bankers jail

I think it important to revisit how Goldman Sachs helped the Greek government conceal its debts, as an accomplice hiding stolen goods, in that the lords of Golman Sachs are again active in making vast amounts of money from enabling rich Greeks to send their money abroad.

Greece’s four big banks, National Bank of Greece, Alpha Bank, Eurobank and Piraeus Bank are working with ‘international asset managers’ to convert their rich clients money into units/shares of a mutual fund run by such as JPMorgan Asset Management, and Goldman Sachs, the same company which helped the Greek government to conceal the true extent of its deficit with the help of a derivatives deal that legally circumvented EU deficit rules.

‘Around 2002 in particular, various investment banks offered complex financial products with which governments could push part of their liabilities into the future,” one insider recalled, adding that Mediterranean countries had snapped up such products … Greece’s debt managers agreed a huge deal with the savvy bankers of US investment bank Goldman Sachs … in the Greek case the US bankers devised … ‘fictional exchange rates’ … In that way Goldman Sachs secretly arranged additional credit of up to $1 billion for the Greeks … Goldman Sachs charged a hefty commission for the deal’ (Beat Balzli ,, February 08, 2010).

Louise Story, Landon Thomas, and Nelson D. Schwartz ( February 13, 2010), also commented on the financial sleight of hand tricks used by Goldman Sachs:

‘Even as the crisis was nearing the flashpoint, banks were searching for ways to help Greece forestall the day of reckoning. In early November — three months before Athens became the epicenter of global financial anxiety — a team from Goldman Sachs arrived in the ancient city with a very modern proposition for a government struggling to pay its bills, according to two people who were briefed on the meeting.

The bankers, led by Goldman’s president, Gary D. Cohn, held out a financing instrument that would have pushed debt from Greece’s health care system far into the future, much as when strapped homeowners take out second mortgages to pay off their credit cards‘.

In an interview with Bill Moyers, Simon Johnson, co-editor of 13 Bankers: The Wall Street Takeover and the Next Financial Meltdown explained why Goldman-Sachs won’t face civil or criminal charges for their greater crimes related to their involvement in the financial collapse of Greece:

“I think it’s actually worse in some instance, Bill. Certainly for offshore activities. Goldman Sachs was involved in hiding a lot of Greek government debt. They then sold new Greek government obligations to people in the United States as far as far as we understand it. And didn’t reveal that they’d hidden the levels of the true levels of government debt. Now, that is withholding material information. That’s a violation of rule 10B-5. and where is the legal process, you should ask, that holds them accountable for that? I’ve talked to lots of very good lawyers about this. And there are many complicated stories about why Goldman Sachs won’t face any civil action or criminal action. There are huge loopholes in our legal system with regard to financial services that need to be closed.”

As Les Blough (, April 18, 2010) commented: ‘Of course the lords of Goldman Sachs and others like them are criminals who should be locked away for a very long time, especially considering what the U.S. justice system does to a young kid who holds up a liquor store for 50 bucks’.

The greater question is this, why are there legal loopholes which allow vast amounts of money to be made that in any other area of activity would be deemed illegal? Government ‘light-touch’ regulation of the banking elite is like someone leaving a window open through which a thief enters your house. Which is the more criminal – the thief who takes advantage of an open window, or the government which leaves the window open?

The deeper suspicion is that governments are nothing more than the frontmen of the thief, and get a cut of the proceeds of their crime.

Do unto this cabal of criminals what the U.S. justice system does to a young kid who holds up a liquor store for 50 bucks.

lenin nightingale 2015


About leninnightingale

A nurse who for decades challenged the nursing establishment, echoing the voices of the silent many- the downtrodden nurses, students, care assistants, patients, and relatives that the 'system' overlooks. This site will present issues that many fear to engage in, prefering to believe what they are told by the Government's 'Ministry of Truth' (i.e. 'Lies').
This entry was posted in bankers crime and tagged , , . Bookmark the permalink.


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s