Friday, July 15, 2016

Hollande vs. Barroso: The Pot Calling the Kettle Black

RexxS WikiMedia Commons
French President, Francois Hollande, has attacked Jose Manuel Barroso's decision to join Goldman Sachs "claiming that the former EU commission president’s “morally unacceptable” move demonstrated the need to rein in finance." according to The Financial Times

".....Mr Hollande highlighted Goldman’s role in arranging contentious derivatives trades for Greece, which helped Athens massage its public finances at a time when Mr Barroso led the commission. He also noted the bank’s involvement in the US subprime mortgage crisis almost a decade ago. “And we learn a few years later that Mr Barroso is joining Goldman Sachs? Legally, it’s possible,” the French president said. “But morally, and this is about the person, it’s unacceptable.”

As explained in my previous post, "Former EU President Barroso joins Goldman Sachs - Another Nail in the EU Coffin" I do agree with President Hollande. However, it's not very smart to let him be the spokesperson for these views. This same week it had been reported that Hollande's hairdresser is paid almost 10,000 euros a month, which is 166 times the price of an average luxury haircut in Paris and almost five times the average French monthly salary. Hollande accusing Barroso is a bit like the pot calling the kettle black. While European political elites keep showing this kind of behavior, populist forces will gain steam.  One almost has to wonder whether these European leaders are willfully self-destructive or have no moral backbone?

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