Investment banking isn’t exactly the most popular profession these days. Many people haven’t forgiven the financial sector for the 2007-2008 meltdown. Many also resent having bailed out banks with public money, and subsequently watching banking executives be rewarded with healthy bonuses while public sector budgets are being squeezed.
So, news that former EU Commission President José Manuel Barroso has taken a job at Goldman Sachs has caused some controversy. Transparency activists argue that the “revolving door” between policymaking and lobbying is harmful to democracy, and creates a risk of significant conflicts of interest.
However, Barroso argues that he followed all the rules. He is perfectly entitled to take a job in the private sector now he has left public office, and he joined Goldman Sachs 20 months after his term ended (longer than the 18-month cooling off period required by EU lobbying rules). He also argues that his role does not include lobbying on behalf of Goldman.
In a letter to current EU Commission President Jean-Claude Juncker, Barroso wrote:
It has been claimed that the mere fact of working with Goldman Sachs raises questions of integrity. While I respect that everyone is entitled to their own opinion, the rules are clear and they must be respected. These claims are baseless and wholly unmerited. They are discriminatory against me and against Goldman Sachs, a regulated company operating in the internal market.
But is this politically naive? Sometimes it doesn’t matter if the rules have been followed. Former British Prime Minister Tony Blair came under intense criticism because of the multi-million pound business empire he built up after leaving office. He has recently decided to close his businesses in order to focus on charitable and non-profit work, but many argue it has tarnished his legacy.
Was it unethical for José Manuel Barroso to take a job at Goldman Sachs? Let us know your thoughts and comments in the form below, and we’ll take them to policymakers and experts for their reactions!
177 comments Post a commentcomment
https://www.youtube.com/watch?v=zoMiYklHvjk
But seriously, if it’s not gonna interfere with his previous political position, any job’s a job.
Even if it’s at Goldman Sachs.
Matthew, please!!! Naive? NOT any job is a job- specifically not in global banking!
Well no.. he’s not old enough to retire… so he should be out there working…. ethical…. non ethical… thats competition in business mate… if you don’t want your best IT bloke to run to your competitor with half your company secrets you give him enough money for him to shut up and stay… its valid for me, you… and therefore him…
On the bright side, following Brexit, he could advise Goldman Sachs to move somewhere else than London…. so you have to have mixed feelings about this…. could be the best possible thing for the EU… especially now we’ve got our Champions league team of politicians led by Lionel Verhofstadt-Messi lined up to play 7th division team Johnson, Davis and co…
@Sebastien Chopin
LOL!
Verhofstadt = Messi!
Verhofstadt will destroy the EU. Whether you agree with him or not, his hyper-extremist-militant-zealotry is frightening and destructive. If he could calm down a bit, reduce his lies a lot and say nothing the EU would be better served.
At least Van Rompuy had the ‘charisma of a damp rag’.
è stato Presidente della Commissione Europea……cioè vi rendete conto chi sono le persone che ci guidano ??? Le due cose non sono scollegate perchè dove lavora adesso è perchè ha fatto bene i compiti prima . Ragazzi su…… basta con questa Unione Europea He was President of the European Commission …… that you realize who are the people who guide us ??? The two are not disconnected because where he works now because it made good homework first. Boys on …… enough with this European Union
Yup. But don’t blame the EU. This guy has always been a corrupt POS like most Portuguese politicians.
Dear jesn pierre…how many portuguese do you actually know? And politicians? His name is clean and only now people are concerned. Must i remenber than one shoudn t make general assumptions.
Any correspondence between jobs in Government and jobs in Big Business is unethical. I’m surprised the focus is in Barroso, when most Government is also suspicious. Did anyone mention the President of the ECB?
What a rhetorical question…
Of course.
