Friday, January 29, 2010


BANZAI7 NEWS--A Geek team from Goldman Squid was in Athens yesterday shepherding representatives of Paulson, the US hedge fund, around meetings with local bankers, economists and analysts.

In the past, Greek governments made a point of sharing out advisory work among investment banks, mainly for privatisation projects. Morgan Stanley, Credit Suisse, Deutsche Bank and UBS won mandates as well as Goldman and JPMorgan.

That has changed. "Goldman pretty much has taken a leading role on formulating Greece's bailout," said a Greek economic consultant. "Their competitive advantage is that they have the most hands on experience with bailouts, the have a big team of Geeks (not Greeks), they have purchased a major CDS position opposite a Greek default and their bald heads as smooth as the finest Greek antique urns." 

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