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Despite accepting the job after 20 months, Mr Barroso has come under fire for ignoring the spirit of the rules. WebJos Manuel Barroso Senior Adviser Biography Jos Manuel is chairman and non-executive director of Goldman Sachs International and an advisor to the firm. Personally I do not have a problem with him working for a private bank but maybe not this bank, Juncker said in an interview featured on YouTube (at 45 mins). 2023 BBC. Jun. "It's a mistake on the part of Mr Barroso and the worst disservice that a former Commission president could do to the European project at a moment in history when it needs to be supported and strengthened," he told the French parliament, referring to Europe's shock after Britain voted to leave the EU on 23 June. He was also a signatory to the Lisbon Treaty that revamped the blocs complex institutions after French and Dutch voters rejected a European constitution. "It is, at the worst possible moment, a disastrous symbol for the Union and a gift horse for the europhobes that a former Commission president is associated with the unbridled and unethical financial values that Goldman Sachs represents," they said in the document, which has since gathered over 130,000 signatures. The ethics probe was welcome news to transparency organizations on Monday, though many have criticized the Commission and Juncker for waiting more than two months to respond. The European commission president, Jean-Claude Juncker, has criticised the controversial decision of his predecessor, Jos Manuel Barroso, to join the SUBSCRIBE ON APPLE BRUSSELS (Reuters) - Former European Commission president Jose Manuel Barroso denied on Thursday he had lobbied ex-colleagues for his new employer ", "It's a very good step that they've taken, it sets an important precedent," said Carl Dolan, EU director for Transparency International. At the time, Goldman Sachs said the hiring had "nothing to do with the outcome of the Brexit vote.". LONDON, July 8 (IFR) - Former president of the European Commission Jose Manuel Barroso has joined Goldman Sachs as a non-executive chairman in its Fri 8 Jul 2016 11.09 EDT Last modified on Mon 3 Feb 2020 07.28 EST Jos Manuel Barroso, the former Portuguese prime minister and one-time head of the Financial analyst Max Keiser says this is crony capitalism and corruption at the highest level. (09.07.2016), The euro and pound have fallen as the Brexit referendum approaches in the UK. The panel can cut pension rights for any breach, but has never done so. They also believe the regulations should rule out all jobs that have a likelihood of provoking conflicts of interest, and ban all lobbying directed at EU institutions. The former president of the European commission has hit back against criticism about his new role at Goldman Sachs by insisting he will act with integrity and discretion. But the fact that the Commission took so long to act "makes it look a bit like they were forced into it. (12.09.2016), Jose Manuel Barroso is to join Goldman Sachs in London to advise it on Brexit and other European issues, two years after heading the European Commission. Barrosos move to Goldman less than two years after he left his position as president of the European Commission, a role he held from 2004 to 2014, has drawn widespread condemnation. Other former It is also fighting a court case brought by the Libyan Investment Authority for losses on trades during the 2008 financial crisis. Goldman Sachs International, which Barroso will chair, is headquartered in London and of its roughly 6,000 staff fewer than 1,000 are based outside Britain. French Finance Minister Michel Sapin told reporters on Tuesday "If you have loved Europe, you shouldn't do this to it, especially not now," adding: "But this doesn't surprise me from Mr Barroso.". "It's very hard not to interpret this move as the former Commission president swapping sides, against the EU," said Vicky Cann, a transparency campaigner for the Corporate Europe Observatory (CEO). Jose Manuel Barroso, the former president of the European Commission from 2004 to 2014, is facing accusations that he has damaged the EU's "integrity and reputation" with his decision to join US investment bank Goldman Sachs. The companys shares closed yesterday at $3.65. A top EU official has questioned the European Commission's ethical standards over the new role of ex-Commission President Jose Manuel Barroso at US investment bank Goldman Sachs. Jose Manuel Barroso is to join Goldman Sachs in London to advise it on Brexit and other European issues, two years after heading the European Commission. France calls on former European Commission head, Jose Manuel Barroso, not to take up job advising US investment bank Goldman Sachs on Brexit. He was first elected to the Portuguese parliament in 1985, and held positions including state secretary for home affairs, state secretary for foreign affairs and cooperation, and minister for foreign affairs in successive governments. All rights reserved. Barroso served as EC president from 2004 to 2014, and before that was prime minister of Portugal from 2002 to 2004. OReilly in turn dismissed Barrosos account that his meeting in October with former Commission colleague Jyrki Katainen was a private