Federal Reserve Inquiring into Goldman Sachs’ Bets on Greek Debt

[bobbyw24]

Federal Reserve Inquiring into Goldman Sachs’ Bets on Greek Debt

Federal Reserve Chairman Benjamin Bernanke said on Thursday that the Securities and Exchange Commission is inquiring into Goldman Sachs’ (NYSE: GS) and other firms’ user of investment instruments to profit if Greece defaults on its national debt.

Bernanke said that the Federal Reserve is looking into the user of Goldman Sachs’ credit default swaps, a form of insurance that pays if a bond goes into default status. Credit default swaps are used legally as a means of hedging against the failure of an investment product.

Bernanke said at a Senate Banking Committee hearing that “Obviously using these instruments in a way that potentially destabilizes a company or a country is counterproductive and I’m sure the SEC will be into that.”

Senate Banking Committee Chairman Christopher Dodd (D-Conn) said that he is troubled by this practice among wall street firms that could potentially make Greece’s debt crisis worse than it already is.



http://www.americanbankingnews.com/2010/02/25/federal-reserve-inquiring-into-goldman-sachs’-bets-on-greek-debt-nyse-gs/

 

[Chester Copperpot]

Wait a minute.. didnt bernake just say yesterday that Ron Paul's statement of that was 'Bizarre" ?????

 

[puppetmaster]

he's makeing sure they ARE betting on it

 

[HOLLYWOOD]

The thieving Banking Cabal are investigating their other "thick as thieves" partner...

110% Political Window Dressing for the Media and Masses... This like Hugo Chavez saying "My Left Hand is going to checkout what My Right Hand is doing"

Goldman Sachs is THE FED. THE FED is Goldman Sachs...

YouTube - Ron Paul, Bernanke Testimony