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.1,/Avro ro dpyo rou geoU": ov xor unori0erqt 611 4rov<< l\oordo, q roupdwo ouq rou npo66pou KotyevrKo0 6€u-Suvrn rnq Goldman Sachs, rou A6rw Mni ovrgdrv, ouvoqr(errnv orioreurn, rnv un6pUerpn 6iqro yro e[ouo(o nou dler 4 Tpd-ne(o, q erorpe(o 6nl,o6i nou rupepv6 rov r6ogo pe qn6trurn

trrucrrr6r4ro. flio<o on6 tov v6po qg ouorqq, nou rove(q 6evr6lgqoe vo ondoet on6 rqv qUdpo rnq i6puonq rnq ro 1869,pnope( 6poye 11 Goldman Sachs, ri 4 GS, 6noqq Mve orl N5oY6prn n qro Ifur rou Aov6(vou -rrg 6rjo peydrwepeg Xp4go-royop6q rou r6otrrou-, vo rupepvd, or' oNi0ero, tov nl,ovirn;Kot, ov vor, ylq norov )r6yo ror pe norov rp6no;

H Kpbn nou [donooe ro g0w6ntopo rou 2008 -KpoX rouXp4ponm4p(ou, orxovoprr{ Ugeorl- err6\euoe rrlv GoldmanSachs, q onolo qrov ogovrlg p6Xpr rr1 ortyp4 axeivq, orrlv nprir-14 oeX6o t4g enrropdrrpog. An6 q pro Udpo ornv di,l.q, ou-yrexpq6vo rq vUxro rnq 15nq npoq rn 16rl :snrepBp(ou 2008,o r6ogoq ovordtrutle rrlv 0nop(4 owoti rou t6pUpcnog nouoron6 61er vo xdver ro "6pyo rou Oeori'. Me 6Nto lt6yro: e(vorereivq nou rupropXe( orqv noyr6ollo orrovog(o. Ie xdnoro 6r-oercnoppOpto rtov 6roercnoggup[rov 6ol6pro 6nlo6i...

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12 I HTPANEZA

yto ndwo orn pvr1g4 1.roq- 4 Goldman Bp(oKerot noworj: ornvnrdrxeuon rnq rpdneqoq Lehman Brothers, or4v el,\r1vu<r] rp[-o4, or4v mtioq rou eup6, ornv ow(qroon rng orrovop(og oeonorobinore pfeprsn, orn Xpqucno66rnon rov rI €rug6rov,

U6Xpr Kor orn gofp4 xqAi6o orov K6trno rou MegroU.Xdpq orqv dpeuvd goq -ror roOtirg npolopo0oov or ono-

KoIf qJerq oxerKd ge rrq Unomeq uno06oeLg crrq onoieg ow6go g4propevog o0<oq Bp6enKe ovoUeperygdvog-, 6neoe e<oq Koroe uno06oerq rou nopele6woq: qrnv rep6ooronio n6vto oqvrrgf rou nerpeho[ou, cq 6rlgroupy(o Btop4Xovtrdrv povono-tr(rov, orrlv ovortlKloon nlnpogopr<irv mo Xpqgoroou<ovo;.ux6o0orr1po, orrlv rUgLooq rov opldrv eMyXou xor mrg enriv-6uveq ox6oerq Ue roug enr6pope[q, rouq ̂ Ey6uevouq raiders.

flpdypmr, n Goldman Sachs xouvd ro nr6vro rrlg orrlv no-yr6ogro oroxuipo, 6roU6oou ev6q onopdprl,\ou dtrrriou enLp-poqg, to ono(o grdver 6<o9 rouq paydtroug 6e0ve(g opyovr-opo0g. O ohog 6rorre( pro oworpcrop(o or4v onoio o (fuoq 6ev6tier nor6.

Koe6q ro ;.r6vo nou t4v ev6rogriper efuor 11 60vop[ r4q, 11eroLpe(o dler cgr]oer rouq ouvoro€npmtogo0q: nepLgpovrirwoqor6go ror rr1 mor1erc66r1 40x4 rrlg enrleprlpcmn]g (orqq, 5Xerrotqyopq0e( 6l np66<ooe ror rouq (6roug rrlq rouq nel,6req -

dppeoo ror rq 6u<69 oog enev60oerg, oyonqro( ovoyvdroreq!Eno(peror 6p<og 6rt dXer opX6g r<or 40x6 r66xo: e(vor n BiBloqGoldman, nou r4v nopo86roupe mo r6trog rou prpl,(ou, npo-reqrdvou 4 ntr4poq6pr1or1 vo e(vor nluipqg.

fldwrog, 11 Tpdne(o noi(er ror rep6[(er: o0;.rgrovo pe rougenrrpm6g r4q, n Goldman 6ev eivor nl,6ov nopd 6vo xep6o-orontr6 ro(ivo noyr6ollog xl(goroq, nou nowdper orouq nd-weq rot oro ndwo. Mnope( dpoye xor vo Xpeoxorqoer;

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H rorop(o rrlg Goldman Sachs eivor, orrlv npoygorxdrqro,dvo yo4reurrr6 ror dypto oxovopr6 Opi\ep. OS orovogx6qouw6rrrlg, 6ro6oxrKd orn N6o Y6px4, mtg Bpuq6^Ieq, ornvOudoryrrov xor oro Aov6(vo, npoono0o0oo ouveXdrg vo Koro-trdBo n6q l,€rroupye( qur6 ro g6ou6o rou 1p{pcnog.

Opycirvowog rov nlovnrn, yro vo onorun<ioor nq peydtregorrovogxdq uno0doetq rrlg enopjg pog, ouvdvrqoo toug Bo-oro0q nptoroytovtor5g ouqg rqq obfooerog, on6 rov Po0neprMdpwoX C<og rov Xdvpr fl6)roov, on6 rov Aorolri Mtrdtrioq rovT(6rgq l-x6trwo1rt0, on6 tov )r6p6o Mnpdouv 6o9 rov P6pneprMdqyoueL Kor rov Piroopw Mnpdvoov. Iuvdvnloo ero(poug-6toXeprcrdg rng Goldman Sachs on6 14 Ndo Y6pr4 xorro Aov-6(vo g6Xpr ro Xovyr Kovyr xor ro [1opior.

To (erMlgo qq 6awapqg nopopovrlg gou mo Aov6(vo ou-v6neoe Ue ro nep(gr1po gnryr gnovyK rou :[rr, ro I 986, ro ono(o6vor[e rq nfl,eq rou oe qdvo XpnUoronroromd r6p0goro. Ei6o pe norov rp6no n Goldman Sachs dpole, opyd otrtrd oro-Oepd, n66t np<6ro oro novbivo Kor 6netro oe ol6d\npn rnv Eu-pdnq. 'Ercrore, o trrovo6x6q ow6g opyovrolr6g rnov nop<irv mrgxoMq xor ortq ror6q orryg6q rou noyx6olrtou Xp4pmoomovo-!rKo0 ouornUoroq, orouq Klu6ovropo0q rou Xpqgorroqpfou,oqv drpq[r1 r<ov XpnUqroorKovoprdlv npoi6wtr.rv, cr4v re;yo-troytr4 enovdmooq xoL oro e[togpevrrd pn6vouq.

O NrqB(w we Porol]rw elvoL np6ygmr yo4rewtr6g, ge ow6rop6vrgo Xog6yeLo. Ero neptBdl.\ov rtov peydLtov ooprop6pr,rvrnq uqrnlnq rpqne(rxrig, ow6g o o0yXpovog norp(rrog 6ro0d-reL ro.l.ooJvr1, euydvero xor rogr{r6rrpo (oX, ow6 ro donpo po-wttrdxt orrlv rodrq !). Mernv Koeoonp6ner guoroyvrop(o rou, oorro6eon6r4q gog 0o pnopo0oe vo e(vor onl,6q 6voq xtroorx6g

14 / H TPANEZA

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Xpnotponornoouue ourn rnv r6roftepn y^6qoo, Ufiqq0 yoltu-K6v Kor oyy}rKdrv, nou U oriv dvero or Poro[\w. E(vot ndvoron6 6)ro 6vog Bo0rig yvriorqg rqq otrovogtrrlg or4vr1q, rqvono(o pdltoro erorgd(eror vq eyKorolE(rlar.

flprv qn6 eKe(vo ro delnvo gog, orLq 28 Anp \fou2010,oroeortor6pto Wilton's, ro xohrirepo ecnor6pro yro rl.rdpr rou nov-6ivou, nou np<orodvor[e ro 1742, o Bqp6voq rou l[rr pe npoer-6ono[qoe: "Anogedy<o vo ;,utrdr yto roug owoyorvrcr6q poq,e(re np6Ksrror yto rrg enruXieg roug efte yro nq onoruX[eqroug". Kov6vo 6vogo 6ev ovogdp0r;xe xord 14 6rdpr<eto rrlgouv6vrrlorlg ourrlq ge tov entrego,l,riq rnq oqroo6Boornq rpq-ne(rnjq enrXe(p4or1g Rothschild rou Aov6(vou Kqr rou f]opr-otoO.

Kor 6uoq, epgnvefowog ro po06repo v6qpo exeMlq rqgoufirr1o4g nep( ov6pr<ov r<ot u6cn<ov, e(6o 6n erndr0qrov ro n6-wo -{ unovo4Orlxov- oXerxd ge ro nopomponiUcrro rov oFrovogrxriv nopoy6wov e66 roL xdnoreq 6eroadeg.

"H enovuglo Rothschild unnpqe no],6 6pooniprq qrrq 161(,)-rxonoqoerg, oMd epyoorqrope oe neproptopr6v4 r,l [goxo <oqo0ppouLor rpordrv oe 64;.roorovoprxd 06poro. Aev elvor ow6 4pootrr; ;:og nporepot6rrlro". Mto brorpmrf on6wo yro 6oouqpnopei vo rouq ogop6 ro 06po

"Aneu0uv6uoqre oe ndr6req r6r<ineg f oe entlerp4oerq nouovo(rpo0v r4v un4peolo nou Xperd(owor, eond(owoq mrlv

40x4, or4v trov6rryo Kor orov enoyyd\pmrop6, ouveXi(er. l-rortq emxeenoerq, n unepolfu poq ouvimmor mo vo 6[veror 4 6u-vor6r4ro oroug ovep6nouq nou edlouv vo r6vouv npdygoroqn6 xowo0 vo ro u)ronoro0v". [lp6reror yro ro peyd)ro 06gornq ofyKpouonq oupgep6w<ov nou epgotrefer orrg geydJ\eg

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enev6urrK6q rpdneEeq Kor ro onoio pyq(ver ornv enrgdvero UtTnv KobrKonorlU6vn qur{ qpdon.