matter. He replaces Irelands former attorney general Peter Sutherland who left in May 2015 and whose position had been temporarily filled by the Swedish businessman Claes Dahlback, another non-executive director. Barrosos role at Goldman sparked controversy in France, from the far-right leader Marine Le Pen and also the countrys Europe minister, Harlem Dsir, who said the EUs conflict of interest rules needed to be tightened. Ex-commissioners are free to take up a new role 18 months after leaving. Our Standards: The Thomson Reuters Trust Principles. Though the EU's transparency rules cover meetings with lobbyists, they don't apply to meetings with special advisers - meaning any such meeting is unlikely to be recorded by the Commission. Barroso served as president of the commission, the EUs executive arm, from 2004 to 2014 and was prime minister of Portugal from 2002 to 2004, Goldman said in a statement. I think Jos Manuel Barroso is an honest man and he is a friend. They want action to be taken against Barroso for joining Goldman Sachs, a bank that helped Greece hide the true extent of its budget deficit and sold toxic subprime mortgage products in the run-up to the 2008 financial crisis. Goldman Sachss GS, -1.52% stock managed to eke out a gain of about 0.8% this week, but thats only half the 1.6% rise this week of the Dow Jones Industrial Average DJIA, -0.65%. I have never sought a privileged position but I would not expect to be discriminated against, Barroso said in his letter, adding that he wanted to know how a decision about his position had been made. In an exchange of letters with OReilly, published by the Ombudsman on Thursday, Barroso accused her of mounting a thinly veiled ad personam political attack. Former Portuguese PM and head of EU commission will help Wall Street firm deal with fallout of Brexit vote in non-executive advisory role. Reporting By Lawrence White and Andrew MacAskill; Editing by Rachel Armstrong and Elaine Hardcastle. Media Contact: Fiona Laffan Tel: +44 (0) 207-774-9649, Investor Contact: Dane Holmes Tel: +1-212-902-0300, Copyright 2016 Goldman Sachs, All Rights Reserved. Brexit fallout the economic impact in six key charts, Original reporting and incisive analysis, direct from the Guardian every morning, 2023 Guardian News & Media Limited or its affiliated companies. LONDON, July 8 (IFR) - Former president of the European Commission Jose Manuel Barroso has joined Goldman Sachs as a non-executive chairman in its international business and adviser to the wider group. ", Commission took too long to act: transparency campaigners. (modern). Read about our approach to external linking. A petition against the appointment by Goldman Sachs of former European Commission president Jos Manuel Barroso has attracted more than 76,000 signatures. Brussels was reeling at that time from Britons vote to quit the bloc just two weeks earlier. Jos Manuel Barroso Appointed Non-Executive Chairman of Goldman Sachs International and Advisor to Goldman Sachs 05 Jul 2016 Goldman Sachs Fixed Income Investor Conference Call The European Commission is seeking "clarifications" from its former president, Jose Manuel Barroso, about his controversial job at Goldman Sachs. He also assured the ombudsman that Barroso would be treated as a lobbyist when received in Brussels, not as a former president. Mr Barroso has come under fire for taking up a job advising a major bank on Brexit, Mr Barroso's knowledge of the EU will help him in his new role, French Trade Minister Matthias Fekl tweeted "Doing citizens a disservice, self-service at Goldman Sachs: Barroso, shameful representative of an old Europe which our generation is going to change. Barroso joins Goldman Sachs as the investment bank is not only tackling Brexit but is also facing questions about its involvement in BHS, the retailer that collapsed in April. Mr Barroso has said he hopes to bring his EU experience to bear as the bank's London operation deals with Britain's imminent negotiation of withdrawal from the EU. Read more Goldman Sachs, US settle for $5b over bunk mortgages sold in run-up to 2008 crisis "The Commission has been pushed on the back foot on this by public opinion, by the various petitions, by [members of the European Parliament] and by some very robust comments by the European ombudsman, who's been very proactive on this. Barroso, however, hit back at the criticism, insisting he would act with integrity and discretion in his role. In July this year, the US bank Goldman Sachs announced it hired Barroso as an advisor on Brexit and non-executive chairman. BRUSSELS (Reuters) - Former European Commission president Jose Manuel Barroso denied on Thursday he had lobbied ex-colleagues for his new employer Goldman Sachs, hitting back at what he has called a personal political attack by the EUs ethics watchdog. ", Dolan said the work of the ethic committee will need to be "swift and transparent," and he stressed that the group's minutes, advice and opinion should be published as soon as possible - "within the next two or three weeks.". Some staff from European Union bodies have reacted with fury to the appointment, denouncing their former bosss behaviour as morally reprehensible. Former European commission president dismisses claims his new job broke ethics rules