Of Course it is. Nothing unexpected from a guy that lead Portugal to war in Iraq to secure its position in dirty EU though.
of course it is
No it was normal. Then why GS is not in the Commissioners College? For God’s sake save the banks!!!!!
not only unethical but damn suspicious given he was in charge when he and the ECB insisted that Ireland socialise private banks’ debt, banks that should have collapsed instead – he should be prosecuted for vested interests, such as a job lined up in Goldman Sachs provided he took a hard policy line on Ireland
Yes, fire him
It should not be allowed so soon.After 5-6 years perhaps would be more suitable.Everybody can understand why.
Nobody seems to see the obvious.
Goldman Sachs is one of the biggest and most successful banks in the world. I’m quite sure nobody will disagree when I say that they hiring policy will be highly demanding: one doesn’t make it to the top with just just a degree in economics, requires years of work in “the business of money” to show their value.
Now… what is the experience of Durão Barroso on banking? What is his experience on the private sector?
I’ll tell you: None. Nada. Zero.
We may thereof conclude he was not hired for his expertise in the field.
What’s left? His past as president of the European Commission and his direct access, as a consequence, to all the high officials of Europe’s “Government”.
What he set himself to do is not unethical. It’s imoral and anti-democratic. Shall there be proof he got any information through his personal contacts to serve his new boss and he should face court for such as a simple spy.
Mario you’re right, but it IS OBVIOUS for most of us voters- but not for the elite conscienceless EU politicians. THEY make their own rules in a way as not to overburden their bit of remaining conscience. He could have taken a job as a “branch manager” of any bank in Portugal- not assist in robbing to next generation of taxpayers.
One easy solution: The “rules” should/must change to “assist” THEM to find their way back to INTEGRITY. Individual countries could/should do their bit & show their disapproval by not dealing with such powerful banks.
Of course, we also know, that they never will! All smoke & mirrors.
.
Being untrustworthy & a crook is part of the European Commissions job description so why is any surprised by this ?
It was unethical and outrageous.
yes !
Moneywise
It’s unethical and should be illegal. How the hell can we expect independance of our powers if we know that they will end in some lobby industry?
Yes yes yes yes yes yes and yes. Just like Neelie Kroes did not reveal she had Bahama interests… they are just one flock of a failing political elite that think themselves better than anyone else.
It doesnt matter, really. They change between bankers and politicians often. Where did Mario Draghi work before? GS? No way, really. :D
Yes.
does he know what is ethic?
Just like the no referendum in Greece last summer became yes overnight…..
Look who sacked our EU COMMISSIONER.
Him getting any job after he left a previous job is in of itself not unethical. If however, he was using his former position to advantage a company in order to secure a job with them then that is unethical. So the answer is it depends.
Sorry Duncan, why so theoretical? Please read the question again. A: without any doubt YES!
@EU, the reason I’m being so hypothetical is any assumption of wrongdoing is also only hypocritical at this point. If someone were to provide proof of wrongdoing or lack thereof, my opinion would solidify one way or another. Till then I keep an open mind.
…..ok Duncan! Just “by him joining”- is all the proof we folks require! Was any global banker ever convicted in a court of law & jailed for “manipulating”, “accommodating”, “collusion”, “arranging”, “opening doors” or “fixing the libor” rate?
@EU, I need more proof than that before I’m willing to say categorically that something illegal happened. I must admit, I have a pre conceived notion that there may be. But i won’t let myself jump to conclusions, and I don’t encourage others to do either.
Dear Duncan, my “last try” : it was not termed “illegal”- just “unethical”! Being unethical is no crime in legal terms. Get the difference?
@EU, same applies. It’s only unethical IF the two jobs were linked. If he worked for the EU with every best ethical practice, then left that job, then got made a new Job offer based on nothing more than the new employer’s belief in his ability to do that job there isn’t an ethical quandary.
I’m not saying that that is definitely what happened, just as you cannot say that is definitely not what happened. Only proof should matter, not personal feeling. Also, if the laws are not ethical, they need to be amended. I thought insider dealings, accepting bribes etc. Were already illegal, what else do you think would raise an ethics question?