"Or qyopqnoJlno(eg rirtrtov 6ev 6xouv v6qgo yr.o pto srqFpe(o 6n<og q 6xq gog. Xperd(owor peydLo [6ro re<pdtroto yto

enoyyelgorLr6g dpoorqpr6rrlreq uqrnlori Kl60vou". Nq 6vqor6po olpe(o oro onoio rrlporiwoL or onom6oetq on6ro t6p0-goro nou ro no((ouv 6)ro yro 6tro xot no(pvouv repdmLo p(oxo

ro relewo(o Xp6vro.Kord rr1 6r6pxero r4q 6peuvoq, rlpOe entr6trouq 4 ortytrr4 vo

ppeO<il owLlrerronog ge rq 60vopr1 otrr4. 'Orov ewlp6ptooo rqv

Goldman Sachs yro ro oX66L6 prou oXerrxd pe ro B$Iio, npo-rerp6vou vo 1.rou op(oouv ouvovrrloerq pern 6te0euvon, n npci-rr1 ondvr4orl rirov gdtrtrov Oenxf: "Oo oog po4O4ooupe orrl6outrerd oo9...".'Enetrq on6 eB6og66eg oLtonfq, 11 on69oo4eK66enKe, ror 6ev dg4ve neprodrpro: "Auno0uqore, otri'o 6evundpXet nto nep(mooq vo oog po40tiooupe". To ofunpd ooqonoppigOrlre, ror Xo(pere. H lpcine(o e[voL trotn6v q np6q pr1

eyrexprprdv4 Broypog(o nou er6[6eroryro rnv Goldman Sachs.Me eqofpeqn nq rpetg ouvovrrloetg rrlg re]rewo(og onY$iq Uerouq ydMoug r€rivoweg rqg Goldman Sachs, or uqrn^6 tmdpevotoq N6o Y6prq -rr1v rop6r6 rqq eropelog- xot mo Aov6(vo,6nou eivor eyroreorqg6vo ro Bootx6 xogpcnt rtov oyoponotrrl-otcirv, 0q rporrioouv ro m6po rouq xhetor6. Ot nep(nou eror6eprornoerg nou onr100uvo orov np6e6po ror yevtr6 6teuouvrnrnq fiotpe(qq n6rvr Mntrovxg6w 6pewov qvondvrnreq. To Qpo0-pro 5x,\eroe oov mpei6r. O0re enrmoMg 6trqy6p<ov owe xi.q-oerq ougpo0trov Enmow<r.rv[oq orire tfnore. M6vo r1 otcon4 nouentr6ooet q o(ronpdnero (4 6,rL 6Xet palvet on6 ourr1, e(oprd-ror). MLo poprd oronrl pre orlpoo(o, oe pto rp(oLpr4 ortYpn Ytq rrlouon4Lrl 6rjvogq r<ov XpqgoroorKovoUrKd)v.

16 / H TPANEZA

To np6p\ngo yro rnv rpdne<o elvor 6tt np6ner vo onoKolri-tper noro elvoi. Or nofuo( ero(por-6ro1etp.or6q, ro np6rlv o(eM-

14, or owoyrovrordq, or nehmeg r1 or nohmrrof orlpepo Fr.}ro0v,ogori 6)ro owd ro 1p6vro r4po0oov oryrl r100og.

H 166o oworj rou prBhiou yewr1O4re pdpou ger6 rrlv orovo-gx4 xp(or1 rou gervon6pou rou 2008. c)01600, ro oX66ro ou-16 ouv66eror dpeoo ge ro enoyyelpanK6 pou nopdr06v. Me-ro(0 rou 1978 Kor rou 1980 ooU^€qro (oq 6qpooroypdgog oroP6rrepq oro nov6[vo. H 66po owori rou g41.uop6vou npoKro-pe(ou Tfnou, srn Ofur :rprr, ppror6rov on5vowr on6 ro ypo-ge[o orjwo[ng r@v Daily Telegraph ror Daily Express. An6 roypqee(o pou mo rpipo 6re0vtirv er6rloeov pnopotioo vo Oou-p6(trr ow6 to un6po;1o op-wer6 rripro, nou onoOovcnlornrqvoro r6prK 8/ake et Moftimer. flepvoUoo KoerlUep|d pnpoord

on6 ow6 yro vo n6o orrlv oyorqg6v4 pou no1rn, or6ru rorv 64-

Uooroyp6e@v orqv "o66 rou Uelovroi".H Goldman Sachs International, ro euponoix6 rrlg nopdp-

rr1go, rcndrolrpdver ofpepo ro 6fo owd roropxd rripto. Irlyripto neproXrl, rqv tlpo rou peo4peprovori, ouvow6q nto U6voov0p6nouq ge roltopogrdvo r<ooro0pro, xoO<irg rdvouv oup6gnpoord on6 ro oowouroddu<o 11 o6pvouv Uro pd\fuoo Ue po-

66r<ro, pe rmqKrnrtr6 pev p{go, oMd 6q,n nou defiyet dtr}.et-

Un 0nvou. Or rcnor6rrweq rot gouoxop6veg qaroeq r<ov pe-

n6prep eroqeq vo or6oouv, nou 61ouv rov Xc6vo vo edve Korvo nrouv, 6ev un6pxouv nro. Oure l6yog vo nepr rovqOeig orrlO rr:rp[ rl vo qrolrcrr4oerg e66 rr eKei, oe otn6 ro (Xop16' Uero pmpd epnoprd. flp6ner vo rp6Xerg. le ourrl rq v6o Mdrror4g efouo(oq xor rou Xprlpcnog nepv6g 6[ to on6 uunMq eU-p6loroq enrxetpnpor[eg xor 6xqy6pouq rov enrXepfoeov, Ue-

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yolodteueuw6q Kor npouneeurdq, ypouucneiq Kor Udwetq rouFootsie, rou ouveerrKori 6eircr4 Xp4portor4ptot<drv o{uiv rouAov6(vou. M6oo on6 rnv Goldman Sachs, rnv eropeio nou ru-

Bepvdtov nhovr;q, gnopo0pe vo 6of ge rq (o4 erei'q nou ru-1,6 ;16oo oe o(Oouoeq oepodpogi<ov, nolurelsfq npoe6pu<6qoou[req, tdr<ortrd r(er, ]rrgou([veg pe oro0por(dgto rot oe go-po)royxorjg nopode(oouq pe gowu<66ewpo ror nrmorrreg r6p-req Gold.

Mro 6.tr1,4 ovdgvqoq pe yupv6 nio.to oe pro ouvdweu!4 nougou erle 6droar o Xdvpr l-l6troov, ro 1994, orq N6o Y6prr1. Ei-

Xo xol4 o16o4 pe rov Ew Nop6wl, unefeuvo yto 66poto ent-rolrovlog rrlq GS, no]rul,oy6 rot npdrr;v oor6pt tou rotv<ovt-ro0 penoprd(, o ono[og efie toq onoqroli vo gpowl(er vooro0yerorro "goyo((" 6oo y(veroL LLy6repo. Efio entge[ver16-oo, nou o 6rogeoolopnrnq Uou Kov6vtoe 6vo poweBo0 Ue rovfl6)roov, vo0gepo 6fo rqq Goldman erefurlrrlv enopi, pto f1o-pooreu4 orrq 5 ro on6yeugo, orrlv Mnp6ouw :rptr 85, Tnv66por4g Tpdne(oq.'Epewo 60o cipeg p6oc oro yudtrwo drou-pi nou eiXe o n6loov yro ypo<pe(o, r<oupewrd(owog go([ rouyto rqv rotdoroor; orov 16o1.ro ror 6eLnepeu6woq yto rnv fiqFpe(o rou. O ;r6M<ov unoupy6q Orrovol.uxtiv rou npo66pouMnouq Lle npooKdtreoe orrl ouv6letc cro rorcr60r nou ddlovoro 16)ro9 rrlg ep6og66oq. Ot ytrtiooeq )r00r1rov. feldooUgnol.ri ror elnope vo (ovoppeOoJge oro nov6ivo. 'EXo gto efot-perrrf ovdgv4orl ournq rnq ovenml6euqg ppo6t6g - obto-v6qr4 orrq pdpeg ;rog, )r6yto rov xoxtilv oX6oetov peto[ri rovMME Kqr aKefvov nou troppdvouv"ng onogdoetg. iAl.\ot t<otpoi,6.IIo 4011. Acpori e(d6<rroe ror ro onogv4gove0pcnd rou, o fl6)r-oov nepv6rov xorp6 rou <og ouwoltotiXoq, nopor4p6woq ronouh6, nou e(vor ro ndOoq rou. O Ew n60ove. Kor ot un6l,ot-

18 / H TPANEZA

nor Tnq opnYupnq eqoQqviornKov oro xpovowo0lono rnq oFKovollKnq roropaoq.

flpw fertwloco vo yp69ro ro Brplio Uou H rcMurla[a Baot-tuooo, ge 06po rou rrlv Efuodper B' qg Ayyhioq, dvoq on6 rouqenre^.e(q rov ovorr6p<ov rou Mndxry1o1r Ue eixe npoi6edoeryrorrq 6uoKolieq rou eylerp{gmoq, perogdpowdg Uou rq 16-yro ev6g oupBo0lou rou poothr6 l-e<opy(ou E' npog rov ouy-ypog6o prog eyrerptp5v4g Broypogloq rou pperovo0 povdpXrl(ong opX6g rou 20ori ouirvo): "Aev xol,e(ore vo ypdqrere yrq6vov 6v0pono, oLld yro 6vov p00o". Ie ow[Oeon Fe ro noJ\d-l, nou gou e(Xe ovo(er 6rdntroro ng n6preg, 11 Goldman Sachs6rove ro ndwo yro vo ;re onoOopp0ver on6 ro eyXe(p1po. Orov6vog ro0 nnepdore el,eriOepo, 6ev undpXetdnore vo 6efue"Ieroupyo0oe p51pt t4v rp[or1 rou 2008. To MME 6ev ev6rq-rp6powov L6ro[repo yC oworjg rouq rup(oploug rou r6opouyro rov elqq tr6yo: 6nog Mge orrg ro0rlpepw6g pog ou(4rr1-oaq, "eKelvor nou wop(Eouv 6ev p otiv ror ere[vor nou gti,otiv6ev yvropi(ouv". H Korvrl yv6gn oyvoo0oe p61pr ror ro 6vopor4q erorpe[og. Ar6go xor ro p6gLo rov prp]rton<otre(ov yro r4votKovoglq 6ev e(Xov dnore oXerrr6, pe e[oipeorl 66o enioqgeqoyroypogieq rnq erotpe(og, nou 6ev perogp6orrlxov nord oroyoMtr6 ror or ono(eg 0o ;.rnopo0oov r6.}r,Lrorq vo e(Xov ypo-gre( on6 ro rprlpo enxorvtov(og rr1g.

I4gepo ro 6pyo yro r4v oxovogu<li rp[o4 ogOovoriv oe 6].eqrrq y)t<iooeg. To Brplio 6ptog nou er6i6owqr ortg Hvopdveqflol,re(eq { oro Hvrop6vo Bqofi€ro ndolouv on6 r4v oyy},o-oclovrx4 eotoorp6gero. To 6e0vdg ordhog rou O5pmog ono-orondror ewdr<irg. Av ror undpXer ufur<6, 11 nLqpog6pnorl nounpoog6peror oe 6vov p4 opepxov6 ovoyvtior4 elvor nepropr-op6v4. Ebci urqple 6vo rev6 nou 6npene vo rdrugOe(.

nPo orot / 19

H 60vogq rqq Goldman Sachs, rcOdrg rot ro oxdv6d\o nou

r4v nep$6N\ouv, e(vot 6,n rol\wepo yto ere(voug oroug onolouq

opdoouv ot Oetop(eq nep( ouvtupoo(oq. Auni n qr6lr'rrn rnpnorl

qq otrnqq npooqdpetor, 6uoruldrq, yto rr1 6t66ooq grlgtiv rot

nlrlpotpoprdrv on6 6ewepo X6pr, nou 6rioroho 6tooroup6vo-

wor. O6)qoo vo onoguyto ge rdOe tp6no rov 6t6ornx6 p60o nou

onoKoNinret rnv K}.oor4 oriyrpouoq ovdpeoo oro KoM xot oro

Kor6, roOdrg rot vo grlv r6vto to oqdl\go vo ono6dtqo oxoret-

vdq 6uv61retq oe ere(vouq nou entruyldvouv, rup(tog, Xdpn orn

6ouAErd touq. H Tp6ne(o 6ev e(vor Aon6v ofte 11 evo6pKoon rou

Koho0 en( rqg yqq owe 11 6topoturci 6tivopq nou notr o[ nepF

yp6rpouv oflpepo, or6go xor orrlv Ageptxtl.

H Goldman xdvet ere(vo, n Goldman x6vet ro 6tr)ro. Ere(voq

nou Odlet vo epeuvrioer ro nopoorrivto, toug rov6veq, rouq K6-

6txeg rot ro grpd puom6 tou oy(ou rcov oy(tov rqq noyr6olrtoq

orxovopbq no0oivet []rryyo. To eripoq nov 6poorrlptorrSov qq

erorpe(oq e(vot o4gepo eKflIrlKnKo.

