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EU Ombudsman To Probe Mario Draghi's Conflicts Of Interest

Tyler Durden's picture


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.


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Mon, 07/30/2012 - 13:37 | 2662750 MsCreant
MsCreant's picture

Will he use an anal probe? Cattle prod?

Mon, 07/30/2012 - 13:42 | 2662771 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

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.

Mon, 07/30/2012 - 13:45 | 2662787 resurger
resurger's picture

do they have security in the Hamptons? am just curious ...

Mon, 07/30/2012 - 13:54 | 2662833 Careless Whisper
Careless Whisper's picture

The Careless Whisper "Probe This" News Update & Threadjacking

RBS "Boss"; We Rigged Rates Too, Shareholders/Taxpayers Ready For Huge Fine: No Jail Time


HSBC "Boss"; We Laundered Billions In Drug Cartel Money; Shareholders To Pay $2 Billion: No Jail Time


Uruguay Ready To Legalize Pot For Tax Revenue & Fight Gangs


Nate Silver: Odds 2-1 Barry Wins Electoral Vote; Ohio Most Important State, Auto Bailout Helped


Sherlock Holmes 2012: Watson Is His "Sobriety Coach"





Mon, 07/30/2012 - 13:54 | 2662836 malikai
malikai's picture

Queue Goldman report on EURUSD long with target of 1.45.

Mon, 07/30/2012 - 13:45 | 2662790 Buckaroo Banzai
Buckaroo Banzai's picture

LOL, who appointed Captain Obvious as EU Ombudsman? What do you plan on actually DOING about it, Captain??

Mon, 07/30/2012 - 13:46 | 2662792 NotApplicable
NotApplicable's picture

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.

Mon, 07/30/2012 - 13:57 | 2662847 Karl von Bahnhof
Karl von Bahnhof's picture

This is bad for Super Mario. GS is quite unpopular amongst Brussels rulerz. Bad day

Mon, 07/30/2012 - 14:09 | 2662901 Manthong
Manthong's picture

Maybe there is some hope after all for poor, oppressed folks on the continent to save themselves from the insidious Anglo-American financial imperialists. 

Mon, 07/30/2012 - 20:33 | 2663838 RPollack
RPollack's picture

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.

Mon, 07/30/2012 - 13:52 | 2662828 same old story
same old story's picture

LOL, so true.  They are all in on it and nothing going to happen to them.  Life is grand at the top

Mon, 07/30/2012 - 14:09 | 2662906 FMR Bankster
FMR Bankster's picture

Just dropping in from hell for the weekend, selling options on futures for the best real estate for their future homes.

Mon, 07/30/2012 - 19:08 | 2663710 Cursive
Cursive's picture

@Mr. Lennon Hendrix

Ken Lay is dead.

Mon, 07/30/2012 - 13:48 | 2662810 williambanzai7
williambanzai7's picture


Mon, 07/30/2012 - 14:12 | 2662911 Cognitive Dissonance
Cognitive Dissonance's picture


BTW Bill that ain't an "Ink Sack", but just your ordinary sack of lying s**t.

Mon, 07/30/2012 - 14:08 | 2662900 Winston Churchill
Winston Churchill's picture

Hoping its a combination.

An anal cattle prod.

Mon, 07/30/2012 - 14:48 | 2663031 MsCreant
MsCreant's picture

With a Jack Hammer setting. Goood.

Mon, 07/30/2012 - 16:01 | 2663268 ptoemmes
ptoemmes's picture

Reminds me of "that scene" in the The Girl With The Dragon Tatoo (recent remake).  Ouch - he REALLY deserved it.



Mon, 07/30/2012 - 15:00 | 2663071 Stoploss
Stoploss's picture

Can we get a 2fer on the rectal probing? COI is so boring..

Mon, 07/30/2012 - 13:40 | 2662762 fireangelmaverick
fireangelmaverick's picture

Conflict of INTEREST has a whole new meaning now.

Mon, 07/30/2012 - 13:48 | 2662796 NotApplicable
NotApplicable's picture

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.

