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Ben Bernanke Is Looking Into Goldman "Arrangements With Greece"
Critical Q&A between Bernanke And Dodd earlier:
Bernanke:
"Yes, Senator, I just want to say first of all we are looking into a number of questions relating to Goldman Sachs and other companies and their derivatives arrangements with Greece and this issue as well. As you know credit default swaps are properly used as hedging instruments."
Sen. Dodd:
"Agreed."
Bernanke:
"The SEC, of course, has been interested in this issue. Obviously using these instruments in a way that potentially destabilizes a company or a country is counterproductive. The SEC will be looking into that. We'll certainly be evaluating what we learn from the activities of the holding companies that we supervise here in the U.S."
Sen. Dodd:
Well, let me make the request of you here and we'll make a similar request to the SEC. I'm sure all of us on the committee would like to
here very quickly what the response is going to be, if any, either from you or recommendations you would make as well as from the SEC. I'll make that formal request this morning. It's a critical issue for all of us.
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"Ben Bernanke Is Looking Into Goldman "Arrangements With Greece"..."
... to see if similar arrangements could be put in place with the US Treasury in order to hide the increasing US federal debt level...
+1 monmick. Exactly what I was thinking.
Outstanding! That's a coffee spitter for sure!
looking into it...like a voyeur
monmick, you just made my day ....
why, so he can put his stamp of approval on them? I guess now we wait for Timmay to "look" into them as well. seems about right.
yeah well, nobody gonna look into anything. bernanke said it will be limited and won't involve anything offshore, so it's not even a real dog and pony show.
bernanke: We'll certainly be evaluating what we learn from the activities of the holding companies that we supervise here in the U.S.
here's the real deal. in washington next week. ringside only $52
http://www.bigapplecircus.org/tickets/venue.aspx?id=1344
roflmao, nothing to see here, please drive by
future headline, ummmmmmm, you shouldn't have done that, penalty five dollars in the tip jar
now, u know the eu is all over ben, all over him
the corner gets smaller
CAN NOT hear today's Heli ben hearing. Anyone got a link because CSPAN does not seem to have it an CNBC has turned off the sound.
Link please, anyone??
http://cspan.org/Watch/Media/2010/02/25/HP/R/30001/Congressional+Hearings+On+Capitol+Hill.aspx
Thx! ZH rocks!
Ben Bernanke Is Looking Into Goldman "Arrangements With Greece"
I suspect Goldman is purchasing (at a steep discount no doubt) all 13,000 Greek islands and will be giving them to various "key" employees as part of next years' bonus pool.
posturing. pretense. blah.
Really? And I'm looking into becoming the Queen of England.
Hence Ron Paul's question about the Fed backstopping Greece. He set up Bernanke to admit on public record to state they have no plans. Right, we'll see about that if Goldman ends up on the dirty end of the blow up.
Couldn't agree more.
Bernanke is a sock puppet with The Tribe's fist so far up his ass it's a wonder he hasn't already choked on it.
As far as I understood, GS didn't anything illegal (immoral ... I can't judge), Greece did. Those transactions aren't illegal, they were illegal in THAT SITUATION.
Worth mentioning one of GS's executives saying that Greece is not the only European country that did that and GS is not the only bank helping them - no surprise here though ...
Sublime shit.
If GS knowingly and purposefully gave council to Greek officials to deliberately mis-represent their reported obligations, then GS is guilty of complicity in fraud. If GS was an enabler of CDS sales as well to Greece, knowing full well there was no ability of AIG or any other counter-party to pay, then GS is guilty of fraud in mis-representing counter-party default risk. Sounds like they're guilty at both ends much like what took place with the monolines.
And all these guilty parties will take their place alongside everybody else who's been indicted during this mess... Oh, wait.
When I am king, they will be first against the wall.
putting the fox in charge of the hen house
i mean come on now really.
oh yeh they really are going to get to the botoom of this
problem now as goldman and the boys took down greece..
street preacher nathaneal kapner weighs in on this issue.
http://www.realzionistnews.com/?p=482
you know i just love it when a member of the tribe decides
to quit being a asshole and start being human....
what GS did was legal, yet, GS knew the eu rules, and since they went thru greece's books, there is no way in hell any sane person would have done this
is it illegal, no, yet, it looks like selling liquor to a minor cause they looked of age
cry babee criiiiyyyyyy, you shoulda known better
once u find one rat in the woodpile
it's all about tone
hey man, it takes two to tango.
Ben Bernanke: "Looking into a number of questions"
Dear Ben,
Maybe it would have done you some good to have some *questions* from time to time, you know? "Am I an asshole? Is my country a mess? Is Goldman Sachs a money-grubbing whore?" I mean, those are questions, right? "Have I ever been good at my job or am I just now pretending to be?"
(Just a few changes from The Departed to fit this scenario.)
GS is a money grubbing whore -- that's an insult to whores everywhere. Those ladies provide a valuable service and a happy ending.
That's much more than GS provides.
Senator Dodd:
"Yes, Chairman, I just want to say first of all we are looking into a number of questions relating to Goldman Sachs...
BS:
"Agreed."
