Socialists Furious As Denmark Lets Goldman Have The Dong

Tyler Durden's picture

Yesterday we reported that Goldman's attempt to buy an 18% stake in Dong Energy, the world's biggest operator of offshore wind farms, while largely preapproved by Danish politicians, had met with solid resistance by the broader population, which had started a petition to block the sale, signed by nearly 200,000 as of yesterday. Alas, despite the valiant effort by the population to keep the energy company - with 68% of the population polled as being against the deal - the country's politicians, certainly with no palms greased by the world's biggest depositor-insured hedge fund - just let Goldman have the DONG.  As Bloomberg reports, "a majority in Denmark’s parliament will let Goldman Sachs Group Inc. proceed with its purchase of a stake in state-owned utility Dong Energy A/S, according to a senior lawmaker in the ruling Social Democrat Party."

The socialists were not happy, and as a result left the ruling coalition:

"The coalition, which the Socialist People’s Party quit today amid resistance to the Goldman deal, will be able to count on votes from the opposition Liberal and Conservative Parties to muster a majority in parliament, Benny Engelbrecht, a spokesman and lawmaker for the Social Democrats of Prime Minister Helle Thorning-Schmidt, said in an interview. “The votes are there,” he said.

As a reminder, here is what the Dong fiasco is all about:

Parliament’s finance committee is due to vote after a meeting at 1 p.m. in Copenhagen today on the Wall Street bank’s bid to pay 8 billion kroner ($1.5 billion) for an 18 percent stake in Dong. A Megafon poll conducted by TV2 showed 68 percent of Danes are against Goldman holding the stake and thousands of protesters gathered outside the parliament last night to voice their anger over the deal.

 

The Dong share sale is putting more nails in the government’s coffin,” said Christoffer Green-Pedersen, a political science professor at the University of Aarhus. “They won’t survive the next election unless they find a way to highlight their successes.”

 

Finance Minister Bjarne Corydon, a member of the premier’s Social Democrat party, has fought off growing opposition to the deal from unions, lawmakers and voters while maintaining backing from opposition parties. Poul Nyrup Rasmussen, a former Social Democrat premier, publicly urged Corydon to scrap the deal, calling Goldman a “shady partner.”

Goldman, of course, was unruffled, and said no terms would change as it was about to swallow 18% of the Danish Dong:

“This case emerged out of nowhere; there are so many things that seem off about this, and this was the time to come out,” said Solveig Weiss, a retired Social Liberal voter who was among the protesters. “I’m very disappointed a red government can push this kind of sale. It’s completely right-wing policies and certainly doesn’t help that they’re selling shares to a somewhat dodgy enterprise.”

 

Goldman says the political and popular backlash won’t prompt the fifth-biggest U.S. bank by assets to reassess its bid. The bank won’t -- “as a matter of principle” -- comment on the political situation in Denmark, Sophie Ramsay, a London-based spokeswoman at Goldman Sachs, said earlier this week.

 

“The government already has low support in polls and this case won’t help in any way,” Jens Hoff, a professor of political science at the University of Copenhagen, said by phone. “Core voters are running away because Social Democrats and Socialists consider the whole thing a very bad idea.”

Oh well: another government brought to its knees by Dong and Goldman. Won't be the first time this has happened...

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Silver Garbage Man's picture

Someone has a gun pointed at their head.

I am more equal than others's picture

 

 

Letting the dong slip through your fingers ......

But then again the squid loves dong.

Its on the dong eee kong.

SoilMyselfRotten's picture

Big smackdown time, gotta get those peeps to carry over their gold contracts don't ya know.

MillionDollarBonus_'s picture

The bulge bracket investment banks are starting to get serious about pioneering green energy solutions. It's quite exciting to see Goldman Sachs purchase a stake in wind technology which is one of my favorite green technologies. Goldman Sachs was also one of the first banks to take part in an innovative carbon offset trading scheme, a concept that is responsible for offsetting millions of tons of CO2 every year. I'd really like to see more companies take the initiative and follow in the footsteps of companies like Goldman. We need the most powerful companies in the world to be part of the solution not the problem, and this in my opinion this is a giant step forward for humanity.