as baseless and discriminatory. But the rules also stipulate that commissioners are obliged to act "with integrity and discretion" after their time in office, something that many contend the former Portuguese prime minister has failed to do. Juncker later doubled the cooling off period for himself and successors and asked the ethics committee to look at Barrosos move. As president of the EC, I was leading an overall effort of regulation and supervision, including the creation of banking union in the euro area, to bring back stability, credibility to the financial sector, Barroso told the FT. Before taking the EC role, Barroso was prime minister of Portugal between 2002 and 2004. I have never sought a privileged position but I would not expect to be discriminated against, Barroso said. "It will just compound the already high level of European skepticism that we already see.". See here for a complete list of exchanges and delays. LONDON (Reuters) - Goldman Sachs GS.N has hired former European Commission President Jose Manuel Barroso to be an advisor and non-executive chairman of its international business, the U.S. bank said on Friday, as it grapples with the fallout from Britain's exit from the European Union. What I know for sure is that on both sides it will be intelligent and wise to have a fair negotiation, he told the FT. Nobody wins from a confrontation., He said he would attempt to mitigate the negative effects of the referendum result. I have not been engaged to lobby on behalf of Goldman Sachs and I do not intend to do so.He accused Juncker of discrimination by warning Barroso he would not be received in EU institutions as a former president, but as an interest representative subject to the same rules as other lobbyists. (21.06.2016). The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and individuals. 27, 2023, 02:46 AM Barclays analyst Jason Goldberg maintained a Buy rating on Goldman Sachs Group ( GS Research Report) today and set a price target of $437.00. I am very clear about my ongoing responsibilities to the European institutions and naturally I will maintain my commitment to act with integrity and discretion, he said. WebJos Manuel Barroso Appointed Non-Executive Chairman of Goldman Sachs International and Advisor to Goldman Sachs. Goldman Sachs was one of the organisations that knowingly or unknowingly contributed to the enormous financial crisis we had between 2007 and 2009. I have not been engaged to lobby on behalf of Goldman Sachs and I do not intend to do so, Barroso said. However, the ex-chief would also still be bound by EU rules of professional secrecy at his new job, according to the 28-member bloc. LONDON, July 8, 2016, Goldman Sachs International In a letter to Juncker, Barroso said he was not being employed as a lobbyist nor as a special adviser on Brexit. The controversy has resurfaced as Juncker faces his own troubles. (modern). Some EU politicians are demanding Barroso be sanctioned for accepting the new position. The recent decision to hire Jos Manuel Barroso as non-executive chairman of Goldman Sachs International might take longer to bear fruit. Read about our approach to external linking. France has called on the former head of the European Commission, Jose Manuel Barroso, not to take up a job advising US bank Goldman Sachs on Brexit. He joined Jos Manuel has been awarded numerous honorary degrees and has received more than 60 decorations, prizes and honors, including Portugals Gr-Cruz da Ordem Militar de Cristo and Grande Colar da Ordem do Infante Dom Henrique. A Commission spokesman said it would consider her report and reply within her three-month deadline. We have very strict and very comprehensive requirements., Additional reporting by Sinead Cruise in London; Editing by Edmund Blair. In 2002, he was elected Prime Minister of Portugal and in 2004 was nominated as President of the European Commission. She also cited the public outrage sparked by the appointment, referring to a petition by EU staff calling for "strong exemplary measures to be taken against Barroso, whose behavior dishonors the European civil service and the EU as a whole." On behalf of the EU, Jose Manuel received the Nobel Peace Prize in 2012 and gave the acceptance speech together with the President of the European Council. Banks have warned that if their British outposts lose their passports they will have to move some employees and business units to alternative bases in the EU. She pointed out that Juncker could have taken the decision back when he first heard of the news from Barroso, but instead "he chose to sit on his hands for two months. As of Monday, the petition addressed to the three presidents of the European institutions had collected nearly 140,000 signatures. The European Parliament and the Ombudsman are reviewing complaints after last months surprise promotion of his chief-of-staff to run the Commissions civil service. Barroso, a former Portuguese prime minister, ran into furious criticism, including from Juncker, when he joined the U.S. bank in July 2016, less than two years after leaving an EU executive that eurosceptics branded out of touch with voters. What losses did Russia suffer in the Wagner revolt? He told the Financial Times () that one of the most difficult elements in the UKs