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Goldman Vet Named Euro Central Bank Chief

POSTED:
Mario Draghi
Mario Draghi
TIZIANA FABI/AFP/Getty Images

More good news on the international economic front!

It seems that the European Central Bank has a new president.

Bloomberg has the details:

Bank of Italy Governor Mario Draghi was appointed as the next president of the European Central Bank, avoiding a delay that risked complicating the handling of the sovereign-debt crisis.

Draghi’s appointment was approved at a summit of European Union leaders in Brussels today, an EU spokesman said. The 63- year-old Italian will take over from Jean-Claude Trichet as the head of the Frankfurt-based ECB, beginning an eight-year term on Nov. 1.

The former Bank of Italy governor has just the experience needed to become the overlord of Europe’s treasure:

A Massachusetts Institute of Technology-trained economist with a stint at Goldman Sachs Group Inc. on his resume, Draghi had already been backed by finance ministers and was the only candidate to take over the Frankfurt-based ECB.

It seems that during the confirmation hearing, Draghi was questioned about whether or not he had any role in Goldman’s deadly swap deals with Greece, the results of which Europeans are now enjoying. Draghi denied it, saying the deals predated his joining Goldman.

For those keeping score, that puts Goldman alums in charge of the ECB, the Bank of Canada (where Mark Carney is the Canadian Greenspan), and the World Bank (where Robert Zoellick is maybe keeping the seat warm for Hillary Clinton), in addition to lesser institutions like the Federal Reserve Bank of New York (where William Dudley is at the helm).

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Matt Taibbi

Matt Taibbi is a contributing editor for Rolling Stone. He’s the author of five books and a winner of the National Magazine Award for commentary. Please direct all media requests to taibbimedia@yahoo.com.

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