BANKS GONE WILD
Richard welcomed an intelligence analyst who says Wall Street tactics akin to the ones that fostered subprime mortgages in America have worsened the financial crisis shaking Greece and undermining the euro by enabling European governments to hide their mounting debts.
As worries over Greece rattle world markets, records and interviews show that with Wall Street’s help, the nation engaged in a decade-long effort to skirt European debt limits. One deal created by Goldman Sachs helped obscure billions in debt from the budget overseers in Brussels.
Even as the crisis was nearing the flashpoint, banks were searching for ways to help Greece forestall the day of reckoning. In early November — three months before Athens became the epicenter of global financial anxiety — a team from Goldman Sachs arrived in the ancient city with a very modern proposition for a government struggling to pay its bills, according to two people who were briefed on the meeting.
The bankers, led by Goldman’s president, Gary D. Cohn, held out a financing instrument that would have pushed debt from Greece’s health care system far into the future, much as when strapped homeowners take out second mortgages to pay off their credit cards.
It had worked before. In 2001, just after Greece was admitted to Europe’s monetary union, Goldman helped the government quietly borrow billions, people familiar with the transaction said. That deal, hidden from public view because it was treated as a currency trade rather than a loan, helped Athens to meet Europe’s deficit rules while continuing to spend beyond its means.
Athens did not pursue the latest Goldman proposal, but with Greece groaning under the weight of its debts and with its richer neighbors vowing to come to its aid, the deals over the last decade are raising questions about Wall Street’s role in the world’s latest financial drama.
As in the American subprime crisis and the implosion of the American International Group, financial derivatives played a role in the run-up of Greek debt. Instruments developed by Goldman Sachs, JPMorgan Chase and a wide range of other banks enabled politicians to mask additional borrowing in Greece, Italy and possibly elsewhere.
In dozens of deals across the Continent, banks provided cash upfront in return for government payments in the future, with those liabilities then left off the books. Greece, for example, traded away the rights to airport fees and lottery proceeds in years to come.
Critics say that such deals, because they are not recorded as loans, mislead investors and regulators about the depth of a country’s liabilities.
Some of the Greek deals were named after figures in Greek mythology. One of them, for instance, was called Aeolos, after the god of the winds.
The crisis in Greece poses the most significant challenge yet to Europe’s common currency, the euro, and the Continent’s goal of economic unity. The country is, in the argot of banking, too big to be allowed to fail. Greece owes the world $300 billion, and major banks are on the hook for much of that debt. A default would reverberate around the globe.
GUEST: International Intelligence Expert, Tom Heneghan, has hundreds of highly credible sources inside American and European Intelligence Agencies and INTERPOL — reporting what is REALLY going on behind the scenes of the controlled mainstream media cover up propaganda of on-going massive deceptions and illusions.
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Richard discusses a claim that a U.S. military mind control tests could be to blame for the bizarre state of television presenters dissolving into on-air gibberish. In four high-profile cases, the latest involving fast-talking Judge Judy, the presenters have started off speaking properly but have then descended into undecipherable nonsense – looking confused and unstable. The frequency of the ‘attacks’ – and the fact that recorded examples of the mental meltdowns have been popular on websites – has led to conspiracy theorists pointing the finger at shadowy government experiments.
GUEST:
Richard welcomes an independent researcher/writer to discuss whether the precision of the astronomical knowledge required to create the Maya calendar might prove that extraterrestrials created it? The Maya Long Count calendar restarts on the precise day of the winter solstice of 2012. Since this calendar was put into use over two thousand years ago. So how did they hit this exact day from such a long time ago? As we Richard’s guest will explain, in order to intentionally hit the winter solstice, they would have needed to know the length of the year to within 45 seconds. This is like measuring the width of the United States to within 20 feet or the distance from Los Angeles to Tokyo to within 40 feet! In terms of a percentage, this is 99.9999 percent correct! According to Richard’s guest, this is not merely remarkable; this is absolutely stunning! Is it possible that the ancient Maya did this without telescopes or sophisticated instruments?
When did all the dots connect for Joseph that Lennon had made a deal with the devil? His ‘a-ha’ moment occurred a few days after Lennon’s death. After he heard the name of the assassin, Mark David Chapman, he was going through the
The first issue of the Beatles’ 
