Why is Goldman Sachs so powerful
The power of the banks
From presidents and advisers
Goldman Sachs is worth hundreds of billions of euros. More than 35,000 employees around the world ensure that this huge sum continues to grow. Former Goldman Sachs employees take care that large commercial companies and even governments do not disrupt the unscrupulous maximization of profits.
Their number is considerable. Just like the key positions that you will hold after leaving the most powerful and influential bank in the world. For example Mario Draghi, the third President of the European Central Bank (ECB) from 2011 to 2019.
One of the main tasks of the authority is to shape economic and monetary policy in the European Union (EU). Before Mario Draghi became President of the ECB, he was Vice President of Goldman Sachs in London from 2002 to 2005.
Former Italian Prime Minister Mario Monti was closely associated with Goldman Sachs despite his high political office that made him the fourth most powerful man in Italy. As an international consultant, he officially served the financial company with his knowledge.
The German Chancellor Angela Merkel has also hired a Goldman Sachs employee as an advisor: Alexander Dibelius was Chairman of Goldman Sachs Germany until October 2014.
The area-wide networking of former and still active employees of the US financial giant with politics has a certain explosiveness, because conflicts of interest are practically programmed.
Goldman Sachs and the 2008 Crisis
In addition, the Wall Street giant played a crucial role in the 2008 US financial crash. Not only was Goldman Sachs involved: the company actually made a profit from the crisis.
At the time, Goldman had sold its customers an investment product that was deliberately made up of encumbered securities. However, this information was deliberately withheld from the buyers. They are said to have suffered a billion dollars in damage. Goldman had to pay a fine of 400 million euros for this fraud. An amount that the company wins on the stock exchange within two weeks.
The fact that Goldman Sachs also survived the 2008 financial crisis is not surprising. This is surely thanks to Henry Paulson. From 1999 to 2006 he was an executive director at Goldman. Then George W. Bush named him Treasury Secretary. At the height of the crisis he was responsible for bailing out US banks.
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