WHAT DO AMERICA AND GREECE HAVE IN COMMON? GOLDMAN SACHS

By the time Goldman Sachs is finished being put through the wringer, I believe Blankfein and his cohorts will not only being spending the rest of their lives in the Big House but this company will be singled out as the prime player in the financial collapse of 2009. Why is it that a country for so long has been a beacon of freedom and fairness that in less than twenty-five years everything has been moved down to the lowest common denominator? In my opinion when the dust has settled, Goldman Sachs should go the way of Drexel Burnham, Bear Stearns and Lehman Brothers. Warren Buffet, their influential defender is touching eighty and all things being equal he will either be dead or sitting in his rocking chair with Alzheimer’s by the time a President has the courage to sign off on Goldman’s death warrant. His powers of persuasion will be long gone as I don’t think President Obama has the mettle to act. Therefore it will need his successor’s fortitude to ultimately stick the knife in.

Greece, a small Mediterranean country, has long been a country with major social and economic ills. For over thirty years before the turn of the century each successive Greek administration courted the E.U. to become a member. They were always turned down because their economy was such that they would be forever takers and never net contributors. Enter Goldman Sachs and their creative skills to fix the situation! At about the time Greece called upon them, Enron was a rapidly rising star. Coincidentally every trick in the book Enron used with their resourceful thinking to cook the books, Goldman Sachs applied the same to help Greece. It was all about off-balance sheet accounting. By 2000 the E.U. members were delighted to see Greece engineer such a quick and strong turnaround of their economy they accepted Greece into the fold not only with open arms but also unbridled enthusiasm.

For nearly ten years Goldman Sachs, as their advisor, did a great job of hiding the real facts about Greece’s true situation. The funny thing is; for me Greece has always been about two things, olives and a little bit of tourism. How could the likes of France, Germany and Great Britain have remained so gullible for so long. Surely they must have known the biggest crooks in the world of finance were behind the “new” dynamic and fast growing Greece. Obviously they weren’t because it took a massive global recession to expose the Goldman inspired fraud. Funny thing is Spain and Portugal are not far behind in needing hundreds of $billions in bail out money. Italy is on the precipice too. So at the end of the day Greece will not be alone. Won’t it be interesting if we find Goldman Sachs have also been the advisors to Spain and Portugal?

Tags: Bear Sterns, Drexel Burnham, Europe, Goldman Sachs, Greece, Lehman Brothers, Obama, Warren Buffet