Role of Wall Street Firms in Greece’s Debt Cover-Up Being Examined by Fed

U.S. Federal Reserve chairman Ben Bernanke has said an examination has been launched into the possible involvement of several Wall Street firms assisting Greece in their cover up of massive debt problems.

While Bernanke did not call the examination an official inquiry he did say the Fed and the Securities and Exchange Commission were “looking into a number of questions.” Those questions surround the financial firms’ derivatives arrangements with Greece.

The only firm named by Bernanke, who was testifying for the second straight day on the state of the U.S. economy, was Goldman Sachs who took part in a debt-swap deal with Greece in 2001, a move that helped the country mask the severity of its debt.

Goldman Sachs has defended its actions of 2001, saying the moves were consistent with the regulations that were in place. Those same actions have since been prohibited in large part due to the situation Greece now finds itself in, buried in public and national debt.

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