… and they all are men — white men — from famed New York investment bank Goldman Sachs who, for no clear reason, seem to end up playing key roles in central banks and finance departments around the world, a phenomenon which gets a fresh look from Julie Cresswell and Ben White in today's NY Times.
The Bank of Canada governor, Mark Carney, for example, is a Goldman Sachs alumni as is U.S. Treasury Secretary Henry Paulson:
. . . Goldman’s presence in the department and around the federal response to the financial crisis is so ubiquitous that other bankers and competitors have given the star-studded firm a new nickname: Government Sachs.
The power and influence that Goldman wields at the nexus of politics and finance is no accident. Long regarded as the savviest and most admired firm among the ranks — now decimated — of Wall Street investment banks, it has a history and culture of encouraging its partners to take leadership roles in public service.
It is a widely held view within the bank that no matter how much money you pile up, you are not a true Goldman star until you make your mark in the political sphere. While Goldman sees this as little more than giving back to the financial world, outside executives and analysts wonder about potential conflicts of interest presented by the firm’s unique perch.
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mark carney, economy, central banks