Goldman Sachs

Goldman Sachs2 posts
11 Jul, 2015
0

Could be sued

Files Suit

Goldman faces possible legal action from Greece over complex financial deals in 2001 that many blame for its subsequent debt crisis. Goldman swapped debt issued by Greece in dollars and yen for euros which were priced at a historical exchange rate that made the debt look smaller than it actually was. The swaps reportedly made about 2 per cent of Greece’s debt disappear from its national accounts. Goldman is said to have made as much as $500m from these transaction referred to as “swaps”, but denies these claims. Former swaps designer at Goldman Jabbour, has told the Greek government in a formal letter:

Right historical wrongs as part of [its] plan to reduce Greece’s debt.

Based on publicly available information, he believes the size of the profit Goldman made on the transactions was unreasonable. Scrutiny and analysis of the documents and email exchanges could give Greece grounds to seek compensation and assess if the deals were executed for the sole purpose of concealing the country’s debts.

3 Jul, 2014
0

Gmail blocks Goldman Sachs error email

Google blocks a Gmail user from accessing a confidential message that was accidentally sent by a Goldman Sachs contractor, a Goldman spokesperson told Reuters Wednesday.  The email contained confidential and privileged client information and was sent to “gmail.com” instead of  “gs.com.”  The error may have caused a “needless and massive” breach of privacy, so the company asked Google to block the message, and the company complied with the request.  The email is blocked but not deleted, an action that requires a court order. The previous day, Goldman Sachs files a complaint in a New York state court in Manhattan to have the email deleted. In the court documents the firm states:

Emergency relief is necessary to avoid the risk of inflicting a needless and massive privacy violation upon Goldman Sachs’ clients, and to avoid the risk of unnecessary reputational damage to Goldman Sachs.

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