Comments on: Greece an ideal Goldman client; profitable, culpable http://blogs.reuters.com/great-debate/2010/02/16/greece-an-ideal-goldman-client-profitable-culpable/ Thu, 21 Jul 2016 07:57:19 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: jlpeng http://blogs.reuters.com/great-debate/2010/02/16/greece-an-ideal-goldman-client-profitable-culpable/#comment-29016 Wed, 17 Feb 2010 05:45:03 +0000 http://blogs.reuters.com/great-debate/?p=6555#comment-29016 Let Greece to default, and the bankers eat the losses. This is going to be a bloodless revolution. Russia survived a bloody Bolshevik revolution, Hitler came and went. Greece will survive.All parties involved will learn a lesson, good for the next 49 years. Hopefully Americans will also learn something new.

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By: The1eyedman http://blogs.reuters.com/great-debate/2010/02/16/greece-an-ideal-goldman-client-profitable-culpable/#comment-29015 Wed, 17 Feb 2010 05:44:30 +0000 http://blogs.reuters.com/great-debate/?p=6555#comment-29015 Why are G$ liable to be tarred, feathered, boiled in oil etc., as bankers they have a duty to their employer, not to divulge their financial transactions.
The wheeling and dealings of the Greek Government are their responsibility.
Also, the EU was meant to keep an eye on all members financial wheeling and dealing.

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By: AlexZ83 http://blogs.reuters.com/great-debate/2010/02/16/greece-an-ideal-goldman-client-profitable-culpable/#comment-29013 Wed, 17 Feb 2010 05:25:45 +0000 http://blogs.reuters.com/great-debate/?p=6555#comment-29013 James Saft has failed to mention one major detail about Greece in his article – The 3% budget deficit constraint that every member country of the Euro-zone has to abide by was not set yesterday – it was set back in 1999 when the Euro-zone was created and it was the prime condition to be satisfied for any country that wanted to become a member of the Euro-zone. With all the data coming out into the light, it is clear that Greece never met that precondition. They were able to “mask” the true state of their finances by securing deals from Goldman and others that Saft is talking about. Those deals were made on Greece’s own request and not the other way around. Greece cheated their way into the Euro-zone and now have the whole system held hostage to the crisis caused by their lavish government spending. Greece is perennially one of the biggest arms buyers in the world spending several tens of billions on various expensive weapons systems anally, while being a NATO member since 1949 with continuous NATO and US presence on its soil throughout the cold war. They were locked in decades-long arms race with – Turkey of all countries, another NATO member. Correct me if I am wrong, but to me personally seems totally impossible that two NATO members would ever be engaged in a war against each other. NATO is supposed to be a collective security system. The Greeks are plagued by an irrational mentality which is the only explanation of how they managed to amass a national debt of 170% their GDP. Now that the chickens have come home to roost, Greece wants a bailout. I don’t think it’s gonna happen. There is no way they are going to persuade anybody inside EU to land them money, specially since now everyone knows how they became a member of the Euro-zone in the first place. They are headed for a default and a major restructuring of not only their economy, but their elitist mentality as well.

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By: NiiOdartey http://blogs.reuters.com/great-debate/2010/02/16/greece-an-ideal-goldman-client-profitable-culpable/#comment-29012 Wed, 17 Feb 2010 03:47:18 +0000 http://blogs.reuters.com/great-debate/?p=6555#comment-29012 Sad to say but America is on the same course for the simple reason that the bailout/stimulus/recovery act or whatever they call it nowadays was nothing more than a bandaid. As someone said, until a fundamental restructuring of the economy is undertaken, America will face similar if not worse collapse.

GS again huh?

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By: mug1sy http://blogs.reuters.com/great-debate/2010/02/16/greece-an-ideal-goldman-client-profitable-culpable/#comment-29011 Wed, 17 Feb 2010 03:09:13 +0000 http://blogs.reuters.com/great-debate/?p=6555#comment-29011 Why was the EU created? What are the benefits? From my brief research, Greece has been a huge beneficiary of this union for many years. I find it a bit ridiculous that they can make this deal without the rest of the union knowing. It seems basic, to me, that the other nations tied to the economy would have knowledge of such transactions, or at least should have. Why would Germany want to be linked to economies like Greece and Portugal?
I feel that it is the EU’s responsibility to help Greece at this point. I really don’t understand the EU fundamentals and will certainly educate myself after this.
Goldman should just take the loss with no penalty and the EU nations take control of the Greek economy.

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By: Trikeriotis http://blogs.reuters.com/great-debate/2010/02/16/greece-an-ideal-goldman-client-profitable-culpable/#comment-29010 Wed, 17 Feb 2010 02:44:54 +0000 http://blogs.reuters.com/great-debate/?p=6555#comment-29010 Greece is at fault 100% from 2001 onward. I have lived and worked and invested in Greece and i have witnest 1st hand the currupt, greedy and selfinterest government officials who dont care at all about the people or EU regulations but how to get monies in their pockets for luxury goods and how to make sure that their families can milk the cow until the end of time. Greece is in trouble even before 2001 and now its time to pay. Its about time but too bad that the Greeks will pay the bill for the currupt politicians ONCE MORE!

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By: vinman1 http://blogs.reuters.com/great-debate/2010/02/16/greece-an-ideal-goldman-client-profitable-culpable/#comment-29003 Wed, 17 Feb 2010 00:30:38 +0000 http://blogs.reuters.com/great-debate/?p=6555#comment-29003 Enough already. I decree that Greece should default. So let it be written, so let it be done!

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By: fred5407 http://blogs.reuters.com/great-debate/2010/02/16/greece-an-ideal-goldman-client-profitable-culpable/#comment-29001 Tue, 16 Feb 2010 23:44:54 +0000 http://blogs.reuters.com/great-debate/?p=6555#comment-29001 I just wonder how many more are out there. Time for the US government to clean up our financial mess before our ship sinks.

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By: Mega http://blogs.reuters.com/great-debate/2010/02/16/greece-an-ideal-goldman-client-profitable-culpable/#comment-29000 Tue, 16 Feb 2010 23:14:34 +0000 http://blogs.reuters.com/great-debate/?p=6555#comment-29000 “… badly educated Californian …”

I love the passive voice here. The subprime debacle was the result of inadequate school funding.

More like: stupid is as stupid does.

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By: PapaDisco http://blogs.reuters.com/great-debate/2010/02/16/greece-an-ideal-goldman-client-profitable-culpable/#comment-28999 Tue, 16 Feb 2010 23:10:58 +0000 http://blogs.reuters.com/great-debate/?p=6555#comment-28999 It’s crazy to say that only one party should be policed here. Countries that deliberately obscure their finances should bear the cost of markets no longer trusting them. Likewise investment banks that deliberately obscure a borrower’s liabilities by simply naming them something else should lose their banking license.

To do otherwise is to buy into the bankers’ mantra that it’s only the borrowers to blame, not the lawyers, bankers and accountants that helped those borrowers cheat the due diligence and financial valuation process of investors.

One of the core failing of the derivatives meltdown was that regulators allowed what were really insurance contracts on financial instruments to go unregulated, simply because the banks chose to name them “swaps.” It wasn’t credit insurance . . . it was a “swap!” Imagine a drug dealer pleading not guilty under the defense of, “It wasn’t cocaine . . . it was nose candy!”

To properly regulate and police something as complex as the banking system, and the finances of a country, requires that parties at all levels be held accountable. This includes the banks, the accountants and the law firms. No one should be allowed to weasel out on a technicality, or by simply calling a liability by a different name.

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