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EU Ombudsman To Probe Mario Draghi's Conflicts Of Interest
First some German dares to suggest Mario Draghi's ECB should be sued for getting a "bigger than god complex", and now the EU's ombudsman has the temerity to suggest Mario Draghi may have conflicts of interest due to his previous jobs, most notably at Goldman Sachs, a topic beaten to death on these pages... and various other factors. From Spiegel: "As soon as you took office, there were discussions about his past in the U.S. investment bank Goldman Sachs - now has Mario Draghi, head of the European Central Bank, and problems with the EU ombudsman. It's about the membership of an influential banking lobby organization." What are the "other factors": well, one is Draghi's presence in the Group of 30 which as we have explained previously, is the real behind the scenes central planning group which decides the fate and future of the world (an extended write up here). The other factor? Mario's son Giacomo, who just happens to work as an interest rate trader at Morgan Stanley London.
Courtesy of LinkedIn.
A Vice President interest rate trader? In London? When his father is the one man who singlehandedly sets interest rats? No conflict of interest there at all...
One thing is certain: unlike various hedge funds, most recently virtually every major fund in Geneva, and even Brevan Howard, Morgan Stanley will never be implicated in Lieborgate and rate manipulation.
Ever.
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Will he use an anal probe? Cattle prod?
Will anything come of this? Probably not.
Corzine is likely in Jaime Dimon's ofice smoking a cigar with Bob Diamond. They have Maria Bartaromo on the phone telling her they will be sending some Prada dresses her way. They are planning next weekend in the Hamptons already. Rumor has it Ken Lay will be attending.
do they have security in the Hamptons? am just curious ...
The Careless Whisper "Probe This" News Update & Threadjacking
RBS "Boss"; We Rigged Rates Too, Shareholders/Taxpayers Ready For Huge Fine: No Jail Time
http://www.guardian.co.uk/business/2012/jul/29/rbs-libor-scandal-stephen-hester
HSBC "Boss"; We Laundered Billions In Drug Cartel Money; Shareholders To Pay $2 Billion: No Jail Time
http://www.nypost.com/p/news/business/hsbc_sets_aside_billion_for_us_investigation_cBLCTi7MLCHPPtpivrAYXJ
Uruguay Ready To Legalize Pot For Tax Revenue & Fight Gangs
http://www.nytimes.com/2012/07/30/world/americas/uruguay-considers-legalizing-marijuana-to-stop-traffickers.html?_r=2&pagewanted=1&hp
Nate Silver: Odds 2-1 Barry Wins Electoral Vote; Ohio Most Important State, Auto Bailout Helped
http://fivethirtyeight.blogs.nytimes.com/2012/07/27/july-27-ohio-polls-show-trouble-for-romney/
Sherlock Holmes 2012: Watson Is His "Sobriety Coach"
http://www.post-gazette.com/stories/ae/tv-radio/holmes-gets-new-twist-on-cbs-646775/?p=1
Queue Goldman report on EURUSD long with target of 1.45.
LOL, who appointed Captain Obvious as EU Ombudsman? What do you plan on actually DOING about it, Captain??
Wait a minute... you mean to tell me there's a powerful office WITHOUT a GS alum in it?
Mr. Ombudsman better watch his back.
This is bad for Super Mario. GS is quite unpopular amongst Brussels rulerz. Bad day
Maybe there is some hope after all for poor, oppressed folks on the continent to save themselves from the insidious Anglo-American financial imperialists.
I don't think so. There is a Teutonic faction within the banksters but they just gave the zionist entity some nuke-armed dolphin subs. They're all in on it.
LOL, so true. They are all in on it and nothing going to happen to them. Life is grand at the top
Just dropping in from hell for the weekend, selling options on futures for the best real estate for their future homes.
@Mr. Lennon Hendrix
Ken Lay is dead.
Brilliant.
BTW Bill that ain't an "Ink Sack", but just your ordinary sack of lying s**t.
Hoping its a combination.
An anal cattle prod.
