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ECB Head Forced To Defend His Goldman "Conflicts Of Interest"

Tyler Durden's picture




 

As we have discussed a number of times (most recently here), the infiltration of Goldman Sachs alumni into the highest ranks of political and monetary policy 'running the world' ranks is becoming pandemic. What is perhaps even more surprising is the fact that during the ECB's press conference this morning, the head of the world's 'almost' most powerful entity had to defend himself from such crackpot, tin-foil-hat-wearing, digital-dickweed-esque conspiracy theories that Draghi's affiliation to the Mother Squid is of greater importance than his current professional position. The sadly ironic aspect is that Draghi's membership of the Goldman Sachs-sponsored G-30 warranted more discussion during the press conference than that of Italy's Monti debacle (or Greece's "killer medicine").

 

From ECB Press Conference

QUESTION:

Mr. President, I have two questions about your membership in the Group of 30.

 

First, taking your closeness to the private banks and in face of pending conflicts of interest and ethical issues, how do you explain your ongoing G30 membership?

 

And my second, of the 30 members, five members are formal or present bankers of Goldman Sachs.

 

This group is co-founded by Goldman Sachs. You're a former fellow of Goldman Sachs. How do you intend to avoid conflicts of interest?

DRAGHI:

Well, actually, I don't intend to avoid. I think there aren't any conflicts of interest. But let me - given - I'll read it to you what is – given the objectives and purpose of the organization, the ECB does not consider the membership of the ECB's president in the Group of 30 entails a conflict of interest.

 

You might have seen that I'm not the only central banker being member of the Group of 30. Just to name a few of my – a few - my predecessor, Jean-Claude Trichet, Mervyn King, who are not Goldman Sachs bankers, Governor Zhou of China, who was not a Goldman Sachs member, Masaaki Shirakawa, who was not a Goldman Sachs member, and also Mark Carney, who was a Goldman Sachs member.

 

I have no idea whether Group of 30 is being financed by Goldman Sachs. Actually, it's new to me.

 

But the European ombudsman was approached by the person claiming that it is a conflict of interest. The ECB has replied to the questions of the European ombudsman by the given deadline, and the answer is publicly available. The final assessment of the European ombudsman is still pending. Thank you.

 

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Thu, 12/06/2012 - 12:25 | 3039452 kliguy38
kliguy38's picture

Seems perfectly reasonable to me......BWAAAAAAAAAAAAAAAAAAAAAAA

Thu, 12/06/2012 - 12:26 | 3039461 AlaricBalth
AlaricBalth's picture

Lets look at the list:

The current members of the Group of Thirty are[6]:

Thu, 12/06/2012 - 12:33 | 3039474 AlaricBalth
AlaricBalth's picture

 

The Group of Thirty is supported by private sources: banks, nonbank corporations, central banks, individuals, and, for specific projects, foundations.

From the G30 Annual Report 2011: http://group30.org/images/PDF/ReportPDFs/G30AnnualReport20102011.pdf

Here they are:

 

Absa Group Ltd

AIG, Inc.

Arab Fund for Economic and Social Development

Asociación Española de Banca (AEB)

Austrian National Bank

Banca d’Italia

Banco Central de Chile

Banco de Galacia

Banco de Portugal

Banco Mercantil

Banco Sabadell

Banco Santander

Bank Hapoalim

Bank Leumi le-Israel BM

Bank of East Asia, Ltd.

Bank of Nova Scotia

Bank of Tokyo Mitsubishi UFJ

BANKIA

Banque Centrale du Luxembourg

Banque de France

Barclays

BMCE Bank

BM&F Bovespa

BNP Paribas

Brevan Howard

Brown Brothers Harriman & Co.

Caxton Associates

Central Bank and Financial Services Authority of Ireland

Central Bank of Barbados

Central Bank of Malta

Central Bank of Jordan

CIB Bank Ltd

Citicorp

Commonwealth Bank of Australia

Credit Suisse

Danmarks National Bank

Debs Foundation

Deutsche Bank AG

Dubai Financial Services Authority

Ferguson, Roger

Gavea Investimentos

Goldman Sachs and Co.

Gulf International Bank

Gyohten, Toyoo

Hong Kong Monetary Authority

HSBC Holdings Plc.

