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Goldman Sachs helped the Greek government to mask the true extent of its deficit with the help of a derivatives deal that legally circumvented the EU Maastricht deficit rules. Read More
The New York Times Neil M. Barofsky is not a household name like some special investigators of the past — Kenneth Starr during the Clinton administration or Archibald Cox in the Watergate years. But increasingly, Mr. Barofsky is setting off fireworks on Capitol Hill as he quietly and methodically pieces together the most complete historical [...]
By: CNBC.com The guarantees offered by the US government to ensure the financial system does not collapse have changed the world forever because now expectations are that the same guarantees will be offered in major crises, Elizabeth Warren, the head of the Congressional Oversight panel on the Troubled Asset Relief Program (TARP), told CNBC Friday. [...]
By Matthew Richardson and Nouriel Roubini | May 6, 2009 From the Financial Times: Joseph Schumpeter famously argued that the essence of capitalism was creative destruction, by which new economic structures are born from the rubble of older ones. The government stress tests on the 19 largest US banks, the results of which are due [...]
By Lawrence G. McDonald It was 1967 when a New Bedford textile corporation in Massachusetts, suddenly upped and purchased National Indemnity, a substantial insurance operation out of Omaha, Nebraska. The textile mill was Berkshire Hathaway, and its owner, Mr. Warren Buffett stumped up $8.6 million, which was a sizeable amount of money in 1967, perhaps [...]