Monday, May 09, 2011

Europe bows to the money guys too

Regularly it reported in our newspapers how powerful the financial sector is in the US. And we like to think that Europe is doing better. After all we don't have the multi-million dollar election campaigns that are largely financed by the business community.

Two recent reports undermine this impression:
- an investigation group on "transfer pricing" (one of the most popular tricks to evade taxes in the EU) was mostly manned by people from tax evading companies and their advisors.
- the most probable candidate to succeed Trichet as president of the European Central Bank is Mario Draghi. At the moment he is head of the Italian Central Bank but previously he worked for Goldman Sachs, the most dark force in the recent financial crisis.

Europe has always been business dominated as there is little interest from the citizens. But the present domination by financial interests doesn't bode well as their interests don't align with those of the European citizens.

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