Monday, February 14, 2011

Former Goldman Sachs Man Early Favorite to Become Head of ECB

Now that Germany's Axel Weber has signalled that he is not interested in becoming head of the European Central Bank. Italy's central bank chief Mario Draghi is considered the early favorite to get the post.

Draghi has been governor of the Banca d'Italia since January 16, 2006. In this capacity, he is a member of the Governing and General Councils of the European Central Bank and a member of the Board of Directors of the Bank for International Settlements. He is also governor for Italy on the Boards of Governors of the International Bank for Reconstruction and Development and the Asian Development Bank. In April 2006 he was elected Chairman of the Financial Stability Forum, which became Financial Stability Board in spring 2009.

He was vice chairman and managing director of Goldman Sachs International and a member of the firm-wide management committee (2002–2005).

Bottom line: An insider's insider. The banksters will sleep well if he becomes ECB president.

Jean-Claude Trichet's current term as President of the ECB ends October 2011.

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