Goldman Sachs – Masters of the Eurozone

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10. Goldman's role in Greece might be incomplete w/out mentioning their billionaire client

hedge fund king John Paulson:

What Is John Paulson doing in Greece?

By Kevin Connor
Co-founder, LittleSis.org; Co-founder, Public Accountability Initiative - Posted: 04/17/2010 5:12 am EDT

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Considering this, hedge fund king John Paulson's role in Greece deserves far more scrutiny. I wrote about this last week, pointing out that they shared the same vulture flight pattern in Greece, but at the time did not realize that Paulson and Goldman actually partnered in executing massive and profitable bets against the subprime market. Are they doing the same with Greece?

News of Paulson's fund taking large positions against Greek debt has barely risen above rumor in the English-language press, despite this article in a Greek daily, which says that Paulson is "orchestrating the pressure on Greek government bonds and the Euro," and reports that Paulson has a team of 20-30 traders focused on Greece.
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Since Paulson was in the room with Goldman (and several other banks) when these CDOs were first conceived, it would seem that the fund had an unfair edge over the investors that would lose their shirt buying the securities. Zuckerman notes that Deutsche Bank suffered losses because it couldn't find takers; that famous taker, AIG, may have been Goldman's convenient solution.

These parallels raise obvious questions: was Paulson also in the room with Goldman before it tried to sell Greece on a new way to hide its debt this past November? As a hedge fund client of Goldman's, did Paulson have special information about Greece's true debt situation? Are Goldman and Paulson partnering, once again, to profit from the downfall of an entire country/continent?

Full article:
http://www.huffingtonpost.com/kevin-connor/what-is-john-paulson-doin_b_463084.html