With a Jack Hammer setting. Goood.
Reminds me of "that scene" in the The Girl With The Dragon Tatoo (recent remake). Ouch - he REALLY deserved it.
Can we get a 2fer on the rectal probing? COI is so boring..
Conflict of INTEREST has a whole new meaning now.
Well, they're just words, after all. It's not like they mean much of anything.
I'm still waiting for interest of conflict to emerge.
can i have some fries with that bocconi.
conflict of rates. not really. anything goes. anything. fed ecb etc. let the motherfucker crash already. gov and central planners out of control.
nepotism and banking who'd a thunk it.
draghi must have seriously pissed someone off, because the eu are corrupt as hell, for an ombudsman to investigate you, you would have to scream on national tv im corrupt and even then you might get away with it, i guess the germans are experimenting in regicide.
The Vampire Squid strikes again!
Germans get nervous when a leading public figure makes a) vague, open-ended promises, b) has delusions-of-grandeur, c) uses his "grins in your general direction" as a type of ocular swagger.
This could be the beginning of Draghi-gate.
Draghi is commited, head strong to save the EURO PROJECT
"By any means necessary" and why not, they are the gay gods of zion
I guess it did not take the Germans too long to figure out that this Draghian "whatever it takes" slogan is more suitable to a losing, third-rate American football team.
Both The Fed and ECB may have massive conflicts of interest. Simply look at the impossiblilty of debt repayment at these levels and you wonder why there aren't more investigations.
http://confoundedinterest.wordpress.com/2012/07/30/sovereign-debt-rollov...
Actually, when I look at the impossibility of repayment, it's obvious why there aren't more (as in ANY) investigations.
Simply put, crime rings masquerading as dog and pony shows have no desire to undermine their scam.
They have not resorted to robbing in plain view at noon.
No, that's scheduled for Thursday...
Take that Ivan The K. Now, how long until little Draghi updates his LinkedIn page??
You know it's ON like Donkey Kong when the Ombudsman gets involved.
I want a Draghi deposition in front of the German constitutional court with the BKA attending. Nothing less will satisfy.
I want to see him in front of the Gotham court in "Batman", i.e. "this is only a sentencing hearing, and your choice is exile or death."
Conflict of Interest? Don't make me laugh. These guys are walking talking conflicts of interest. Except their own and those they faithfully serve.
The BIGGEST mistake we can make is to assume that these men and women are only as conflicted as they appear to be. They serve higher masters who prefer to remain in the shadows.
In addition I have long suspected that many of the rich and famous do not actually "own" much of their wealth, but are "just" well compensated caretakers of the wealth of those who wish to remain hidden. Think of it as decentralized wealth building. Makes sense the more you think about it.
Hey Mr.CD,
I really do not believe the cabal theory for a lot of reasons.
Amongst my clients,past and present,I have billionaires.(thats where the money is ,to
quote Willy Sutton).One old money,the rest self made.
The very idea of them cooperating with anyone makes me laugh.
If there is cabal,its one family strong.
I know a few billionaires that are pretty clueless about anything other than their primary business. They weren't part of any cabal. In fact, their main struggle has always been return of capital not return on capital. I remember one of them advising me to invest in Wachovia in early 2008. Some brilliant investment banker had convinced them it was a sure bet. They were getting raped by GS on a regular basis in various managed investments, until they wised up to the game. I'm not saying there aren't some powerful sociopaths in control, but if there is an elite cabal then it is a very small group of people.
I like the idea of that.......for a book or movie script! But (and no disrespect) people who are rich and famous in this world, are some of the most paranoid, competitive, and alpha personality individuals you'll ever meet!!! If you have money and hang at all, with this crowd of people, you would know that in a heart beat!
They wouldn't be able to cooperate with each other on that level for 5 minutes, even if they wanted too!!!
It's like the story of what when down when Hank Paulson got them all together, the weekend after Lehman collapsed, and they all "agreed" to the bailouts and new regulations, if the govt would save them!!! They cried and confessed and said they needed help and wanted more strict boundaries, etc etc!