Indian Banks’ Association

Itau Unibanco

Japan Credit Rating Agency

JPMorgan Chase International

Kaufman Foundation

LCH Clearnet Group Limited

Mizuho Financial Group Inc

Monetary Authority of Singapore

Moore Capital Management

Morgan Stanley & Co., Int’l

National Bank of Hungary

Olayan Group

Open Society Foundation

People’s Bank of China

Reserve Bank of Australia

Reserve Bank of India

Roth, Peter

Royal Bank of Scotland

Russo, Thomas

Sella Holding Banca

Singapore Government Investment Corporation

Soros Fund Management

Standard & Poor’s

Sullivan and Cromwell

Sveriges Riksbank

Swiss National Bank

Swiss Re

TEMASEK

The Challenger Foundation

Tudor Investment

UBS

UniCredito Italiano

Whitehead Foundation

 

 

Thu, 12/06/2012 - 15:09 | 3040026 earleflorida
earleflorida's picture

thankyou for the links...

 again mucho thanks! 

Thu, 12/06/2012 - 21:12 | 3041246 El Hosel
El Hosel's picture

.... Bank / Banco/ Bankster = Ruler

Wake up and start the Revolution.

Thu, 12/06/2012 - 12:35 | 3039477 hedgeless_horseman
hedgeless_horseman's picture

 

 

The sweater looks good on you, but shoulda got a new blocker before the big tourny, eh Mario?

Thu, 12/06/2012 - 12:45 | 3039511 francis_sawyer
francis_sawyer's picture

I herewith offer all my 'athletic support'...

Thu, 12/06/2012 - 12:32 | 3039479 DoChenRollingBearing
DoChenRollingBearing's picture

+ 30

That´s quite a rogue´s gallery there Alaric, good work!

Thu, 12/06/2012 - 12:32 | 3039481 catacl1sm
catacl1sm's picture

You forgot to include home addresses.

Thu, 12/06/2012 - 12:40 | 3039496 SMG
SMG's picture

These people aren't the very top of the Oligarchy and neither is Goldman, they're just tools of the ruling Elite families.  And even if you could get them all (which would be really hard because of all the secrecy) More lizards would slither to the top and take over.   The system they use needs to be dismantled, I hope somebody smarter than me figures out how to do it.

Thu, 12/06/2012 - 14:47 | 3039926 AlaricBalth
AlaricBalth's picture

Who do you want? 

For example, one of ZH's favorite whipping boys who happens to believe an alien invasion would be good for the economy, has a favorable mortgage for his tree shaded abode with...you guessed it, JP Morgan.

Also two esteemed Boston Ivy League economists are in bed together in a real estate Limited Partnership since 1976.

;-)

Thu, 12/06/2012 - 12:34 | 3039487 Bollixed
Bollixed's picture

Get a rope...

Thu, 12/06/2012 - 12:36 | 3039492 Bay of Pigs
Bay of Pigs's picture

Jacob A. Frenkel – Chairman of the Board of Trustees, Chairman of JPMorgan Chase International; former Chairman, Bank of Israel

There's a name I haven't seen before. Now we can finger him in the Bankster crime syndicate puzzle.

Thanks for the list. 

Thu, 12/06/2012 - 12:41 | 3039502 Bay of Pigs
Bay of Pigs's picture

This Frenkel guy is a real piece of work...

  JPMorgan Chase 2009-Present
AIG 2004-
Group of Thirty
Merrill Lynch 2000-04
Bank of Israel 1991-00
IMF 1987-91
Thu, 12/06/2012 - 15:11 | 3040038 earleflorida
earleflorida's picture

some great digging, AlaricBalth

:-))

Thu, 12/06/2012 - 15:57 | 3040193 AlaricBalth
AlaricBalth's picture

One of the G30 benefactors is the Open Society Foundation, with upon further examination is a George Soros founded organization.

Another of the G30 benefactors is the Whitehead Foundation, which was started by  John C. Whitehead, the former managing partner for Goldman Sachs, and Deputy Secretary of State in the Reagan Administration.

Thu, 12/06/2012 - 12:26 | 3039457 fuu
fuu's picture

How can you have any circus if you don't eat your bread?

Thu, 12/06/2012 - 17:44 | 3040616 Clown Car
Clown Car's picture

How can you run a circus if you don't employ any clowns?