H retrewo(o np6xl\r1or1 4rov vo ogrynoti our4 14 odYKo Pe

6vqv ro6no nou vo e(vot rcrtovorS6g 16oo orov et6tx6 oro xp4-pcrroorxovo;tx6 6oo rot orov o1r0rpo. E^ni(to vo to rm6gepo'

BIBAIOTPAOIA

Ayyhtxtl

Augar, Philip, Chasing Alpha: How Reckless Gtowth and UncheckedAnbition Ruined the CW's Golden Decade, Bodley Head, 2009.

Bootfe, Roger, fhe lro uble With MalkeB: Saving Capi|,.lism trom ltselt,Nicholas Brealey Publishing, 2009.

Bouquet, Tim & Ousey, Bryon, Cold Steel, Btihin's Richest Man anc!the Multi-Billion Dollat Baftle fot a Global Empirc, Key PorterBooks, 2009.

Chernow, Ron, fh€ House ot Moryan: An Arne cm Banking Dynasty andthe Rise of Modem Frhance, Simon and Schuster, 1991.

Chernow. Ron, The Death ol the Banker: The Decline and Fall ol theGrcat Financial Dynasties and the Triumph ot the Small lnvestor,Vintage, 1997.

Cohan, William D., House of Cards: A Tale of Hubris and WretchedExcess on Wal/ Slreer, Doubladay, 2009.

Crisatulli, Patricia, Ihe House ol Dimon: How J.P. Moryan's Jamie DinnnRose to the Top ot the Financial Wo d,Wiley, 2009.

Ellis, Chadss D., The Paftnership. The Making of Goldman Sachs,Penguin Books. 2008.

Endlich, Lisa, Goldman Sachs: The Culturc of Success, Knopf, 1999.Ferguson, Niall, The Ascent of Money: A Financial History of the Wo d,

Penguin,2008.

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Galbraith, John Kenneth,The Great Crush: 1929, Houghton Mifflin, 1997(enov6K6oo .

lshikawa, Tetsuya, How I Caused the Credit Crunch, An lnsider's Storyof the Financial Meftdown, lcon Books Ltd, 2009.

Johnson, Simon & Kwak, James, Ihlrleen Bankers: The Wall StreetTakeover and the Next Financial Meltdown, Pantheon, 2010.

Lewis, Michael, Liat's Poket: Rising Through the Wreckage on WallStreet, Penguin, 1990.

Lewis, Michael, The Big Shott: lnside the Doomsday Machine, AllenLane,2010.

Lowenstein, Roget, The End ot Wal/ Streef, The Penguin Press, 20 10.McDonald, DuIt, Last Man Standing: The Ascent ol Jamie Dimon and

JPMorgan Chase, Simon and Schuster, 2009.McDonald, Lawrence G. & Robinson, Patrick, A Colossal Failure of

Common Sense: The lnside Story of the Collapse of LehmanBrothers. Crown Business. 2009.

Morris, Charles R., The Tycoons: How Andrcw Camegie, John D.RocketelleL Jay Gould and J.P. Morgan lnvented the Ame canSupereconomy, fimes Books, 2005.

Paulson Jr., Henry M.,Onthe Bink: lnside the Race to Stop the Colapseof the Global Financial System, Business Plus, 2010.

Peston, Robert, Who Runs B tain? How Bitain's New Elite are Changingour Lives, Hodder & Stoughton, 2008.

Sorkin, Andrew Ross, Too Big to Fail: The lnside Story of How Wall Streetand Washington Fought to Save the Financial System - andIhemselyes, Viking, 2009.

Spencer, Andrew, AIG: Tower of Thieves, Brick Tower Books, 2009.Tett, Gillian, Fool's Gold: How the Bold Dream of a Small Tribe at JP

Morgan Was Conupted by Wall Street Greed and Unleashed aCahstrophe, Free Press, 2009.

Zuckerman, Gregory,The Greatest Trude Ever: The Behind-the-ScenesStory ot How John Paulson Defied Wall Street and Made FinancialHlsto/y, Broadway Business, 2009.

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l'ollrxri

Agliena, Michel, La Crise. Pourquoi on en est affiv' E? Comment ensort?, Michalon. 2008.

Attali, Jacques, Sir Siegmund G. Wahurg (1902-1992), un hommed'influence, Fayard, 1986.

Attali, Jacques, La Cr,lse, et aprds?, Fayard, 2OOg.Attali, Jacques, Su/ylyle aux c/seg Fayard, 2009.Betbdze, Jean-Paul, Crise: une chance pour la Ftance, pUF, 2009.Brender, Anton et Pisani, Florence, La Crise de la finance gtobatis'e,

L"a D6couverte. 2009.Cohen, Daniel, La Prcsperite du vice, une intrcduction (inquiitb) a

I'economie, Albin Michel. 2009.Delhommais, Pierre-Antoine, Cinq milliards en fum6e. Les dessous du

scandale de la Soci6t6 c6n6rale. Le Seuil. 2009.Dockds, Pierre et Lorenzi, Jean-Herv6 (ErrUU,), Fin de monde ou softie

de crise?, Librairie academique Perrin, 2009.Filippi, Chades-Henti, L'Aryent sans maitre, Descartes et Cie, 2OOg.Jorion, Paul, La Crise. Des subprimes au s'isme financier planAtaire,

Fayard,2008.Kapdelian-Barthet, Laurianne, La Crise vue de I'int6 euL Books on

Demand, 2009.Kerviel, J6rOme, L En grenage. Memoires d'un tadel Flammarion, 20 l O.Lacoste, Olivier, Comptendrc les crises financidres, Eyrolles, 2009.Lordon, Fred6ric, La Crise de trop. Reconstruction d'un monde tailli,

Fayard,2009.Missen, Frangois, Le Raseau Cartyle, banquierdes gue es americaines,

Flammarion, 2004.Montel-Dumont, Olivia et Couderc, Nicolas, Des subprimes e h

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Nora, Dominique, Les Possdd6s de Wal/ Slreet, Gallimard, co . "FolioActuel,,, 1989.

342 / HTPANEZA

Orl6an, Andr6, De I'euphorie d la panique. Penser la crise financidre,Rue d'Ulm, 2009.

Pastr6, Olivier et Sylvestre, Jean-Marc, Le Roman vrai de la cr.sefinancidrc, Librairie academique Perrin, 2008.

Pigasse, Matthieu et Finchelstein, Gilles, Le Monde d'apfts, une crsesans pr6c6dent, Plon, 2009.

Ramonet, lgnacio, Le Knch padait. C se du sidcle et refondation de I'ayenlt Edition Galil6e, 2009.

fatl6, Alex, Petit Manuel qconoclaste pou comprendrc et suruivre e bcr,se, J.-C. Lattds, 2009.

Blogs

The Balance Sheet (James Surowiecki)http://www. newyorker.com/online/blogs/jamessurowieckiBeat the Press (Dean Baker)http://www. prospect.org/csnc/blogs/beat the_pressCalculated Riskhttp://www.calculatedriskblog.com/The Conscience of a Liberal (Paul Krugman)http://krugman.blogs.nytimes.com/Grasping Reality with Both Hands (J. Bradford DeLong)http://delong.typepad.comEconbrowser (Menzie Chinn and James Hamilton)htto://www.econbrowser.com/Econlog (Anorld Kling, Bryan Caplan, and David Henderson)http://econlog.econlib.org/Economists' Forum (Martin Wolf and guests)http://blogs.ft .com/economistsforum/Economists' View (Mark Thoma)http://economistsview.typepad.com/

NAPAPTHMA / 34i}

Economix (/Vew yofk limes reportsrs and guest economists)http://economix.blogs.nytimes.com/Executive Suite (Joe Nocera)http://execulivesuite.blogs.nytimss.com/Free Exchange (The Economist)http://www.economist.com/blogs.f reeexchange/lnterfluidity (Steve Bandy Waldman)http://www.interf luidity.com/Ezra Kleinhttp://voices.washingtonpost.com/ezra-klein/Making Sense (Paul Solman)http://www.pbs.org/newshour/economy/makingsense/Greg Mankiwhttp://gregmankiw.blogspot.com/Marginal Revolution (fyler Gowen and Alex Tabarrok)http://www.marginalrevolution.com/Naked Capitalism (Yves Smith and others)http://www.nakedcapitalism.com/Planet Moneyhttp://www.npr.org/blogs/money/Real Time Economics (Wall Steet Journal)http://blogs.wsj.com/economics/Rortybomb (Mike Konczal)http://rortybomb.wordpress.com/Felix Salmonhttp://blogs.reuters.comfelix-salmon/

1. H ouggtrlvio nou {en6pooe ro 6plo

lJ Awry6vn Aoubr66n UordEer pe y6ro nou eroqrd(eror vo enF

I lre0e( oro OJgo r4q. Adve 6rr 11 xupio owri eivot notr0 eu-guf q, I(yo umeprx4 ror rupowrrrl ge roug ouvepy&reg rr1g,ev<i rdver rov ouvop^nri r4g vo ro Xdver. Onp(Eeror 6rr rnqop6oer ro p(oro roL 6rL friper vo nouldet. Tq gtovd(ouv Awr xora[vor rpone(ftLooo ornv Goldman Sachs International oro nov-6fuo. Aur4 q er6u<69 rtov orivOerov lprlgorooxovoprrdrv npoi6-wtov e(vor nep4<pov4 yto r4v eM4vrr{ roroy<oy4 r4q. flruXro0-

Xog r4q O(rp6p64g, Myeror 6fl e(vor "Uqvtorci Ur rn 6oul€rd,6rr ronv((er ro 6vo rorydpo perd ro dLLo ror dXer rrlv or(6wor4g ndwo yep6q". Efuot ere[vrl nou Bo404oe rnv ED\66o voxol.roughdper to Xp5oq r4g. X6p4 oqv eupqgonr6qrd qq, 4lrirpo pn6peoe vo Uner orn (6vr1 rou euptir ro 2002, Koe6g ru-nx6 ntrqporjoe ro rptT4pro r4g Iuvorlr4q rou MdoorprXr ovo-goprr6 ge ro Xp6oq.

H 6rlproorovoprr4 ovopr6pgcoo4, r4q onoioq rqv eu00vr1 ei-

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fldwtog, ro 2001 n EtrL66o 6ev ev6rog6per 6r6trou r4v

22 I HTPANEZA

Goldman Sachs, nou e[vol ofloppoqnU6vrl qv enopl exeiwlpa rrg ovo6u6geveg X6peg, or onoleg opXi(ouv vo npooel-x0ouv oprogdveq pey0req rp6ne(eq. An6 rrlv nheup6 rqg, 11Goldman Sachs International pfger ro pdpoq orn Fepgov(o,or4v Avmofurf Eup6nn Kor ornv Toupx[o. H rp6ne(o 6ev 61erOuyorprrf or4v A0r1vo. Or eMrlvrrol qdKetror, rord ro nopd-berypq rov Xprlporo6or4oetov qg elrnoprnig vowDriog, 6ou-)re6owoL qro Aov6ivo, 6nou e(vor eyroreorrlpdvor or d)Or4veqsqord\rordq.

