Tuesday, February 16, 2010

The Greece/Goldman Investigation is On

Greece was ordered by the European Union to hand over information on its swaps transactions by the end of this week in an investigation that may extend to other EU countries, reports Meera Louis at Bloomberg.

The use of the swaps, designed by Goldman Sachs, allowed Greece to disguise the true size of its debt. Goldman earned $300 million for the dirty work.

The former top economist for the IMF, Simon Johnson, speculated that Goldman may be blacklisted by the EU.

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