Brexit negotiations would be over passporting rights the ability to trade from the UK across to what will now be a 27 nation bloc. The current EU Commission head was responding to a request by European Ombudsman Emily O'Reilly, who is in charge of maladministration inquiries in the EU administration. Of course I know well the EU, I also know relatively well the UK environment, Barroso said. VideoThe endangered languages that are fighting back, When Miss World's arrival in India ignited protests. He has been critical of the behaviour of banks. Despite accepting the job after 20 months, Mr Barroso has come under fire for ignoring the spirit of the rules. He joined All quotes delayed a minimum of 15 minutes. UKs shock vote to leave the European Union. He is also visiting professor at the Catolica University in Lisbon and at the University of Geneva and the Graduate Institute of International Relations in the same city. The French government has called on former European Commission chief Jose Manuel Barroso not to take a job with Goldman Sachs, Reuters reported. See here for a complete list of exchanges and delays. He stayed at the helm of the EU's executive branch until 2014, wrestling with the consequences of the 2008 financial meltdown and the subsequent debt crisis that engulfed the continent. Our Standards: The Thomson Reuters Trust Principles. The European commission president, Jean-Claude Juncker, has criticised the controversial decision of his predecessor, Jos Manuel Barroso, to join the investment bank Goldman Sachs. A All quotes delayed a minimum of 15 minutes. "This should have been the first thing they did when this case first came to light," said Cann, of the COE. Ex-Goldman Sachs trader convicted 00:30 Portugal's Left Bloc leader Pedro Filipe Soares has slammed Barroso as part of a European elite that "knows no shame." The petition says he should be stripped of his EU pension and other perks awarded to former leaders of the institution. In a letter to Juncker, Barroso said he was not being employed as a lobbyist or adviser on Brexit and that the bank had intended to appoint him before the vote to the leave the EU. Jos Manuel Barroso says he will maintain his commitment to act with integrity and discretion. We look forward to working with him as we continue to help our clients navigate the challenging and uncertain economic and market environment, they said in a joint statement. "I think the main deterrent here is actually Mr. Barroso's reputation. LONDON, July 8, 2016, Goldman Sachs International today announced the appointment of Jos Manuel Barroso as non-executive chairman of Goldman Sachs International (GSI). European commission rebuked over ex-chief's Goldman Sachs job, Juncker questions Barroso's decision to join Goldman Sachs, Barroso hits back at Brussels over inquiry into Goldman Sachs role, Juncker asks EU ethics panel to investigate Barroso's Goldman Sachs job, EUethics watchdog intervenes over Barroso's Goldman job, Barroso's new job puts Brussels elite in a tight spot, EUstaff petition attacks Barroso over Goldman Sachs job, French government urges ex-European commission boss not to take bank job. Prior to his political career, Jos Manuels academic positions included visiting professor at Georgetown University. Jose Manuel brings immense insights and experience to Goldman Sachs, including a deep understanding of Europe, said Michael Sherwood and Richard Gnodde, who co-head the international business, in a statement. "Mr. Barroso's move has generated concern at a very challenging time for the EU and particularly in relation to citizen trust in its institutions," she wrote. LONDON (Reuters) - Goldman Sachs GS.N has hired former European Commission President Jose Manuel Barroso to be an advisor and non-executive The co-heads of Goldman Sachs International, Michael Sherwood and Richard Gnodde, said that Barroso had been hired for his understanding of Europe. Juncker added that his team would send Barroso "a letter asking him to provide clarification on his new responsibilities and the terms of reference of his contract, on which I will seek the advice of the (Commission's) Ad Hoc Ethical Committee.". Jos Manuel remained in the Presidency for two 5-year terms, where he played an influential role in the passing of the Treaty of Lisbon, responding to the financial crisis and incorporating new members in the European Union, as the EU went from 15 to 28 countries between 2004 and 2014. Jos Manuel has been awarded numerous honorary degrees and has received more than 60 decorations, prizes and honors, including Portugals Gra-Cruz da Ordem Militar de Cristo and Grande Colar da Ordem do Infante Dom Henrique. Juncker said he objected to Barrosos decision to work for Goldman because of the US investment banks role in the financial crisis. French Europe Minister Harlem Desir called the move "scandalous" and said it raised questions about the EU's conflict of interest rules. Goldman Sachss GS, -1.52% stock managed to eke out a gain of about 0.8% this week, but thats only half the 1.6% rise this week of the Dow Jones Industrial Average DJIA, -0.65%. Ombudsman Emily O'Reilly said adhering to technical rules did not absolve former staff of a wider duty to show integrity. Much of the recent negative sentiment around