To 1999, 6rov onogooi(crqr n dnproupy[otou euptir, 4 EMd-6o 6ev trrnope( vo npooXtop{oet oro Korv6 v6;uopo. :ro Xqp-rrd, or 6por ougl.reropig orov p4Xovrolr6 e(vor ro no)rri ouorq-p6 rprfpro nou 6rcnundrOqxov orrl luv0l]r<4 rou Mdoorpryr:

XpSog rdrto on6 ro 60% rou oro06prorou eevtKof npoi6woqxor dtr\eq4ro npo0no)royLolro0 xcno on6ro 3%. H E ld6o ond-

Xrr nolri. Tnv enox4 erefuq, ot ydL\or ror or yapgovo( r00vo-weq, roOdrg {rov onogootopdvor vo edponboouvrrlv rofui rpi-p4 rou rowo0 vog(ogorog ge rrlv erooyroyrj 6oo ro 6uvor6v ne-proo6reptov Xropdrv orov pqlovrop6, nporeqdvou vo onorpd-rlrouv rouq KepdooK6nouq -on6 r6re!- vo enne0o0v, nd(ouv rrlvEuptr.noir{ Enrpon4 vo rdver 6err4 r4v EL\66o. To Ifur xot 4l-ou6)r. IrpLr npdner vo neroroUv. Or 6tio XpnUarqyop6q pM-

nouv, npdypmr, pe xor6 pdn qv flteuoq ev6g ev 6uvdper owcl-y<onorr1, rqq Opowgofprqq, d6pogrqg Euponolrrlg KewprrlqTpdnoEqq. l-oqreug6vog, 6nog 5)ror or ltoAo(, on6 rouq qy-y)roo6[oveg rpone([reg, o np6e6pog rqg Enmporqg, o Popd-vo flp6wr, ow.ordKero. orq 6cUpuvoq rqg (drqg rou eup6.Aev dler 6;r<o9 oqgooiol O enirponoq yro rtq Oxovogrxdg ror No-ptolrcmrdg Ynoedoerq, o ydD\oq YB-Tqm6 we ldryr[, 6vog on6rouq opXr6rroveq r4g pur6pooqq oro eupdr, ovdyer ro 6popo

1. H :YMOONN NOY :ENEPA:E TA OPIA / 23

Trlq 6leUpuvoqq oe npooonrK{ un6eeqn. iav\J\oqre, 6IEq or X6-p€q rou v6ou KIoUn 6ev rorrono[r1oov r6nog to ]royonxd toug,6ore vo dt4po0v ro rptnipro rou Mdqq(prxr, etrcrrrdrvowogro Xpd4 roug; Meroqu Karepyop6<ov ed\Lrp(vero...

H eMrlvLrn rupdpvno4 (ry6 on6 rnv Goldman Sachs vo rn

Boq0qoer vo Bper re;ydopmo, yro vo gner orq (tivq rou auptirIiyo gerd rr1 64;uoupy(o rou v6ou vop(opmoq. H Aorivo 06)retKup(rog vo Kpri{rer rnv 5Krqon r<ov el.l'erlrp6rtov qg. l-ro vo y[-ver ow6, or IooroJ\ror6g, Ue nyern rov Kdrqro l4pirr1, dXouvr4v np60eo4 vo onol)royoriv on6 ro pdpoq rov orpmuorrxdrv6onovdrv -o4powrrdrv, l,6yro 14q unop6oxouooq 6roprdX4g geqv Toupr(o-, tlore ow6g vo pr1 ougnep ogBdvowor orrq 6n-g6oreq 6ondveg.

Trorl n Goldman Sachs vo opv40e[ pro r6roro ewo]rr1, peut|lr1)rti otrorpri, xor vo grlv r6vet 6vo vog6runo gtroo(6<oUo; flo-p6 rrg ou;gd onp6plenreq 6uorotr(eg nou nopouord(ouv oroX6oerg ge rov lirpo rrlq no)unrr1g, 11 po4Oeto npog ro rp6rr1pp[orarot oro en[xewpo rrov 6poorr;pron]rov rtov enev6un-rtirv rpone(drv. Av rqr or euponoiro( o(ror 6Xouv rrlv rdo4 voogfvouv owori rou a[6ouqrtq ouvoMoy5q yroroypogelorov

er6rK6v loyrqr6v, ot opeprrovoi ouvd6drgo( rouq nopdlouvoulvd r<or pe r60e voprp6r4ro owoti rou rtinou nq urqpeo(eq.Kot 6.ltr.eg xcipeg r4g Euponoir4g 'Evroo4q npoo5guyov ornvre;yoyvroo(o rov peydtrrov XpnporoorKovoUtrdrv opyovro1rcirvyLo vO "pdrrroronoqoOuv" rqv err6vo rtov eovrrtirv rouq IoYo-prool.uirv. H hol(o 5Kqw orptBtilg ro (6ro pe r4v opeprxovrxrirpdneqq JP Morgan.

Fro rrlv Goldman Sachs, 11 EMd6o yiveror [ogvrrd pdwo e[oupovoO. fltirg vo p4 6ouv 6rL pro prxprl ltirpo ge o6Jvotrrq rpo-ne(rcj uno6opli, orotler<ildetg ormtorx6q r<ov dnpooroorKo-

24 I HTPANEZA

voUtKd)v Kor Ue oveoooo nqpoorKovou(o, nou Koerqrd npoBtrn-

UcniKi Tnv eaonpoqn g6pov Kor 6oou6v, onorelel Ke^eno0pr;'Evog

oxovogx6g rotrooo6q 6Xet or6po nro np6orpopo 66o-gog, xo0tig oqv E rd6o ro Xp4pcrnonjpro 6ev 6ro06rer ono-rpemuoUg rov6veq, ro rpdroq Oo)\tiver ro orrovogx6 norygG6r Kor or 6or6ql66etg ou1.rg<ovieg per6ltov e(vor o rov6voq.

H oworporopio Goldman ev6rogdperot erbu6repo yro trivEil66o yto 6vov enrnMov tr6yo: rq grioq rou Xpdouq rqg. flp6-renor yro o0vOero op6loyo, onorrpqp6vo pe ooogq rpr4prorot onpoo6r6proq 6uvcr6r4ro npoe(69trqor1q, ro ono[o e(votnp6ogopo yro rep6ooxon(o. Me )rfuo tr6yro, ro oxptpdrq owiOero rou yolfurof 1p6oug yro nopd6ernro, ro onoio e(vor onh6,npopMrlrgo, e6ro)ro peuoronor{oqro, orqotyg6vo oe 6vo no-)r0 oxptP6q Xpovo6rdypopgo.

Irov oyrirvo 6p6pou yro ro eupdr ror pnpomd orq r6rore-p6r4reg rou e)\trqvu<ori Xp6oug, dvog tp(rog nopdyowoq Krve(ro ev6rog6pov rrlq Awr Aou6r664: 11 ono6topydvtoo4 qgEurostat, n ofloiq 6Xet ovotrdBer vo evopgov(oer rrg ororrorrdgrtrrv lt.rpdrv-gelcirv nporerlrdvou vo ouMdper To Uay604 oe eu-ponoiKli xtrlgoro. flp6renor yro 6e[fieq-d\er6Lo or4v ene(ep-yoo[o r4q noporo]ro0or;or1g rou npo0nol\oytolrof Kor rnq vo-progorxqq nohnrcjq rng EuponoiKnq Kewprrrlg Tpdne(oq.Ogtog, eyxhorpropdvo orrlv ovcnopopl ev6q eoorepxo0 oxo-vogro0 orov6dtrou, ro rp4trro mcrrLorrrdrv, rrlv nep(o6o r4q eh-)rr1vxr1g un6€eor1q, dXer ruprotrerurd nopofuioet. Xropiq vo nouvrinora, or r8r.ivow6q rou 66Xowor de facto roug Loyoptoogo0qnou rouq nqpouoLd(er q tore eL\4vrr4 xupdpvrlon.

To 2004 o Mro5I Bdwev Apn6)re, o v6og yevrr6q 6eu0uvrr1q,emgopnop6vog pe rrlv ovodropydvroorl rqg Eurostat, opvelrotvo nroronoqoer roug )royoprool.rorig rrlg X<irpog. O A6yog; H Url

'1. H IYMOONA NOY =ENEPA:E TA OPIA / 25

opei loyronKonoi4oq opro;r6vtov orporronrdrv 6onovdl, ru-p(rog yro r4v oyop6 olreprrovrxrirv oepodr6vorv, ror 11 ooogrlgtroyrortnj onerx6vroq r4q roworrrflq Boiesroq. Or owt6p6oetgrov euponoi<ov unoupy<irv Oxovopr<irv; Av0noprreg. Kou-r<ouh<irvouv r4v un60eor1, vop(owoq 611 0o [eloore(.

Ooo yro r4v Awr Aou6r66n, nnpe npooyoyrl oe eroipo-6ro-

Xflpforp]o ro 2000. To ouFp6loro pe rnv Aeivq eq rnq 66oerrr1 6uvcrr6rrpo vo dte(oer ro m6pcno rrllv (nl6geovov, yro rouqonoloug 4 npooyroy4 qg ogedt6rov ornv notrrnKn "ecnKnq 610-Kptons,,, nou npoe on6 Ttg Hvtop6veq llo^tte(eg xot 4 onoio eu-voe( ro trey6pevo oo0ev6g 9r1lo. To (rprlgcno rnq n0Nnq ror rnq6eowotroy(oq e(vor noweldrq qdvo oe owr1r4 yuvo(ro rqg 6pd-oqq, q onoio opn6(a Kdee euKorpio yro vo 6e(qa n6oo opno-rrrx6 eivor. To yuoJ\rog6vo rrlg roroivro pe ro onogoororrx6

Xrtlnqgo 6ev rcro66lowot vo Xto0o0v pSoo oe t6rorou dnouoouvopr4oieg. Ir4 6outreo qg 61er qv nohwqr4 Boq0ero gtog

e[eL6xeupdvqg ogd6og oro egn6pro ouvoltrdypcnoq, 4 ono(o,po(( ge r4v o966o rtov np<ilrov uht6v, dXeL r4v rolrirepn gngnorr;v arope(o. l-to vo ner0lar roug orono0q qq, eq XrnorUo-noqoer dvov 61r yv<ocr6 gr11ovrog6. To 6vog6 rou; To o6oq-po r6Lu{r1g rl60vou nou ovop6(eror Credit Default Swaps, roCDS. AnI6, od\ofororo. Iov vo Mge e0pqxo!

Ie our4 q 9do4 qg rmop[og, og npoono8nooupe vq eqn-yriooupe u e(vor ow6 ro o0vOerq, ormov6qro epyolelo, nou6ylov to oUUpoIo rnq orpo(og rep6ooronloq. Av Kot n ovo-

l.rooio rouq e(vor nepiepyq, n laroupy(o rov CDS e(vor odrr1.llp6retrot yro oupp6loro oogd]uor1q ndvo oe 6vo Xp6og, yro toono(o 6iveror q eyy04oq orov nror<or4 6n 0o ono(4gtoOe( o16-

Fo Kor ov o ogeA6r4g 6ev e[vor oe 06o4 vo ro onontr4prioet.l-lpoog6pouv f,ror oroug enev6w6g 14 6uvor6rrpo vo nepro-

26 / H TPANEZA

pfoouv rouq Krv60voug nou ouv66owoL pe oy6)royo, elre qur6

61ouv er6o0e[ on6 xpdrrl e[re on6 emxepioelq. iav\ o dvq nle-ov6rrqpo: 11 oyopd oworl rou lcrlgmooxovoprxof epyoJ\e(ouefuor q6rogoviq Korvri ouvowdoer. Or ouvou\oyCg y(vowot )ror-n6v porpr6 on6 ro o6rdxptro pMpgcro xor porptd on6 rrg 1p4-gonor4pLor6g oyop6q ror rouq neproprorrKo0q Kov6veq rouq,

Xrop(g drolreoohoBffi ror lrop(g e(orplBooq rov evepyeuiv rotT(|)v 9opeov rouq

Irqv neplmooq ttov etr],rlvrrtirv o;ro]t6y<ov, o pr11ovro1r6gow6g 66<ooe rq 6uvcrr6rqro vo npommewe( ro 1p6og on6 ngouvotrl,oypcnx6g 6rorupdvoetq rm6 rq percnporq rou oa eu-pt6, rootilg op1tx6 efle ex6oee( oe 6ol6pro. H ouvotrl.oygmr-ni toorrp(o nou endrdlpqxe rpov noh0 euvoik4 yto rnv GoldmanSachs. Eq6ll.ou, ro noo6 nou xdrtlQor1xe on6 ro CDS qenep-

vd ere[vo rou eltrr;vmoU 6r1p6orou Xp6ouq! A .l'6(owoq rnvnpo0eolrlo e[69l4oqg qq qnqknonq, q Elld6o 6eolre0crorvo n^qpriloer or4v rpdne(o peyd\o nood 6oq to 2019, Kor Ueeno10e(g 6poug, yeyov6g nou o[0ver or6po neproo6repo nq or-rovopx6q r4g 6uoroh(eq. Kmd ro rweOpo qg rpone(ftrooog,owo( ot oXe66v toxoy)tugxoo loporrrlpo 6po 6ev 6Xouv rfuorero ooroprmrr6. H Goldman Sachs 6ev eivqr n Mnrdpo Tsp6(o.O nelcrrqg nou n{ye noporql€r6 6ev e(vor oe e6sn rox0oq.H Avn opgd oro )ro1e[o nou 61er pnpoord qg. 'Eror orpp<irg,

Xtopig uneppo)rri...To oX66r6 qg nepvd nohri dverq on5 rqv enmporq v6tov ou-

vol oy6v rqq Goldman Sachs International dnero on6 gto ypri-yop4 eldroon. "O gdrd\oq rlrov or4pdvog pe enrdelL6rrlro.fldoolre 6)ror pe tq Folnpo.

