That Vampire Squid is back – wrapping it’s blood-sucking tentacles around the face of Europe via the ECB; via Mike “Mish” Shedlock – Ex-Goldman Sachs Managing Director is Leading Candidate to Replace Trichet as ECB President:
Weber felt the ECB was not only violating the Maastricht Treaty, but making unsound decisions on monetary policy as well. Given Weber was in a distinct minority on many decisions he decided to say to hell with it. Mario Draghi is now recognized as the leading candidate to replace Jean-Claude Trichet.
Who he? From the Bank of Italy:
Prior to taking the helm of the Bank of Italy, he [Mario Draghi] was vice chairman and managing director of Goldman Sachs International and a member of the firm-wide management committee (2002-2005).
And that’s important to us because? A certain, eh, “creative accounting” standard applied to Greece by Goldman Sachs you may have heard of in relation to the European Banking Crisis recently…
Huffington Post – Mario Draghi and Goldman Sachs, Again:
… the latest revelations regarding the Goldman-Greece relationship (on the Senate floor, no less) clearly indicate that Goldman was a lead manager of Greek debt issues in spring 2002, i.e., when Mr. Draghi was on board.
This raises three entirely reasonable and straightforward questions.
- Was Mr. Draghi involved in the Goldman-Greece relationship? Sources indicate that this was very much part of his set of responsibilities, but this may be disputed.
- If Mr. Draghi was involved in marketing Greek debt, did he at that time know the true Greek debt numbers – i.e., was he aware of the “debt swap” arrangement? Perhaps his Goldman colleagues concealed that information from him.
- And when/if Mr. Draghi became aware of the inherent misrepresentation involved this transaction, did he take steps to fully informed investors (and any relevant regulatory bodies)? Again, it is entirely possible he learned of this matter only recently and from the newspapers.
Keep in mind that Mr. Draghi is still regarded as a leading contender to become president of the European Central Bank – the most important policymaking institution in the eurozone. It will be hard for anyone to advance his candidacy without clear and public answers to these questions.
Indeed. But don’t expect those questions to come from our crowd of Yes Men and their facilitators in the Irish media.
BONUS – NetNet, CNBC – Goldman Sachs Cannot Stop Taking Over the Government:
No matter which way someone exits the revolving door, Goldman winds up being accused of controlling the government.That would be ironic if it weren’t also true. It’s not which way the rotation of the revolving door has swung—it’s the fact that it swings so readily and with such effectiveness.