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HomeGoldman’s Gerald Corrigan: Best Defense is Good Offense
Posted by Larry Doyle on February 23rd, 2010 11:15 AM |
$300 million is a lot of money.
Was it enough for the preeminent firm on Wall Street, Goldman Sachs, to risk its reputation? Apparently it was because that is the reported figure Goldman earned from transactions it structured and executed with the nation of Greece to help hide that nation’s fiscal woes. I do not discount that Goldman took risk in these transactions, but $300 million is a lot of money.
Believe me, every firm on Wall Street would sell its soul for a lot less than that. Goldman Sachs was not the only firm on Wall Street to enter into derivative transactions with Greece or other nations to cover declining fiscal positions. Goldman is merely the highest profile firm.
What does a firm like Goldman do now that it is being besieged by regulators, central bankers, and national leaders, primarily Angela Merkel of Germany, for structuring and executing these transactions? (more…)
Greece Facing “Titanic” Problem
Posted by Larry Doyle on February 16th, 2010 10:38 AM |
April 15, 1912. Early in the morning of this fateful day, the unsinkable Titanic went below the waters of the icy Atlantic and sank to its eventual berth on the ocean floor.
In the process of hitting the iceberg that dealt the Titanic its fateful blow, the air of invincibility surrounding this greatest of ships became an air of inevitability.
With all due respect to those who perished that cold night in those icy waters, are we witnessing a similar dynamic playing out on our global economic landscape for the once proud nation of Greece?
Were derivative transactions executed on behalf of Greece by Goldman Sachs mere band-aids covering massive holes in the hull of this once proud nation? No doubt. (more…)
