Well, he is the President of the European Central Bank (ECB).
His 'resume' prior to him being made the boss of the ECB was holding the position of Deputy Chief of Goldman Sacs.
Now why is that important. Well perhaps it isn't, perhaps it's just chance, perhaps his employment by Goldman Sacs and then as 'head honcho' to the European Bank and then as part of the charge against the Greeks in their financial dilemma is coincidence.
But the really interesting fact is that the Greeks, who to anyone with any knowledge of bookkeeping, a suspect case for being financially acceptable to join the EU, their case for entry was presented by Goldman Sacs !!
At the time of the Banking collapse in 2008, Goldman Sac's Executive Board were questioned by the American Congressional Oversight Committee. I have rarely seen a more collective disdain evidenced, especially by their chairman, Lloyd Blankfein towards a very senior and powerful select committee. I wrote a blog about their air of ridicule when asked "if they didn't feel that the derivative market was fundamentally corrupt in its use of selling a monetary product knowing full well that the contents of what they were selling, was not what was written on the tin".
Mr Blankfeins dismissive answer to the Committee was that "the trade was carried on by adults" implying that if you didn't understand that what you bought then you shouldn't have bought it.
In a simplistic way it makes common sense, that anything you buy is your responsibility but remember the more complex the instrument your selling as was the case of the packages of
derivative conceived debt, the more likely the product will be misunderstood.
Being the masters of deception they were paid a very large fee to present the case for Greece to enter the EU. They did the job of presenting the Greeks as a normal, fiscally assured country when clearly they were not and the story begins to come to a close today with the Greek population in tatters.
Goldman Sacs meanwhile walk away stuffing the notes into their Swiss Account, oblivious and beyond the reach of anyone !!
His 'resume' prior to him being made the boss of the ECB was holding the position of Deputy Chief of Goldman Sacs.
Now why is that important. Well perhaps it isn't, perhaps it's just chance, perhaps his employment by Goldman Sacs and then as 'head honcho' to the European Bank and then as part of the charge against the Greeks in their financial dilemma is coincidence.
But the really interesting fact is that the Greeks, who to anyone with any knowledge of bookkeeping, a suspect case for being financially acceptable to join the EU, their case for entry was presented by Goldman Sacs !!
At the time of the Banking collapse in 2008, Goldman Sac's Executive Board were questioned by the American Congressional Oversight Committee. I have rarely seen a more collective disdain evidenced, especially by their chairman, Lloyd Blankfein towards a very senior and powerful select committee. I wrote a blog about their air of ridicule when asked "if they didn't feel that the derivative market was fundamentally corrupt in its use of selling a monetary product knowing full well that the contents of what they were selling, was not what was written on the tin".
Mr Blankfeins dismissive answer to the Committee was that "the trade was carried on by adults" implying that if you didn't understand that what you bought then you shouldn't have bought it.
In a simplistic way it makes common sense, that anything you buy is your responsibility but remember the more complex the instrument your selling as was the case of the packages of
derivative conceived debt, the more likely the product will be misunderstood.
Being the masters of deception they were paid a very large fee to present the case for Greece to enter the EU. They did the job of presenting the Greeks as a normal, fiscally assured country when clearly they were not and the story begins to come to a close today with the Greek population in tatters.
Goldman Sacs meanwhile walk away stuffing the notes into their Swiss Account, oblivious and beyond the reach of anyone !!
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