• BullionStar
    05/30/2016 - 21:24
    The US Gold Market is best known as the home of gold futures trading on the COMEX in New York. The COMEX has a literal monopoly on gold futures trading volumes worldwide, but very little physical...

Two Year Reminder For The Fed: How Is That Investigation Into Goldman's Greek Currency Swaps Going?

Tyler Durden's picture


There are those who remember that back in February 2010, before the world realized just how broke Greece was, the public's deplorably short attention span was briefly focused on none other than Goldman Sachs, which as so often happens, was at the heart of the scheme enabling Greece to skirt by Maastricht regulations and mask the fact that its debt and deficits were both far worse than represented publicly. There are also some who remember that back in February 2010, it was none other than the Federal Reserve that tasked itself with uncovering whether Goldman did anything "illegal" by engaging in currency swaps to make the Greek economy appear rosier than it was: "We are looking into a number of questions related to Goldman Sachs and other companies and their derivatives arrangements with Greece," Bernanke said in testimony before the Senate Banking Committee.... Greece in 2001 borrowed billions, with the aid of Goldman Sachs in a deal hidden from public view because it was treated as a currency trade rather than a loan....Goldman Sachs spokesman Michael DuVally declined to comment on the Fed's probe. "As a matter of policy we don't comment on legal or regulatory matters," DuVally said. Goldman Sachs had defended the transactions in a statement posted on its Website Sunday. The firm said they had a "minimal effect" on Greece's overall fiscal situation." Maybe, just maybe it is time, two years later, for the world to hear something, anything, from the Fed as to what its seemingly quite extensive investigation into Goldman's has yielded.

And as a public service, just to help the Chairman, who very soon will have precisely 15 minutes to prove he can send record Brent prices down by 50% and prevent the European economy from imploding, here is a convenient reminder from the BBC, courtesy of its clip "How Goldman Sachs Helped Mask Greece's Debt." You know - just in case someone forgot to hold the Fed accountable for its objective and sincere investigation into the firm, whose former chief economist now runs the New York Fed.

PS: has anyone heard about the whereabouts of friend Christoforos Sardelis recently? The same guy who allowed Greece to engage in the Goldman swaps? Because if one was curious, one would inquire if there were any cross currency swaps that involved Sardelis' Swiss bank account circa 2001 and an offshore Cayman account controlled by a Goldman sub, circa the same time.

Your rating: None

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Sat, 02/25/2012 - 15:12 | 2195976 The trend is yo...
The trend is your friend's picture

crooked sachs

Sat, 02/25/2012 - 15:13 | 2195977 Ahmeexnal
Ahmeexnal's picture

Time for Greece to default and put an end to the eurofascist project.

Sat, 02/25/2012 - 15:28 | 2196003 Badabing
Badabing's picture


This story may have a deeper and darker side. Was Goldman Sachs working for the Fed, setting the dominos in place to make the Euro fail? For all we know Goldman may be one of the major secrit share holders of the fed and the Fed may be working for Goldman!


Sat, 02/25/2012 - 16:08 | 2196084 putaipan
putaipan's picture

threadjacking alert- but don't know where else to put it and haven't seen

anyone else point it out - http://chasvoice.blogspot.com/2012/02/must-see-all-big-banksters-resign-check.html#axzz3alx2VBwM

Sat, 02/25/2012 - 16:27 | 2196117 imaginalis
imaginalis's picture

The FED is like the person who bumps into you on the street and distracts you while his buddy rifles through your pockets.

Sat, 02/25/2012 - 16:47 | 2196139 Arius
Arius's picture

"as a public service, just to help the Chairman"

Tyler - the rotating door between government and business has given such a bad flavour to the word "PUBLIC SERVICE" you should come up with another word ...

it reminds me of Edward Berneys saying he had to come up with a new word because "propaganda" had such a bad name because of the Germans ... so Edy Bernays came up with the public relations ... the rest is history.

here is a MUST LISTEN bonus for the loyal ZH viewers ... pls click into some of advertisements as a payback ....



