Tuesday, February 9, 2010
Goldman helps Greece lube their balance sheet
It looks like the investment bankers are back devising deals to create off-balance sheet debt. They were very instrumental in helping Enron figure out how to hide their true debt and it looks like Greece was in need of this expertise in order to meet the European Union deficit rules. It seems that whenever a financial rule is made there are some bright guys figuring out how to design transactions that get around the rule. I think this is another example of too many bright finance experts on Wall Street who have dim moral compasses. You can read more about Greece and Goldman Sachs here.