In an earlier article, EU’s selective Lessons from Greece, we saw that EU Parliament’s investigation of the financial crisis (CRIS), and the hearing Lessons from Greece (ECON/7/02578), lacked the resolve to address the Greece/Goldman secret loan that was allegedly improper and exacerbated Greece’s ills.
Goldman Sachs’ explanations contained gaping holes, and that was left unchallenged. Perhaps the most striking example of it is the the claim by its spokesman at a 2010 hearing before the EU parliament that he didn’t know of the single most important restructuring of the deal in 2005:
These superficial initiatives, as pertaining to this particular issue, erode the credibility of the EU parliament. In contrast, the senate panel led by Levin and Coburn produced preliminary investigations of a number of cases in the mortgage crisis that were taken up by the SEC and the DOJ (McClatchy).
It is probably Commissioner Olli Rehn who planted the seed of this unsavory state of affairs. When a Director General for ECFIN says the Goldman/Greece deal is legal, that sets a powerful precedent. But it is flawed in multiple respects.
Read more: http://www.irishleftreview.org/2012/03/29/eu-rewards-goldman-sachs-greek-debt-scheme/
Goldman Sachs’ explanations contained gaping holes, and that was left unchallenged. Perhaps the most striking example of it is the the claim by its spokesman at a 2010 hearing before the EU parliament that he didn’t know of the single most important restructuring of the deal in 2005:
These superficial initiatives, as pertaining to this particular issue, erode the credibility of the EU parliament. In contrast, the senate panel led by Levin and Coburn produced preliminary investigations of a number of cases in the mortgage crisis that were taken up by the SEC and the DOJ (McClatchy).
It is probably Commissioner Olli Rehn who planted the seed of this unsavory state of affairs. When a Director General for ECFIN says the Goldman/Greece deal is legal, that sets a powerful precedent. But it is flawed in multiple respects.
Read more: http://www.irishleftreview.org/2012/03/29/eu-rewards-goldman-sachs-greek-debt-scheme/
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