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This looks pretty bad for both Goldman and Greece, as if things could look worse. According to a scathing piece in Der Spiegel, European statisticians in Luxembourg have had a very difficult time getting proper Greek economic and financial data for years. Worse yet, Goldman Sachs appears to have been helping Greece take advantage of a European regulatory loophole in order to understate its deficits: Der Spiegel:

U.N. Undersecretary-General for Economic and Social Affairs, Sha Zukang, back to camera, talks to Indian Prime Minister Manmohan Singh, right, as Maldives President Mohamed Nasheed, left, and Indian Environment Minister Jairam Ramesh, second from left, look on at an international conference on technology and climate change in New Delhi, India, Thursday, Oct. 22, 2009. (AP Photo/Manish Swarup) (CNSNews.com) – Sen. James Inhofe (R-Okla.), ranking member of the Senate Committee on Environment and Public Works, is calling on Chairman Barbara Boxer (D-Calif.) to conduct hearings on a possible conspiracy between some of the world’s most prominent climatologists to, among other things,...

The American International Group is rapidly running through $123 billion in emergency lending provided by the Federal Reserve, raising questions about how a company claiming to be solvent in September could have developed such a big hole by October. Some analysts say at least part of the shortfall must have been there all along, hidden by irregular accounting. “You don’t just suddenly lose $120 billion overnight,” said Donn Vickrey of Gradient Analytics, an independent securities research firm in Scottsdale, Ariz. Mr. Vickrey says he believes A.I.G. must have already accumulated tens of billions of dollars worth of losses by mid-September,...