Last Friday, we were impressed by Goldman’s brazenness when the bank, whose alumni have populated virtually all prominent central banks, announced it had hired the former president of the EU Jose Manuel Barroso, as a non-executive chairman and advisor, in what was a clear move to lobby for even more clout within a Europe that is suddenly teetering on the edge of chaos, and where Goldman’s proximity will come in very lucrative when the Eurozone finally tips over.
Needless to say, Barroso’s decision to join Goldman was the peak of hyporcisy when one considers the following speech he had given just years earlier: “In the last three years, Member States – I should say taxpayers – have granted aid and provided guarantees of 4.6 trillion to the financial sector. It is time for the financial sector to make a contribution back to society”
It appears that the Portuguese bureaucrat only had problem with the financial sector’s taxpayer bailout if it was not his multi-million sallary that was the use of proceeds.
However, while outside criticism of Barroso’s hypocrisy was is most certainly to be expected from outsiders, we were pleasantly surprised, and quite amused, when we saw that none other than French President Francois Hollande on Thursday became the most senior critic of former European Commission chief Jose Manuel Barroso’s decision to take a job at the investment bank Goldman Sachs.
This post was published at Zero Hedge on Jul 14, 2016.