US banks & Greece

Discussion in 'Economy' started by sparky, Mar 18, 2010.

  1. sparky
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    sparky VIP Member

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    Probe: Did big U.S. banks contribute to the financial crisis in Greece?
    The Federal Reserve and Securities and Exchange Commission are seeking information about whether Goldman Sachs and other U.S. firms helped set up financial transactions over the past decade that effectively hid the amount of debt Greece was taking on. Another potential issue is whether banks and hedge funds, by taking big bets that Greece would default, are creating a self-fulfilling downward spiral for the Mediterranean nation.


    Probe: Did big U.S. banks contribute to the financial crisis in Greece? - washingtonpost.com

    Maybe i shouldn't be, but i'm in awe that fiscal instruments that are designed to profit on a failure are allowed to exist.

    On one hand, we are always going to be subject to a cyclical economy , where excesses and lack of regulation precipitate the downturns, which speculative investors can count on

    But oto, to purposely premeditate a fiscal configuration toward it happening might as well be called economic treason

    ~S~
     
  2. JW Frogen
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    JW Frogen Gold Member

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    Until Greece returns the Parthenon marbles to the New York Metropolitan Museum I have no sympathy.
     

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