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Just What Is Mario Draghi Hiding? ECB Declines To Respond To Bloomberg FOIA Request On Greek-Goldman Swaps

Tyler Durden's picture


Back in February 2010, in the aftermath of the discovery that none other than Goldman Sachs had facilitated for nearly a decade the masking of the true magnitude of non-Maastricht conforming Greek debt, Zero Hedge first identified the prospectus for a Goldman underwritten swap agreement securitization titled Titlos PLC. We titled the analysis "Is Titlos PLC The Downgrade Catalyst Trigger Which Will Destroy Greece?" because for all intents and purposes it was: at that time a rating agency downgrade of the country would lead to a chain of events which would make billions in assets ineligible for ECB collateral, forcing a massive margin call on the National Bank of Greece, which likely would have precipitated a Greek default there and then.

In retrospect, considering the two years of pain that Greece has already suffered, this may have been the better option as the country would have taken its bitter medicine, and become a second Iceland case study by now, growing at a brisk pace, unencumbered by debt, free from the clutches of the Euro, instead of having its economy collapse by nearly 10% every year without any resolution in sight.

But that is irrelevant for the time being: what is relevant is Titlos itself, and what Bloomberg did after we posted the analysis. It turns out that following in the footsteps of Mark Pittman, Bloomberg sued the ECB under Freedom of Information rules requesting "access to two internal papers drafted for the central bank’s six-member Executive Board. They show how Greece used swaps to hide its borrowings, according to a March 3, 2010, note attached to the papers and obtained by Bloomberg News. The first document is entitled “The impact on government deficit and debt from off-market swaps: the Greek case.” The second reviews Titlos Plc, a securitization that allowed National Bank of Greece SA, the country’s biggest lender, to exchange swaps on Greek government debt for funding from the ECB, the Executive Board said in the cover note. The ECB's response: "The European Central Bank said it can’t release files showing how Greece may have used derivatives to hide its borrowings because disclosure could still inflame the crisis threatening the future of the single currency."


But what is far more likely is that the reason why the ECB, headed by none other than former Goldmanite Mario Draghi, is desperate to keep these documents secret is for another reason. A very simple reason:

Mario Draghi - 2002-2005:  Vice Chairman and Managing Director at Goldman Sachs International

In other words, Draghi was a key executive at Goldman at precisely the time when none other than Goldman Sachs was hired to create and facilitate the active hiding of the true extent of the Greek debt problem.

In yet other words: could it be that none other than the head of the European Central Bank is refusing to cooperate with a Bloomberg FOIA, something even the US Federal Reserve ultimately succumbed to which led the revelation that the Fed had handed out trillions in secret loans to banks all around the world  - and that includes tens of billions in under the table loans to JPM, contrary to Dimon's defense that he did not need the TARP money in Senate yesterday: he did, and much more, but since when is perjury a crime before a kangaroo court of bought politicians:

But this is not about JPM for once. Let's go back to that infernal mollusc which everyone loved to hate in all of 2009 and 2010 until JP Morgan became the world's Fed-backstopped, prop trading pinata, and the response that the ECB did provide to Bloomberg as a reason for not handing out the required information:

Disclosing the files when Bloomberg News first sought them in 2010 would have “fueled negative perceptions about Greece’s ability to honor its debt,” ECB lawyer Marta Lopez Torres said at a hearing of the European Union’s General Court in Luxembourg today. “It’s the same now with Spain” which “isn’t able to borrow money,” she said. “Markets are reacting in very volatile ways. It’s affecting the euro economy.”

In other words from Mutual Assured Destruction as a means to push through policy propaganda, M.A.D. is now the only option for heads of central banks from being exposed to the world as the very same people who enabled the current financial collapse in the first place?

Now we see...

More from Bloomberg, which explains the reasoning for demanding access to the two abovementioned docs:

These documents “played a role” in shaping policy and “highlighted there were issues” when the ECB undertook a review of its eligibility criteria for collateral in its funding operations, the ECB lawyer told the court.