Sat, 02/25/2012 - 18:47 | 2196324 Pinto Currency
Pinto Currency's picture



The investigation is going perfectly - nobody identified yet and GS is free to walk. 


Perhaps the information disappeared along with MF Global records of customer asset transfers to JP Morgan.

Sat, 02/25/2012 - 20:28 | 2196539 Money 4 Nothing
Money 4 Nothing's picture

Va-por-ized. They already testified to that fact, why do you keep arguing it? /sarc

Sat, 02/25/2012 - 16:22 | 2196110 Money 4 Nothing
Money 4 Nothing's picture

Goldman Sachs are working for G.O.D. Gold Oil and Drugs. so yea, God's work.

Sat, 02/25/2012 - 18:07 | 2196280 blindfaith
blindfaith's picture




As I understand it, the new Bible coming out very soon has many revisions, changes, corrections, and new interpretations.  Many.  Many.  Many.

We must understand that things are different now.

Sat, 02/25/2012 - 21:43 | 2196682 Oracle of Kypseli
Oracle of Kypseli's picture

The bible is being revised as well as the constitution. Look out

Sun, 02/26/2012 - 03:51 | 2197265 BlackholeDivestment
BlackholeDivestment's picture



                            HOW  DE E  P    C     A        N      Y O U      GO?

                                Badabing, ''deeper and darker side''', hmmm,

               ...reminds me of the comment in the video about the Goldman Baby 




                                                       Anger's joke  

                   (at the 010: 25 mark http://www.youtube.com/watch?v=5Zpl7Q06_rs )  

                                           ...the Washington Monument



                                              The Book of Revelation 


Sun, 02/26/2012 - 14:48 | 2198253 Cadavre
Cadavre's picture

Wow - the first video in your links was to Sabbath's "Born Again" - never heard that tune - but I have heard the dark dissonant diminished minor "hook" in that tune. Its the same f*cking "hook" Metalica used in  "Enter Sandman"!

Change the 2ed "E" to "O", and the "A" to "U" and "Revelation" prints "Revolution" - which is what Revelations is all about,

Sat, 02/25/2012 - 15:31 | 2196011 Implicit simplicit
Implicit simplicit's picture

You didn't get the memo: Slavery is ok if it is condoned by the banking cartel.

 Howevery, revolution is condoned as neecessary when you must feed your loved ones.

Sat, 02/25/2012 - 15:45 | 2196039 Skid Marks
Skid Marks's picture

Maybe the Greeks should watch the video, do a little research, locate the complicite politicians, banksters and others responsible for the subterfuge, and then do the right thing.......



Sun, 02/26/2012 - 01:34 | 2197120 Terrorist
Terrorist's picture

Sometimes your own morality is a higher law.

Sat, 02/25/2012 - 23:31 | 2196885 JumpinJonnyK
JumpinJonnyK's picture

Could we ever get these Ahole in prison?  I don't think it's possible for any of these clowns to get what the deserve!

Sat, 02/25/2012 - 15:14 | 2195981 Tsar Pointless
Tsar Pointless's picture

Nah. Perhaps it's time for another story on Jeremy Lin and his "linfectious" determined playing style.

Although last night, he looked a little dis-Orient-ed.

Thankfully, I'm not an ESPN.com writer. You can't fire me, you can only hope to contain my fire.

Or something like that.

Sat, 02/25/2012 - 15:15 | 2195983 I think I need ...
I think I need to buy a gun's picture

if it wasn't for goldman sachs doing the work of god on a daily basis you would be at war in streets already in america....they hold things together.....they are the heartbeat of the world.....without them and people just hoarding gold its over

Sat, 02/25/2012 - 15:34 | 2196016 thedrickster
thedrickster's picture

MDB, is that you?

Sat, 02/25/2012 - 15:35 | 2196017 thedrickster
thedrickster's picture

Dup, Dup, Dee, Dee, Dup.