É uma vitima…. coitadinho. Deixou o seu cargo em portugal, para presidente desta eu, ganha uma pipa de massa, e chora-se por um lobby…. ainda nos perguntam a nos cidadãos o que os políticos podem fazer para merecer confiança? Ou os senhores andam doidos perdidos ou entao nao entendo. E nao durao nao merece um pingo de atencao. É redundante e nao deve é completamente contraproducente e imoral #goldmansucks
I am pride to be portuguese! But i am not pride to have politics like Barroso!
Yes.
absolutly…
it only proves that he was working for something else than EU
It’s only unethical because he’s Portuguese. If he was French and ahead of IMF then was not a problem 😉
Or if he had businesses in offshore and member of the European parliament was neither an issue, as long he’s was not Portuguese
Yes. Period.
Sooooo natural…
absolutely unethical and disgraceful. He does not need the money.
Nice and cozy.I am sure he deserved it. If it is legal is moral. Otherways is time waste .
Nice and cozy.I am sure he deserved it. If it is legal is moral. Otherways is time waste .
Onde é que anda o Arnaldo?
Unethical, immoral, disgusting, preposterous and anything else you may want to call it along these lines.
Unethical, immoral, disgusting, preposterous and anything else you may want to call it along these lines.
He did not take a job at Goldman Sachs. He always worked for them.
Always worked for them.
Yes! That guy is disgusting even by PSD-CDS politicians’ very low standards of honesty.
Its alright.
One big bank, one big company, will soon buy out all countries and all of us for 500$ / month.
Barosso is on 50.000$ / month!
That wage, is definitely unethical.
Duncan, don’t get green from envy. The total average package for Goldman Sachs code staff in 2014 was $2.3m (£1.6m). Even the EU is “angry” but helpless & won’t change its “rules”! We find out in next financial year what Barroso really earned.
After receiving a hefty EU pension & being appointed “non- executive Chairman of Goldman Sachs International (emphasis on “international”) & “adviser to GS”- he joins other politician & “lobbyists” who all belong to the prestigious international club of sociopaths.
https://www.sott.net/article/322038-EU-politicians-furious-over-Jose-Manuel-Barrosos-new-job-at-Goldman-Sachs
@EU, if I am green it isn’t from envy. It’s from the nausea I feel about the inequalities of our society. Most people living and working in Europe don’t earn that much in a year. What’s more is that’s not even that big a number for a top earner. Whilst we have a situation where two people’s total life earning potentials are so completely and fundamentally different then there is no social justice. Nobody, and I mean nobody contributes 300 times more to our society than I do yet there are plenty in our society making that much extra in earnings than me, and I don’t even have the worst paying job I know about. It’s like a tribe of hunter gatherers kill a deer, twenty hunters all with family’s took part in the hunt. One of them saw the deer, he gets a leg. One of them got the killing blow, he gets a leg. One is the tribes chief, he gets a leg. One is in charge of distributing the carcass, he gets the head & the torso. The other 16 hunters and their family’s are expected to share the last of the legs out between them all. How long exactly do you think that would be allowed before mr torso and head guy meets with a hunting accident? Why are we living in a society that not only tolerates this level of inequality, but has gotten used to it to the point it isn’t even really talked about? More than that, these people claim it reduces corruption, as if to say “well if I don’t get the head & torso I might be tempted to give your leg away to the tribe in the next valley in return for some fish, so I need that much to keep me honest”!
Rant over, sorry for going on a bit. It just really gripes me.
Duncan, let me add to your nausea & gripes.
Please show me (researched) any of the biggest global banks & their top “banksters” who are & act ethically and where fraud is NOT common practice. Just a few examples:
The $1.9 billion “slap on the wrist” HSBC drew when they settled charges of acting as a “bagman” for terrorists, dictators, and drug lords.
The billion dollars SunTrust paid to settle claims of “legacy” mortgage fraud, and the $13 billion JPMorgan Chase paid for really “legacy” mortgage fraud.
Wells Fargo & Co. – one of America’s premier banking giants, got slapped with $185 million in fines to settle charges of widespread fraud- setting up ~2 million phony customer accounts to meet their sales quotas.
