Scrutiny of Goldman’s Role in Greek Debt Crisis Intensifies in US

Goldman Sachs appears to be testing the limits of its special talent for avoiding all accountability following revelations of its role in exacerbating the Greek debt crisis. The bank has come under heavy criticism from European political officials over its role in helping Greece hide its debts, and on Wednesday, Greek labor unions staged a …

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New Investigation: Exposing the Bubble Barons

Today, in partnership with AlterNet, we are launching a new investigation of the class of American super-rich we’ve deemed the Bubble Barons, “a select group of American multi-billionaires who saw astronomic gains in wealth during the housing bubble, and who so far have evaded all accountability in the midst of the worst economic crisis since …

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Following Transparency Speech, Goldman Refuses to Disclose Greek CDS Holdings

In remarks before a UK parliamentary committee yesterday, Goldman Sachs executive Gerald Corrigan addressed the controversy surrounding the swap deals that his bank arranged on behalf of Greece, saying “standards of transparency could have been and probably should have been higher.” On the heels of this transparency speech, however, Goldman Sachs has made it quite …

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Newly-named Greek Speculators Have Strong Ties to Goldman, New York Fed

Following my writing on the rumors swirling around Goldman Sachs, John Paulson, and their role in speculative attacks on Greece, the New York Times has written about the rumors, and today reports that Greece’s National Intelligence Service has named several other investors who are shorting Greek debt: Brevan Howard, Fidelity International, and Moore Capital, in …

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Goldman-John Paulson CDO scheme stinks of fraud

There were, essentially, two superstars of the subprime meltdown — investors that not only won big on bets that the subprime market would crash, but got a lot of media attention for it: John Paulson and Goldman Sachs. Of course, plenty of other investors bet that the market would crash, but none of the trades …

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What is John Paulson doing in Greece?

Goldman Sachs’s Greek adventure got an in-depth look from the New York Times yesterday. The article extends on last week’s Spiegel piece, which reported that the bank helped Greece hide the true extent of its debt through the use of specialized derivative products.  We first reported on the parallels between AIG and Greece in a …

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Obama shares Wall Street’s delusions

Via Bloomberg, we learned yesterday that President Obama buys in to the Wall Street delusion that bankers actually deserve really high salaries.  Speaking about JP Morgan’s Jamie Dimon and Goldman’s Lloyd Blankfein, he said this: The president, speaking in an interview, said in response to a question that while $17 million is “an extraordinary amount …

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Greece: the new AIG?

With the mounting crisis in Greece, another massive stash of toxic debt has revealed itself in a way that can’t be ignored.  Fears of a “contagious default” in the Eurozone hammered markets yesterday, with one Greek banker calling it a “wholesale selling off of the country.” Today, markets are rebounding on hopes for an EU …

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Money laundering, Goldman-style

Louise Story and Gretchen Morgenson had a lengthy new story up at the Times yesterday on how Goldman bled AIG to death. The piece details negotiations over payouts on swaps that Goldman had purchased from AIG. Details of the negotiations are interesting, but this paragraph jumped out at me: In addition, according to two people …

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