Mon, 07/30/2012 - 13:42 | 2662770 resurger
resurger's picture

can i have some fries with that bocconi.

Mon, 07/30/2012 - 13:42 | 2662772 vast-dom
vast-dom's picture

conflict of rates. not really. anything goes. anything. fed ecb etc. let the motherfucker crash already. gov and central planners out of control. 

Mon, 07/30/2012 - 13:42 | 2662774 Neethgie
Neethgie's picture

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.

Mon, 07/30/2012 - 13:42 | 2662777 XRAYD
XRAYD's picture

The Vampire Squid strikes again!

Mon, 07/30/2012 - 13:47 | 2662801 slaughterer
slaughterer's picture

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.

Mon, 07/30/2012 - 13:51 | 2662825 resurger
resurger's picture

Draghi is commited, head strong to save the EURO PROJECT

"By any means necessary" and why not, they are the gay gods of zion

Mon, 07/30/2012 - 13:57 | 2662850 slaughterer
slaughterer's picture

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. 

Mon, 07/30/2012 - 13:44 | 2662785 Snakeeyes
Snakeeyes's picture

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.


Mon, 07/30/2012 - 13:51 | 2662824 NotApplicable
NotApplicable's picture

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.

Mon, 07/30/2012 - 13:44 | 2662786 firstdivision
firstdivision's picture

They have not resorted to robbing in plain view at noon.

Mon, 07/30/2012 - 13:48 | 2662804 Jonas Parker
Jonas Parker's picture

No, that's scheduled for Thursday...

Mon, 07/30/2012 - 13:49 | 2662793 Seorse Gorog fr...
Seorse Gorog from that Quantum Entanglement Fund. alright_.-'s picture

Take that Ivan The K. Now, how long until little Draghi updates his LinkedIn page??

Mon, 07/30/2012 - 13:48 | 2662797 john_connor
john_connor's picture

You know it's ON like Donkey Kong when the Ombudsman gets involved.

Mon, 07/30/2012 - 13:50 | 2662814 slaughterer
slaughterer's picture

I want a Draghi deposition in front of the German constitutional court with the BKA attending.  Nothing less will satisfy.

Mon, 07/30/2012 - 13:51 | 2662822 john_connor
john_connor's picture

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."

Mon, 07/30/2012 - 14:05 | 2662806 Cognitive Dissonance
Cognitive Dissonance's picture

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.

Mon, 07/30/2012 - 14:48 | 2663033 Winston Churchill
Winston Churchill's picture

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.

Mon, 07/30/2012 - 15:30 | 2663179 IEVI
IEVI's picture

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.

Mon, 07/30/2012 - 15:27 | 2663157 Renewable Life
Renewable Life's picture

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!!!

Mon, 07/30/2012 - 13:49 | 2662807 miker
miker's picture

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.

Mon, 07/30/2012 - 13:49 | 2662808 VonSalza
VonSalza's picture

Free teh Draghi's

Mon, 07/30/2012 - 13:48 | 2662809 ptoemmes
ptoemmes's picture

Interest Rate Trader.  Does anyone actually make - or do - anything of REAL economic value anymore?

Mon, 07/30/2012 - 13:53 | 2662829 miker
miker's picture

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.

Mon, 07/30/2012 - 14:00 | 2662858 slaughterer
slaughterer's picture

32% chance for action this week

68% chance for action after some drunken card game at Jackson Hole. 

Mon, 07/30/2012 - 14:09 | 2662904 Cognitive Dissonance
Cognitive Dissonance's picture

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. :>)

Mon, 07/30/2012 - 13:50 | 2662817 JR
JR's picture

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.

Mon, 07/30/2012 - 13:52 | 2662823 banksterhater
banksterhater's picture


Mon, 07/30/2012 - 13:52 | 2662826 Neethgie
Neethgie's picture

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"

Mon, 07/30/2012 - 13:53 | 2662827 TrustWho
TrustWho's picture

Support Ron Paul's bill....audit the Fed, shed light on the roaches, and watch the roaches run for cover

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