Discuss:

The Independent writes:

“This is The Goldman Sachs Project. Put simply, it is to hug governments close. Every business wants to advance its interests with the regulators that can stymie them and the politicians who can give them a tax break, but this is no mere lobbying effort. Goldman is there to provide advice for governments and to provide financing, to send its people into public service and to dangle lucrative jobs in front of people coming out of government. The Project is to create such a deep exchange of people and ideas and money that it is impossible to tell the difference between the public interest and the Goldman Sachs interest.”


Source: The Independent

“While ordinary people fret about austerity and jobs, the eurozone’s corridors of power have been undergoing a remarkable transformation.”

Category: Bailouts, Credit, Derivatives

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

19 Responses to “Discuss: Goldman Is the New Master of the EU?”

  1. Petey Wheatstraw says:

    “This is The Goldman Sachs Project. Put simply, it is to hug governments close.”

    Seems more like coitus (maybe even a cluster F), than a hug, to me.

    Welcome to the New World Order.

  2. theexpertisin says:

    I am not sure being the the master of Euroland is a coveted honor. What a bloody mess.

    I know that Euroland, due to the profound differences in style and substance between the partners, is doomed to failure.

    Those seeking a Pan-Arab union, same template.

    The United States is an exceptional Republic in this instance, at least until a few southwest states join with Mexico during the next half century.

  3. jonas says:

    Well if you define Goldman as “merit,” then it’s no wonder that the “meritocracy” is headed by a bunch of Goldmanites.

  4. b_thunder says:

    Goldman claims to hire “the best and brightest,” right? And while at Goldman, they all seem to be “above the rest.” The interesting thing is that once they leave Goldman – they not only seem to be average, if not below average financiers and executives, but they simply run whatever they’re in charge of into the ground!

    Rubin – ShitiBank.
    Corzine – MoFo Global
    Paulson – in spring of 2008 claimed that housing market was fine and was totally unprepared for the “Lehman.”
    Wilkenried – would have been wiped out, 150% bankrupt if he didn’t get that loan from GS, and then the bailout that made his GS stock/options worth something again.

    The only thing they’re good at after they leave Goldman is bailing out their old firm and their own net worth concentrated in GS stock (Stephen Friedman, Hank Paulson), and insider trading (Stephen Friedman.)

    If history is any guide, I think that GS will do just fine… Goldman will thrive on the inside info (really, the Goldman’s own advise to those governments.) But the Europe and the citizens of Europe – well, what happened to ShitiBank and MoF’o Global will soon happen to them.

  5. crutcher says:

    One day someone will fly a plane into GS, and be cheered as patriots.

  6. gordo365 says:

    “…impossible to tell the difference between the public interest and the Goldman Sachs interest.”

    Really. Basically – public interest is what ever is not in Goldman Sachs interest…

  7. codepoet says:

    to quote Ira Gershwin: “nice work if you can get it, and you can get it if you try…”

  8. Ramstone says:

    Compare this with Niall F’s whimsical map this weekend:

    http://si.wsj.net/public/resources/images/OB-QQ587_europe_G_20111118185927.jpg

    Somehow I doubt squids will be as charitable as he imagines.

  9. Frwip says:

    I think the Vampire Squid is over reaching.

    The Papademos government is not starting well and may already be toast with the New Democracy Party already saying no to the “Memorandum” (the debt accord from last month). Wait and see for Monti in Italy but I don’t give him much of a chance either with the Lega Nord out of the government. And Draghi at the ECB will most likely be remembered as the central banker who did nothing while the very currency he was supposed to manage imploded.

    If I were GS, I would immediately put out a press release stating without ambiguity that the bank has nothing to do with those alumni and declining all responsibility for their actions. :-)

    PS: Joking set aside, GS has a problem. This crap in Europe is going to end very, very badly, probably with the rise of authoritarian, nationalistic movements. I wouldn’t want to have GS or any of the those symbols of the current crisis on my resume ten years down the road. Not just for employability’s sake but simply for personal safety.

  10. Moss says:

    The coup by GS proxies in Italy and Greece is really quite stunning. Both unelected with mandates to force ‘austerity’ down the throats of the public. Draghi will get increasing pressure, which we hear everyday, from the crony capitalists to print or else. So the question is how much will he print once Monti and Papademos extract enough concessions.

    Seems like a quid pro quo, forced austerity with some write-downs for printing via loans to IMF and outright bond purchases. After that then its is back to the Fed and QE3. This is the plan of the banksters.

  11. Julia Chestnut says:

    Frwip, you mean like the Pinkertons?

    Interesting that after all of these years, the Independent finally accurately described what has happened over here. Of course, they were talking about things going on over there. . . .

    Welcome to the revolving door, my friends. The real show that never ends.

  12. mathman says:

    Oh, that’s just swell.

    More corruption and “socialized losses” for the corporatocracy while austerity is the new normal for everyone else on the planet going forward. i don’t think so. You watch, before this all happens you’re going to see MILLIONS of people overrunning whole towns, police and military be damned if they don’t join in, and chaos will ensue. Nobody is going to sit there and starve while these pompous bastards think they can “own” everything. The ship will go down with all hands in a mass mutiny. i really hope i’m wrong and that the powers that be “get it” before civilization goes up in flames. Based on past experience though, we’re too stupid, selfish and greedy a species to inhabit this fishbowl much longer.

  13. jryan722 says:

    Sounds like a global kangaroo court

  14. DeDude says:

    “This is the plan of the banksters”

    Of the banksters, by the banksters, for the banksters.

  15. victor says:

    No sir, The Independent has it wrong. It is NOT Goldman Sachs; nor it is Goldman Sucks or Government Sucks or Goddamn Sachs. You mean if GS disappeared tomorrow everything would be just swell? GS is merely a product of us all. This whole thing can be summarized: Goy kill goy, kill Jew (Yiddish saying when invariably the Jew was accused of anything bad that happened in Europe). So, let’s adjust this saying to the situation at hand: “Corrupted elected officials kill entire economies, blame the banksters”. And please, I use the term “goy” non-pejoratively.

  16. Greg0658 says:

    I still blame the system not the people (except ie: people build the system)

    Christine Lagarde: Facing down worldwide recession (60 Minutes 2011Nov20)
    http://www.cbsnews.com/video/watch/?id=7389008n&tag=contentMain;contentAux

    then ditto me again:
    http://www.ritholtz.com/blog/2011/11/weekend-reads-14/comment-page-1/#comment-596275

  17. [...] From the Independent (via Barry Ritholtz): Is Goldman Sachs the New Master of the EU? [...]