Sat, 02/25/2012 - 15:19 | 2195989 carbonmutant
carbonmutant's picture

Apparently Goldman's model has become SOP in the EU.

Sat, 02/25/2012 - 15:21 | 2195993 Dr. Kananga
Dr. Kananga's picture

"I'm shocked, shocked to find that gambling is going on in here!"


Sat, 02/25/2012 - 15:28 | 2196004 Yen Cross
Yen Cross's picture

LORD Blankfiend, is lawyered up. It's like that guy jumping from the EDGE of Space.   Shadow inventory on an epic SCALE!

Sat, 02/25/2012 - 15:35 | 2196014 Qa
Qa's picture

The Fed just wanted to understand how Goldman masked the loans as currency swaps so they could do the same. Viola, the Fed bails out Europe via currency swaps, not loans, in 2011. See here

Sat, 02/25/2012 - 15:36 | 2196024 Mae Kadoodie
Mae Kadoodie's picture

NewsFlash-- Obama administration just hired Jon Corzine to conduct an investigation regarding the currency swaps matter.  Corzine promised to hunt down the perpertrators and to bring them to justice swiftly.

Sat, 02/25/2012 - 18:13 | 2196095 Money 4 Nothing
Money 4 Nothing's picture

Didn't Corzine have a hard time finding his own ass with both hands at Mother Fucker Global? Just trying to understand what his "investigative"  credentials are.. Anyone?


Sat, 02/25/2012 - 15:49 | 2196045 chubbar
chubbar's picture

I suspect that file is in the same location as the CFTCs Silver investigation.

Sat, 02/25/2012 - 15:57 | 2196062 Spirit Of Truth
Spirit Of Truth's picture

Didn't you know?

Lloyd Blankfein is doing "God's work".  

Goldman Sachs is above reproach.

Sat, 02/25/2012 - 16:07 | 2196082 Yen Cross
Yen Cross's picture

Stolper says so! He and Blankenstein are on a single engine Cessna loaded with amonium nitrate, headed for CUBA!

Sat, 02/25/2012 - 16:42 | 2196130 non_anon
non_anon's picture

yes, all through the history of mankind, those in charge of nations would systematically debase their monies to extract wealth from their citizenry. No different today with fiat currencies, inflation, and taxation.

Back in the ages of yore, when this was discovered and not corrected, rebellion would ensue, are we on the cusp of rebellion now?

Sat, 02/25/2012 - 16:44 | 2196134 gmj
gmj's picture

"Sadly, the US prison system does not have facilities which are ecologically suited to vampire squid."  Eric Holder

Sat, 02/25/2012 - 20:23 | 2196529 Money 4 Nothing
Money 4 Nothing's picture

That's why were going to use the FEMA Camps for them instead. fixed..

Sat, 02/25/2012 - 17:05 | 2196171 CRBull
CRBull's picture

HAHAH...   Goldman, a Primary Dealer and Stock Holder in the Fed...


Makes sense, I'd love to own the company auditing me....  Can't make this shit up

Sat, 02/25/2012 - 17:11 | 2196182 earleflorida
earleflorida's picture

Iraq, Libya, and now ? ,... because they wanted euro's in payment -- thus begins the downfall of america's hegemony,... the expose via de`Palace of Versailles', philosophers' stone" - in broad daylight mind-you, by an unsustainable sine`qua`non sylph.   

Sat, 02/25/2012 - 20:51 | 2196587 sgt_doom
sgt_doom's picture

But the Hegemon will take us all down screaming.....

Sat, 02/25/2012 - 18:18 | 2196291 VelvetHog
VelvetHog's picture

Why are you doing Friday Humor on Saturday?

Sat, 02/25/2012 - 18:21 | 2196292 q99x2
q99x2's picture

"I don't blame him." The guy said, "I don't blame him." Put that suit stuffed with a pervert in prison and let it yell down the hallway, "I don't blame him". See how long it takes before you hear, "I blame you mf'r look here is where they broke the law."

