Goldman used Cayman Islands for billions of complicated debt and gambling schemes
Greg Gordon, an investigative reporter, has spent 30 years uncovering waste, fraud, abuse and misconduct in Washington. Since joining McClatchy’s national staff in 2006, he has helped expose partisanship in the Justice Department and gaps in U.S. homeland security. Earlier, he spent 13 years with the Minneapolis Star Tribune, covering the prosecution of al Qaida terrorist Zacarias Moussaoui and writing about asbestos in the workplace, money and politics, aviation, law enforcement and the environment. He also worked for The Detroit News and United Press International, where he headed its investigative team and won the 1983 Raymond Clapper award for coverage of an EPA scandal. In 1990, he and co-author Ronald E. Cohen won Sigma Delta Chi’s gold medal for their book “Down to the Wire,” chronicling UPI’s financial collapse. In 2008, he, along with Margaret Talev and Marisa Taylor, won a McClatchy “President’s Award’’ and Scripps Howard’s Raymond Clapper Memorial Award for Washington reporting for exposing the Bush administration’s politicization of the Justice Department. This is Gordon’s second Clapper Memorial Award.
Goldman’s offshore deals deepened global financial crisis
NEW YORK — When financial titan Goldman Sachs joined some of its Wall Street rivals in late 2005 in secretly packaging a new breed of offshore securities, it gave prospective investors little hint that many of the deals were so risky that they could end up losing hundreds of millions of dollars on them.
McClatchy has obtained previously undisclosed documents that provide a closer look at the shadowy $1.3 trillion market since 2002 for complex offshore deals, which Chicago financial consultant and frequent Goldman critic Janet Tavakoli said at times met “every definition of a Ponzi scheme.”
January 12, 2010
Greg Gordon: Will the Financial Crisis inquiry Commission ask the real questions?