Matt Taibbi is not impressed with the Bank of England’s decision to hire a former Goldman Sachs employee for the top job:
Big news yesterday in the United Kingdom, where the citizenry surveyed its domestic banking system and discovered that it couldn’t find a single person trustworthy enough to put in the top job at the Bank of England. So they went to Canada and stole that country’s central banker, Mark Carney, who just happens to be a former Goldman, Sachs executive – he was once Goldman’s managing director of investment banking…..
Mark Carney is no Elliott Ness, brought in from the outside to clean the streets of Chicago. Instead, he’s another Geithner-esque character who will almost certainly prefer a hands-off regulatory approach, and seems to view the power of the government and the central bank as being necessary mainly to help bolster public confidence in the banking system. He’ll likely be another central banker in the mold of Ben Bernanke, who’s used endless rivers of cheap loans and money-printing programs like Quantitative Easing to keep floating corrupt banks all night long, for as long as they want to keep playing the roulette table.
The UK is still in the doldrums – it barely came out of a double dip recession and is at risk of a triple, so hiring someone who will follow the same deregulatory philosophy that caused the banking system to collapse seems like a pretty silly idea. But then the Conservative government has stubbornly stuck to austerity measures since getting into power in spite of the disastrous results, so it should come as no surprise that chancellor George Osborne went to great lengths to get Carney in.
Ben Cohen is the editor and founder of The Daily Banter. He lives in Washington DC where he does podcasts, teaches Martial Arts, and tries to be a good father. He would be extremely disturbed if you took him too seriously.