Old Ducker
03-02-2010, 03:40 PM
Thursday, February 25, 2010
BULLETIN: The Federal Reserve to Examine Goldman Sachs Greece Dealings
Source: Reuters
The Federal Reserve will look into a report that several Wall Street firms have been betting on a default by Greece on its sovereign debt, Fed Chairman Ben Bernanke told the Senate Banking Committee on Thursday.
It was these same kind of trades that nearly toppled the American International Group, the Times said, and is making it harder for Athens to raise the money it needs to pay its bills, according to traders and money managers.
“It’s like buying fire insurance on your neighbor’s house — you create an incentive to burn down the house,” Philip Gisdakis, head of credit strategy at UniCredit in Munich, told the Times.
Much of this sudden interest can be attributed to the NY Times Story titled Banks Bet Greece Defaults on Debt They Helped Hide
BULLETIN: The Federal Reserve to Examine Goldman Sachs Greece Dealings
Source: Reuters
The Federal Reserve will look into a report that several Wall Street firms have been betting on a default by Greece on its sovereign debt, Fed Chairman Ben Bernanke told the Senate Banking Committee on Thursday.
It was these same kind of trades that nearly toppled the American International Group, the Times said, and is making it harder for Athens to raise the money it needs to pay its bills, according to traders and money managers.
“It’s like buying fire insurance on your neighbor’s house — you create an incentive to burn down the house,” Philip Gisdakis, head of credit strategy at UniCredit in Munich, told the Times.
Much of this sudden interest can be attributed to the NY Times Story titled Banks Bet Greece Defaults on Debt They Helped Hide