this issue could have been avoided if the Commission had at the time taken a formal decision on Mr Barrosos employment with Goldman Sachs, OReilly said in a statement. ", "It is, at the worst possible moment, a disastrous symbol for the EU and a gift horse for the europhobes that a former Commission president is associated with the unbridled and unethical financial values that Goldman Sachs represents. Still, the news of Barroso joining Goldman Sachs sparked outrage across the continent, as many still hold the bank responsible for the 2008 crash. WebLONDON, July 8, 2016, Goldman Sachs International today announced the appointment of Jos Manuel Barroso as non-executive chairman of Goldman Sachs International (GSI). Two months after former EU Commission head Jose Manuel Barroso announced his new position at US banker Goldman Sachs, the EU is investigating whether the job meets ethical standards. Jos Manuel Barroso, who was president of the commission for 10 years until 2014, was in July named chairman of Goldman Sachs International, the banks UK and European operations, in a move that sparked anger among commission staff. Dolan believes there's a good case to be made against Barroso for breach of integrity or discretion, and thinks financial sanctions are a possibility. See here for a complete list of exchanges and delays. Juncker asks EU ethics panel to investigate Barroso's Goldman Sachs job, Original reporting and incisive analysis, direct from the Guardian every morning, 2023 Guardian News & Media Limited or its affiliated companies. On Sunday, European Commission President Jean-Claude Juncker announced he had ordered a probe into Barroso's new role at Goldman Sachs - the institution with strong links to both the 2007-2008 financial crisis and the Greek debt debacle, which destabilized the euro currency - to determine whether Barroso had breached EU ethics guidelines. A group of anonymous EU staffers launched a petition demanding Juncker to take "exemplary measures" against Barroso. Jos Manuel Barroso, who was president of the commission for 10 years until 2014, was in July named chairman of Goldman Sachs International, the banks UK Goldmans role in financial crisis leads president of European commission to criticise predecessors choice of job. An anonymous group of workers launched a petition calling on Barroso to forfeit his pension for bringing the EU into disrepute by joining Goldman Sachs. "This is the result of public pressure," she told DW. "We don't need this - absolutely not. These claims are baseless and wholly unmerited. During his final period of tenure at the commission, Barroso was critical of David Camerons handling of the EU and the prime ministers ambitions to impose a cap on immigrants from eastern Europe. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world. Mr Desir drew attention to the ill-timing of the job with Goldman Sachs. Jos Manuel Barroso, chairman of Goldman Sachs International and former president of the European Commission, weighs in on the economic relief package In 1999, he was elected president of the Social Democratic Party and became the leader of the opposition. Matthias Fekl, France's foreign trade minister, tweeted: "Serving the people badly, serving yourself at Goldman Sachs.". Barclays analyst Jason Goldberg maintained a Buy rating on Goldman Sachs Group (GS Research Report) today and set a price target of $437.00. The bank hired Mr Barroso as an adviser and non-executive chairman of its international business, with a brief of advising the bank on the consequences of Brexit. All rights reserved. European authorities opened a probe to determine whether Barroso had broken ethnic guidelines, EU's Jean-Claude Juncker said. The watchdog found no ground to object in late 2016 but the Ombudsman launched her own inquiry last year. Former European Commission chief Jose Manuel Barroso, who was complicit in helping Goldman Sachs defraud the Greek economy, is now taking a job with the company. France has called on the former head of the European Commission, Jose Manuel Barroso, not to take up a job advising US bank Goldman Sachs on Brexit. The petition has been signed by almost 145,000 people. Jos Manuels academic positions have included visiting professor at Georgetown University and visiting professor of International Economic Policy and policy fellow at the Woodrow Wilson School, at Princeton University. If my advice can be helpful in this circumstance Im ready to contribute, of course.. The European Ombudsman has called for the EU to tighten rules on commissioners taking appointments after leaving office. Noting Junckers changes to the code of conduct, he said. In light of that meeting, OReilly recommended the Commissions watchdog determine whether his new employment met the obligation for former commissioners to act with integrity and not damage the EUs image. Additionally, experts criticize public officials for using their contacts and inside knowledge in the private sector, creating room for conflict of interest. A storm of protest has erupted in his home Portugal and in France. Barclays analyst Jason Goldberg maintained a Buy rating on Goldman Sachs Group (GS Research Report) today and set a price target of $437.00.

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