"There are those who remember that back in February 2010, before the world
realized just how broke Greece was, the public's deplorably short attention span
was briefly focused on none other than Goldman Sachs, which as so often happens,
was at the heart of the scheme enabling Greece to skirt by Maastricht
regulations and mask the fact that its debt and deficits were both far worse
than represented publicly. There are also some who remember that back in
February 2010, it was none
other than the Federal Reserve that tasked itself with uncovering
whether Goldman did anything "illegal" by engaging in currency swaps to make the
Greek economy appear rosier than it was: "We are looking into a number
of questions related to Goldman Sachs and other companies and their derivatives
arrangements with Greece," Bernanke said in testimony before the Senate Banking
Committee.... Greece in 2001 borrowed billions, with the aid of Goldman
Sachs in a deal hidden from public view because it was treated as a currency
trade rather than a loan....Goldman Sachs spokesman Michael DuVally declined to
comment on the Fed's probe. "As a matter of policy we don't comment on legal or
regulatory matters," DuVally said. Goldman Sachs had defended the transactions
in a statement posted on its Website Sunday. The firm said they had a "minimal
effect" on Greece's overall fiscal situation." Maybe, just maybe it is time, two
years later, for the world to hear something, anything, from the Fed as
to what its seemingly quite extensive investigation into Goldman's has yielded.
And as a public service, just to help the Chairman, who very soon will have precisely 15 minutes to prove he can send record Brent prices down by 50% and prevent the European economy from imploding, here is a convenient reminder from the BBC, courtesy of its clip "How Goldman Sachs Helped Mask Greece's Debt." You know - just in case someone forgot to hold the Fed accountable for its objective and sincere investigation into the firm, whose former chief economist now runs the New York Fed..."
at http://www.zerohedge.com/news/two-year-reminder-fed-how-investigation-goldmans-greek-currency-swaps-going
And as a public service, just to help the Chairman, who very soon will have precisely 15 minutes to prove he can send record Brent prices down by 50% and prevent the European economy from imploding, here is a convenient reminder from the BBC, courtesy of its clip "How Goldman Sachs Helped Mask Greece's Debt." You know - just in case someone forgot to hold the Fed accountable for its objective and sincere investigation into the firm, whose former chief economist now runs the New York Fed..."
at http://www.zerohedge.com/news/two-year-reminder-fed-how-investigation-goldmans-greek-currency-swaps-going