The LIA (Libyan Investment Authority) is suing SocGen for $2 billion, claiming the bank intimidated and bribed Libyan officials to carry out five trades between 2007 and 2009.
http://wallstreetinsightsandindictments.com/2016/09/how-the-vampire-squid-gambled-and-lost-1-2-billion-in-sovereign-wealth/
It is recorded that Goldman’s “Chief Criminal”- & Executive, Lloyd Blankfein actually had the audacity to say that he was just a banker “doing God’s work.”
One reads that George Soros advises the EU they ought to borrow (MORE) money to pay for ‘surge funding” for refugees. Which vampires will be involved again- guess? All with taxpayers money- or have they suddenly become all philanthropists?
The list goes on. Whoever joins or aims to join such organization is a sociopath, because to be unethical is a secrete requirement.
@EU, none of your post was a shock to me (although there was some new information to absorb, not sure I should thank you for it though as it was not heartening). Seems to me greed will be what destroys our species. It is our greatest flaw, it separates and divides us where we need to be coming together at the table of brotherhood in the spirit of cooperation to overcome the challenges that threaten our survival. Yet everyone is so determined to get the head seat at the table, we’re all going to end up on the floor.
Dromedário
very iunethical but common practice for politicians!
Something is missing in the world nowdays. There are not any more the Red Brigades, Baader Meinhoff and the historical 45mm. S.O.B ΄ς like Baroso became emboldened while european citizens are starving.
Un grande mafioto.
I don’t know how many people noticed how he used the wording “it is discriminatory against me and Goldman Sachs.” I’m sitting here wondering what on earth is discriminatory.
The opinions would have been the same regardless of who he was or at what bank he chosed to work.
As for the question whether it’s unethical or not. It’s a complicated answer.
I don’t think people ought to be bound for life after taking a job, there is the cooling off period and that it’s another level of security. I don’t think it’s unethical. However, the whole situation begs the question: Why would you go to work there now? Even though i don’t think it’s unethical i think something just smells not quite right.
Yes.
Barroso is another example of unethic, bureaucratic and no-elected leader of this Europe Union that people doesn’t support.
May reveal a lack of ethics , common sense and whatever you want to call ! Do not understand is the debate take place only with Barroso ! Other cases have been forgotten ? It is to be Portuguese and Portugal currently does not have a good international?
Yes
Why are we surprised – his kind doesn’t even know what the word “ethical” means.
It’s a comedy
Do you really have to ask?
Seriously?
It’s not “illegal” or even “unethical” but HE SHOULD KNOW BETTER !
After preaching a better Europe and more unity…he gets a job at Asshole.Inc.
Seriously I was hoping more from Barroso.
Unethical!!! ((((((
Yes!
Este é o maior palhaço português, corrupto até á quinta casa, e o maior lambe cus dos americanos. Dizem que é um Cherne, a mim parece-me mais um sapo! Ponham um charuto na boca até rebentar de gordo que está. Serve de engodo para tubarões! JAIL🔫
Качественная гнида..
A greedy men! (((((((((
Definitely unethical.
GFDP!
So much populism in the comments. He followed the rules.
He appears to have followed the rules, but I think where the upset comes in is the potential for him having not followed the rules during his past occupation (aka people now wonder if his new job is a reward for services already rendered) and I do understand that feeling of unease. But I’m of the opinion that hit should be easy to look into that without the need for banning him from ever getting a new job that doesn’t involve flipping burgers and salting fries.
que peninha eu tenho dele
Duh yes
Yes
stop corrupted politicians in al european states
Un mare mafiot .Un excroc ordinar ca toti de la Bruxel.
Any doubts? ??
Yes, the entire EU is illegal, shoving down their citizens this awful entity to begin with.
LooooooooooooL
O cherne mercenário…
It is shameful.
Falta de caracter, falta de etica, falta de moral.
Yes, yes, yes!!!
Insider info is always needed…. How many politicians from other countries have done the same…..
