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
 

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.

The UK financial sector spends at least €34 million per year on lobbying in Brussels and employs more than 140 lobbyists to influence EU policy-making, according to a study published today by Corporate Europe Observatory. From December 2014 to May 2016, UK financial sector lobbyists had 228 lobby encounters with elite European Commission officials.

This summer Greece's financial authorities fined 20 hedge funds for speculating against the Greek economy. Now, the main global lobby group for hedge funds is trying to tweak the EU's rules so they can have a free play in the future.

Murky channels for corporate influence in the European Parliament.

The official EU assessment of glyphosate was based on unpublished studies owned by industry. Seven months later, the pesticide industry still fights disclosure and, so far, successfully. We obtained a copy of their arguments.

While CEO is not taking a position on the UK referendum, many of our publications are relevant to those who will have a vote, or those who are following the debate.

Biodiversity collapse, the future of agriculture, politics versus science, EU States and the European Commission shifting blame on each other, industry's capture of the regulatory process through data secrecy, a Commissioner caught between Juncker, EU States, lobby groups, and his own services... The glyphosate saga, coming to the end of its first phase tomorrow, has been an entry point into many broader problems. Overview.

The European Commission proposal on scientific criteria defining endocrine disruptors (EDCs) is the latest dangerous outgrowth of a highly toxic debate. The chemical lobby, supported by certain Commission factions (notably DG SANTE and the Secretary-General) and some member states (UK and Germany), has put significant obstacles in the way of effective public health and environment regulation.

The corporate lobby tour