Wednesday, February 10, 2010

Der Speigal reports on another Goldman Sachs fraud

How Goldman Sachs Helped Greece to Mask its True Debt

Basically the idea is to use fake currency rates and currency swaps to disguise future debt. Borrow in one currency, then fake the currency rates, exchange for the Euro, and only later when exchanged back into the borrowed currency does the true debt level appear. So, it is hard to rescue the Greeks when they have colluded with GS to defraud the rescuers.

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