Thu, 12/06/2012 - 12:26 | 3039459 Nothing To See Here
Nothing To See Here's picture

The moral compass of these people is so fucked up that they wouldnt make the difference between an orphanage and a juvenile prostitution brothel.

Thu, 12/06/2012 - 12:26 | 3039460 Cognitive Dissonance
Cognitive Dissonance's picture

We are all conflicted in our interests, some (much) more than others.

<But Goldman Sachs holds a special tentacle place in alumni hearts.>

Thu, 12/06/2012 - 12:31 | 3039475 Winston Churchill
Winston Churchill's picture

GS knows exactly where the bodies are,

of those that they made them kill, doing God's work.

Thu, 12/06/2012 - 12:45 | 3039512 Glass Seagull
Glass Seagull's picture

Buried in the OTC market, no doubt.

Thu, 12/06/2012 - 12:28 | 3039462 Bay of Pigs
Bay of Pigs's picture

"Once the toothpaste is out of the tube, it's hard to get back in."

H R "Bob" Haldeman

Thu, 12/06/2012 - 12:29 | 3039466 DoChenRollingBearing
DoChenRollingBearing's picture

King Squid!  Coming to yet another country near you soon.  But, that would upgrade the Squid to Emperor!

All hail the Emperor Squid!

And on your knees when you do that bitchez!

Thu, 12/06/2012 - 12:37 | 3039493 JFK.4PREZ
JFK.4PREZ's picture

I thought vampire squids had many heads?  

cue williambanzai7

Thu, 12/06/2012 - 12:30 | 3039469 holdbuysell
holdbuysell's picture

That's the best he could do? Ouch.

The veneer of lies, spin, and misdirection is getting extremely thin.

Thu, 12/06/2012 - 14:08 | 3039748 Hubbs
Hubbs's picture

It becomes a self amplifying reinforcement. The more these bankers see that the public is too fat, dumb or lazy to care, then the more brazen and corrupt they become. It's like he is talking out into space where no one will ever hear.

Thu, 12/06/2012 - 12:32 | 3039470 holdbuysell
holdbuysell's picture

Dup deleted.

Thu, 12/06/2012 - 12:30 | 3039472 Dr. Engali
Dr. Engali's picture

Whoever asked that question better be watch where they eat or drink in public. I sense a sudden heart attack coming.

Thu, 12/06/2012 - 13:08 | 3039585 Cognitive Dissonance
Cognitive Dissonance's picture

Can s/he at least use a public bathroom?

<Cus when ya gotta go, ya gotta go.>

Thu, 12/06/2012 - 14:02 | 3039721 groundedkiwi
groundedkiwi's picture

its all perspective. To me it sounded like a staged question he was ready for .

Thu, 12/06/2012 - 12:31 | 3039476 LongSoupLine
LongSoupLine's picture

Rest assured, that member of the press will not be allowed to any future ECB/Goldman press conferences.

Thu, 12/06/2012 - 12:33 | 3039483 SheepDog-One
SheepDog-One's picture

Um...nevermind all this, LOOK we're pumping stocks GREEN thats all that matters WHEEEEEEEE!!!

Thu, 12/06/2012 - 14:01 | 3039717 El Hosel
El Hosel's picture

..... Wow, way too cold a day for Jim and the Twins to be out...Apparently.

I Junk that baby junk.

Thu, 12/06/2012 - 12:44 | 3039506 williambanzai7
williambanzai7's picture

THE EMPEROR DRAGHI

Thu, 12/06/2012 - 12:44 | 3039507 amadeusb4
amadeusb4's picture

Apparently, it's just easier to list members that were NOT from GS.

Thu, 12/06/2012 - 12:49 | 3039518 buzzsaw99
buzzsaw99's picture

the squid runs the show no matter who is in there. in a weird way it is more honest to have them run everything overtly.

Thu, 12/06/2012 - 12:49 | 3039522 Schmuck Raker
Schmuck Raker's picture

OT: www.The Trader.se hasn't put out many posts last several days.

Does anyone know what's up?

Thu, 12/06/2012 - 13:16 | 3039613 Klazy Plick
Klazy Plick's picture

 am frequently wondering what the leadership of the world would look like if dueling had never been abolished.

It would seem that everything started circling the drain from then on.

Thu, 12/06/2012 - 14:21 | 3039801 Miss Expectations
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