The tale of Goldman Sachs helping Greece arranging a currency swap that allowed the government to hide the extent of its deficit
Tania Harding
Feb. 21, 2010

American investment banker Goldman Sachs lied and manipulated Greece's extent of deficit. It is one of the the biggest shame of American financial systems and mega institutional money power.

Goldman Sachs Group Inc. managed $15 billion of bond sales for Greece after arranging a currency swap that allowed the Greek government to hide the extent of its deficit. It is a classic case of corruption, illegal manipulation, and shameless nondisclosure by another American financial power house.

No mention was made of the swap in sales documents for the securities in at least six of the 10 sales the bank arranged for Greece since the transaction. The New York-based investment firm helped Greece raise $1 billion completely off-balance-sheet funding in 2002 through the swap, which European Union regulators said they knew nothing about until recent days.

Failing to disclose the swap may have allowed Goldman, a co-lead manager on many of the sales, other underwriters and Greece to get a better price for the securities. It is another classic greed and dishonesty by another American banker.

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