Former Goldman Sachs managing director to lead ECB

Martinghoul · May 8, 2011

Quote from Hansel H:
There must be thousand available people as qualified as Draghi for the position.

If you think that GS alumni hold so many key positions in government and finance because they're talented you're wilfully blind.

Pls do suggest one of these thousand available people who are as qualified as Draghi. Moreover, the point I am making is simple. I have no idea if Draghi is the best candidate for the job, but suppose for a minute he is. Should the mere fact that he used to be employed by the Squid automatically disqualify him?

Same goes for Ben Broadbent (the ex-Goldies guy who's now at the Bank of England), whom I know personally. He's one of the best UK economists I know, so I personally think he's one of the most eligible candidates for the job, if not the best. Should the Bank of England forgo whatever skills and insight he could offer as part of the MPC, simply because he used to be employed by Goldman?

psytrade · May 8, 2011

The comment about Goldman is correct-

This is repayment for privatizing Italy's assets and also dumping all their Gold (the metal stuff)

stopnlimits · May 9, 2011

Quote from Martinghoul:

Should the Bank of England forgo whatever skills and insight he could offer as part of the MPC, simply because he used to be employed by Goldman?

The man was a piece of the puzzle that led Goldman Sachs to their bailout disaster. Not saying he was responsible but certainly his practices in part allowed for that disaster. Something the Bank of England should heavily consider.

Martinghoul · May 9, 2011

Quote from stopnlimits:
The man was a piece of the puzzle that led Goldman Sachs to their bailout disaster. Not saying he was responsible but certainly his practices in part allowed for that disaster. Something the Bank of England should heavily consider.

Ben Broadbent, the Goldman UK economist, was a piece of the puzzle that led Goldman to their bailout disaster? I am not sure I understand what you might be referring to...

ASusilovic · May 9, 2011

Quote from Martinghoul:

Problem is that, with Weber refusing to play like a petulant child, Auntie Angela doesn't have a suitable alternative.

Angela should have executed good, old persuasion tactics with Weber like illustrated by these gentlemen:

Martinghoul · May 9, 2011

Exactly right! It would have been good to have an old-school German tough guy at the helm, but no, he just had to quit, 'cause he couldn't handle the politics. Politics is part of the job description! Surely, he should know this after having been at the BuBa for donkey's years!

psytrade · May 9, 2011

Proper and equitable monetary policy in Europe would eliminate all of the current benefits of Germany's export driven economic culture.

Debaser82 · May 9, 2011

Quote from Martinghoul:

Exactly right! It would have been good to have an old-school German tough guy at the helm, but no, he just had to quit, 'cause he couldn't handle the politics. Politics is part of the job description!

Face it, who ever gets the job is chained anyway regardless of his qualities or economic visions.

What, Webber would raise rates to 8% and allow Greece and Ireland to default because he believes in sound money and purging the system?

Martinghoul · May 9, 2011

Quote from psytrade:
Proper and equitable monetary policy in Europe would eliminate all of the current benefits of Germany's export driven economic culture.

Ah, but there's the rub! One man's "proper and equitable" is another man's "wrong and oppressive". Who can argue these things objectively, totally free of all bias, real or perceived?

Quote from Debaser82:
Face it, who ever gets the job is chained anyway regardless of his qualities or economic visions.

What, Webber would raise rates to 8% and allow Greece and Ireland to default because he believes in sound money and purging the system?

Nah, but until he turned yella, I would have expected him to put up one hell of a fight, which would have surely affected the terms of the eventual compromise.