Then after the govt (taxpayers) saved them, they formed a new mutli billion dollars lobbying group to fight regulation and swore they never agreed to anything, besides the bailout with no strings attached!!!
It's why I still blame Bush and Paulson, as much as I blame Obama for this mess, they were suppose to know better, they were the "free market guys" right?????? Wrong!!! The market would have done exactly what it was suppose to, if every bank collapsed into bankruptcy and every shareholder would have lost every penny!! And yes, it would have been a Soviet style breakdown of corporations planet wide, but from the ashes, young, agreessive, entrepreneurs and smart money would have rebuilt rapidly, and the lesson for generations to come, would have been cemented in stone!!
Instead we have stagnant rot, for decades to come, slow death of capitalism and bailout planet!! That's why I won't be voting for either candidate either this time around!!!
Tyler, this is a pretty lame issue when compared to the fate of the european currency.
Draghi and Geithner realize that there has to be some action ASAP. As well reported on this site, economies are tanking at an accelerated pace. Even their easing may not spell reversal, but it will probably create a pause.
Free teh Draghi's
Interest Rate Trader. Does anyone actually make - or do - anything of REAL economic value anymore?
Excellent question/point! And the answer is....not many. Therein lies the problem. We have created such an "inflated" economy that much of what is done we really don't have to have. That is why I think a "snap" depression is very possible. That is to say that if conditions get to a certain point, a whole boatload of marginal/worthless economic activity goes down. Then you have the spiral from there (spending, employment, etc).
I think our top dogs are smart enough to see this possibility. Bernanke and Geithner are very concerned THIS WEEK on what they're seeing.....an almost accelerating downtrend. That is why I think they are going to act very soon; probably this week.
32% chance for action this week
68% chance for action after some drunken card game at Jackson Hole.
One of the subjects I have been thinking a lot about lately is what useful and socially desirable skills do I have that will be considered valuable once the reset button is pushed.
Thank God I know which end of the hammer to grab. :>)
With deregulation the banksters removed the law and with law and order vacated went to Dodge City, put Marshall Dillon in the wagon and hauled him away. And D.C. and the E.U. were left to the crooks.
BURN THESE BANKSTERS AT THE STAKE, fumigate them first.
If all the goldmanites were expelled from the central banks, i can imagine blankfien crying into a whiskey bottle listening to "didnt we almost have it all"
Support Ron Paul's bill....audit the Fed, shed light on the roaches, and watch the roaches run for cover
Conflict of interest? How can they claim that? Surely they need a man of his caliber and experience at the helm of the ECB. I' confident that there is no possible way that the previis firms (from whom he made millions) would influence his decision making proccess. Mr. Draghi is lending his vast experience for the common good of the people.
How hard did you laugh typing that? Did ja cry? Pee? Inquiring minds want to know.
Oh, Come on, you Amerikans are just jealous for not having such a great project of Peace and Prosperity as we, the Europeans! As a proud citizen of Europe, I can laugh at the pathetic Union of Facist Corporate America! We shall soon have our final victory!
Mario Draghi is an exceptionally unselfish politician who stands for the common interests of Europe, this ombudsman thing is just an Amerikan conspiracy!
With Kind Regards,
AnAno.. err European Citizen
Not even funny or sarcastic .. Go watch the opening of the London Olympics again and revel in the NHS.
"the common interests of Europe"
My coffee almost shot up through my nose, I was laughing so hard.
So common that all they do is sit on their hands and lie to each other about the sovereign debt crisis.
At least we kow this... there is not a shortage of muppets in Europe.
Thank God the Germans still have some fight left in them as most of the rest of the Europeans seem just ready to sell their soul to the banksters. Get rid of Draghi. He is just another Goldman puppet like Monte trying to implement a European Federal Reserve so we all become indebted serfs.
Maybe the Goldensachsons might have learned to thread a little more carefully with the Germans. Merkel assumes almost Wagnerian godlike status compared to wimps like Obama, Cameron ,Hollande etc.
