The recruitment by US investment bank Goldman Sachs former President of the European Commission, José Manuel Barroso, once again highlights the power of its unique influence network in Europe. Sedimented since inception in the early 80 Goldman Sachs International, the tight mesh, both underground and public, has its pimps and its faithful, as indicated this appointment that caused a wave of indignation on the Old Continent .
José Manuel Barroso was hired as advisor to Goldman Sachs International, the European subsidiary of the new York group based in London. It is part of the very closed circle of Missi Dominici of the bank, recruited with great care and with gold. Whoever held the presidency of the European Commission between 2004 and 2014 knows intimately the scenes of the European Union and Member States’ ministries, like the corridors of power in the financial markets. Former Portuguese Prime Minister of the considerable people skills has the ear of decision makers that can directly call in times of crisis or to help the house to grab mandates.
Apostle of capitalism ” relations “
The new” Goldmanien “is in good company. His predecessor, Romano Prodi, President of the Commission between 1999 and 2004, worked for the firm between 1990 and 1993 and then again in 1997. In addition, European ex-Commissioners for Competition (Mario Monti, Peter Sutherland) or Services (Charlie McCreevy) were recruited by the new York establishment. To penetrate the heart of power in Brussels or anticipate – or change – the guidelines and regulations, a former President of the Commission of the caliber of Barroso, beautifully introduced in the maze of backstage through a robust address book , has no price.
using the more vital now that the victory of Brexit at the British referendum of June 23 has changed things dramatically. Goldman Sachs International has generously funded the campaign hostile to the output of the United Kingdom of the European Union. Its leaders have not hidden their desire to relocate thousands of jobs from London to the Continent where moorings release. In this context, Barroso will play a key role in the choice of financial centers beneficiaries of these transfers. Paris, Frankfurt, Dublin and Luxembourg are in the running to host the appropriate time, Londoners executives of Goldman.
A good agreement with Angela Merkel
What is known at this stage preferences of the new advisor to Goldman Sachs? During the financial crisis as sovereign, the head of the Brussels executive was humiliated by French President Nicolas Sarkozy, who despised him. Moreover, in France, Goldman never managed to break into the inner circle of the Paris financial aristocracy. Barroso also kept a bitter memory of the Irish who had fait accompli by guaranteeing the entire bank deposit unilaterally. It has little chemistry with the current President of the Commission, Jean-Pierre Juncker, head of the Eurogroup, has continued to put a spoke in the wheels to defend the attractiveness the Luxembourg financial center.
however, Barroso got along with German Chancellor Angela Merkel. Today, Goldman is the first foreign bank in Germany. And Frankfurt, another alumni of Goldman Mario Draghi helm of the European Central Bank.
Since leaving the Commission, José Manuel Barroso was visiting professor at the universities of Geneva and Princeton . The choice to serve Goldman Sachs is perfectly legal, unlike what happened in 2010 with Charlie McCreevy. Former Commissioner launched a vulture fund to buy the Irish or British banks bankrupt, questionable business funded in part by Goldman. But following the opening by Brussels to investigate a conflict of interest, McCreevy was forced to resign from the management of the company.
Still, the sprained ethics is obvious. Barroso The case can only strengthen the resentment of many Europeans against the ruling elites that symbolizes the vote in favor of Brexit. Supporters of the conspiracy theory will be able to give heart to joy against the bank that the magazine Rolling Stone had once compared to a “squid vampire who sucks blood”.
Marc Roche is the author of a book and co-author of a documentary, the Bank , dedicated to Goldman Sachs.
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