Goldman Sachs says it will no longer profit from undermining Polish zloty

Goldman Sachs, in a rare show of public-minded ethics, has recently announced that it will no try to profit from undermining East/Central European currencies.

How nice.

By the way, would anyone care to enlighten the forum as to Tadeusz Marcinkiewicz's role in all of this as one of Goldman Sach's highly-placed investment bankers? He is the nice chap who used to be premier briefly under the PiS government and has recently left his wife for a sexy young lass he met while in London.

Look for an interview that he recently did with Tomasz Lis. It should be on the web somewhere.

Kazimierz. Are you talking about European Bank for Reconstruction and Development ? I didn't know he worked to GoldmanSachs.


do you have a link to that. It could be in Polish.

here is the link, it is in most of the Polish papers today...

gospodarka.gazeta.pl/gospodarka/1,33181,6303226,Goldman_Sachs_nie_bedzie_juz_gnebil_zlotego_.html

thanks.
I know little about economy but even if Marcinkiewicz had anything to do with it, he will never admit to it. Judging by his latest media presence, all he is interested in is fame at any cost.

Another thing: if GoldmanSachs indeed participated in manipulating PLN value, would they admit to it? I know they did, but.......the whole thing is just really strange. I cannot put my finger on it but is is fishy.

Marcinkiewicz merely have any idea about banking sector or economy. His carrier in this sector started only because Kaczynski wanted to get rid of him from media attention. Somehow pathetic taste of many Polish voters find this guy to be "charming" and according to them this is enough to vote on such person! :) Kaczynski was afraid of being overshadowed by Marcinkiewicz. (I mean just PR, not political accomplishments)

Later Marcinkiewicz was sent to London despite that his English was rather pathetic and experience in this sector almost none. Clearly political decision. From this time banks from private sector are willing to be in touch with him (still popular politician, promising prospect for important post in the future).

This is ridiculous to blame him that his advices lead to profits for Goldman Sasch on the cost of Poland. Firstly, because he has little idea about the subject. Secondary, because Goldman Sasch has plenty specialists, people whom really know something about this sector.

Personally I find Marcinkiewicz to be very small and disgusting person. However I must admit that he has a lot of luck, incidental PM and incidental banker. In the same way how he was not real PM (Kaczynski was guiding from behind), he is not advisor for any bank. This is all about politics and stinks of corruption mile away.

Again, a very focussed commentary from lesser. I agree, Marcinkiewicz is just creaming profits and he has very little awareness, he is certainly not at the consultant level based on what he said in his interview.

He is a political appointment who has somehow opened a door with a key that it was not meant for.

I have a feeling that he is a scapegoat in this situation. Another game of PiS trying to discredit PO politicians. He makes a perfect target.

Goldman Sachs simply hedged their bets and went short on Polish currency. They correctly predicted the value of the Polish currency would fall, and it did. There is nothing illegal about going short. One can go long or short. Anyone with market saavy and some cash to invest can do the same.

All of these Polish firms (banks and other) could also have purchased short contracts on Polish currency, and they would not be in the mess they are in today, at this point in time of course.

What this case have to do with PO?

Ayep Jews screwing us again ? Impossible!

the other way around then? Sorry;)

If anything, then PiS want to discredit Marcinkiewicz who could be potentially on the election list of PO being still popular among people. However Marcinkiewicz already discredited himself, you know he certainly has "soda water effect". Still, currently he has nothing to do with PO. Personally I doubt that PO want him.

agree, thanks for explaining this to me. However, accusing him of being responsible for PLN value is a bit far-fetched in my opinion. Unless he is smarter than he looks.

Thread attached on merging:
How Goldman Sachs is collapsing down the Euro Zone now day by day

h t t p : / / theeconomiccollapseblog.com/archives/how-goldman-sachs-made-tens-of-bi llions-of-dollars-from-the-economic-collapse-of-america-in-four-easy-s teps

Investment banking giant Goldman Sachs has become perhaps the most prominent symbol for everything that is wrong with the U.S. financial system, but most Americans cannot even begin to explain what they do or how they have made tens of billions of dollars from the economic collapse of America. The truth is that what Goldman Sachs did was fairly simple, and there may not have even been anything "illegal" about it (although they are now being investigated by the SEC among others).

