with torches and nooses, don't act surprised, okay?
Echoing the kind of trades that nearly toppled the American International Group, the increasingly popular insurance against the risk of a Greek default is making it harder for Athens to raise the money it needs to pay its bills, according to traders and money managers....It's amazing to me that the banking industry isn't more reviled than it is. Between the games they're playing with the fates of hundreds of millions of people and their near-constant whining about how they're being forced to take slightly smaller while still obscenely large bonuses this year because of a crash they were largely responsible for bringing on, it's a wonder they haven't been strung up like a deposed dictator.
As Greece’s financial condition has worsened, undermining the euro, the role of Goldman Sachs and other major banks in masking the true extent of the country’s problems has drawn criticism from European leaders. But even before that issue became apparent, a little-known company backed by Goldman, JP Morgan Chase and about a dozen other banks had created an index that enabled market players to bet on whether Greece and other European nations would go bust.