Is Goldman’s Going Down?

I have been following this Greece situation quite closely and today I read something that is making me think of what the next potential step may be.

EU spokesman Amadeu Altafaj Tardio says the EU executive has given Greece an end-of-February deadline to give details on how deals called currency swaps affected government accounts since 2001.

He said such swaps weren’t illegal unless the Greece was not using market rates to calculate the exchange rate.

What I find interesting is that they seem to be focusing on the swap exchange rate, and the fact that fudging it is illegal. Let’s say that it was fudged and illegal? Greece will get a stiff talking to. But I am willing to bet the stiffer action will be against Goldman’s. And right now Goldman’s with its “God’s Work” comment, high bonuses, and the betting against the sub-prime would get YET ANOTHER thorn in its side.

What should make Goldman’s nervous is that if the Euro zone does go after them they better start getting out a big fact pocket book and start writing cheques. Or they will be barred from the Eurozone. And they will get a stigma of the Caribbean islands. Goldman’s has some bright people doing interesting things, but it appears to me that their management is dumb as straw!

But I am not the only one asking these questions. From Elitetrader I saw the following:

We now learn – from Der Spiegel last week and today’s NYT – that Goldman Sachs has not only helped or encouraged some European governments to hide a large part of their debts, but it also endeavoured to do so for Greece as recently as last November.  These actions are fundamentally destabilizing to the global financial system, as they undermine: the eurozone area; all attempts to bring greater transparency to government accounting; and the most basic principles that underlie well-functioning markets.  When the data are all lies, the outcomes are all bad – see the subprime mortgage crisis for further detail.

So I ask is Goldman’s going down?