He's an enemy of Afaghanistan and Iran and Spain and Greece and the US and the EU and everyone everwhere. Arrest the squid particulate. Arrest Draghi.
We are long overdue for a good house cleaning.
(From last week) Daddy dear, what are you going to do to push the Euro up or down this week... I know you must not tell me directly....
wink, wink, 'along, along, a long........ the road we go, merrily on the way to bank the money'
The question is why are they doing this now after Draghi has been sitting in the cockpit lo these many months pushing the sovereignty winner and loser buttons for European nations? Does it have something to do with Draghi’s market building comments that he can fix anything – because suddenly he has become worldwide, financially ,the go-to-man who has the magic box?
But yet, as Zero Hedge summarized earlier," It will always be the Bundesbank who will allow the monetary spigot to be opened or demand that it be closed."
Has Draghi overstepped his fame?
JR,
Things had to get REALLY BAD to act as cover for the printing. That is why it has happened until now. Things have gotten really bad and are accelerating downward. This will provide justification for printing.
Ahhhh. Yes. And they have reduced Draghi’s stature by making him look questionable. The translation of what Draghi said is: I’m the guy that can do it; I have the controls; and believe me, whatever’s necessary, I’ll take care of it. One theory - could it be his knockdown is coming from the Germans, namely, that if they let him get away with being champion, then the next thing he'll be doing is starting to put the blame on the people who “won’t do their share,” namely the Germans?
Is the ombudsman trying to shine up the ECB image; as it is, this outfit would make the Mafia look like a quilting society. And make no mistake, this is not a probe; they’ve already nailed him. There’s nothing to be investigated about conflict of interest; it’s already identified. Could it be a struggle for controls coming against Goldman from JP Morgan? Is Libor a controlled scandal?
Yet, the way to solve this crisis is to stop making play money.
And the only way to make people accept a worthless currency is by force, and that requires a central bank. Printing money, unfortunately, is addictive. As G. Edward Griffin says: “Suffice it to say that that the euphoria of being able to create money without human effort is so great that, once such a narcotic is taken, there is no politician or banker who can kick the habit. As William Sumner observed: ‘A man might as well jump off a precipice intending to stop half way down.’”
It's not even surprising anymore. The only surprise left is that people don't seem to care and you ask yourself, how can this be?
I'm sure Mario is shaking in his boots. Man an EU Ombudsman will look into his affairs for a possible conflict of interest. What, they didn't look into this before his appointment? Come on this is just more cheap magical can kicking. Look at this hand not the other.
The Germans have been silent for a reason. Time. That's all. Another couple of weeks bought with Draghi's cryptic statements. Now a weeks, months, years, long investigation by an Ombudsman for information they've long known. And the band played on...
Strange that there is no mention of the fact that Tricky Trichet is now head of the G30....
''ormer head of the European Central Bank Jean-Claude Trichet is to lead the Group of 30, an economic think tank dominated by policy makers, the organization said Tuesday.''
http://www.eubusiness.com/news-eu/us-bank-economy.dn2/
Ofcourse, Draghi just wants to keep in touch...
The Group of 30, another powerless collection of self-important bureaucrats.
Woo hoo !
goldman recommending a long in Italian 5 yr bonds. Looking for 100-150 bp in tightening. Guess they have the word about asset purchases from their boy Draghi. Would not short it
Didnt u hear? Goldman is a good contrary indicator.
good point.....
Blatant lies I say.
I vehemently reject the notion that any Euro-Government functionary would blatantly utilise the authority bestowed upon him in such a deplorably manipulative fashion, in order to derive personal profit in detriment of the global market system participants.
Particularly when it involves an esteem member of a veritable banking institution's alumni fraternity, such as the integrious Goldman Sachs.
Next thing you savages will claim, is that for the past 2 years the euro has been moving up and down like a whore on hydraulics due to the consecutive newspaper rumor-pumping.