Goldman Boycotted by European Governments
Jul 19, 2010
The head of gold has been sacked by European governments. Since the Eurozone nations represent the Tower of Babel, it appears that the Head of Gold has been separated from the body of nations.
In other words, a sign of decapitation is being given to us. European governments selling bonds are refusing to use Goldman to broker the deals, as they had done in the past.
Spain, which used Goldman among its top 10 bookrunners last year, has not done so in 2010, while Italy has not given the bank a leading role since 2007. France has not used Goldman in any lead position over the past three years, and it seems doubtful that it will do so in the near future. "French people would riot in the streets if we chose Goldman," said a person familiar with the French treasury.
Goldman may have settled its case with a mere $500 million fine, but everyone knows that its business practices are straight from the toilet. It may have gotten away with not having to admit guilt of fraud, but everyone knows that this was just a "settlement." Everyone knows that legal guilt is not the same as actual guilt. It's hard to find a trillion dollar bank guilty of fraud--and live to tell the story.