The cornerstone of the ECB’s response to the crisis is to give banks as much money as they needed in return for collateral. In October 2010, the ECB changed the rules on the asset-backed securities it accepted and gave itself more discretionary power to reject collateral if necessary.


The public has a right to know how EU authorities may have allowed Greece to hide its deficit, which helped trigger Europe’s sovereign debt crisis,” said Matthew Winkler, editor- in-chief of Bloomberg News. “Greater transparency results in more accountability, and we seek this information to understand how this debt debacle unfolded in an effort to avoid repeating it.”


The Greek government didn’t originally disclose the swaps, designed to help it comply with the deficit and debt rules it agreed to meet when it joined the euro in 2001. The swaps allowed the country to increase borrowings by 5.3 billion euros, Eurostat, the EU’s statistics agency, said in November 2010.


In April 2009 -- seven months before the Greek crisis erupted -- ECB officials spotted “a swap operation in unusual terms,” according to the March 2010 document.

And back to Goldman, who in the 2001 onward period was the sole bank provider of shady currency swap transactions:

In the largest derivative transaction disclosed so far, Greece borrowed 2.8 billion euros from Goldman Sachs Group Inc. in 2001 through a derivative that swapped dollar- and yen- denominated debt issued by the nation for euros using a historical exchange rate, a move that generated an implied reduction in total borrowings.


“The Greek authorities had never informed Eurostat about this complex issue, and no opinion on the accounting treatment had been requested,” Eurostat, the Luxembourg-based statistics agency, said in a statement. The watchdog had only “general” discussions with financial institutions over its debt and deficit guidelines when the swap was executed in 2001.


“It is possible that Goldman Sachs (GS) asked us for general clarifications,” Eurostat said, declining to elaborate further.


Spokesmen for Goldman Sachs in London couldn’t immediately comment after the hearing.

How about asking that other Goldman Sachs spokesman, Mario Dragi? Perhaps at the next ECB press conference journalists can finally grow a pair and start asking the really important questions instead of listening to the violins as the European titanic is steadily sinking?


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Thu, 06/14/2012 - 12:42 | 2526101 hedgeless_horseman
hedgeless_horseman's picture



Super Mario will stand on his head to deny the opposition.

Thu, 06/14/2012 - 12:45 | 2526125 Colombian Gringo
Colombian Gringo's picture

Of course Draghi  will not respond because he is guilty. Doesn't matter anyways since he is a made bankster and will walk free like Corzine.

Thu, 06/14/2012 - 12:50 | 2526152 sunaJ
sunaJ's picture

Basically they used the Jim Carrey argument in 'Liar, Liar.'


- Your Honor, I object!

- On what grounds?

- On the grounds that the testimony is devestating to my case!


Don't let anything like the truth get in the way.  Is there any wonder why the markets care about the politics of nations more than the profit margins of corporations?


Thu, 06/14/2012 - 13:13 | 2526220 YuropeanImbecille
YuropeanImbecille's picture

This is sadly what Europe has become, a mafia-zionist-satanist shithole !

These fuckers are taking about 30% of my income to play geo politics and satanic empire building :(

The worst is that no one gives a fuck, maybe they complain a bit or write a angry letter to some propaganda outlet, but they keep voting on these criminal bastards year after year.


I keep voting for the anti-EU parties year after year, but what difference does it make when the majority are idiots and drink the satanic kool aid and eat the sugar coated satan sandwich?

I hope they all burn in hell!

Thu, 06/14/2012 - 13:19 | 2526269 ParaZite
ParaZite's picture

Don't degrade the term "Satanist" by associating them with these assholes.


Thu, 06/14/2012 - 13:22 | 2526281 Richard Chesler
Richard Chesler's picture

Once a Goldman crook,

Always a Goldman crook.

