientists. The finding of a ‘cell-like’ structure, which investigators now know once held water, came about as a result of collaboration between scientists in the UK and Greece. Their findings are published in the latest edition ...
More News »