Who is the FED think they are kidding? They are now policing Goldman Sachs??? That is like the fox, watching the fox, who is stealing hens from the hen house. And if they find something wrong, are they going to tell us all the details, just like they told us all the details in the AIG payoffs??? Are they going to keep Goldman from their daily 2pm lollipop snack? Are they going to give them a small lecture about responsible lending??? What a JOKE!!!!!
The FED is a private corporation owned by the NY banks. Who is watching THEM??? Congress??? What a double-JOKE!!!
Good Morning, you stupid bulls! I've been telling you for some time now that the reflation trade is dead. There are no green shoots. The government's lying to you. We're in a depression. You stupid fuckers shouldn't have drank the kool-aid!
And how does Ben know what the SEC is doing??? They are supposed to report to Congress, not the FED, right??? I am sick to my stomach........vomit
Might as well have Ray Charles look into it.
LOL!!! Stevie Wonder can examine some of the details, too.
Davos,
Nice to find you lurking in the shadows again. I always find you wit particularly enlightening. :>p
BS: adequate managerial capacity
read ex-VS'ers
oh boy!
http://community.nasdaq.com/News/2010-02/Something-Very-Strange-Is-Happe...
"Obviously using these instruments in a way that potentially destabilizes a company or a country is counterproductive." A sovereign country can do whatever it wants and reap the benefits or consequences.
So we are going to investigate or outlaw things that are "counterproductive." Who gets to decide what is "counterproductive"? Where do I go to get things removed from my life that are "counterproductive" -- government being the biggest one of them.
Folks - grow up and take 110% responsibility for yourself. No one in America seems to be able to find their way through life all by themselves. The country is doomed because the citizens are entitled / victim / wimps who demand near the highest standard of living in the world with almost no tolerance for any real pain. Sad. Which is why other parts of the world are going to dominate the next century.
Davos, that was funny.
"Looking for love in all the wrong places."
Could we get one of them "arrangements"?
They sound pretty spiffy!
When I read this, I didn't know whether to laugh or puke.
Senor Wences was a ventriloquest who had appear ofter on the Ed Sullivan show with Pedro his dummy. He would ask the dummy questions and the routine would be "S'all right?" and the dummy would reply "S'all right"
Students now solve for who is the dummy a) Ben b) Obama c) Barney Frank, d) Dodd e) all of the above
One more thought he could that Eddie Haskell look alike Tim Geithner to look into it. Yes, Mrs. Cleaver, "I will take care of Wally, the Beav and Lloyd." Promise!
This prospectivly could be the biggest GS fee ever....
Just think...if the GS fee for Greece was $100 million....the fee for the US should be around $5 Billion ?
Of course to be secretly split when current govt. employees crossover after they serve the US......
Why else are prospective and previous GS employees in office ?
Do you think that for a second...they really want to be in a govt. office...?
Anybody listen to Corzine yesterday ?
They knew what the books looked like and went ahead with full knowedge that default was a high percentage result. They then traded against the swaps they just minted. A case could be made that Goldman engaged in financial terrorism. The scope of what they did goes way beyond "just doing business". SI
What irks me is ---- as long as we legislate regulations to prevent failure (GS) we are preventing the market from cleansing itself ---
GS should have been dead and NOW the hearings should concerned with how to kill GS not preserve it.
In a way the Shamu killer whale is like GS.
Only we, the American citizen, take the place of the Sea World attendant.
Grabbed pulled under shaken violently and killed. Shamu meanwhile is in a separate tank. And they are saying, well, you can't blame IT after all it is a killer whale. ---- How can we change its music , its feeding schedule. After all maybe Seaworld will draw more patrons to see a bona fide killer
And we politely have hearings on how to "look into" GS
GS is needed because without them ,a global bankster, ---- Why, Greece may fail --- and that would be bad ---OR Would it?
GS is needed because the progressives (have you watched Glen Beck) want the whole world to save the weakest link.
But unlike the whole world Failure is as American as Apple Pie
Ps I know IT's Name is not Shamu
And the sheeple keep their noses in their Bibles, or watching American Idol reruns, or playing with the latest iPod/iPad toy, or watching porn - or maybe all of the above..... There is no viability to governance in DC if they do not start doing something of substance, and the American people are at fault for not protesting loud enough - why is the FED and NY Bankers running our lives????......I am getting sick again....
These boys are good, 55 gallons of truth serum injected into Bernanke couldn't ferret out a nano particle of truth and why would a multi-millionaire senator care about any of this?
Thanks for the chuckle.
Ok, so the perfect story here would be GS structured a swap with Greece, which created an upfront payment to Greece but embedded a liability in the derivative, which because these were not marked to market, reduced the official debt and allowed Greece to hit the Maastrict criteria. GS, being prudent risk managers and all, bought CDS to hedge their credit risk to Greece from AIG. The problem would be this would suggest that GS was in possession of material non-public information (that the real debt was higher than the official debt) and therefore this hedge could constitute insider trading.
Yes,,we have top people looking into this...
man, when GS employee's get to posting on boards you know they are questioning things, are you thinking you are now about too become the bagholder, roflmao
it's life babeeeeeeeee, suck it up
With the SEC and Bernanke looking into it how can you lose.
Test post prior to advice seeking prior to my next big decision on rates.
N Berbanke
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