Unformatted text preview: financial institutions were not just making a way for banks to hide their debts but also companies. Goldman Sachs and J.P. Morgan helped Greece hide its debt. The bank regulators were not uniformed of this scam going on. In 2006, the agencies published something called the “interagency Statement of sound practices concerning elevated risk complex structured Activities”. Because of these practices, Banks that seemed to be doing well one day were failing the next. The bank regulators helped worsen the financial crisis while everyone believed that the bank regulators were unable to find out about these scams. http://www.nytimes.com/2010/04/04/opinion/04koniak.html?pagewanted=1...
View Full Document
This note was uploaded on 07/21/2010 for the course ECO 001 taught by Professor Melkonian during the Spring '10 term at Hofstra University.
- Spring '10