The following is how Goldman Sachs made tens of billions of dollars from the economic collapse of America in four easy steps....

So is it right for the biggest fish on Wall Street to make tens of billions of dollars by betting that the U.S. housing market will collapse?

You see, when you are talking about a financial giant the size of Goldman Sachs, the line between "betting that something will happen" and "making something happen" gets blurred very quickly.

Not that Goldman Sachs was the only one betting against the housing market.

According to the New York Times, firms like Deutsche Bank and Morgan Stanley also created mortgage-related securities and then bet that they would fail.....

AND NOW THEY ARE REPEATING THE SAME SCENARIO WITH EURO ZONE

They are not in a mess actually, they are doing a lot better than their counterparts.

Well, it's funny how everyone is crying foul when an institution is hedging currency trades - which is legal and basically involves you taking a bet on a currency doing well or not so well.

Yet no one seemed to care when the multi-bilionaire, ultraleftist Obama backer George Soros earned his billions doing just that and doing it for several generations now.

How nice... ;)

Man who broke the Bank of England, George Soros, 'at centre of hedge funds plot to cash in on fall of the euro'

dailymail.co.uk/news/worldnews/article-1253791/Is-man-broke-Bank-England-George-Soros-centre-hedge-funds-betting-crisis-hit-euro.html

Soros, Goldman Sachs both money launderers for Rothschild clan...What do you expect from such operators?

Well, we can expect him to pursue the same tack but what we should be seeing are greater safeguards. Obama talked about standing up to the Fed and corrupt bankers back in Jan of this year. However, just like with AIPAC, he talks a good game but does nothing. If the Palestinians murdered 1300 Israelis, there would be hell to pay. If they stole land from Israelis, America would step right in.

Can't the man see that these companies are open about profiteering? For crying out loud, nobody needs telephone book figures as a salary.

They truly are a rotten corporation.

My point was that the liberal media (which is 90% of all media) always focuses on attacking private companies even if what they do is perfectly legal. Might seem unfair and cold-hearted to make bets on different currencies but perfectly legal.

Yet at the same time when a leftist icon who's financed ACORN, moveon.org, Obama's smear campain against his opponent via the moveon ads and other leftist activities hedges against currencies no one says a thing.

He does exactly what all the financial institutions are doing except in a much larger scale, his bets dwarf Goldman Sachs' and other institution's hedge activities. Heck this guy made a billion dollars!!! overnight by basically forcing the British to devalue the pound in '92, and that was just one of his bets. That IS hurtful to a country's economy yet no one cares.

Watch a private company do the same and Dear Lord the outrage you'll see! Oh the outcry, immidiate calls for financial reform, etc. The grief is just overwhelming...

Hypocrisy at it's best.

Bernanke, after taking over where Greenspan left off, became the figurehead of a disliked establishment. What did Obama do? Reappoint him and give him his full backing. I wonder when Bernanke has to go to Walmart next to buy new puppet strings.

What Soros did was transparent, completely legal. There were reforms put into place afterward to guard against it. We'll probably see quite a few more fraud cases come up against Goldman. Disclosure is the name of the game in finance.

I just can't believe that all these banks are getting huge EU bailouts now. Shameful. Goldman is making in a killing in Greece, and will do so in Portugal as well. It's reward without risk investing. I really would like to loan Ireland a couple billion right now on stupid terms and let those idiots in Germany and Holland pick up the bill.

I see the point you're trying to make but there's nothing transparent about Soros. He's a communist thug who lies, cheats and deceits people. I'm glad he's old and I for one will throw a party the day he dies. Can't stand that two-faced SOB.

Well, he did give a lot of money to charity so he does have a good side. Then again, those that have money can afford to do it.

Very true and that's the only good thing about him. Then again, he probably does it for tax write-offs only...

PS. I wasn't serious about celebrating his death but I was serious about despising him...

We were talking about the quantum fund, not what he does with his money. Nothing that happened was really surprising.

He was hostile towards Serbia for no good reason. Oh, there are interesting discussions between Ron Paul and Ben Bernanke on Youtube. Ron Paul seems to know as much as he does and BB always sits uncomfortably when he talks. Ron is onto him.

I guess there's no room for nefarious manipulation there, eh? :)


Still, it's good to see a nice Jewish boy do so well.