February 25, 2010
Wall Street firms play a role in Greece’s financial crisis

Federal Reserve Chairman Ben Bernanke said Thursday he is looking into whether Goldman Sachs and other Wall Street firms may have helped push Greece toward a ruinous level of debt through the use of credit default swaps.

As concerns grow over the debt crisis in Greece, questions are being raised about how the situation was allowed to get so out of control in the first place.

For more, Martin Savidge speaks with Roben Farzad, a senior writer for Bloomberg BusinessWeek. Farzad discusses American financial companies’ dealings in Greece and whether the current situation will spur more banking regulations.

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Comments

5 comments

#5

Wall street has stolen more money from more people that anyone else in the history of the world. Even those vaunted 401K are an empty shells -only a few percent of people with 401Ks could actually cash them out without the market crashing. Wall street has already drained off the 401K money. Good thing they are US firms, Wall Street- can you find a way to steel the whole world ?

#4

Business-minded humans are among the most intellitent of our species. The problem is that when they come to dominate the sociey, there is a natural tendency to exploit the situation to the extreme. This leads to serious emballances in the society that are not easliy fixed. Indeed, humanity’s only hope is too see a change that will globalize humnanity and localize the economies. google prout to understand more

#3

Oh, one more thing: Today, US Fed Chief Bernanke said the SEC would look into the Greece/Wall Street imbroglio. Put the laugh track on now. We all know how rigorous, sharp and impressive the SEC is. Dr. Bernanke jests, surely? :)
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#2

Global financial markets need a global ├╝berregulator ASAP before consolidated Wall St. cons and fleeces its way around the planet (including the American “homeland”). Financial services is not a pro bono industry, folks … it’s buy and sell trading under any name or disguise, and if that means a fire sale on your country, so be it. Just ask Iceland. A CDS is a fancy (complex) bait-and-switch. And sucker is the operative word. Pretty primitive, really, but there’s always “a greater fool,” be they individual, corporate or an entire sovereign nation. And the financial terrorists (cowboy is too good a word, and an insult to cowboys and girls everywhere) get graduate degrees from the best schools to learn this fancy fraud. It’s America’s top export. In fact, former US treasury secretary Henry Paulson (the one who got down on bended knee before Nancy Pelosi, in a genuflection for more control when we were on the “brink of financial Armaggeddon” in late ‘08 … who can forget?) was at the helm of Goldman Sachs when this Greek tragedy was dealt. See the landscape? (And he just wrote a book to erase the fingerprints, as they all do.)
Global citizens, please wake up and smell the coffee if you love your country and a decent night’s sleep!
Global markets or a global casino with the Mafia in charge?
Canadian Ms. in Silicon Valley :)
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#1

Look no further than “BlackRock Global Investors,Inc.”,….{Blackrock,Inc.& Barclays Global(BGI /100% owned)Investors & Anthracite Capital & Merrill Lynch Investment Management (51% ownership/ MLIM-remaining 49% owned by BofA :Note BLK Inc. in secret talks to buy remaining interest?),and State Street Research Management (100% owned)}. Chairman/CEO Larry Fink pioneered the controversial dirivative “Mortgage Backed Securities (MBS’s)” in the 80’s while currently developing/evolving state-of-the-art unique “Alchemist Sand-Hog Technique Wizardry” for todays (today’s/tommorrow’s scion’s protege’) “Den of Theives” fringe-line criminal mind’s (straight out of Harvard Business/Stanford/Wharton Business,etc.)! This might/could/should open up some eyes,..on Dec.30,2008 BLK,Inc. had under management total assets $1.3tn,…now approximately one year(Dec.30,2009) later having a whopping $3.4tn total assets under management. The largest money-manager in the known Universe,as of Jan.25,2010! They specialize in ETF’s,the newly passive Wall Street trickster du’jour in which also a new rival has decided to get in the game,that being PIMCO,the “Big Time” Fund Manager under Bill Gross leadership (one-time card-shark dealer fame from Las Vegas). But the real eye-opener is BlackRock Global Investor’s, Inc.,… “Sovereign Wealth Fund’s (SWF’s)” in which Greece’s debt-restructuring surely will fall directly into their grasp,via the line-of-fire? Now,…some might ask why? BlackRock Global Investor’s Inc. has become a humongous,behemoth,…a player’s player with the Fed’ regarding “Commercial Mortgage Backed Securities (CMBS’s)” the next shoe to drop in the US, while BlackRock Global Investor’s Inc. sleeps in bed with the Fed,and Treasury,quite comfortably with it’s multiple-partner plutonic relationship,…now being the largest money-management asset firm in the world! PS. All within “1″ year,…amazing.

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