Sat, 02/25/2012 - 19:03 | 2196351 imamonkey
imamonkey's picture

How is Goldy not a $600 stock??? All that business - worldwide, jeez they're everywhere ... c'mon man ...

Sat, 02/25/2012 - 19:18 | 2196379 brettd
brettd's picture

Who has Holder assigned to oversee the investigation?

Sat, 02/25/2012 - 19:26 | 2196396 Doug
Doug's picture

Paging Matt Taibbi... paging Matt Taibbi...


Sat, 02/25/2012 - 20:10 | 2196500 Herkimer Jerkimer
Herkimer Jerkimer's picture

Shut up. Shut Up. Shut Up! SHUT UP!

I should just keep my big keyboard/mouth shut instead of particpating in the ironic sarcasm by mocking myself through comment such as the above, as people point out stuff that is killing us, the little guy, who is me, as I mock the very efforts to stop this behaviour.

Sadly, it comes from knowing the fix is in and there is nothing we can do about it.

The Fed is going to do nothing.

Goldman will skate.



Thanks for doing what you can, ZH and Tyler Durden, whoever you are... keeping the feet of these bastards to the fire.





Sat, 02/25/2012 - 20:18 | 2196516 Canucklehead
Canucklehead's picture

Greece, as a sovereign state, shops around for a corrupt investment advisor to show them how to game the EU.

And Goldman was the only bank to express interest?

Greece is innocent in all of this?

Burn Greece in the same manner as you would burn Goldman.

Sat, 02/25/2012 - 22:49 | 2196811 BlackholeDivestment
BlackholeDivestment's picture

...listening (ZH and CSPAN Junky) to Morris talking his Book ''Why America Failed: The Roots of Imperial Decline''


...as he was talking about how the press tries to make people believe ''it's dark over there'' when it's actually is as funny ''there'' as it is here. He offered an example of the dark impression American's have, because they do not see things like a Comedian on Afgahnistan TV on their ''programmed channels''.

Pretty funny >> http://www.youtube.com/watch?v=zwRKrNhELlM

Sun, 02/26/2012 - 14:30 | 2198185 Cadavre
Cadavre's picture

Hate to tell you this so late `n the game understanding most ZH readers already know - but, and apparently not some,  that the "Burka Women" Youtube video produced by MEMRI, well this may surprize you - or it may not - but MEMRI is a US State Department Neocon and Mossad psyop propaganda service,

Sorry .. Maybe - if you enjoy that stuff, and ain't saying you do or don't, you might also want to consider offering sympathetic posts at YNET, Haaretz and Canadian Sun News outlets.

Mon, 02/27/2012 - 05:26 | 2199946 BlackholeDivestment
BlackholeDivestment's picture

Lol, but of course he is. It certainly seemed a bit beyond odd and a little too insulting. 

The guy that wrote the book used him as an example of how alike ''they'' are to the west. Lol.

Thanks for the heads up. There so much crap like that going on I would have missed that. 

On a side note, I have noticed searching  the net for links to info, I recall was easy to bring up, is not as easy anymore increasingly. I spent a few hours today looking for some old footage and info of people doing horrible things, when I first did the search in the past it was real quick to get. Seems to me that the algo profile is establishing holes and corners err something. Brings this to mind http://bigthink.com/ideas/42632  how manipulation is rising, kinda like what you just pointed out with the ''Civil Affairs'' type counterintelligence going on only with the new world order reality of robot to robot market maker etc...  at hand now. Next thing you know they will be singing with computer generated voices dressed up like Romans at the Super Bowl. Oh ,,wait. Lol. http://www.youtube.com/watch?v=i1ndN_NXf3o 

Sat, 02/25/2012 - 22:57 | 2196832 Yen Cross
Yen Cross's picture

 "._." in the HEAD LIGHTS!

Sat, 02/25/2012 - 23:10 | 2196855 cnhedge
cnhedge's picture

we demand an answer and how the swap helps mask the debt.



Do NOT follow this link or you will be banned from the site!