'Ftrov gey6].o to xdp6oq xor npo-

Xoprjoolre yp{yopo 1.uo 6oultetd nou no)\Aoi 6llot rrlv eilovonopp(qrer. :e Kog[o nep(mooq 6ev 0o ogr]voge rqv euxorp[o",

1. H:YMOONIA NOY =ENEPA:E TA OPIA / 27

Oupcror xdnorog nou oupUereixe qrn o0qKeqrn 6yxpro4g ror6cp4oe qv tp6ne(o )riyo opy6repc.

H 6ro9op6 puro{6 rov oyop6v nou y(vowor yro vo "un6p-Xer K6luqrn" -ro nepig4po CDS- ror exe(v<ov pe rooopd rep-6ooxonrr6 oxon6 efuqt nolti 60oKoAo vo ewommef. Atrtrd, n on-goo(o 6Xer, ogori orqv eMrlvrrrl un60eoq 6trog o r6opoq Byqa-ver Kep6roudvoq; To r<6)rno 6(vet 14 6uvcn6rqro or4v AOrivo voelogovioer npooropwd ro 6roermoppripro euptir rou 1p6ouqtoq 6rd Uoye(oq. An6 r4v ntreupd rqq, q Goldman enoqelelrqron6 ro geydho nepr0r6pro x6p6ouq ror pMner 14 qngn qq toqrd\o0 6to)(eprorrl 64g6orou ;pdoug vo onoyer<iverot.

MoKponp6eeogo, 69ro9, or t6rot nou eo 6(var ro eI nvrK6xpcnoq onorotrOmowot popwepor on6 exeivoug ev6q onl,orirpone(xorJ 6qve(ou. Oo roupdrd to pdpog our4g rqg uno-yporpfiq yro peyd.l,o Xpovw6 6rdorqpo. Me Klovrogdvn rnv oqro-nrm(o rqg, r1 EII66o por6(et of pepo pe loepo(o empanl rnqvoptogcnrcjq 6vooqg.

To eMnvx6 d9voq Korr6(er nopo6ooord npog tr1 A0oq on6tqv anopj tou 5ou or6vo n.X., 6rov or eMrlvxdg n6lerg ovo-

Xo(rroov lg op66q rov f'lepotiv. H EuponoiKn 'Evoon, U6loq

Trlq onoiqq e(v on6 ro 1981, poLo(er vo e(vor 11 6rd6o1og rolvopxo(ov eMnvrK6v n6l€ov. Kqr ro eupdr 6ro66Xeror r4 lug-goXio trlg Aflrou , 6nou nporra0owo p6lo efie 11 A04vo. To Ue-ydto roropxd yeyov6ro 6roge0youv r4q Awr. To nptp 6ptognou 0o n6per oro r$rog rou Xp6vou 6ev qq 6togeUyer ro06-Iou. O6qy6q rrlg e[vor o ey<orog6q, nou r4v r6ver vo poo(eror

g6vo oro roMwo rnq -ro UoKropd\rKG ror mo rwefgo npo-ooppoorrdrrpoq mrq nepror6oerq. Aev netp6(er nou n eqo-ndrnon 6ev eo rnv o64y4oer or4v rcnox[o rrov Setirv.

To 2006 n Goldman Sachs no(pver n6w<oq onoor6oerq on6

2A I HTPANEZA

rnv Etr 66o. Fro vo dXer 6p<oq rdnoro np6opoorl, y[veror orip-

Boul,oq rnq EevKnq TpdneEoq rnq E 166o9, rrlg nptirrlg elrno-prrr;g rpdne(og r4q Xc0pqq. H rpdne(o erle 6vov roXup6 orjg-poXo 96oo ornv EevrKn Tpdne(o, rov n6rpo XpLmo6o0)rou.Aur6g o et6x6g rov nopdy<oyov npoi6warv epyo(orov tog Xprl-pcrrtonlq qrnv Goldman Sachs oro Aov6ivo, npw 5p0er or4vAorivo ro 1998 yro vo ovqldper 6reu€uwx4 e6on qrnv eMnvr-rq rpdne(o. M6oro proq unepdrcrLoq erorpe(oq orov oUeprKovt-x6 gopotroyLr6 nop66eroo nou ovogd(eror NreAoyoudop, ge-rog6perot, Xrop(g roveig vo ro ndper e(64o4, dvo p6pog roueDrrluro0 6lp6orou lprioug orov )royoproolr6 tqq EovrKrlq Tpd-ne(og, yLo vo 0o)rr6oouv ro vepd.

Tov OrcrriBpro rou 2009, dnerro on6 n6we Xp6vro 6toru-pSpvqo4q r<ov luvr4pqnr6v, o oooro.llorrig l-r6pyoq nonov-6pdou rep6i(er lg Bouhewu<69 eKloydq. 'Evov privo opy6re-po, o Fr<dpr Kov, voJgepo 60o rqg Goldman Sachs, r<mogOd-veL orrlv A0rivo, ouvo6eu6gevoq on6 enev6w6q. Mero[6 ou-r6v xor o T(ov fl6ioov, o enrregdr4q rou opepxovxorj rep-6oorontro0 xegoLoiou nou gdper ro 6vog6 rou, rdt6q neld-rnq rrlq Goldman Sachs, o ono(oq pp604re orrlv rop6rd rouoKov6d,?\.ou Abacus, rou olro$olou owoo rego]rolou 611]ro64nou npooeneqKe on6 rrlv rpdne(o Kqr ro onoao rou sn6rpeqrevo nolfer 6rnl,6 noqg[6r. O Kov r<or o f16]roov npore(vouv or4v6o ruBdpvrlorl vo r<dver ge rov npo0noloyrop6 rnq Yye(og 6,rr6rqve xot ga lq orporrorrKdq 6ondveq. EnrnMov, n Goldmannpoog6perqr vo nou)r4oer err6q lp4pcmorqptorrlg oyopdq,

lrop( vo r4v ndpouv e[6r1oq, 6vo g6pogrou eM4vtrori Xp6ougoe enevdw6g nou 6Xouv 14 pdon rouq ornv Kivo, X6po ornvono(o 6Xer rov on6)rwo dlreyXo.

H 4pe1[1 roryoir]vro rpuoroyvog(orou l-nopyou llonov6p6ou

1. H:YMOONA NOY =ENEPA:E TA OPIA / 29

defyyet 6v0pono oorp6. Ewrjnoro4 69trr9 rqv ono[o ovotpo0vro novqpd onw6npoB6lo yold(ro gdno rou, nou gori(ouv romdpoXo np6oono. flpooernr6g, 6ro9 Er3onLmog rot d\etor6g,oxd<preror Ue UeeoAK6rnro. Aur6 6ev op6oer orouq rpqneEi-req enev66oeov, ot ono(or ga0youv ge 66ero X5pro. H noy(6oroug ourrlrq gopd 6ev 6ntooe.

Irrlv eMrlvxrl un60eoq, on6 14 p[o n].eupd r1 Goldman Sachsn{pe qv o;rorBf rrlg oq rpone(fur1q-of ppou},oq r4g eMqvrrqgr<uBdpvrlorlg ror on6 rqv dll4 rep6oor6rqoe pe ro 1p5oq qq

X<irpog. Kor vo nou xcrropeo4g nlg xp[o4g rou eupdr, ro 6(Kruoenrppo4g rqg 6pletoL mo npoor<rivto. Llouq Financial Times,orrq 15 Oeppouqpiou 2010, o'Orpop'loLvyr, npcirrlv 96l,o9 rou6euourrrqpiou rnq Bundesbank, entregotrfq ou<ovo1.roh6yoqrnq Euponolniq Kewpu<rig Tpdne(oq, unoypdger 6vo Bnpto-In6 re(gevo xcrrd r4q enrXe(p4o4g 6rdoroo4g qg EL\d6og on6rrlv Eup<in4. Kcnd rr1 yvrirgq rou, nporetg6vou vo prlv reOe[ oex(v6uvo 4 (tirvq rou eupti, q A0qvo np6ner vo ro pydl,er n6po

U6vn rnq. O 'lowyr unoypdger ow6 ro dp0po, nopole[nowogvo oeurprv(oer 6n eivot... 6reevnq oOUPouIoq rnq GoldmanSachs. To rp{;ro oyopontotrqor<ov r[r)\rDv quro6 rou o(rou p6-

vo Xop6vo 0o pyer on6 pro endpBoo4 rrr:v Euponoftov. HGoldman nowdpet orrlv unor(pr1oq rou eupdr, 6norg rot 6)rot otrep6oor6nor. Oeop4lx6, pro enLle(pqoq euponqiKnq 6rdoo-orlg 6ev gnopel nopd vo ovepdoer rrlv rrprl rou eup6. H nep-vo(o'Y6po pe ro noMd regdtrLo...

Or onoKoi.6qrerq yro rtq Unxclvoppog(eq rrlg Goldman Sachsomv EI d6q Eeonrtbvouv dropoprupieq. H xoyxel.dpLog Avyxe-Iq MdpKe^ro ppioKer "oKqv6o^66eq" 6n oproFdveq rp6ne(egpn6peoov vo nporol.6oouv rnv Kpion rou euptir, Bone6woqrnv E .\660 vo voeefoer rouq loyoproogofq rr1g. Kcrrd 14 6rdp-

30 / H TPANEZA

Kero ev6q ouve6p(ou oro Aov6(vo, or npoOunoupyo( rrlg lono-vioq, qq Noppnyioq Kor rnq Ayytrloq npoog6pouv rqv uno-or{pr[ri roug orov rfropro npooredr4;r6vo, rov dDr4vo op6-)roy6 roug. O l-uirpyog flonov6pdou enpp(mer to otp6\ro onlv

"onpooe((o" rnq npo4yoopevnq ouvr4prlnKnq Kupdpvnonq Kq-pol.rov\ Kor qrnv Goldman Sachs. fro vo qnorpdrler rqv eno-vd\qrn rrlq eMnvx4q nep(m<oo4q, n Euptonqirci Enrporq 61errqv np60eor; vo evrolfoer ro epyoJteio anome(og ror ruptir-oeov. M6vo 11 Kewprf Tpdne(orov HflA, 6nemo on6 pro np6-

Xerprl dpeuvo, ercrqd 6rr ro (6pugo 6ev poriO4oe r4v AOrivo voKpriqrer rnv 6Krqon rolv eMer;4r6rov rnq. Opropdvor pMnouv

ox6go rot erei t4v enLppo4 t4g "ruB6pqonq Goldman".H d\trr1vxrj rploq ono6e(X0r1re Oeio 6r6po yro ro "6qtp6vro

qg N5oq Y6prqg". H rp6ne(o ero6npole npoprlOeeg on6 14

Bo{Oero nou npoo6gape or4v eMqvrr4 ruB6pvr1or1. Kep6o-ox6n4oe pe ovo(oXuwo rp6no pe rrg 6uoX6peeg rrlg EL\d6ogror oe pdpoq rou eup<6. Kdp6roe oe 6l\o ro p6rono.