BandGap's picture

I think you should take a stake, MDB. A person with your insight and professional vitality can only have a positive impact on making the world a better place for all of us.

johnQpublic's picture

as usual, goldman greases the politicians hands, and the people get the Dong

ndotken's picture

haha ... people in Denmark thought they have a say in what happens in their country .... silly citizens

PT's picture

Re:

The Dong share sale is putting more nails in the government’s coffin,” said Christoffer Green-Pedersen, a political science professor at the University of Aarhus. “They won’t survive the next election unless they find a way to highlight their successes.”

 

If the only threat you have against your politicians is, "You just wait until the next election" then you are absolutely stuffed.  No-one will remember anything at the next election and no other party is going to turn around a bad decision.  If you can't fix anything right now then it will never get fixed.

 

 

Steve in Greensboro's picture

Socialists furious.  Denmark's government unloads a giant piece of "green energy" garbage on Goldman.  What's the problem again?

Urban Redneck's picture

Greedy goldman squids on one side of the table and hapless corrupt government bureaucrats on the other side of the table... the public balance sheet is being raped for private gain.

chemystical's picture

Not a tree hugger by any means, but I've been successfully trading Vesta for a while, and there's nothing garbage-like about this move by GS.  The net cost per kW is very competitive with alternatives, and as it stands this will only improve. 

The Danes are on the losing end of this.

"You have to invite the vampyre into your home else it cannot enter."

Bram Stoker, Day Trader circa 1897

Cacete de Ouro's picture

Grease the palm and fleece the Dong

 

A Nanny Moose's picture

That's gotta be illegal in Kentucky

Downtoolong's picture

Billion Dollar Bullshit. I’ll bet your bonus against mine that Goldman is in this deal primarily for the carbon credits it generates which they plan to sell to some energy company so they can produce exess pollution above their allowance. That's the side of the deal that no one has yet seen or reported on.

Goldman's priorities one thru ten are all the same, making money at all cost to anyone and anything including the environment. They are committed to green energy like they are committed to the small savor and investor. (BTW, I’m still looking for one of their bank branch offices where I can make a deposit or buy a CD).   

Say What Again's picture

Unlike some of the others on ZH, I look forward to reading comments from MDB.

He is one of the more entertaining of our bunch, and I think we need to support his effort to amuse us all.

PT's picture

Your life is too easy and you have too much free time on your hands.

orez65's picture

"... wind technology which is one of my favorite green technologies" MDB

The Danish Government is "donging" Goldman Sachs. Couldn't happen to a nicer bunch.

Wind energy is a scam, Governments do it to buy votes from liberals. 

The wind is not a reliable source of electrical power because most of the time it does not blow at rated wind mill speed or at all.

You should note that the European Union has just changed their mandate of 27% energy from renewables by the year 2020 to "VOLUNTARY". A disguised admission that renewable energy does not work.

So it's satisfying that Goldman Sachs will be charged in the near future in dismantling the rotating shrines to stupidity. 

TheCosmicTaco's picture

The only green the squid cares about is the kind printed on small rectangular pieces of linen-based paper.

Offthebeach's picture

Anymore CO2 and its going to be 1,000 year Ice Age. Or not.
None, zero, zip, nada, not one climate rent seeking public tit suckling model has worked. Ever single one, a failure. But, like lefty pocket projects always, they need mo money.

And, amoral rent seeking bounders like GS are more than happy to covert millions of peoples tax money into their pockets.

MDB=Lenin's idiot

theprofromdover's picture

(MillionDollarBozo)

Do you know what "offsetting millions of tons of CO2 every year" means sunny jim?

It means not one gramme less CO2, and means some banker is skimming off some commission for an accounting exercise.

It is a giant step onto another dog-turd for society.

jimmytorpedo's picture

The tentacles are already in.