What that implies is a relationship. The EU commission now has a duty to go back to every decision he made about anything that is loosely connected to banking, finance, regulatory oversight etc. and reopen the cases based on these new information
ALL are employees of market sharks not only Barroso before and after their service in Comission.
Mr Baroso is an unethical oportunist!
Traffic of influences and loobying ! If the legislation protects these acts is time to change the legislation. Those on high level of public services should never act on private institutions!
Ethics¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿¿
Didn’t he always work for them?
implying he ever had ethics to begin with,he’s a blatant globalist shill trowing a tantrum
Yes!
He is probably one of the few that can put that bank working well according to the laws of the countries.
unethical is the fact that the president of EU is not elected by the people of the EU, instead is elected same way like president of north korea is elected. that is unethical.
:
If it ‘s very, very, very well paid, why not ? Money comes first. It’s in the human nature…
Everything is unethical about them…. Very sorry to say…!
Look who it is…the famous Eurocrat, who himself was NOT i quote NOT elected by the people but by the famous “Club of Thieves” based in Brussels.Does he think that we don`t know that he has one of the highest pension funds in Europe if not in the World ? Shame on you Mr Barroso…whilst you were there you syphoned your own country of funds and sold your country down the river,too.I thought you would be honourable enough to sit at home in your slippers sipping whisky and port and be quite, surrounded by all the sumptuous,grand,opulent,extravagant,lavish luxuries at home,that you stole from not only your nationals but also from the european people.But no,you want more.I call that the height of greed,just like your disciples are still exercising in the European Parliment today,whilst all of us workers still fund your lifestyle.You prick,scumbag.
It seems was unethical what he did to Portugal and after that to admit that there were critical errors.
Maybe, I dont know… Because corporate bussines is already over represented. Barasso used to be a marxist, he switched asap when he got a lil’ chunk of that good ol’ bank money… Money does make the world go round, afterall…
Of course – we dont need more corruption!
Union european are unethical!
Melting face, melting moral
This guy is the shame of Portugal. His wife died few weeks ago, i ask myself: why his wife???
LOL — ALL OF THEM ARE MUPPEST OF THE BANKS…Do you think the people of Europe dont know that????
An awful lot of EU politicians are really just bankers on a sabbatical from their real jobs.
How can anyone expect the EU to seriously tackle GS, when everyone with any power in Brussels knows that a great job awaits them at 133 Fleet Street if they do the right thing by GS?
Yes. Ναι. Ja. Oui. Si.
Without a doubt!
Of course not for them !
The group in key positions today all coming from good families and in their youth , were members of extreme communist factions as Maoism, Stalinism, Marxism. Therefore all went well for them and as usual were promoted to their level of incompetence.
100% unethical
What EXACTLY is “Ethical “?
Is your question philosophical in nature? Or are you asking for the definition of ethical?
EU in corrupt shocker! Remainiacs in head in the sand shocker! So funny Remainiacs are wishing the UK collapses post-Brexit when it will be the EU that disappears up it’s corrupt aristocratic fake socials bum first.
I don’t believe that people dealing with money+power+politics are especially ethical……
What a load of barroso bolloxs – same as Blair after he left government – all just a bunch of corrupt corporates looking after themselves – greedy bastards
When banking profits the wellbeing of a country’s people, and depositors savings or tax payer money are used to bail out private banks, unethical hirings and firings are inevitable in such system that serves profit before humans and their suffering.
Ethics and ethical are among the words that were omitted in his dictionary.
Lol
Yes. Why do you even have to ask?
I think is clear, being an EU official, Barroso was in contact with all information not disclosed to other people not having advantages of such a job. Is like a position of insider, and a door open to trafficking personal relationship to influence decisions related to advised companies.
The EC is full of those…
It’s unethical that we don’t dissolve the EU and jail all of those who caused this crisis. Barroso just shows the real face of EU.
Of course it is unethical. And shameful.
Another EU crook
Yes, but what`s the point?
Together with Mario Draghi runs the GS the EU.
The whole EU is disgrace towards the population.
