You have to Love it- Goldman Sachs says Greece lacked Transparency (unemployment, Congress)

[cleanhouse]

The pot and kettle line applies here:

Greece trades should have been less opaque: Goldman - Yahoo! Finance (http://finance.yahoo.com/news/Greece-trades-should-have-rb-2823305614.html?x=0&sec=topStories&pos=4&asset=&cc ode - broken link)=

Past deals by Greece and others to massage public deficits lacked transparency, a senior Goldman Sachs banker said, the first time it talked openly about financial instruments it and other banks sold.

[newonecoming]

Gota love the headline

[ovcatto]

The arrogance of these people is simply staggering.

[cleanhouse]

Originally Posted by ovcatto

The arrogance of these people is simply staggering.

When you own the world the arrogance must be tough to hide.

[newonecoming]

http://boombustblog.com/Reggie-Middl...eet-Banks.html

This may be a fun link for you all

[floridasandy]

that was an interesting article by reggie middleton.

there have been some other interesting articles on the greece- goldman connection and what is likely to happen:
Not Again.... (CDS) - The Market Ticker

Now we get to repeat it, because we have refused to force these abusive derivatives out of the market.

Except this time, instead of destroying a few banks, we're going to do nations, likely destroy the EU, perhaps destroy the Euro, and there's a non-zero chance we get a war out of it before we're all done too.

Congratulations CONgress.

I've been clearly stating for three years that this crap has to be stopped. That these instruments need to be either banned outright or forced onto regulated exchanges where I can see bid, offer, size and last trade, concentration of risk can be monitored, position limits enforced and we can all know that those who place the bets are good for it - nightly - or they get margined out.

As done today, as done since the "Commodities / Futures Modernization Act", these "contracts" are a scam as there is zero evidence presented that the person who "wrote" the swap is actually able to pay. And as we all know, some of them couldn't and can't - AIG anyone? Yet despite what was absolute proof that these contracts were being written fraudulently - that is, WITHOUT ABILITY TO PAY - Congress and the Justice Department have done exactly nothing about it.

[GregW]

You would turn the derivatives market into a market instead of a casino where the fraudulent gamblers can play with money they don't have for winnings they did not earn? Blasphemer! The God of Greed does not approve.

The Greeks should just stiff these thieves and get on with running their own country with their own money. We should do the same.

[cleanhouse]

Originally Posted by GregW

You would turn the derivatives market into a market instead of a casino where the fraudulent gamblers can play with money they don't have for winnings they did not earn? Blasphemer! The God of Greed does not approve.

The Greeks should just stiff these thieves and get on with running their own country with their own money. We should do the same.

Yes- it is exactly like Las Vegas:

Fed to look into insurance contracts on Greek debt - Yahoo! Finance (http://finance.yahoo.com/news/Fed-to-look-into-insurance-apf-3598170230.html?x=0&sec=topStories&pos=1&asset=&cc ode - broken link)=

[newonecoming]

Originally Posted by floridasandy

that was an interesting article by reggie middleton.

there have been some other interesting articles on the greece- goldman connection and what is likely to happen:
Not Again.... (CDS) - The Market Ticker

Now we get to repeat it, because we have refused to force these abusive derivatives out of the market.

Except this time, instead of destroying a few banks, we're going to do nations, likely destroy the EU, perhaps destroy the Euro, and there's a non-zero chance we get a war out of it before we're all done too.

Congratulations CONgress.

I've been clearly stating for three years that this crap has to be stopped. That these instruments need to be either banned outright or forced onto regulated exchanges where I can see bid, offer, size and last trade, concentration of risk can be monitored, position limits enforced and we can all know that those who place the bets are good for it - nightly - or they get margined out.

As done today, as done since the "Commodities / Futures Modernization Act", these "contracts" are a scam as there is zero evidence presented that the person who "wrote" the swap is actually able to pay. And as we all know, some of them couldn't and can't - AIG anyone? Yet despite what was absolute proof that these contracts were being written fraudulently - that is, WITHOUT ABILITY TO PAY - Congress and the Justice Department have done exactly nothing about it.

They wanted to do to the country what has been done? Did they? Goldman satch was passing bad paper and taking out insurance that it would fail. GS would get money if the paper went bad. If you insist that the loans be bad to startwith it is a sure bet.

[Swingblade]

I love how Barnanke acts clueless to credit default swaps when he is the SUPER REGULATOR:

On credit default swaps, Bernanke said, "Obviously, using these instruments in a way that intentionally destabilizes a company or a country is counterproductive. We'll certainly be evaluating what we can learn from the activities of the holding companies that we supervise here in the U.S."

Then later in the meeting there is this:

Senators pressed Bernanke for ideas about what Congress can do to help out, especially in bringing down unemployment.
Fed to look into insurance contracts on Greek debt - Yahoo! Finance (http://finance.yahoo.com/news/Fed-to-look-into-insurance-apf-3598170230.html?x=0&sec=topStories&pos=1&asset=&cc ode - broken link)

So you have Barnanke that is evaluating swaps and congress asking this guy for advice.Pricleless.