Goldman Sachs Caught Betting Against Derivatives They Sold To The American Public

On the same day as it was announced that Goldman Sachs had been sued by the Federal Housing Finance Agency for violating the law in its sale of mortgage securities, the contents of a Goldman Sachs “Strategy Note” was revealed in a major Italian daily. The document showed that Goldman Sachs is currently playing exactly the same fraudulent scheme of betting against an asset, while selling it to its customers.

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Goldman Sachs issued the 54-page “Strategy Note” from its trading desk to favored clients on Aug. 16, saying that Eurozone banks need at least $1 trillion in recapitalization (which would be half of their capital).

In it, Goldman advises customers to go short on the euro with six-month bets against the Swiss franc, and to buy credit default swaps on an index of European banks. It also published figures for 77 banks, exposing which ones are shakier than the others.

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Meanwhile, Goldman Sachs “has been among the promoters of an event in London these days, dedicated to saving Europe: a meeting between investors and credibility-seeking Spanish authorities,” writes analyst Marco Valsania in Il Sole 24 Ore, adding:

“The U.S. bank is also among the large helpers for selling Madrid bonds,” and noting that “this is the same practice followed by Goldman in 2008, when the bank bet against subprime mortgages while at the same time selling them to customers.”


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Glass-Steagall Act

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