Sunday, July 28, 2013

Mario Draghi’s murky past.

I do like this paragraph from Ann Pettifor’s blog.
Mario Draghi (now governor of the European Central Bank) used to be director-general of the Italian Treasury, and according to Ann….
“There, according to an investigation by the Financial Times, he worked with private investment banks to arrange derivative contracts designed to disguise the scale of Italy’s debt from EU authorities – to ease Italy’s entry into the Eurozone.  Draghi moved from the Italian Treasury to Goldman Sachs in 2002 – 2005, and from there it was one easy step to the governorship of the Bank of Italy in 2006. There he supervised and allowed Banca Monte dei Paschi di Siena SpA to mask losses 367 million-euros, which later required a taxpayer-funded bailout. This experience qualified him for the role of governor of the European Central Bank in 2011.”

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