Saturday, March 13, 2010
A Greek Specialist
"The architect of Goldman Sachs Group Inc.'s controversial 2001 trade with the Greek government is a top executive in the bank's London office with a yen for yoga and a command of Greek. Colleagues say 46-year-old Antigone Loudiadis [AL], who has a given name from classical mythology but goes by the nickname 'Addy,' was the woman behind the deal. ... Undertaken privately, it helped mask Greece's true indebtedness until recently, when the country's finances fell under deep scrutiny by public markets, critics say. ... For Goldman, the trade generated fees of as much as $300 million, according to the people familar with the matter--a windfall that left traders in the firm's London office marveling at [AL's] deal-making prowess. ... [AL] became a Goldman partner in 2000. A cerebral Oxford University graduate, she was eventually named co-head of the company's investment-banking group in Europe, making as much as $12 million in annual compensation, according to someone familar with the matter. She lives in an exclusive neighborhood in West London known for its white stucco homes. ... Educated at the Cheltenham Ladies College, an exclusive private girls' school outside London, [AL] came to Goldman from JP Morgan in 1994. ... By 2001, when those rates had become unattractive, [AL] helped Greece structure a different trade that enabled the government to continue using advantageous rates for accounting purposes", my emphasis, Kate Kelly, Cassell Bryan-Low and Dana Cimilluca at the WSJ, 22 February 2010, link:
Yen for yoga? Is AL Andropov who liked Scotch? Command of Greek? How many dollars an hour does AL get for Greek? Investors can rein in the Vampire Squid. Stop doing business with it. This is a zero-sum game. Who paid the $300 million? Where were the CPAs and analysts while this sham went on? There should not be structured trades to enable a "government to [use] advantageous rates to accounting purposes". AL and her CPA and attorney enablers should all be in prison for securities fraud.