Greece, Italy, ECB = Goldman Sachs

What do Mario Draghi, Mario Monti, and Lucas Papademos have in common? Well the new president of the European Central Bank, the new Italian and Greek Prime Ministers (respectively) all belong to Goldman Sachs. The US investment bank has indeed woven a unique network of influence in Europe through a dense network, says an article in France’s Le Monde.

Marc Roche’s article says that in any contest, you need a hierarchy. The first prize goes to Mario Draghi, of course, vice-chairman of Goldman Sachs in Europe between 2002 and 2005. Named a partner, Draghi is responsible for mixing companies and sovereign. As such, one of his missions was to sell the financial product “swap” to conceal part of sovereign debt, which helped disguise Greek accounts.

Then there is Italy’s Mario Monti, an international adviser to the firm since 2005.

And third is none other than Lucas Papademos, who was last week appointed as Prime Minister of Greece. Papademos was Governor of the Greek Central Bank between 1994 and 2002, and he apparently participated in falsifying accounts perpetrated by Goldman Sachs in the year 2000 under the ruling PASOK party of Costas Simitis.

There is more, reveals the same article. The manager of the Greek debt is none other han Petros Christodoulos, a former trader for Goldman Sachs.

Two other personalities also take the upper hand in the defenestration of the euro, adds the article. Otmar Issing, former president of the Bundesbank and Jim O’Neill, the inventor of the concept of BRICS, the acronym for emerging markets with high potential growth (Brazil, Russia, India, China and South Africa).

Next is Ireland’s Peter Sutherland, former president of Goldman Sachs International, where he remained a director, has played a key role in the rescue of Ireland. And finally, Paul Deighton, who spent 22 years at Goldman Sachs, is executive director of the organizing committee of the London Olympics in 2012.

Yet, beyond appearances, the network of influence which was powerful before and during the breakout of the crisis in 2008 has lost its effectiveness, notes the article. These banksters, maintained by  central bankers, and mobilized to pull the strings, appear to be less useful against politicians sensitive to the unpopularity of financial professionals who are responsible for the crisis in the first place.

Read more at Le Monde


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