- Prison Planet.com - http://www.prisonplanet.com -

Goldman role in Greek crisis probed

Posted By admin On February 26, 2010 @ 10:24 am In World News | Comments Disabled

Alan Rappeport, Tom Braithwaite and David Oakley
Financial Times [1]
Friday, February 26th, 2010

The US central bank is looking into Goldman Sachs’s role in arranging contentious derivatives trades for Greece, which helped the country to massage its public finances, Ben Bernanke, chairman of the Federal Reserve, revealed on Thursday.

“We are looking into a number of questions relating to Goldman Sachs and other companies and their derivatives arrangements with Greece,” Mr Bernanke said, apparently referring to Greek currency transactions structured by Goldman.

Testifying before Congress, Mr Bernanke also responded to concerns that instability in markets for Greek debt and other securities has been heightened by trading in other derivatives, known as credit default swaps, which compensate investors in case of default.

Mr Bernanke said default swaps are “properly used as hedging instruments” and that “using these instruments in a way that intentionally destabilises a company or a country is counterproductive”.

Full article here [1]

Goldman role in Greek crisis probed 190110banner4 [2]


Article printed from Prison Planet.com: http://www.prisonplanet.com

URL to article: http://www.prisonplanet.com/goldman-role-in-greek-crisis-probed.html

URLs in this post:

[1] Financial Times: http://www.ft.com/cms/s/0/ca979904-2216-11df-98dd-00144feab49a.html?nclick_check=1

[2] Image: http://www.prisonplanet.tv

[3] Head Of Greek Debt Office Replaced By Former Goldman Investment Banker: http://www.prisonplanet.com/head-of-greek-debt-office-replaced-by-former-goldman-investment-banker.html

[4] Goldman Issues Press Release On Greek Swaps, Pours More Gas On PR Fire: http://www.prisonplanet.com/goldman-issues-press-release-on-greek-swaps-pours-more-gas-on-pr-fire.html

[5] Financial Crisis Commission Threatens To Audit Goldman Sachs: http://www.prisonplanet.com/financial-crisis-commission-threatens-to-audit-goldman-sachs.html

[6] Goldman Wins Again As European Union Court Rules To Keep ECB Involvement In Greek Debt Fudging A Secret: http://www.prisonplanet.com/goldman-wins-again-as-european-union-court-rules-to-keep-ecb-involvement-in-greek-debt-fudging-a-secret.html

[7] Goldman Bet Against Entire European Nations – Who Were Clients – the Same Way It Bet Against Its Subprime Mortgage Clients: http://www.prisonplanet.com/goldman-bet-against-entire-european-nations-who-were-clients-the-same-way-it-bet-against-its-subprime-mortgage-clients.html

Copyright © 2013 PrisonPlanet.com. All rights reserved.