Qor6oo, 4 6ropdXrl rqpe 6toor6oerq oe ol6Klnpo rov K6-ogo. Mnpoord or4v one i vo r \nyai q gqpq rqg, q nepneovnenev6wxrl rpdne(o, n6wo o(youp4 yro rnv unepo)Ci rnq, qvq-

yxd(erot vq 66oer eqnyrloerq. H Goldman Sachs orlpooeferqrnv rorooelfdo rng 6vo 6e]rrio Tonou, oro ono(o enrpepor6ver6rr o owirrunog rtov ev )r6yo evepyerdrv 4rov ogehrpSoq ndvo)orq owoluxrl drlgoorovoprrj xcr6mooq r4g Xtilpoq. To e}v\vx6

Xp6og nepv6 on6 ro 105,3olo ctro 103,770 rou AEfl -eIdXLor4

pe(ooq 6flro6{- rard rr1 ouyxexpqdwl nepio6o.O T(epolw K6pryxov, 6voq on6 rouq doouq r4q cruroKpo-

roplog, unoXpe<ivgrqr vq onqvnloer oe epoxioelq rou Eupo-noiKo0 Kowopouxou. Mero onFo6epdvo tou np6oomo, nou 0oro(pro(e r6)rero oe 6rogrigtoq ou(or<r, ror ro rotroouvmo pMp-

1. H 'YMOONIA NOY:ENEPA'E TA OPIA / 3,I

Uorou, o np6e6poq rnq OuoonovaoKnq Tpdfl4oq Anoeeudr(l)vrnq N6aq Y6pKnq qvayvop[Eer Ue npoonvn r6vo rn ponesto nou

n srorpe[o npoodqepe yro rn v6eeuon r(l)v d\InvrK6v loyopro-olnirv. l-lvlyer nq eqMoerq rou oe Fto teyyr4 oxmd\nq ykiro-

oo, pe glo p6vo e[o(peo4: "Me tnv fqeon, e(vor npogov6g dtrot rov6veg 6tog6verog 8o dnpene vo eivot ouorqp6repot',.

fldpo on6 ro xltro6 xor lg noAurxdq oronq6rrpeg, ro yeyo-v6g e(vor 5vo: q rep6ooron[o, nou 16oo onodorrgd(eror, e(vorenlor1q 6vo orlpowtr6 ororXefo xoltrig treroupyfuq rov oyopr6v,rrlq peum6rqrdq rouq, rnq perop)r.4r6rqrdq rouq, 6reuKol0-vowqq Ttq ouvdVroydg Kor broogoJv(owqq Ueyolurepn 610-gdvero mtg tLp6q. H bpoornpr6rnro ow4 oupBdi.\et, enrn)r6ov,orrlv xdrweprl rmovop{ r<ov rego},o(<ov. O rep6oor6noq e[-vor o ovtygeunig rou enev6urn, o ono(og, r4pdlwog ro npo-oXrlgmo, ororX4porl(er xot ow6q orrlv dvo6o ror orrlv m<ilo4rtov o{tdrv. Me rrlv eni0eorl crnv EMd6o Kqt mo eup6, or oyo-p6g oneuOOvouv orlgowtr6 -ror oorr]pro- gtivupo oroug no-)rrTrroriq: ro 6tr?\eruuo rou npouno]royto1.ro0 6ev eMyXeror nro.An6 rrlv dnoqrl ourr1, no(ouv 6vov Xpr]orgo p6tro, ge rov tp6-no Touc.

K6rco on6 owdg tq ouv0rlreg, q dguvorqq Goldman Sachs,on6 qv ni,eupd rqg, e(vot ontuj. H EMd6o opvqO4re rq troyr-rrl rrlg (tirvqg rou eup6, rrlq ono(oq dfovoq e(vor 11 ner0opX(oorov npoUno)royrop6. To netxd edporo np6net vo ro Odoet q

Aenvo orov eow6 rqg. H rpdne(o opr6crrlre vo no(er dvovrelgr6 p6)\o ror vo rKqvonorioer dvov nel,6rn, 6vo Kpcnoq ornouyrerpqdvrl nep(m<ooq.

H Goldman Sachs 6ev np6ner, roodrg go(verot, vo 6Xer no-popr6oer rovdvov voprr6 rov6vo. ien6pooe 6pog r4v r(rpw4ypogl.r{, ereivrl rrlq 6eowoloy[qq ev6q gey6)rou olrou, nou, ov

32 / H TPANEZA

Kor 6rjoKo,\o rn XopdEerq, roj\6 eivot vq p4v rqyolvetg rot no-

)rti rowd qq-

"Mro oIqOw4 enoyyehgor(og" Mve xot fovoh6ve ot npoi-

or6Uevor rnq Awr ;rerd r4v ennu{o rnq ro 2001. H Awt Aou-

6rd64 61er )rotn6v npoolOe[ mq 6teri0uvorl ptoq erotpeioqoo<pderdrv (orjg, r4v onoio (6puoe 4 Goldman Sachs yto vo

erperqlleure( to XprlpcrootKovopu6 npoi6wo nou 61ouv o16-

orl Fe ro npoo66Krpo Eonq. H qoi XoUoYeId UeptKeq 9op6q onq

rohg1p6q.

2. H rupdpv4oq Goldman

M6pro Mrpdyxr, 6roxrp4g r4q TpdneEoq rng kol[oq Kornp6e6pog rou lugBouhiou Xp4pmontoroux(g lro0ep6-

rrpog -ev6g v6ou opyouolrof nou ouyrewp<ilveL nq rewpx6grp6ne(eg ror ng puOgromdg op16q rov paydtrrov Xropriv- e(vorunoqrigroq, ro 201 1 , yro vo 6rqbexre( rov Zov l0ow Tpro6 orqvEup<onoir4 KanpxrtTpon4o. An6 rnv dA\, o np64v eupono(iogenfrponoq yro rqv Eoorepri Ayopd ror orrl ouv6Xero yo rovAwayovolr6, o M6pro M6wr, rcnoeSTer mov np6e6po rnq Eu-p<onoir4g Ennporqq po ovogopd 6nou unoorrlp(er Oep1rd 6vovKolLnepo gopoloyx6 ouwovrop6 pero[ri tov rpm6v-gekiv.

:To Hvop6vo Booilero, o T0noq onorofuimer 6rt o unoup-y6g Otrovogrrdrv 66Xr4re r6ooeptg gopdg roug ernpoodrnoug

1uog ogeprovxrlg rp6ne(og pero[U rqg 1 qg Orroppiou Kor rnq3149 Aerelrpp(ou 2009, evtir ouvdvrnoe rouq pperovotg owo-ycovror6g r4g g6vo 6rio gop6g.

H Eupoxoirrl 'Evoon Kor ro Aeevdq Noprogcnrr6 Toge(o(ANT) nopdXouv ornv E rd6q, rou vooe[, Urq poneerq Ue 6u-op6oropouq 6pouq, nporeqdvou vo o6oouv ro eupd), ro onoiopp(orerot oro or6loorpo rrov oldrlvcortov rep6oor6nov rorr<ov rpelop6v<ov oyop<il.

34 / H TPANEZA

Ex np6r4q 6qreoq, ro r6ooepo owd enero66rq rnq enlKot-porrpog rou npdnou rpqrivou tou 2010 6ev ouv66owor. Og<oq,ov ro 6ofge xdrfrepo, n ox6on Usroq0 rouq e(vor npogovrlq.'EXer g6fuoro xor 6vopo: Goldman Sachs. Ftcni o oixog eivor,orqv npoygmm6r4ro, rdrr nol\o nopondv<o on6 6vo lpqpmo-nror<orr6 i6pugo.

Ag ndpouge np6ro rov 6rorKnr{ rnq Tpdne(oq r4g lro},(oqKor enrKegolnq r4q og66oq rov pu0ptorx6v oplrirv M6ptoNrp6yrt: 'Ffrov

owrnp6e6poq rrlg Goldman Sachs Internationalyro rqv Eup<ilnr1 ge d6po ro nov6(vo, 6nou alXa ovdrdper nq6roouvoproxdq ouylove0oerg-e[oyopdq, on6 ro 2001 doq ro2006.'Ooo yro rov Mdpro M6wr; E(vot orippoul.oq rrlq eropeloqyto trg 6e0ve[q unoeSoerq 0116 ro 2008. :ro nov6[vo, n GoldmanSachs onjpt[e rq pperovu<ri KuB6pvnon Kard rnv n6lnon rnqNorthern Rock -rl onofu 6ev en[e01oqre- ror rmd rqv rego-IoroKn ovqdldpeporq r4g Lloyds Banking Group -q ono(o enr-re0X0qre. Tdl,oq, ro vaoUoprd(xo i6pupo, 6nog e(noge, Bori-0r1oe rrlv Etrld6o vq r<opoughdpar rouq Loyoproopofg r4g,ouppoD\owqq eror, ;r[o 6eroer(o opydcpo, orov ropnAtop6Tou Korvo0 voFioporoq.

Or tmo06oatg ow6q ono6eu<vrjouv troLn6v 14 6rivogq ev6g 6r-rr0ou enppo4g 1.rovo6rxo0 orrlv Euptlrq. AN\d rorro 6prdrou:owoi or g ,or, pe nq yewo(eg ogorp6g, 6ev on6rpe\Uov ro eI-InvK6 oKdvbolo vo feondoar roL otire p6poto Tlq onoKolrirl.,erqyro rov ororel6 p6lo ourrlg r1g v6oq 6Uvopnq, rnq Tp6ne(oq.

To nurv6 qur6 6(Kruo, nou 6p1roe vo e(o rdrveroL lp6vronpw, un6yero ror 6ng6oto rqv (610 qnyg4, dXer rcug peod(owegKqr rouq moro0q rou. Ayvtomor mo eupf row6, ot o0gpouhorowo[, or onoior enrmporeUowot ge pey6],q npoooXrj rbr pe pe-yd),o x6moq, yvrrrpi(ouv ro )temd oqge(o r<ov nopoor4vitov rnq

2. H KYBEPNHEH GOLDMAN / 35

EuponoiKng 'Evoorlq Kor r(r)v unoupye((t)v rov Kpcrrdlv-Ue^6v.'EXouv np6opoorl orouq rO0voweg, touq ono[ouq Unopo0v voxo.l.ioouv oneu0slog oe orryp6g Kpronq n 6tov 86trouv vo nd-pow 6outredq ge oneu0eioq ovdOeo4. To rmopOtirpcn6 rcug ou-td npog X6pw rou epyo66rq touq ou(rptotiwot -;.te 0oupoop6

{ pe onoorpogrl, e(oprdrot- oroug 6to6p6pouq r4q e[ouo(oqKCu orrq Xpnuoroyopdq, oro MME Kor qrrq enrxeerloerq.

