Program: FRONTLINE – PBS

Episode: Money, Power and Wall Street: Part Four

“FRONTLINE probes a Wall Street culture that remains focused on risky trades. Bankers left an ugly trail of deals extending from small U.S. cities to big European capitals. For more than three years, regulators have tried to fix an industry steeped in conflicts of interest, excessive risk taking, and incentives to cheat. New regulations are being written, but can they fend off the next crisis? ”

There are four segments in all, but the fourth one specifically gives more details for the transaction of derivatives and swaps in Greece engineered by Goldman Sachs. The deal was “the largest sovereign derivative ever recorded as a secret off-balanced sheet loan“. Goldman made half a billion dollars out of the deal.   According to the program investigative reporting, European countries were “cooking the books” by using derivatives for window dressing their accounting.

Below is only a short part of the “Part Four Episode”. A MUST SEE segment in understanding the beginnings of the Greek crisis ten years ago.

Watch all episodes of Money, Power and Wall Street: Part Four on PBS. See more from FRONTLINE.

If you do not see the video here, Watch it in Youtube

Related Links:

  • Money Power & Wall Street – Part 4 (the other parts also listed on PBS website)
  • Goldman, Greece and a troubling tango – By Nicholas Dunbar
  • Goldman Secret Greece Loan Shows Two Sinners as Client Unravels – Bloomberg