Gríska kreppan

Gríska kreppan.

Fróðlegt.

Vonandi er þetta auglýsing fyrir Robert Reich.

Ég er ekki viss um hve mikið ég má birta af textanum.

Ef þetta er of mikið þá laga ég það strax.

Read the comments too, on the link.

Lesa athugasemdirnar neðan við greinina líka, þegar þú ferð inn á linkinn til að lesa greinina.

Egilsstaðir, 09.08.2015 Jónas Gunnlaugsson

 

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http://www.talkmarkets.com/content/global-markets/how-goldman-sachs-profited-from-the-greek-crisis?post=69239&page=4

How Goldman Sachs Profited From The Greek Crisis

By Robert Reich of RobertReich.org

Date: Friday, July 17, 2015 3:02 PM EDT

The Greek debt crisis offers another illustration of Wall Street’s powers of persuasion and predation, although the Street is missing from most accounts.

The crisis was exacerbated years ago by a deal with Goldman Sachs, engineered by Goldman’s current CEO, Lloyd Blankfein. 

Blankfein and his Goldman team helped Greece hide the true extent of its debt, and in the process almost doubled it. And just as with the American subprime crisis, and the current plight of many American cities, Wall Street’s predatory lending played an important although little-recognized role.     ……

…… . By 2005, Greece owed almost double what it had put into the deal, pushing its off-the-books debt from 2.8 billion euros to 5.1 billion. ……

…… Undoubtedly, Greece suffers from years of corruption and tax avoidance by its wealthy. But Goldman wasn’t an innocent bystander: It padded its profits by leveraging Greece to the hilt—along with much of the rest of the global economy. Other Wall Street banks did the same. When the bubble burst, all that leveraging pulled the world economy to its knees. ……

……”As we know, Wall Street got bailed out by American taxpayers. And in subsequent years, the banks became profitable again and repaid their bailout loans. Bank shares have gone through the roof. Goldman’s were trading at $53 a share in November 2008; they’re now worth over $200. Executives at Goldman and other Wall Street banks have enjoyed huge pay packages and promotions. Blankfein, now Goldman’s CEO, raked in $24 million last year alone.

Meanwhile, the people of Greece struggle to buy medicine and food.

There are analogies here in America, beginning with the predatory loans made by Goldman, other big banks, and the financial companies they were allied with in the years leading up to the bust. Today, even as the bankers vacation in the Hamptons, millions of Americans continue to struggle with the aftershock of the financial crisis in terms of lost jobs, savings, and homes.” ……

…… And much like the assurances it made to the Greek government, Goldman and other banks assured the municipalities that the swaps would let them borrow more cheaply than if they relied on traditional fixed-rate bonds—while downplaying the risks they faced. Then, as interest rates plunged and the swaps turned out to cost far more, Goldman and the other banks refused to let the municipalities refinance without paying hefty fees to terminate the deals. ……

…… But in all of these cases, Goldman knew very well what it was doing. It knew more about the real risks and costs of the deals it proposed than those who accepted them. “It is an issue of morality,” said the shareholder at the Goldman meeting where Oakland came up. Exactly. ……

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Read the comments too.

Lesa athugasemdirnar líka.

Egilsstaðir, 09.08.2015 Jónas Gunnlaugsson