Irrq Hvop6veq flolure(eq, ow6g o goyx6g x0droq onore-tre(ror on6 np64v uneuOrivougt4g etopeiog nou n6pooov mour.l,rr1tr6repo 6qp6oro o[uirporo. Irrlv Eup<6nr1, ow(€eto, 11Goldman Sachs 6ywa o cn6mol,og rou Kqnrrofuopo0 rov 6tq-ouv66oetov f rou (KoTrrrolroUo0 rnq np6opoonq', yto vo Xlrl-orgonoqooupe xor epe[g qv Srgpool rtov ov0p<6ntov rou xtil-pou. To nloloro ow6 ronoOere( -sro pdno rtov xpmrtilv rouo0ylpovou ronrotrr4roU- rqv Goldman Sachs qro (6to en[ne-6o ge rqv Carlyle, rov peyo.\wepo r6uirq anev6urrl qrov 16-ogo, ri pe rrlv erorpelo ouUpo0trov McKinsey, ot onofeq enio4groLl,epyoriv rrg ol6oerq pe rouq nolrrrKo0q.

floror e(vqr 69o4 owoi or roXupol, ge t6roto txov6rrpo 611-ptoupy(oq 6roouv6doe0rv, nou 6nqt(ov dvov 16oo peydtro p6l,o;

H euponoiKn neprn6rero rqg Goldman Sachs qeKtv6 oro nov-6[vo. Irq 6eroeriqrou '50 rlrpdne(o 6poorrlptonoto0wov -oe

grrprj xliporo- orqv ndr}rnon opol6ytov nou ro el66t6ov ope-pwovLr6q nol,ua8vtr6q orrlv euptrrnokf oyop6. To 1985, pe rnvnpoomtrf r4g nh{poug q0\el,eueeponolqoqg rou lirt, 11Goldman Sachs or6)rver 6Vov on6 roug otop eto(pouq rqq, rovT(ov O6pwov, vo ovomf ler rq 6pdor1 rrlg und rq orrd rou ro-0e6pxo0 rou Ay(ou []ori]rou. To UnryK UnqvyK rou 1986 dvot-

Ee rn XpnUcnoyopd oroug [6vouq opyovtogo0g. Mnpoor6 oro

36 / H TPANEZA

6uvo1lr6 r4g peyd)rqq erxotrom6gevrlq euponoir4g oyop6g,o O6pwov npoono0e( ge rd€e tp6no vo 6rero60oer orq ppe-

rovLrq oyopd roO<irg ror orrlv un6trornr1 Eup<inq. H GoldmanSachs International yewdror. H nptir4 q5q euycnprKi orpq-ro)royei ge geydl,4 npooopj orrtir 94 ogeprrovo0q ougpo0-Louq. Anomolq ourdrv trov *BooDrrr<drv" oneoro.l.g6v<ov elvorvo ovofouvnq n0legr4q Eup<irn4g, 6nou q rpdne(o a(vot o1e-66v dyv<oor4, Kor vo rnv evnpep6oouv yro ro rl0r1 ror ro 60r-

Uo rnq enrxerpngcnurig (orlq, roOdrg rot yro trlv notum{ ro-rdqrqon.

Iro Hvorpdvo Booi)€ro, n Goldman npolropo Ue uflo^oyFoprdvo B4poro, ga q ouw10r1rr1q o0veo4, 6nroq ougBo(ver mtgnpootonxdq erorpeieg. Or pperovrr6g egnopx6g rp6ne(eq, otnep(<pnpeg merchant banks, 6noq n NM Rothschild, rl WarburgKor n Kleinwort Benson, 6Xouv rrlv enoa,1 erelvn rov 6trey1o rovr6rorrtronoqoeolv ror rov rep6ooronrrdrv ouyXove0oeorv rovpperovrrdrv nolue€vKd)v. flporetp6vou vo 6rero60oer, n erqFpe(o npdner vo pyer on6 ro yvrirprl.ro govondno, 9one6woqroug enr6popeig, owotiq roug veogepg6vouq on6 14 pey6l4

Mov6nolrl, nou enm(Oewot oro Xprlgmtorrlpro oe gey6treg ent-

Xerpr;oerg pe unorrprlp6vq XpnUcnrornproKn oqio.Av0ponog-xler6( 0o e[vot o plov66q nfuep :d6eplow, flp6e-

6poq rnq Goldman Sachs International. fro vo enxporqoet oeour4 r4v oworpmop(o qg enrpporig nou e(voL 4 pey6l\4 elrno-pmj rp6ne(o, xperd(eror -rord nop66o[o rp6no- xdnoro 66-o4 Xrorigop. KoL o ouyrexpLg6vog 6v0ponoq r4v 61er roL ge ronopon6vco. Ewpogf q, n\0topx6q, eugp66nq, unepKrvnrx6q,eyr6p6rog ror enppenfg orrg ono)rorioerg, our6q o Aot(vogtr1g ogiXlrlq 6ev 0o pnopo0oe vo Kpiqrer rnv tplqv6xq KCnq-y<oyr1 rou. flptiqv euponolog enlrponoq yto rov Awoyrr;vrog6,

2. H KYBEPNH:H GOLDMAN / 37

unripqr cm ouv6xero np6edpoq rnq Allied lrish Bank, opy6te-po rrlg GATT (rou npoy6vou Tou floyr6ogrou Opyovrol.ro0EUnop(ou) Kor, r6^oq, rnq British Petroleum (rnq BP) .

O flfuep ld6ephow eKnpoooJne( ro 6rr\opqrr6 rfdroporrlq rpdne(oq. Iov rov yepoeMgowo, o onofog l6per noO no-rd xo0c6g npoXropd ge npooopl oq oqp6vo, o chairman ono-

;roxp0vet pe 6rlvopr1 6i,o ro epn66ro nou ouvowd orov 6p6porou. E(vor orprpdrg o ocoor6g 6v0ponog. Or rope(q trlq er6x6-cltdq rou alvot or 6e0ve[q opyovropo( rot 11 P<ooio, 6nou o np6-

[evoq ow6q yvop((er roug n6weg. :rnv Goldman 6X rn poi-

0eto rou tr6p6ou l-r<p(rptOg, nprirqv oupBo0lou qg MdpyKoperOcroep, xoL rou l-rdBw Nr5$rq, F6tr owo npo66pou rou BBC,11 yuvoiro rou ono(ou r]rov rdnoc dgntoq ouvapydrpLo 16-norou l-r6pwov Mnp6ouv, o ono(og 8o yfver "xoyxe]rdprog rqgoroxuipoq" -our6q eivor o rfttrog rou unoupyori Oxovotrurdrvorq Bparovlo- r<ot perd... nptuOunoupy6q.

Av ror or nopeppdoerg 14q Goldman Sachs ntrn€qlvouv ornMey6\ Bperov(o, p6tuq oro rdhog r4q deKqerioq rou '80 o 6UFIoq eo tKbnl6oer rnv [610 6rd0eoq ror yro rqv un6lotn4 Eu-p<irq. T6oo mo Bperovrrd v4otd 600 KCtt ornv nneeonr4 Eu-pdrrq, q rp6ne(o 0o e<popp6oer ro orior4po nou efie ennuXioonq Hvop6veq nofure(eq: ro 6rdrvugo. Irq N6o Y6px4, or Epno-ptro( rpone((req 6outreriouv ouvriOoq ov6 6tio' orqv Eup6nn,

4 o;rd6o 0o onoreleftor on6 6vov tpone(ir4 Kot Utq Kopugoionpootonrx6r4ro nou 0o npo6pXeror on6 rov r6ogo r(l)v tTItXeFp{oeov, orxe(o oe 610 ro ypovdEro rqq e[ouo(oq.

Mer6 rnv Ayy^(o Spleror q oetpd rrlq l-oll.iog. Tov yd.L\o

!.l,p6v Eg rov n4pov on6 roug Poto[trw yro vo 6rlproupyqoetevo npoyeg0ptolJo orn l-o.h.l,io. Aur6q o et6rK6q orrq ouyx(l)-ve0oeLq-e[oyopdg ouvepyd(etor pa tov Zot< Moytoti, Utq onUo-

38 / H TPANEZA

wrKn guoroyvrrrplo rou L6p0porog eKe(vn rnv enopj, np6r1vnp6e6po qg Soci6t6 G6n6rale ror nptirqv 6eu0uvq rou Eevr-rof Tope(ou Ayporrr<iv flcrrtioetuv, ev6 un(ple Kor enrKego-)r(g rou lotruBoupyrKod ogilou Sacilor.

- Iuyyvtirp4 nou ooq 6ror6mo, rJpre Moyro0, r6norog r<ri-proq Foudwgnepyx 06tret vo oog 1.rdr4oer...

-A! O Kfproq:ep( Fou6wpnepyr on6 u1 Havas, unoOdrr,r...A<ilore r6v gou... KoMp6po, tepE... A! Kdnoro ldooq 6Xer y(ver.Me norov rilo r4v rr;lj-..;

- E[Uor o TEov ToudLvpnepyr, np6e6poq rnq Goldman Sachs.Oq noe^o vo ooq 6(l).

'Enenq qn6 our( rq ouvol.rDr[o ga 6vov dvOpono yro rovonoio 6ev yvdrpr(e r(nore nprv, o Zox Moyro0 opi(eror owr-np6e6poq rqg Goldman Sachs Europe, or4v ono(o ror gdpverrrlg npdlr4 6ouher6 rrlv n6)rr1or1 r4g yoLNKnq lopronotiogAussedat-Rey ornv International Paper Company. Itnv oppj, ro1990, elvor U6vo or 6Jo rouq ouv gio ypogpcndoq.

'Eror, roroqOdvar logvxd oro llopior trrLo 6yv<oor4 encovu-p(o, lerwcirwog pe ro drp<og onopoft4ro, otr-trd 6to0erowoqpro odtov64rq avdpyero. Onog xot oro Aov6(vo, ro 6(6ugo pG

)ger ro pdpoq 6Xr oroug roXuporjg yiyoweg, otr\6 oroug v6ouqrup(opXouq rou yo;\-l'tro0 ronno.llopoU nou np6ogcnq epgo-vlornrov or4v orxovopxri yol,]ruci orr1v4: Axa, BNP, Rh6ne-Poulenc, TF1, Printemps, Soci6tr5 G6n6rale..., yrcl vct Urlv ovcr-<p6poupe d roug. An6 ontroi nlovrpeq ot 6grtror owo( 06louvvo y(vouv omdpLo npdnou Ueydeoug. H r6r<ortrono(qo4 rrlqTotal, ornv ono(o n Goldman Sachs e[vor ero[poq, XpnoUe0er(l)q eeolrnpro, ev6 4 ennuXrlpevq 6r1g6on eEoyopd rnq Paribason6 rnv BNP edponiver rr1 eiUn rnq. Irov ro;.rdo trov ouyXto-vefoeov-eloyopriv, 4 Goldman Sachs nepvd oe rp[q X]6vro


on6 rnv ndFrrrn e6o4 or4vrpkrl. To 1994 y(ve(or n npdrrrl orovdr66ol Aev eivor o opr0p6g nou erntrrlooer roug owoy<ouorCg,oLld I onoudot6rrpo r<ov ouvoA)roy6v.

To 1992 o ydl oq:Ap6v Eg dyle o np<irroq Un ovyloo6-

lovog ero[pog-6toxepLorrlg. To oor6pro rou oUpro qrpcnotro-yo0wor trom6v xord rr1 Xpuori erelvq enoXrl: o Egovou6]. Po-

;rdv, o lB Aenk, o Iopr6p Tmfundrq ror o Zov Pogn( peMovnxo(ero(por. I{gepo 11 yoltur{ 0uyorprxrl 6pooqpronore(ror oerperg togeig: 14 6roXeipro4 evepyrpuo0, rrlv oyop6 geroXtirvror rqv nopoXrj urqpeordlv ougpo0l,ou.

To 2004, 6rqv 6npene vo Bpouv rov 6rd6oXo rou Zor< Moyto0,en Cyeror o :qp^ we Kpouoo6, np6nv entKrgolnq rnq Cr6ditCommercial de France (CCD, rnv ono(o xm6nc 11 pperovr{

rpdne(o HSBC. Fewqpevoq ro 1943, our6q o dv8ponoq rnq 6Frrfooqg ror rcov 6ro6p6g<ov yvtop((et 6trouq rouq rO0voweqnou e(vot unoloylorpor. Enr0eopnrnq Otrovol.ur<drv pe trem6ror ovorXr6 nveripo, 6vog 6v0ptonoq rou r6ogou pe ovop(Opr1-reg oX6oerg. AMd 6ev ouixet orov ovtirepo rrixtro tqq orKovo-

l.urciq noprorvqg oprororpcr(oq, 6nog o Mro#r flepnp6 f o Zor<we nqpo(dp.

