The news that Mark Carney, Canada’s central bank cheif, will replace Sir Mervyn King as the Governor of the Bank of England has had a mixed reception. Immediate thoughts might be ‘what a cracking CV, he seems very qualified for the job’, or instead ‘seriously, no one British wanted this role?’
Whatever your stance on his qualifications or suitability for the role let us remind ourselves that he has just been granted the most powerful non-elected role in the country and on his CV in the work experience section in big bold letters, spanning well over 10 years, is previous employer ‘Goldman Sachs’…
His nationality may be a concern to some people, but I’d like to focus on his career history. Clearly the man is qualified to run a bank, and not just any bank, THE bank of England, the crux of our financial industry in this country.
What’s more, he has an outstanding ‘international pedigree’ (he chairs the financial Stability Board – executive arm of the G20). In fact he took on this role after his buddy Mario Draghi left the position. Interestingly, Mr Draghi, now head of the European Central Bank, also has Goldman Sachs in big bold glittery letters in the career section of his own CV.
It is justifiable that we, as a country, should be wary of ex-employees of this huge investment bank considering the huge black cloud of controversy that surrounds it. Allegations that Goldman Sachs helped the Greek Government mask the facts about its national debt for over a decade gives people a warranted cause for concern. Furthermore, branches of the media hailing Mr Carney as our best hope to pull us out of financial trouble may have forgotten that this world-wide crisis was certainly not helped by Goldman Sachs and friends.
But this close-knit circle of financial super-high fliers is nothing new. Antonio Borges, ex-head of the IMF’s European Department is also an ex-vice chairman of the investment bank. Petros Christodoulou, Peter Sutherland, Karel van Miert, the list goes on. There’s nothing new about Goldman Sachs employees gaining new positions of international, unelected power but for us to rejoice about the UK joining the elitist gang of the same Goldman Sachs people running the worlds finances is derisory. It completely eradicates any idea of individual countries having any of their own authority, which in turn undermines national stances and decisions.