European Union bigwig Barroso’s Goldman Sachs scandal gets bigger

This video says about itself:

EU ethics committee ‘should move fast’ on Barroso’s Goldman Sachs job

21 September 2016

European Commission President, Jean-Claude Juncker, has launched an unprecedented investigation into whether his predecessor, José Manuel Barroso, broke EU rules by taking a job at Goldman Sachs, the bank blamed for the economic crisis sparked in 2008. Juncker’s action came after EU ombudsman, Emily O’Reilly, called on the Commission to clarify its position on the issue.

Emily O’Reilly gives FRANCE 24 her reaction to this latest development and tells us whether she thinks this revolving door between business and politics is feeding into a broader anti-EU sentiment.

After the illegal Bahamas offshore money news about European Union bigwig Ms Neelie Kroes, today again news on her ex-colleague Barroso.

Translated from Dutch NOS TV:

Former European Union Commission President Barroso in more trouble yet

Today, 14:46

The contacts of José Manuel Barroso to the investment bank Goldman Sachs date back to the time when he was still President of the European Commission. That’s earlier than he had admitted. Barroso will now work for the US bank as a consultant.

The contacts appear from correspondence between Barroso and Lloyd Blankfein, the CEO of Goldman Sachs, which is in the hands of the Portuguese newspaper Publico.

Barroso, according to the newspaper, during his presidency (November 2004 – November 2014) already had non-minuted meetings with people from the bank.


In an email of September 30, 2013 Blankfein thanks Barroso for their “productive talks” and he says that partners of the bank were delighted with the “extraordinarily fruitful meetings”. According to the newspaper executives of the bank have made on a confidential basis suggestions for changes in European policies, which were read by Mr Barroso’s cabinet with “great interest”.

One of Barroso’s advisers, according to the newspaper, was reluctant to record meetings between his boss and the bank in the European Commission’s books. Registration of such meetings was not mandatory at that time.


Barroso was discredited when it was announced that he had accepted a job at Goldman Sachs, while he should not have done consulting work with such a company after his political career according to the rules of the EC. The current committee chairman Juncker suggested this month an inquiry into the appointment, after fuss had been created about the case. Barroso may lose his pension rights.

However, Barroso’s EU pension money, though a lot, is little compared to the money he gets from Goldman Sachs.

I do not hear anyone about jailing Mr Barroso. Is he ‘too big to jail‘, like criminal bankers or polluting British Petroleum fat cats?

The bank played a major role in the outbreak of the economic crisis in 2008, on the mortgage market in the USA. The bank helped the Greek government to money through risky financial constructions.

Update 1 November 2016: European ombudsman says Juncker gives Barroso just slap on the wrist.

44 thoughts on “European Union bigwig Barroso’s Goldman Sachs scandal gets bigger

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