Thu, 06/14/2012 - 14:28 | 2526527 Manthong
Manthong's picture

"So I really don’t see the usefulness of being more transparent,” Luc Coene, Belgium’s central bank governor

Thu, 06/14/2012 - 15:33 | 2526893 macholatte
macholatte's picture


Actions for TPTB do NOT have consequences even when caught "red handed" working the con. Lying, cheating and stealing with impunity is their reality.


Hyman Roth: If I could only live to see it, to be there with you. What I wouldn't give for twenty more years! Here we are, protected, free to make our profits without Kefauver, the goddamn Justice Department and the F.B.I. ninety miles away, in partnership with a friendly government. Ninety miles! It's nothing! Just one small step, looking for a man who wants to be President of the United States, and having the cash to make it possible. Michael, we're bigger than U.S. Steel.

Thu, 06/14/2012 - 13:30 | 2526308 falak pema
falak pema's picture

you mean a carbon copy of USA?

Thu, 06/14/2012 - 12:52 | 2526162 knukles
knukles's picture

The Credibility Trap.

That's true problem. 
The so called Liquidity Trap is an Economic Manifestation of the Credibility Trap.
Which is a reticence for any rational individual or business to commit capital, hire, engage in anything other than the most defensive and protective economic activities.

Dishonest and in many cases even Unelected Leaders and Bankers together Bilking the system of the Peasantry's Wealth.

Your Kleptocracy At Work.

No wonder. 

Thu, 06/14/2012 - 13:23 | 2526283 narnia
narnia's picture

There's no collateral behind these massive government promises. This storm isn't a hurricane that Lt. Dan would survive, no matter how hard the central planners try to convince them otherwise.

Thu, 06/14/2012 - 14:19 | 2526492 11b40
11b40's picture


Well, here is one Master of the Universe who won't be walking free for a good long time. Only need about 300 more sentences like this one.

Thu, 06/14/2012 - 14:49 | 2526659 reload
reload's picture

Sandford was simply not properly connected.

Thu, 06/14/2012 - 16:55 | 2527207 citizen2084
citizen2084's picture

Whatever the headline says I doubt he will do 5 years.  There will a headline in the next 20-60 months that says he died of a heart attack in prison.

yep, poor guy passed away in the joint.  I am sure he will be buying the first round at his fav spot in the caymans the day after the story runs in the state media.



Thu, 06/14/2012 - 15:43 | 2526945 Silver Bug
Silver Bug's picture

Like most politicians, some dark dark secrets are lurking in there.


Buy Silver, Take your Freedom back!

Thu, 06/14/2012 - 12:46 | 2526135 Spitzer
Spitzer's picture

How do you post pics ?

Do you have to be a ZH insider ?

Thu, 06/14/2012 - 12:54 | 2526173 knukles
knukles's picture

Nah.  Just get caught en flagrant delicto

Thu, 06/14/2012 - 13:08 | 2526233 fuu
fuu's picture

You need to be a contributor.

Thu, 06/14/2012 - 12:53 | 2526167 Future Tense
Future Tense's picture

I'm excited for Europe to finish blowing up so everyone can get back focused on the United States debt bomb. Good video here discussing why student loans will be worse than subprime mortgages when they implode:

Thu, 06/14/2012 - 14:56 | 2526263 cranky-old-geezer
cranky-old-geezer's picture



It wasn't just Mario and GS, every banker and hedge fund within computer distance of Greece overlooked a few billion under the table so Greece could join the EU and rip the EU off for hundreds of billions ...that bankers and hedge funds would make tens of billions on.

National governments are now profit centers for bankers and hedge funds, their sovereign access to printed money making them very profitable profit centers.

It's why bankers and hedge funds don't care about economies anymore.  They can make boatloads of easy money from those government profit centers.

Government debt paper is the only game left in town now.

Banks and hedge funds will do everything in their power to keep that game going.

Thu, 06/14/2012 - 13:56 | 2526393 Peter Pan
Peter Pan's picture

Mario looks impressive in the photo, but i bet that there is a piece of perspex across the goal mouth.

