I thought this would be a good time to remind everyone of the role that US I-Bank teams from Goldman Sachs and JP Morgan played in getting Europe and the rest of the world to the brink of financial disaster. Read this to understand the full extent of the self-serving corruption.
Wall St. Helped Greece to Mask Debt Fueling Europe’s Crisis - NYTimes.com
Greek Debt Crisis: How Goldman Sachs Helped Greece to Mask its True Debt - SPIEGEL ONLINE - News - International
Goldman Sachs: the Greek connection - Business News, Business - The Independent
Basically, they helped them rig their books so that they could "clean up" and look good for admission into the EU - and then stay in "good standing" for some time, even though they were a dangerous mess pretty much all along. If any private company did to their financials what was done here, they would all be in prison. But the folks at Goldman are the world's power broker and the rules don't apply to them. And of course like any good bankster, they then shorted the debt after they arranged those deals to hedge their exposure.
These guys are not stupid, and they knew that they were rigging up a **** storm.
Goldman Sachs Shorted Greek Debt After It Arranged Those Shady Swaps
The biggest blame for the Greek debacle rests on Greece and all those European officials who turned a blind eye to what was going on. But Wall Street played an important role in putting fuel on the fire, and you can bet they made some nice change off of it. Now, do you think even a single one of them will ever be held accountable for the collateral damage? Please.
The Occupy Wall Street folks may by and large be a bunch of naive hippies, but there definitely IS something wrong with Wall Street. There is a big kernel of truth to the notion that Wall Street has become a perverse, corrupt clan that makes risky, sophisticated bets with OUR collective livelihoods for the benefit of THEIRS. And it didn't use to be this way. We should be demanding that
something changes with this picture.
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