You have to invite the vampire half in.

RSloane's picture

No one has a gun pointed at their head. What they do have is wads of cash pointed at their wallets.

BandGap's picture

Gold Mansacks gets the Dong, the Danes get the Shaft.

 

Hayabusa's picture

You mean a gun made of cash in their pockets, not pointed at their head, right?

Event Horizon's picture

WOOHOOO    gold on sale...... thanks monkey

Ban KKiller's picture

A demonstration by GS that there are no borders anymore. Only "governments" to buy and own as chattel. At least it creates equal misery across the world...and more slaves.

LMAOLORI's picture

 

 

"A demonstration by GS that there are no borders anymore. Only "governments" to buy and own as chattel. At least it creates equal misery across the world...and more slaves."

 

That's the plan certain segments of the elite want control over the international economy and note you said misery that's how these plans always turn out. This is what Kyoto was about and the Carbon Derivatives trading market that was created by Blythe Masters of Enron infamy coupled with trade agreements that erode national sovereignties will eventually help them get it. 

 

Government Sacks is an insider and people thought the NSA was just about spying on citizens or terrorists (Boston Bombers) lol. 

 

 

(I didn't want to sound like a broken record so I just included links that open in a new window.)

Rafferty's picture

Made an offer  they couldn't refuse........

_ConanTheLibertarian_'s picture

You can have our shit!

Gene Parmesan's picture

GS wants the Dong. Bad.

TeamDepends's picture

Windfarms are great, just be sure to keep your Dong well clear, and insured against headwinds.

SAT 800's picture

Oh, boy; anotther day of Dong jokes; this is fun.  "You didn't make that Dong".

thexperience's picture

If you like your Dong you can keep your Dong

SAT 800's picture

greedy little bitches, eh?

Confundido's picture

8:17am....time for a gold smack down...just because they can.

Papasmurf's picture

Bluelight special, isle 79.

CitizenPete's picture

GoldmanSucks the Dong.

SAT 800's picture

Sluurrrp ! and it's gone !.

Sudden Debt's picture

Let them have it and don't pay your electric bill or change supplier.

easy.

 

firstdivision's picture

Good to see banks have now moved to grabbing at foreign commoditiy assets hand over fist.  End of times, it very well could be.

Croesus's picture

The sad part is, the disgusting, amoral fucktards will take the rest of us down with them, suicidal psychos that they are. 

Nero fiddled, while Rome burned.

Knowing that my chances of survival are limited to: Providence, Luck, Skillsets, and Intelligence, I can safely say that I'm screwed. 

But someone will survive. Hopefully not anything with a "financial background", or anyone "whose father worked in Congress or the Senate". 

Hopefully, just simple people, who appreciate the little things: 

http://www.youtube.com/watch?v=Xqp1U6RoQaw

BoNeSxxx's picture

Just a guess... but I suspect that Dong's infrastructure was heavily subsidized by the Dane taxpayers... and now the Squid moves in to take its VIG on the cream produced.

Same scam, same players, same marks.

j0nx's picture

At least their opposition political party has the balls to walk out. Ours just stands and applauds as the dictator says he will go it alone without them.

HardAssets's picture

"At least their opposition political party has the balls to walk out. Ours just stands and applauds as the dictator says he will go it alone without them."

There is no 'oppositional political party' in the USSA. Only the demo-republicrap illusion and sideshow to take your attention off their theft and treason. - - - The socio-path/psycho-paths are all in it together.

Of course, some will still look forward to the next elections . . and wonder why things never change afterwards.

It continues because there a too many simple minded and naive people who can't imagine that 'their leaders' are really like this.

toady's picture

(Donnie) You have a giant vampire squid on your dong dude.

toady's picture

(Walter) Shut the fuck up Donnie!

fijisailor's picture

Are you referring to the "socialist" GS bailed out by the US tax payer?  Is wanting to stop a corrupt bank "socialist"?  Shut the fuck up until the US is "capitalist" again.