Thu, 06/14/2012 - 12:39 | 2526103 doomandbloom
doomandbloom's picture

Mario Draghi is not Jean-Claude Trichet 

Thu, 06/14/2012 - 13:06 | 2526217 Bananamerican
Bananamerican's picture

how do you say "motherfucker" in Italian?

Thu, 06/14/2012 - 13:29 | 2526301 falak pema
falak pema's picture


Thu, 06/14/2012 - 14:27 | 2526538 TNTARG
TNTARG's picture

Figlio di puttana.

Thu, 06/14/2012 - 13:07 | 2526224 old naughty
old naughty's picture


Are you implying that he cannot hide from all of the people all the time?

Thu, 06/14/2012 - 13:14 | 2526251 Muppet Pimp
Muppet Pimp's picture

Bruno Iskil is not John Corzine

Thu, 06/14/2012 - 12:40 | 2526109 mrktwtch2
mrktwtch2's picture

so this time next year what will be the "current crisis"..maybe china imploding?

Thu, 06/14/2012 - 12:42 | 2526113 Great Unwashed
Great Unwashed's picture

Damn, you guys are good.

Thu, 06/14/2012 - 12:42 | 2526115 Never One Roach
Never One Roach's picture

"Speech is silver, but silence is golden." is the ECB motto I heard at the bar last night.

Thu, 06/14/2012 - 12:42 | 2526116 sunaJ
sunaJ's picture

If Jamie's mom is anything like mine, she would be very disappointed, reminding him that big lies have to maintain small lies.  We are at peak dishonesty.  +1 Mom.

Thu, 06/14/2012 - 12:43 | 2526117 Mark123
Mark123's picture

Got to love the logic of not releasing the could harm the markets.


So exactly what is FOI for then?  Only to release information that the owner feels would have no negative impact??????  Gee, in my funny way of thinking I thought FOI was to force agencies to release information they are withholding JUST BECAUSE IT IS DAMAGING!!

Thu, 06/14/2012 - 13:16 | 2526261 Muppet Pimp
Muppet Pimp's picture

When things get serious you have to lie. Jean-Claude Juncker

Thu, 06/14/2012 - 12:43 | 2526120 Dick Darlington
Dick Darlington's picture

THANK YOU ZH for bringing this up! Saw it earlier today and tweeted it forward. But posting it here will get a massive audience. Natural question that comes to mind: What has Italy done with derivatives in order to hide stuff under the rug?

Thu, 06/14/2012 - 12:43 | 2526121 InconvenientCou...
InconvenientCounterParty's picture

Hammer the spike with rightous abandon until you are too weak to lift the hammer head.

You can't know exactly when the crust of the heart will yield. Just know that it will.

Thu, 06/14/2012 - 12:44 | 2526124 aleph0
aleph0's picture




Nice research  ... makes Al Capone look like a Public Hero.

Thu, 06/14/2012 - 12:45 | 2526128 Dick Darlington
Dick Darlington's picture

I think it's safe to say ECB's "credibility" just "vaporized". Euro project will get even more negative reputation after this. And that boys and girls is GREAT!

Thu, 06/14/2012 - 13:09 | 2526129 GeneMarchbanks
GeneMarchbanks's picture

Boy, that Yen carry trade really got around. Everybody had a ride...

Thu, 06/14/2012 - 12:45 | 2526130 Zaydac
Zaydac's picture

" Perhaps at the next ECB press conference journalists can finally grow a pair and start asking the really important questions"

Oh come on. Even if they did have the courage they don't have the intellect or training to compose the important questions, and if they did ask the important questions they would be terrified of exposing their ignorance by not being able to tell the difference between truthful and untruthful answers. The MSM is dead, killed off by corruption and ineptitude.

