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.

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Ahmeexnal's picture

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

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!


putaipan's picture

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

anyone else point it out -

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.

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 ....


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.

Money 4 Nothing's picture

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

Money 4 Nothing's picture

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

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.

Oracle of Kypseli's picture

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

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 )  

                                           ...the Washington Monument



                                              The Book of Revelation 


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,

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.

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.......


Terrorist's picture

Sometimes your own morality is a higher law.

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!

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 writer. You can't fire me, you can only hope to contain my fire.

Or something like that.

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

carbonmutant's picture

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

Dr. Kananga's picture

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

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!

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

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.

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?


chubbar's picture

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

Spirit Of Truth's picture

Didn't you know?

Lloyd Blankfein is doing "God's work".  

Goldman Sachs is above reproach.

Yen Cross's picture

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

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?

gmj's picture

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

Money 4 Nothing's picture

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

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

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.   

sgt_doom's picture

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

VelvetHog's picture

Why are you doing Friday Humor on Saturday?

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."

imamonkey's picture

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

brettd's picture

Who has Holder assigned to oversee the investigation?

Doug's picture

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


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.





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.

BlackholeDivestment's picture

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

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.

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  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. 

Yen Cross's picture

 "._." in the HEAD LIGHTS!

cnhedge's picture

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