Goldman Sachs: Making Money the Old-Fashioned Way – Stephen Lendman
GS is perhaps the most adept on Wall Street at amassing fortunes the old-fashioned way. Chairman Lloyd Blankfein earlier called company operations “doing God’s work.”
Manipulative activities include advising clients to buy assets the firm wants to dump, notably toxic ones, getting clients to assume dangerously speculative positions, things making GS the maximum profits – at the expense of scammed investors.
In 2002, the firm was largely responsible for Greece’s debt crisis. A GS scam involved circumventing Eurozone rules in return for mortgaging assets.
Through creative accounting, debt was hidden in off-balance sheet accounts. Cross-currency swaps derivatives were used.
Government debt issued in dollars and yen was swapped for euros, then exchanged back into original currencies. Debt entrapment followed, Greece held hostage by Brussels to bankers to service and repay it.
GS profited hugely by scamming Greece, leaving most of its people impoverished. Its business model thrives on similar schemes globally – conniving, cheating, and profiting at the expense of scammed investors.
For years GS scammed the sovereign 1Malaysia Development Berhad (1MDB) wealth fund.