Thu, 06/14/2012 - 12:48 | 2526146 williambanzai7
williambanzai7's picture


Thu, 06/14/2012 - 12:49 | 2526148 falak pema
falak pema's picture

once a squid man always a calamari; a bit like the skull and bones club! But that's for the DC-MIC-CIA elites! 

Thu, 06/14/2012 - 12:50 | 2526156 unionbroker
unionbroker's picture

oooh secret Greek poll showing pro bailout parties advancing :)

Thu, 06/14/2012 - 13:01 | 2526201 walküre
walküre's picture

pro "Spanish-model" bailout

all the money, no strings attached

It's no longer about what Greece wants to have.

It's becoming more and more about what Germany is not willing to give.

This drama is never ending. We have officially entered the Twilight Zone and Groundhog Day markets.

Thu, 06/14/2012 - 13:08 | 2526232 sdmjake
sdmjake's picture

Watch that's a Doooooozie!

Thu, 06/14/2012 - 12:51 | 2526159 carbonmutant
carbonmutant's picture

That house has two doors.

If the ECB can stonewall on the EU end maybe they should go after Goldman's records on this end...

Thu, 06/14/2012 - 12:54 | 2526174 youngman
youngman's picture

Must have learned all that transparency from Obama.....

Thu, 06/14/2012 - 12:55 | 2526177 ebworthen
ebworthen's picture

The Goldman Sachs tentacle reach is truly amazing; and it's ability to squirt a cloud of ink.

Thu, 06/14/2012 - 12:56 | 2526180 TrafficNotHere
TrafficNotHere's picture

Its because of articles like this I check zeroHedge every day. Good work!!!!

Thu, 06/14/2012 - 12:56 | 2526182 Itch
Itch's picture

lol Historical exchange rates, what a dumb lie. Just how on earth do these crazy fuckers get away with it?

Thu, 06/14/2012 - 12:57 | 2526185 Duke of Con Dao
Duke of Con Dao's picture

here's a great line reading by Hugo Weaving in Captain America: "while the Fhurer searches for trinkets in the desert"

a play on Indiana Jones.  Mario only wishes he could sound this 


Thu, 06/14/2012 - 12:58 | 2526189 LMAOLORI
LMAOLORI's picture

We still don't know what all they hid right here in the U.S. FOI requests have become quite the joke remember how hard it was for Bloomberg to pry information from the Fed?  And when they did get it the majority of it was re-dacted and then there are our paid off politicians.

Wall Street’s Collapse To Be Mystery Forever: Jonathan Weil

Thu, 06/14/2012 - 12:58 | 2526190 slewie the pi-rat
slewie the pi-rat's picture

we knew his pedigree when he took over the bank

the ECB is a zombie bank;  marioECB is chairing the hand-picked handful to propose a plan about mid-next week

this plan will be more loving instructions on the care and feeding of the world's biggest known zombie and all it's little satellite zombies

something about keeping the checks in the mail, i believe...  i'm sure someone will correct me if i'm wrong...

Thu, 06/14/2012 - 13:00 | 2526200 lizzy36
lizzy36's picture

Transparency is BAD......especially when it implicates the head of the ECB.

M.A.D what a concept - the same people who destabilized the EZ are now the ones that we can expose because of M.A.D.

We don't want people to know how bad it is because they might actually hold us responsible. BRILLIANT.

Thu, 06/14/2012 - 13:02 | 2526204 Mister Ponzi
Mister Ponzi's picture

Months ago, the ECB has already issued a statement regarding this issue. There, it was stated that Mario Draghi was *NOT* involved in the above mentioned swap transaction.

Thu, 06/14/2012 - 14:17 | 2526488 No Euros please...
No Euros please we're British's picture

It's been posted already but just to remind you Mr P.

