Daily Management Review

Goldman Sachs keeps conquering Europe


03/19/2018


Former employees of the investment bank Goldman Sachs already hold positions in central banks around the world. Yet, they are not going to stop there and goes further.



Now former employees of Goldman Sachs are trying to take places in governments of various countries. For example, today it became known that the co-chairman of the bank in Germany, Joerg Kukies will take the place of Deputy Minister of Finance of the country.

In the new post, Kukies will be responsible for the policy in the financial markets, reports Reuters. Thus, the European financial market for a while will be managed by two former Goldman Sachs bankers: Mario Draghi and Joerg Kukies.

Recall, soon the term of Draghi will expire, and the head of the ECB will leave his post. Thus, it can be concluded that Goldman Sachs simply does not want to lose control over the political and financial events of the Old World.

Kukies was the managing director of Goldman Sachs and served as co-chairman of the bank in Germany since October 2014. He supervised the stock market and fixed income units in Germany and Austria.

In connection with the appointment, Kukies left the bank, writing an application for dismissal.

Recall that Goldman Sachs constantly appears in various conspiracy theories and has a scandalous reputation. However, not without reason. Indeed, the former employees of the bank are scattered all over the world, and practically all somehow occupy important financial posts.

It is believed that this helps the bank to solve its financial issues, simply put, to manage the world's finances.

As for Europe, it is generally a separate story. At the height of the European debt crisis, we observed a series of high-profile resignations, and these places were eventually taken by people who were somehow connected with Goldman Sachs. Suffice it to call the Prime Ministers of Greece and Italy and, of course, the head of the ECB, Mr. Draghi.

Mario Monti became the last top in the triangle of the Goldman Sachs European government. Following Mario Draghi and Lucas Papademos, he took his place in the new axis of power, where the Goldman Sachs plays solo.

Simon Johnson, a former IMF economist, notes in his book "13 Bankers" that Goldman Sachs and other large banks have become so close to the US government over the past five years that they are now virtually inseparable from it. "In Europe, however, the political elite and bankers share a world view, they have common goals, they interact in maintaining illusions, but still these are at least nominally independent institutions," Johnson emphasizes. Well, however regrettable to talk about it, apparently, such a division (albeit very conditional) will soon come to an end. At least Goldman Sachs tried its best to do it.

source: reuters.com






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