Corporate Europe Observatory

Exposing the power of corporate lobbying in the EU

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The People vs. Goldman Sachs

The People versus Goldman SachsThe US investment bank Goldman Sachs is earning a reputation as public enemy no. 1 in the financial world. At the same time the firm is one of the Commission’s favourites when it comes to asking for advice on regulating financial markets. It is high time for the Commission to close the door on Goldman Sachs.The US investment bank Goldman Sachs is earning a reputation as public enemy no. 1 in the financial world. At the same time the firm is one of the Commission’s favourites when it comes to asking for advice on regulating financial markets. It is high time for the Commission to close the door on Goldman Sachs.
The US investment bank Goldman Sachs is earning a reputation as public enemy no. 1 in the financial world. At the same time the firm is one of the Commission’s favourites when it comes to asking for advice on regulating financial markets . It is high time for the Commission to close the door on Goldman Sachs, this article concludes. On the 16th April, the US financial authorities, the Securities and Exchange Commission (SEC), accused the renowned investment bank of outright fraud in connection with billion dollar deals made on American house owners’ misery by tricking European financial corporations. It’s not every day you see the US authorities file charges against a major financial institution, and the stock market reacted swiftly. But whereas criminal charges against the bank are rare, Goldman Sachs has provoked public opinion on numerous occasions in the past decade. The pending case will at its root be about making a profit from accelerating the financial crisis. But there’s more. The skilful staff of Goldman Sachs have managed to reap benefits from major crises that have caused enormous harm to millions of people. Also, the renowned investment bank and Wall Street power house has also done its bit to slow down action on Greek debt, and has profited from pushing millions into hunger by way of commodity speculation. These examples are developed in this article to make the case to decision makers in the European Union to cut close ties to the bank. For despite all this, the European Commission very often chooses advisors from Goldman Sachs to help shape the rules of the financial markets in the European Union. The Commission has ignored the negative side of Goldman Sachs and has regularly allowed it to take a seat among the privileged few who get to influence proposals for EU legislation long before they are presented to the public and the open political process starts. The question is whether the case in the US should be taken as the opportunity to stop this access, and expel Goldman Sachs from these “Expert Groups”. A French translation can be found here: http://ellynn.fr/dessousdebruxelles/spip.php?article128
The US investment bank Goldman Sachs is earning a reputation as public enemy no. 1 in the financial world. At the same time the firm is one of the Commission’s favourites when it comes to asking for advice on regulating financial markets . It is high time for the Commission to close the door on Goldman Sachs, this article concludes. On the 16th April, the US financial authorities, the Securities and Exchange Commission (SEC), accused the renowned investment bank of outright fraud in connection with billion dollar deals made on American house owners’ misery by tricking European financial corporations. It’s not every day you see the US authorities file charges against a major financial institution, and the stock market reacted swiftly. But whereas criminal charges against the bank are rare, Goldman Sachs has provoked public opinion on numerous occasions in the past decade. The pending case will at its root be about making a profit from accelerating the financial crisis. But there’s more. The skilful staff of Goldman Sachs have managed to reap benefits from major crises that have caused enormous harm to millions of people. Also, the renowned investment bank and Wall Street power house has also done its bit to slow down action on Greek debt, and has profited from pushing millions into hunger by way of commodity speculation. These examples are developed in this article to make the case to decision makers in the European Union to cut close ties to the bank. For despite all this, the European Commission very often chooses advisors from Goldman Sachs to help shape the rules of the financial markets in the European Union. The Commission has ignored the negative side of Goldman Sachs and has regularly allowed it to take a seat among the privileged few who get to influence proposals for EU legislation long before they are presented to the public and the open political process starts. The question is whether the case in the US should be taken as the opportunity to stop this access, and expel Goldman Sachs from these “Expert Groups”. A French translation can be found here: http://ellynn.fr/dessousdebruxelles/spip.php?article128
 

Never before has a former European Commission official been criticised as much for his post-EU career as ex-Commission president Barroso upon joining infamous US investment bank Goldman Sachs this summer. Citizens are outraged and evidence already points towards a gross violation of the EU Treaty.

Following the high-level appointment of former European Commission President José Manuel Barroso to Goldman Sachs, NGOs have launched a petition demanding stricter rules for ex-EU commissioners’ revolving door moves.

José Manuel Barroso's move to Goldman Sachs has catapulted the EU’s revolving door problem onto the political agenda. It is symbolic of the excessive corporate influence at the highest levels of the EU.

In the run up to the UK referendum on EU membership on 23 June, Corporate Europe Observatory has tabled a series of freedom of information requests to find out how UK finance lobbies have been influencing the referendum negotiations and the Capital Markets Union. But the Brexit-Bremain referendum seems to be a freedom of information black hole.

A few weeks after the May coup against Dilma Rousseff by conservative parties backed by the country's largest corporations, Brazil's “interim” government, led by Michel Temer, signed an emergency loan to the State of Rio de Janeiro to help finance infrastructure for the 2016 Olympics. The bailout was conditional to selling off the State's public water supply and sanitation company, the Companhia Estadual de Águas e Esgotos (Cedae). 

When we interviewed City Councillor and chair of Rio’s Special Committee on the Water Crisis Renato Cinco, in December 2015, he was already warning against such privatisation threats and provided important background information on the water situation in Rio.

Never before has a former European Commission official been criticised as much for his post-EU career as ex-Commission president Barroso upon joining infamous US investment bank Goldman Sachs this summer. Citizens are outraged and evidence already points towards a gross violation of the EU Treaty.

Following the high-level appointment of former European Commission President José Manuel Barroso to Goldman Sachs, NGOs have launched a petition demanding stricter rules for ex-EU commissioners’ revolving door moves.

Corporate Europe Observatory's new report 'A spoonful of sugar' illustrates how the sugar lobby undermines existing laws and fights off much-needed measures that are vital for tackling Europe’s looming obesity crisis.

 
 
 
 
 
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The corporate lobby tour