Barroso hits back at Brussels over inquiry into Goldman Sachs role 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. Jos Manuel joined Goldman Sachs in 2016 after an established career in EU and Portuguese politics. EU seeks Barroso 'clarifications' on role at Goldman Sachs "Your predecessor's action has generated understandable international attention given the importance of his former role and the global power, influence and history of the bank with which he is now connected," O'Reilly wrote in her call for Juncker to take action. If my advice can be helpful in this circumstance Im ready to contribute, of course.. Ex-European Commission head Barroso under fire over Goldman See here for a complete list of exchanges and delays. 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. 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. The French government has called on former European Commission chief Jose Manuel Barroso not to take a job with Goldman Sachs, Reuters reported. 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. The European Commission is seeking "clarifications" from its former president, Jose Manuel Barroso, about his controversial job at Goldman Sachs. 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 WebJos Manuel Barroso is Chairman of Goldman Sachs International, Chair of Gavi, the Vaccine Alliance, and former President of the European Commission (2004-14). Barroso spent a decade managing the EU before accepting a position as non-executive chairman of Goldman Sachs International in July. All rights reserved. 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. According to code of conduct for former commissioners, Barroso was obligated to wait through the obligatory 18-month "cooling off" period before taking the job. 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. Goldman Sachs Mr Desir's attack in the French parliament was the latest in a sustained tirade against Mr Barroso's appointment, with some calling it "shameful". Goldman Sachs and other U.S. investment banks are seen as particularly vulnerable to Brexit since they rely on the EUs passporting regime that allows them to offer services across the bloc while basing most of their staff and operations in the UK. The petition has been signed by almost 145,000 people. Former Portuguese PM and head of EU commission will help Wall Street firm deal with fallout of Brexit vote in non-executive advisory role. Jos Manuel served as president of the European Commission from 2004 to 2014, and as prime minister of Portugal from 2002 to 2004. 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. Some staff from European Union bodies have reacted with fury to the appointment, denouncing their former bosss behaviour as morally reprehensible. 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. EU officials have said they will ask the former European Commission head to give details of his contract with the firm. Watch We Need More Vaccine Sharing, Says Barroso - Bloomberg All quotes delayed a minimum of 15 minutes. Mr Desir drew attention to the ill-timing of the job with Goldman Sachs. 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. The European commission president, Jean-Claude Juncker, has criticised the controversial decision of his predecessor, Jos Manuel Barroso, to join the 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. The BBC is not responsible for the content of external sites. MOVES-Barroso joins Goldman Sachs as non-executive chairman In 1999, he was elected president of the Social Democratic Party and became the leader of the opposition. Wagner's network in Africa faces uncertain future, Prigozhin's soldiers rage while others cry conspiracy, How one temple feeds 100,000 people a day. All quotes delayed a minimum of 15 minutes. 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. Read more Goldman Sachs, US settle for $5b over bunk mortgages sold in run-up to 2008 crisis 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. BRUSSELS (Reuters) - Former European Commission president Jose Manuel Barroso denied on Thursday he had lobbied ex-colleagues for his new employer Goldman Sachs Russian missiles hit 'crowded' centre of Ukraine city, Belarus leader welcomes Wagner boss into exile, Actor Julian Sands confirmed dead after remains identified, Van life is far from glamorous on LA's streets, China crackdown pushes LGBT groups into the shadows, The endangered languages that are fighting back. His pay has not been disclosed. 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. Juncker questions Barroso's decision to join 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. 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. 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. He also assured the ombudsman that Barroso would be treated as a lobbyist when received in Brussels, not as a former president. 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. 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 Still, the news of Barroso joining Goldman Sachs sparked outrage across the continent, as many still hold the bank responsible for the 2008 crash. Barroso caused outrage by joining the bank, which some say helped cause Europe's financial crisis. The European Ombudsman on Tuesday launched a probe into how the European Commission handled the news that its former president Jos Manuel Barroso had joined Goldman Sachs. Video, The endangered languages that are fighting back, Sacked teacher vows to defend 20 years of absence, French police kill teen who refused traffic stop, Pompeii archaeologists discover 'pizza' painting, NYC's plan to slice pizza emissions causes backlash, Kyiv likely to have retaken land held since 2014 - UK. (modern). Brussels was reeling at that time from Britons vote to quit the bloc just two weeks earlier. EU rules stipulate that commission officials have a duty to behave with integrity and discretion once they have ceased to hold high office. Former European commission president dismisses claims his new job broke ethics rules as baseless and discriminatory. 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. 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. 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. Barroso served as EC president from 2004 to 2014, and before that was prime minister of Portugal from 2002 to 2004. His perspective, judgment and counsel will add great value to our GSI Board of Directors, Goldman Sachs, our shareholders and our people. "This should have been the first thing they did when this case first came to light," said Cann, of the COE. 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. Jos Manuel Barroso to become chairman of Goldman Sachs "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. (09.07.2016), The euro and pound have fallen as the Brexit referendum approaches in the UK. Other former 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. ", "It's a very good step that they've taken, it sets an important precedent," said Carl Dolan, EU director for Transparency International. She said Katainen, now a vice president under Juncker, had registered it in the EU public lobbying record as a meeting with Goldman Sachs. We have very strict and very comprehensive requirements., Additional reporting by Sinead Cruise in London; Editing by Edmund Blair. Goldman Sachs Juncker later doubled the cooling off period for himself and successors and asked the ethics committee to look at Barrosos move. Goldman Sachs Group (GS) Gets a Buy from Barclays Of course I know well the EU, I also know relatively well the UK environment, Barroso said. The Most recently, he was Frederick H. Schultz Class of 1951 visiting professor of International Economic Policy and a policy fellow at the Liechtenstein Institute, Woodrow Wilson School, at Princeton University. Jos Manuel Barroso, chairman of Goldman Sachs International and former president of the European Commission, weighs in on the economic relief package 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. The companys shares closed yesterday at $312.36. 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. 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. Goldman Sachs analyst Tito Labarta reiterated a Hold rating on Banco Bradesco SA (BBD Research Report) today and set a price target of $3.20. Jos Manuel Barroso, the former Portuguese prime minister and one-time head of the European commission, has been hired by Goldman Sachs to help it deal with the fallout from the UKs shock vote to leave the European Union. UKs shock vote to leave the European Union. The panel can cut pension rights for any breach, but has never done so. The companys shares closed yesterday at $3.65. Markets Update: Europes Fiscal Stimulus - Goldman Sachs 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. Earlier this week, Juncker launched an unprecedented investigation into whether Barroso broke EU rules by taking the job. Ukraine updates: Zelenskyy slams 'brutal' Kramatorsk attack, Ukraine: Deadly Russian missile strike hits Kramatorsk, Wagner chief Prigozhin arrives in Belarus, In Zambia, postnatal depression is neglected, Bangladesh heatwave brings on crippling power cuts, Germany: Racism, antisemitism reporting on the rise, Greece: Mitsotakis takes office after conservative landslide, International African American Museum opens on historic site, Amazon rainforest study: Brazil led deforestation in 2022. Despite accepting the job after 20 months, Mr Barroso has come under fire for ignoring the spirit of the rules. At the time, Goldman Sachs said the hiring had "nothing to do with the outcome of the Brexit vote.". Barroso is credited with helping the euro zone survive the 2009-13 debt crisis by establishing a financial rescue fund, enacting stricter budget rules and tightening financial regulation. France calls on former European Commission head, Jose Manuel Barroso, not to take up job advising US investment bank Goldman Sachs on Brexit. 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. 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.
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