When things get serious you have to lie. Jean-Claude Juncker

Thu, 06/14/2012 - 13:02 | 2526205 Oldwood
Oldwood's picture

 As we hear daily, confidence must be maintained, no matter how big the lie need be. Kind of illustrates the whole meaning of a "confidence racket". Maintain confidence through illusion. Afterall, who would have any confidence in anything if the truth came out! The best part is that it is all for our own good, as we just can't handle the truth. These kind hearted officials are sacrificing themselves for us!

Thu, 06/14/2012 - 13:07 | 2526223 PaperBear
PaperBear's picture

They would be admitting they and Goldman Sachs and the then Greek leadership are all crooks.

Thu, 06/14/2012 - 13:07 | 2526226 SmoothCoolSmoke
SmoothCoolSmoke's picture

Must be bullish!  US markets continue their levitation in the face of the high risk Greek election.

Thu, 06/14/2012 - 13:12 | 2526245 fonzannoon
fonzannoon's picture

I guess the results are already in.

Thu, 06/14/2012 - 13:08 | 2526229 Al Huxley
Al Huxley's picture

I'm going to try that next time I apply for  a loan:  'May we see your credit history?'  'No, I don't think so, it might generate negative perceptions about my ability to repay, and thereby impede my ability to get the loan'.

Thu, 06/14/2012 - 13:21 | 2526275 Muppet Pimp
Muppet Pimp's picture


Lest we not forget some animals are more equal than others.

Thu, 06/14/2012 - 13:11 | 2526244 lunar
lunar's picture

".....Perhaps at the next ECB press conference journalists can finally grow a pair and start asking the really important questions instead of listening to the violins as the European titanic is steadily sinking?"

You must believe in the stork - btw how about journalists in USA? they have more courage? front of Jamie Dimon for example?  ....or an important politician?



Thu, 06/14/2012 - 13:15 | 2526248 Northeaster
Northeaster's picture

We need more Mark Pittman's.

It's  a shame he died, I only hope his managing editors carry, or allow someone else to carry the kind of work he did unabated.

Of course, in a world of Plutocrats, I would guess there would be a lot of pressure on the small group that Pittman and his managers work with. Nothing like exposing arguably one of the largest financial frauds in recorded history, only to have fellow colleagues both within and outside of Bloomberg bury the story for years, and continue to do so.

Not to say ZH hasn't done some great analysis of their own (minus the conspiracy pieces), they have provided some great market insight and analysis in their own right.

Thu, 06/14/2012 - 13:23 | 2526282 adonisdemilo
adonisdemilo's picture

It's should be pretty damn obvious that disclosure of the details would be detrimental to the validity and sustainability of the Euro, therefore, because the operation was designed to HIDE THE TRUTH it can only be assumed that the Euro is a worthless pile of CRAP.

Thu, 06/14/2012 - 13:27 | 2526296 TNTARG
TNTARG's picture

Of course. And this guy should be in jail but he's running the ECB.

Plus, NATO has a  nice program for the future. Read about  See RTO,  Studies Analysis and Simulation Panel Group, SAS-030.

To 2020, all included.



Thu, 06/14/2012 - 13:28 | 2526299 KarlGDenninger
KarlGDenninger's picture

Our supercomputer and team of scientists on the 3rd floor is predicting a dow 20,000 scenario by december. The liquidity floodgates are about to burst open. There is nothing left to do except print.

Thu, 06/14/2012 - 13:36 | 2526324 walküre
walküre's picture

One thing is certain. IF they decide to print, they have to print BIG.

Blowing up all assets and wages but keeping liabilities and debt the same.

It would buy us a few months, maybe a year before all hell breaks lose in the 3rd world.

Thu, 06/14/2012 - 13:43 | 2526345 falak pema
falak pema's picture

ever heard of the law of diminishing returns and the alarming asymptote that does not budge as there is no elasticity in the growth of economy; if anything an attrition of banking liquidity and consequent banking non-lending. We don't trust nOBODY not even our own mothers! Mama-miaoooooo, cat balouu is out of the bag. The harder the cat bounce bites the dust. 

