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Call for probe on banks’ role in Greek crisis
By James Politi in Washington
Published: February 26 2010 21:03 | Last updated: February 26 2010 21:03
Goldman Sachs and other US banks that arranged contentious derivatives trades for Greece could face a congressional hearing into their role.
Carolyn Maloney, the New York Democrat who chairs the joint economic committee in Congress, called on Friday for the House financial services committee to examine US financial firms’ “involvement” in the Greek debt crisis. “I believe a hearing is timely and important for the committee to ensure proper oversight and to investigate whether or not additional actions may be appropriate,” Ms Maloney said in a letter to Barney Frank, the chairman of the committee.
Mounting pressure in Congress on banks that helped Greece massage its public finances follows news that the Federal Reserve is also examining the matter. “We are looking into a number of questions relating to Goldman Sachs and other companies and their derivatives arrangements with Greece,” Ben Bernanke, the Fed chairman, told Senate lawmakers on Thursday.
Mr Bernanke also said that the use of credit default swaps – other derivatives that protect nations against default and whose volatility has contributed to market instability in connection with the Greek debt crisis ... more

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