There has been a lot of talk and media ink spilled about the Goldman Sachs (GS)-designed currency swaps that some think helped Greece mask the severity of its debt position. But Business Week/Bloomberg notes another controversy: "Goldman (Goldman Sachs news) may have also misled investors when it managed the sale of $15 billion worth of Greek bonds in subsequent years." 

Apparently, the swaps were not mentioned in the marketing documents for the offerings in six of 10 bond offerings since the swap deal was effected. It certainly might have been something bond investors would have appreciated knowing, as it sheds light on Greece's credit worthiness. Will this amount to much? It will be hard to prove that Goldman Sachs is legally liable, that is, that they knowingly hid the risk (disclosure news). Unfortunately, you would have to expect the bondholders (bondholders news) to initiate some legal action, especially if they've lost money on the bonds. In any case, the controversy continues. 

For more:
- here's the article

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