Thu, 06/14/2012 - 13:30 | 2526309 Cangoroo
Cangoroo's picture

I guess the US  are only looking at Germany. The new HQs close to Frankfurt are operational from today. Apart from the Brits the rest of Europe, well I think the US give it a damn, especially with Hollande pulling out of Afganistan .Spain and the others are simply no longer useful. Greece? I think the US consider Turkey much more vital.

Thu, 06/14/2012 - 13:32 | 2526316 walküre
walküre's picture

Merkel is not leaving Germany for G20 in Mexico until after the Greek elections are done.

The official made no mention of any link between the change of schedule and the Greek parliamentary elections on Sunday, the outcome of which could decide whether Greece stays in the euro zone or not


Thu, 06/14/2012 - 13:41 | 2526337 Cangoroo
Cangoroo's picture

G20 are not that important, there will be a fight between Brussels and Berlin as Weidmann  provided clear guidelines for a fiscal union.  In all honesty, these conditions will never be acceptable.

Thu, 06/14/2012 - 13:48 | 2526360 walküre
walküre's picture

The fact alone that she postponed her departure says more than any Greek advance polling numbers.

It's no longer about what Greek wants but about what Germany is willing to do.

Last weekend's developments surrounding the Spanish bailout were desastrous to the financial and political elite. They've lost control and they're not convincing anyone.

Thu, 06/14/2012 - 14:38 | 2526591 Cangoroo
Cangoroo's picture

Yes it was a failure, and could have been easily avoided. Why pressuring matters before the Greek elections? Schäuble sounded rather drunk during his interview on German TV, I might be wrong because of his disability. But I think the US have a major but hidden role. Obama needs to boost the economy at all cost. Europe becomes more and more a nuisance and the US focus is shifting towards Asia. The US are by no way interested in a European kind of superpower, these are wet dreams anyway. The US will strike a deal with their  most important trading partners and key allies over the pond. They are no longer interested in Luxemburg or Cyprus, why should they.

Thu, 06/14/2012 - 13:40 | 2526334 Element
Element's picture

OMG! ... some days I can't believe I grew up on this same retarded planet!

Might make it worse? ... well, ... you know what, I guess it could at that, ... but given we're apparently too immature and fragile to respond rationally and deal sensibly with this invideous and arduous trauma inflicted by those nasty beastly items; reality and truth, then it would be best if you do just go ahead and lie to us in the normal way.

Thanks nanny state, it's so good to know you're looking out for us, and protecting us from truth.  :-)

I loves my big brother!

Thu, 06/14/2012 - 13:50 | 2526368 dcb
dcb's picture

just remember, the guy with the most incentive to cover up a massive fraud a fuck up iws the guy who caused it. enter dahgi, reappoint bernenke, and put giethner in trreasury. "pricelsss"

Thu, 06/14/2012 - 13:53 | 2526374 Unholy Dalliance
Unholy Dalliance's picture


"Degree in Economics, Sapienza University of Rome 1970"
I find this rather odd. His bio says he was born in Sept. 1947 and yet he wasn't awarded his first degree until the year in which he achieved the age of 23? Was he a slow learner or did he invent the intra-degree gap year? Or are B. Sc. Econ degrees 5 years in Italy?


Thu, 06/14/2012 - 14:04 | 2526419 Cangoroo
Cangoroo's picture

I received my master when I was 27. It is a very different education system in Europe.  Typically you used to study for around 5-10 years depending on the chosen subject. So getting your master with around 30 of age was just fine. Bachelors did not exist. And you used to leave high school at least in Germany at around 20, followed by military service - in my case 15 months. Sometimes it was possible to finish a PHD simultaniously.

Thu, 06/14/2012 - 13:55 | 2526386 vh070
vh070's picture

Time to call the Pied Piper.  

Thu, 06/14/2012 - 14:05 | 2526429 Grand Supercycle
Grand Supercycle's picture

Rally warning continues...

