Mario Draghi, the unauthorized biography on FQ MillenniuM on newsstands from Saturday 16 October. 3 / Goldman Sachs and the cursed derivative

Mario Draghi, the unauthorized biography on FQ MillenniuM on newsstands from Saturday 16 October. 3 / Goldman Sachs and the cursed derivative
Mario Draghi, the unauthorized biography on FQ MillenniuM on newsstands from Saturday 16 October. 3 / Goldman Sachs and the cursed derivative

On 7 September 2001, at the age of 54, Mario Draghi announces his resignation as director general of the Treasury. A few months ago he returned to the government Silvio Berlusconi and to the Ministry of Economy Giulio Tremonti, who in the following years will be a fierce critic. In an interview with Courier service, Draghi announces that he will return “to study, probably at Harvard University. Also to respect a rule that I have imposed on my collaborators in recent years, preventing them from going directly from the Treasury to positions in companies or banks “. Five months later, however, he flies to London and becomes vice president for Europe with operational powers of the investment bank Goldman Sachs.

Here is another controversial point in the career of the current prime minister, reconstructed in the long collective investigation of FQ MillenniuM, the monthly edited by Peter Gomez, in the issue on newsstands from Saturday 16 October (the investigation is signed by Ivo Caizzi, Fabrizio d’Esposito, Carlo Di Foggia, Luigi Franco, Marco Palombi, Fabio Pavesi, Mario Portanova, Thomas Mackinson) . Almost a book, in which the “Fifty Shades of Dragons”, Its lights and shadows, the latter regularly removed by the grotesque media ecstasy that accompanied their arrival at Palazzo Chigi. Here are some “pills” relating to this phase of his career (read the previous previews on the young Draghi and his years at the Treasury). Because Draghi himself points the finger at the so-called “revolving doors” between the highest floors of the public administration and top positions in the private sector, only to then take them on himself. The disputes will come mainly from Europe, when he will be a candidate for the leadership of the European Central Bank.

Draghi will be forced to defend himself during a hearing before the Economic and Financial Affairs Committee of the European Parliament. There are two accusations that some MEPs, including the Frenchman, will make against him in the session of June 14, 2011 Pascal Canfin: to find himself in a situation of conflict of interest if he rises to the top of the ECB and to have worked for the bank that in 2001 sold a controversial swap to Greece, that is a derivative product that allowed Athens to rig its accounts. He replies that he has nothing to do with that derivative and that he has never been commissioned by Goldman Sachs “to sell things to governments”, having only worked “with the private sector”.

What he actually did at Goldman Sachs is covered by the typical confidentiality of investment banks. Of course, the statement with which the American top bank announces its recruitment says something different: “It will help develop business with large European companies, with governments and with international government agencies”, reads. In front of the European Parliament he will reply that he has pulled out of the public sector business he has just hired, but not everyone will believe him: starting with Canfin: “We have to imagine that he had a discussion with Goldman’s top management about the fact that he could not do business with governments even though he was hired for that very reason? Is very strange. Swaps are not illegal, but the question is: did you lie in front of the European Parliament? ”.

The past in Goldman Sachs after managing the Italian privatizations will cost Draghi, in 2008, a violent invective by the senator for life Francesco Cossiga from the Rai screens of One morning. He will define him as a “cowardly businessman” in front of a landlady Luca Giurato. A golden tapir of Strip the news that the economist, who in the meantime has become governor of the Bank of Italy, will accept with a smile, complete with a final slap on the cheek of the journalist Valerio Staffelli.

(3. Continue)

Read the full investigation on FQ MillenniuM on newsstands from Saturday 16 October

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