Every bit of European common feeling is gone, so?
I expect Rutte and co to have a excellent paid job ahead too, in Brussel or GS.and the citizens?
Who cares as long as they pay taxes and hand over the Dutch pensions.
a crook at his best…all members of goldman schacks should go to jail, all…tha planet will be safier
Is this a joke?
Ethics and politicians? Is like banking without greed, does not exist.
Yes
Unethical was that this piece of s…t was president of E.C.
The crucial question isn’t if it was unethical (as it clearly was) but rather why this behaviour is permissible and legal?
YES
It’s unethical only if Barroso cannot guarantee another similar position for Juncker in a few years. Preferably one with pretty female staff and plenty of champagne.
And no former politicians should ever be allowed to go work for the Electricity companies or natural gas companies that supply us……hence we have the large taxes added to pay their salaries….. Agreements they place while in office….. WAKE-UP
Of course it was!
who is who to talk ethics on modern times? or goldman sachs is somtehing to moralize on?
Yes ! It was absolutely !!anyway it is clear that corporations influence deeply the EU institutions !!!
Well… when people will understand that USA rules the world !
Yes. Yes. Yes. More than unethical. Disgusting.
For a marxist nothing is unethical.
Maoist, federalist, elitist scumbag!
he is scum
Yes, this is unethical, because he has inside information about the Eu and the commission, because of that this bank bought him.
Not surprised ! Always a bloody lier 💩
Ethical!?
That word doesn’t belong in his dictionary, do you remenber Lages Summit before Irak invasion?
Worst than all this was the fact that Mr. Barroso was co-responsable with the criminal plot build by Bush and Blair to attack a State Member of the UN, the Iraq. Barroso should be accused of conspiracy and presented to court in Den Haag.
Goldman Sachs is a fraudsters paradise. Anyone who is part of it or connected to it is as bent as a nine bob note. So, Barroso, is exactly where he belongs, amongst his pals who have been robbing the people for decades.
Who is the Blair creature still steeped in the shite with? JP Morgan? Barroso and Blair are the same satanic breed.
http://www.huffingtonpost.co.uk/2014/01/06/tony-blair-fortune_n_4547935.html
And here Blair facing his accuser.
https://www.youtube.com/watch?v=JR9AGdKOLb4
All EU politicians are unethical. From those promoting illegal migration, islam to those who go to Brussels to clock in and leave so they can claim their ludicrous salaries. To those who like Barroso then go work for corporations they were supposed to control. Corruption is EU.
It’s who you nose!
Dumb question to start with. More EU failure.
It is more than unethical, The EU it´s nothing but a Criminal Organization
Is this a trick question?
Is this a rhetorical question?
It is unethical that Goldman Sachs is still allowed to exist after having gloriously failed to predict the 2008 crisis.
Yes
Yes, it is…
Υπάρχει κάτι/ κάποιος ηθικό/ς στην Ένωση για να είναι και αυτό;
Unethical and Barroso are synonyms!!
Sim.
This is an obvious example of conflict of interests and it is an ethical problem in the political world. We must stop pretending that being a politician it’s a normal job with the only point of making money. They represent us not the private interests! Yes, then can make it look and be legal, but not ethical.
he is a career man after all….if you have to leave a position because your term has come to an end, what do you do with the rest of your life? you can not expect him to stop seeking employment… he must however stop interfering with EU affairs and focus on his new career… end of….
A job is a job but there’s a good chance that this job will enable much more activity in lobbies inside the EU institutions and in member state’s parliaments. Unfortunately our politicians in both levels so far avoid to do their real job: that of the civic servant. By doing this mr Barroso has opened a venue that presents the possibility to further harm the EU and as an extend its members, so yes in a way it is unethical and anti-european.
As long as there has been no breach of contract or law I don’t see the problem. It is just another job for him.
Yes, but if for no other reason than to assuage fears of the general public, the possibility of breaches of law need to be thoroughly and openly investigated.
Of course it was … but who cares :( Wonder euro renaissance chances with Two insiders …?