Despite stockbears with their pre-election jitters, SPX choppy bullish daily & USDX bearish daily charts strengthen.

Significant equity / EURUSD upside & USDX retracement ahead.

Thu, 06/14/2012 - 14:17 | 2526484 walküre
walküre's picture

you've been pretty much consistently wrong ever since I've started tracking your calls

but hey, who am I to judge ..

Thu, 06/14/2012 - 14:10 | 2526455 i_call_you_my_base
i_call_you_my_base's picture

General dicussion with Eurostat from Goldman/Greece: Can we do what Italy does, but much smaller?

Thu, 06/14/2012 - 14:15 | 2526479 Pancho Villa
Pancho Villa's picture

Talk about putting the fox in charge of the chicken coop! And then the fox keeps coming out with statements about how we need to do extensive repairs on the coop to prevent the chickens from constantly escaping.

Thu, 06/14/2012 - 14:17 | 2526486 geewhiz190
geewhiz190's picture

the whole affair is nauseating.

Thu, 06/14/2012 - 14:20 | 2526496 world_debt_slave
world_debt_slave's picture

hemlock the bastard banksters and their ilk

Thu, 06/14/2012 - 14:38 | 2526597 topshelfstuff
topshelfstuff's picture


""""In other words, Draghi was a key executive at Goldman at precisely the time when none other than Goldman Sachs was hired to create and facilitate the active hiding of the true extent of the Greek debt problem.""""


And nobody thinks the refusal has more to do with some curious people seeking to find How much these two sides of a crooked deal racked-up, knowing the Implosion would come, made huge Guaranteed Winning "Bets" in their Personal accounts, not Corporate account...if they could find someone to take the "Other, Losing, Side" in Quantity, like a Corzine, then they could really make another Huge Score...just a thought

Thu, 06/14/2012 - 15:08 | 2526705 shovelhead
shovelhead's picture

Global Central Bankers!

Do business with Goldman Sachs. Free buckets of Squid-ink to confuse enemies and hide your accounting methods.

Goldman Sachs...making your dreams come true.

Big thumbs up for Tylers poking in the Squid-hole.

Thu, 06/14/2012 - 15:03 | 2526707 pantheo
pantheo's picture

...and who by chance was back then governor of Bank of Greece, became later VP of ECB for 8 years, while during the 80's was working for the FED? YOU DIRTY MINDED CONSPIRACY THEORISTS!

Thu, 06/14/2012 - 15:12 | 2526763 suckerfishzilla
suckerfishzilla's picture

ancient history what are you going to do go back and right every wrong that's ever been perpetuated by evil doers? 

Thu, 06/14/2012 - 15:49 | 2526971 robertsgt40
robertsgt40's picture

Just curious.  What is the correct pronunciation of Titlos?

Thu, 06/14/2012 - 16:45 | 2527187 loveyajimbo
loveyajimbo's picture

Lucky we have the intrepid Eric Holder, along with true blue Shapiro and Gensler to investigate and punish all of our many corrupt scumbags... and our noble and honest congress will be quick to step on any infringement of our extensive stern but fair laws and regulations to prevent fraud and corruption and protect the taxpayer... er... pass the bath salts, I am losing my buzz...

Thu, 06/14/2012 - 17:15 | 2527254 newworldorder
newworldorder's picture

What can one say that has not been said on ZH yet, concerning International Fraud and the ability of the money changers to get away with it?

Just buy some quality popcorn and the beverages of your choise and enjoy the fireworks as they erupt. Also make sure that you have your self preservation mechanizms close at hand along with plenty of expendable supplies of your own.

Thu, 06/14/2012 - 21:21 | 2527886 Go Tribe
Go Tribe's picture

Another squid. Under every rock, another fucking squid. We're all still sporting blood funnels up our asses I guess. Slowly bleeding out.

Sat, 06/16/2012 - 21:41 | 2532973 twocents
twocents's picture

Boy, that TIT LOSS was one shitty deal!

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