Abuses
In May 2011, Charles Munger of Berkshire Hathaway Inc. accused international investment banks of facilitating market abuse by national governments. For example, "Goldman Sachs helped Greece raise $1 billion of off- balance-sheet funding in 2002 through a currency swap, allowing the government to hide debt." Greece had previously succeeded in getting clearance to join the euro on 1 January 2001, in time for the physical launch in 2002, by faking its deficit figures.
Read more about this topic: Currency Swap
Famous quotes containing the word abuses:
“Obscenity is a moral concept in the verbal arsenal of the Establishment, which abuses the term by applying it, not to expressions of its own morality, but to those of another.”
—Herbert Marcuse (1898–1979)
“Liberty may be endangered by the abuses of liberty as well as by the abuses of power.”
—James Madison (1751–1836)