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Who Will Replace Jean-Claude Trichet As European Central Bank President Next Year?
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I just read that Mr Draghi was vice-president of Goldman Sachs Europe at the time the Greek government went into the much talked about agreement with Goldman Sachs to hide government debt. Maybe ZeroHedge or another reader can shine some light on his responsabilities?
To me, that is a definite no to Mr Draghi. I am also fully in favor of making a regulation that no one - ever in service at the giant squid - can get an offical , semi-offical or other function in government. You chose government Sachs, not the people's government (or what is left of that)
There are no virgins among the World's TOP bankers: this is not the missionaries' job. To me the question is who has the qualities today that fit the largest interests at the banking and political level in Europe. My guess is Mario Draghi to be in pole-position. Reasons:
1- Germany/bundesbank has Euro/Europe control independently of who's the BCE chairman. Meaning: any decision the BCE willing to take they have to ask permission to the Bundesbank guys. Therefore: Germany has all interests in ruling the game from behind the scene.
2- Italy never had a BCE president
3- Mr Draghi has a very high reputation and he is chairman for the Financial Stability Board (http://www.financialstabilityboard.org/about/overview.htm).
4- Yes he was a respectfully guy at GS. Now: forget the populism around GS now. It is like the soccer team winning the world cup for 20 years in a row. It is natural the rest of the World wants them to lose. But I see no reason for a guy who did well in GS 10 years ago now has to be aligned with "supposed" criminal actions.
5- I am Italian, and honestly I feel frightened and ashame for the situation we have in our Country: this is the result of a lack of honest and committed people to run and manage the Country in the interest of its taxpayers (we have a tax-evasion rate which is I guess the highest in Europe and peraphs in the TOP quartile in the World). But I wish we have more than one Mr Draghi to do the job. He is not a talker but a real maker.
6- Mr Draghi has always been in favour of Hedge Funds and officially recognized (read FSF reports: http://www.financialstabilityboard.org/list/fsb_publications/page_1.htm) the HF industry has no responsibility in the 2008 Financial Crisis. Meaning: he is a guy who does not care about political bullshit. This means to me he may does a good job and hard fighting for stopping the political populism who is governing Europe at the moment.
Shortly: I am for Mr Draghi and...Cote d'Ivoire winning the World Cup in South Africa :-) !!!
While Axel Weber may look good from over here his German centric view of the world scares more than a few politicians and CEOs. He's already on record as saying, "raising rates pre-emptively could be justified even if the midterm inflation were under control, to head off future asset price bubbles."
This would of course raise debt service costs all around not just Greece.
Since Draghi plays more to the center and has held a number of international posts, unlike Weber, He may be viewed by the Europeans as easier to work with. No doubt the squid will be lobbying for him.
If it were Weber, it would make me feel unified Europe is worth something.
Therefore, it has to be Draghi. Btw, the guy once worked for GS, if that means anything.)
My euro-scepticism is much greater than my EUR-scepticism, so I won't choose answer #5. Moreover, it's not very polite to answer a question with a question.)
"If it were Weber, it would make me feel unified Europe is worth something."
A German unifying europe, hum...haven't they tried that before? Would a German be able to unify Europe without using panzers?
I ain't voting unless it's for Marla, period.
Agreed.
None of the above. With the realization of a conservative government in the UK that will in essence support the primary actions of the Bank of England & the Brown government and with Germans increasingly vocal about exiting the common currency I suspect that Christine Lagarde will get the call. Especially as the Euro is seen increasingly as an extension of the Greater Mediterranean Compact. I suppose the closest response would be D in that there will be a Euro next year, but that the composition of its membership will have changed by that time via the introduction of perhaps more than one "Euro" creating "classes" of membership while others may well abandon the idea. Be it through disgust, self preservation or a combination.
I think this "classes" of membership scheme is gonna get tried as a last ditch effort to keep from breaking up the EU.
The italian one, should read more like Mario "I worked at GS" Draghi
Weber vs Draghi: the French position may not be as clear as we thought
Le Monde has an interesting analysis on Weber vs Draghi saying that the French position is not as pro-Weber as it has been made out previously. Officially, Sarkozy supports Weber, as he is currently inclined to do whatever he can to support the Franco-German relationship, but behind the scenes there is some unease about Weber, and the Elysee would be happy to let things go by a while, and maybe see whether a third candidate may surface. The paper says one problem with Draghi, from a French perspective, is his stint at Goldman Sachs.
http://www.eurointelligence.com/article.581+M5cee9e26f24.0.html
Portugal's Central Bank Governor Vitor Constancio is earns more than Bernanke yet the crook let two bank in Portugal fake their books, the BPN (Banco Português de Negócios) and the BPP (Banco Privado Português). Both banks were defrauding their clients and had to be nationalized. So if he goes to the ECB you know what to expect, i.e. total collapse.
You never know what Germans can accomplish, so yeah Axel even though I hardly have any idea who is that.
The policy wonk that did not see a budget deficit grow from 2,7% to 9,3% and let a few banks go bust amid corruption smoke.
Please, take him
Assuming there is a Euro next year, why not Lloyd and GS
http://baselinescenario.com/2010/02/14/goldman-goes-rogue-%E2%80%93-spec...
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We now learn – from Der Spiegel last week and today’s NYT – that Goldman Sachs has not only helped or encouraged some European governments to hide a large part of their debts, but it also endeavored to do so for Greece as recently as last November. These actions are fundamentally destabilizing to the global financial system, as they undermine: the eurozone area; all attempts to bring greater transparency to government accounting; and the most basic principles that underlie well-functioning markets. When the data are all lies, the outcomes are all bad – see the subprime mortgage crisis for further detail.
A single rogue trader can bring down a bank – remember the case of Barings. But a single rogue bank can bring down the world’s financial system.
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Pete
The Euro was a stupid idea nways. Let's just get it over with. I wanna pay for my pizza in Rome with Lira again.
me too everyone in Europe wants that.
Enough of euro. We just HATE it. In Germany it has been the DEVALUATION!!! Fuck the euro!!!
The conservative Germans need to take control & do it quickly. They know what's in store if they don't...
Don't worry, we will kick them out of the EU ! Together with GS.
Viele Grüsse aus Deutschland.
Werner
Paul "Obama Finally Found Something for Me to Do" Volcker.
Whoever gets the job will have Tall Paul's digits on speed dial.