To nopior 6ev eq rorogdpet not6 vo ndpet ro nptore[o on6ro nov6[vo. H n6lrl rou Otor6g elvor pto 6pooratud 1dpr1 or4Eurostar. H Kqp6rd rou oirou 0o pe(ver )rom6v or4 pperovrf

np<ore0ouoo: or oyoponohqoieg rltAtov xot nptirtov u)rrirv, ro-Otirg xot q 6poorqpr6qro coq rpdne(oq-ougporltrou yrq ro Hvo-pdvo Boo0.eto, rrlv Eyy0g Avorolq ror rr;v Agprxr].

H enov6vtrroq rtrrv Feppowdrv ror q onetreu0dp<ooq rov 1tr.r-pciv rqg AvoroLrr{g Eup6rqg 6o 6riloouv tr1 6uvcrr6rrpo orrlOpowgoUpr4 vq unoorelioet ro llop(or ror vo y(ver ro Usycr-Lurepo ypqge(o rng qnetp<omrlg Euptirqg. H entorpoq4 oro

40 i H TPANEZA

ndrpto e6oqrl-o r6pLnnq, o M6pKoug Fr6^vqrW ywv4onK€ ornBouopao- 6ev npoygcnonorefuor lrlpiq rptB6q. H e10p6r4rooprolrdvcov eppo(cov ero(porv Koeuorepei ro dvorylro rou ypo-ge(ou or4 l-epuov[o. 'Evo eun66to nou p6vo q 6roueooldBnonrou 'Ew(opw P6rep, tou yevxori 6€ueuvrn rnq Daimler, o no-r6poq rou ono(ou {rov 6rlAtogdvog noMprog rou vo(rogo0, enr-rpdner rqv dpor; rou. H Daimler, rl Siemens Kor n DeutscheTelekom e(vor ofl6 roug np6roug nel,oreg r4q entXeipnonq. HGoldman Sachs 61er en(oqg ovdrdper r4v r6romono(4or1 op-rerrirv ovorol,Lroyeppovudlv erorper<ilv. Meyd)ror yepUovo(rpone(fueq, 5Xowog rolrl np6opoo4 oro unoupyelo ror or4vroyre)\op(o, orpcno)royo0wot yto vo npooorloouv ro oupg6-powd roug orov ouyrerpqrdvo oxovogrr6 X<irpo, nou e(vor on6-)rwo ouv6e6egdvoq Ue rrg propqlovx6g enrlepqoetq. Teroronopddetygo onorele( o'Orgop'lovyr, np<ir4v p6)roq rou 6reu-0uvrrlp[ou rqg Bundesbank xor npdrqv enxegoJ\rig orKovoUo-L6yog rrlg EuponoiKnq Kewpxnq Tp6ne(og.

:iUepq n Galdman Sachs afvot 1 npdrq [6vq rpdne(o ornFeppovfo ror 4 6e6reprl egnopLrf rpdne(o, ge Bdorlro 5oo6o,per6 rov e0vrx6 Kotrooo6, Tnv Deutsche Bank.

nopq66qos, ov Kor onl l-o^^lo n Koulrorjpo qg owrnopd-eeonq KoId rpore(, on6 r4v dl-l,r1 dreup6 rou Pivou o 060-orporrlpoq Goldman npoorpoUer or4v nopd6oorl qq ouvol-veonq. O une66uvog rou yeppovrro0 ypoge(ou, o A)€qdwepNrrpndtrLoug, ergpd(et r4v enr0euxr] rormf oe po0g6 unep-pol4q. l-ew4p6voq ro 1960, np6nv Kop6rol6yoq, rpoinv sro[-poq rou ouupou)rewtrof ypogefou McKinsey, rqyofver m4vGoldman Sachsro 1993.'Exowoqro noporoofxfu "Goldfi ngen,,nou pe xorewp6Xero rou 66ooe o T0nog, ow6g o d(unvog dv-eponoq, npotxrog6vog ge 6vo rpuXp6 Xroril.rop, 6ev unoypdget


ro eyKlriUord rou Ue Xpuori pnoyr6. A 16, Kord ro nopdbsty-

Llo rou exepoU rou, TEeqrq Mnow, pno[ver oro X<op69ro rorvunoupyrirv, oroXefowog orrlv ennulio ge ro Opdoog, Tnv evep-yrprx6rrpo ror rq 6ou)ter6. "H v(rrl Xrop(q r(v6uvo eivot Opio1r-poq Xop(q 66qo": ow6 e[vor to otiv0qptd tou.

Mer6 q l-eppov[o e[vor r1 oetp6 r4q hotr(oq, 6nou or alumni(or on6goror) og0ovo0v orrq 6reu0uwx6q ogo(peq. O nro 6t6-o4gog elvor o Mdpro NtrpdyKr, 6romnrnq oiUepornq KrwpKiqTpdne(oq rrlq hol(oq. 'Ooo yro rov Pogdvo flp6wr, npcirrgv ent-regoltrlq rou rpcrnxo0 og ou lRl (lvorroLnou yto rn BtoUnXo-vuci Avoouyrporqon) , orparoloynenre on6 tqv eropeio pero(0rou 1990 Kor rou 1993 - Kor, yro beweprl 9opd, ro 1997. np6e-6poq 6fo gopdq rou ho^xou Iuppou)tiou, xo0r6q ror np6e-6poq rnq Euptonoirng EnLrporqg, orrypcnioqxe n6w<og on6ro oK6v6d\o rnq ouyX<6veuoqg nou oupg<ovnor1re ro 1994 pe-

ro[0 qg yeppovrrqg Siemens xorrnq rrotuKnq STET - $oq 0u-ycnpx{g r4q lRl. A'Jrn n ouvd\}royri npdner vo 6eurol.rjv04xe

Ue U((eq. H Goldman Sachs e(vot erefurl nou eile ovoldper 16-te tov p6)ro rou oupBoi)rou rqg rotux4q nleupdg. l-(veror pto

ooruvoprr4 dpeuvo oro ypoge(o qq rpdneEoq qro MAdvo, yro

vo epeuvrloouv rr1 euympxi, grdvowoq gdXpr r<or rov Pogd-vo flp6wr, enxegoh]g rou lRl rov rorp6 rolv ouyrsrptg6vtovyeyov6rov. Kdrto on6 puorqpuil6erg ouvO4reg, o gdKetroq eqo-gov(oqxe ror 11 6troor4g petor5oqKe orn :qpdnvfq. Tnv eno-pj nou feon6 ro oKdv6qlo o PoUdvo l-lp6wr e[vor, np6ypmr,np6e6poq rou IugPouL(ou.

AloKeKprtrivoq novemoqgLox6g ror euun6)rr1moq, pe no)r-)rd 6rnl,<irporo ror rmoytrryq on6 rov nofur6 Boppd, o np64veuptono[og enftponoq Mdpro M6wr n6pooe ror ere(voq on6 roorpcrr6ne6o rrlq Goldman. E(vor 6prog 5vo np6otono pe opX6q,

42 I HTPANEZA

oxotrqorK6q os e5pmo qOrro6 x<il6rxo, nou rleiror pe euxohiorarto on6 rr1 pfrq r<ov owrnd)rrov rou, Or onoior gnopef vo a(voLerorpelaq govondrho, 6Xowoq ouvdtlar nopdvopeg oupgrrrv(eqrot r60e Loy{g enrXetpqgorieg. O6trer vo rov Oeoporiv r(pro. To-noOerel rov r10u<6 r<dr6ro ndvo on6 xo0eri ror npop6l]er ro ye-yov6g 6n SXer rlouXrl rrl ouvei,64o4 rou oe orlpe[o unepBolnq.

l-rqr( l,otn6v ow6g, nou eivor r0nog ror unoypopg6g, voepntrorei orqv neprn6reto rrlg Goldman Sachs; l-ro ro lpqpo-ro; 'lo<uq. No rov 6erloe o eou;roop6g r4g rollx4q 6rov6qo4qyto ng Hvtrrp6veg noturefeq; flOovrirg. 'H, p(nog, 4rov 4 ovd-yKn Kdnorou nou (o0oe 96oo oe rdwpo Uelsr6v, mo onoiorjrov o (6roq enrregolllq -oro g4prog6vo flovenronipro Mno-r6vr rou Mridvou q oro K6wpo Orrovopr<bv Epeuvrirv Mnp6-yKsI orrq Bpuq6 ̂ eq-, vo Bpserf Kow6 orrlv npoyl.roru<f e[ou-o(o; loxriouv 6l,o ror on6 Xyo.

E[dtr"l,ou, yror( o e{qwdprlg ow6g r<p0BeL q ox6on rou Ueqv rpdne(o 6rov 6[ver ouveweJferq; H Goldman o$rer vo ro-rcronoe( roug ovOp<inouq qq oe Odoerg ror o$<irgoro, lrop[gvo ogfver nord ng pdoreg vo n6oouv. O 6eop6g ow6g ndwrogen6rpeqe mov Mdpro M6wr vo 6robexre[, rov Mdro rou 2010,rov Flirep Zddaptrow or4v eup<onoixrl npoe6pior4q TprpeporiqEnrponqg, piog on6 rtq nro grlprqdveg Moleg rrlg noyr6-oUroq etrlr. Kqr ndN our6 ro ewunrrlorqrd rot 6or6o]dr6eq 6i-Kruo nou ugdvonxe pe peydl4 gpow(6o.

Ing Bpu[6Meq, y0por on6 rouq rowonro0q opyovLotrrorjq,

n Goldman Sachs 6ro14pe( 6vov orpor6 ge ovOpcinougrotv )16-gnr, nou elvot enrgopnolrdvog ge rqv unep6onroq rov oupge-p6wov r4g. Or ernp6orono(rr1q ouve6pr6(ouv orouq qnUowF

r6repoug oUilouq npoBlnponogoti ror l,6oXeq rou x,l66ou.Qor6oo, to yeyov6g 6r rouq oxoriv or t00voweq 6ev orlpo[ver

2. H KYBEPNH:H GOLDMAN / ,13

6n pnopoiv ror vo erqped(ouvrtg onogdoetq rrlq EupofloiKnqEntrponfg - np6Ks[or yro XcovoB6peg ror nep[ntroreg 6ro6r-rooieg, nou 60oKolq Unope(q vo lq Eebrolrjverq ftov ppiore-

oor on6(o. To ypoge(orou npod6pou rrlg Ennponrig, ro ono(o61et tov 6l,eyXo rcov o41.rowr<ilv gordkov, eivor o xcrefoXrivor6Xog roug. 'Evog nptirqv enlrponog r4g or6cpog rou MdprouM6wr, lcrrgdvou yro ro rd\d qrouq 6qr66louq rov nqpooKrl-v[ov, e(vor overr(1rrpog, ov 06ler vo 6tero6tioer rovelg oqv rop-610 rnq euponoiKlig e[ouo[og xot vo npoKaroldBet, or6po rotvo rponono(oer rrg o64y(eq ror rouq rovovrogo0g...

H e1.noprci rpdne(o e(vot pro 6rogoperx{ 6poor4pt6rqro.O np6e6poq ror yevrx6q 6eu0uvrrqq r4g Goldman Sachs 6rq-npoypoe0eror pe opX4yo0g rpcrdrv ror 6tntrtopdreg, evtir ou-vowd rO0voweg noyx6oproq KIiUoKqq yro vo 6reuroh0ver ngenogdq ror vo onoroploeL ovo06oerg. 0o16oo, orouq 6ro6p6-

Uouq rnq Goldman Sachs oro nov6(vo, prlv neptpr6vee vo n6-oere ndvor oe eleuyevrolr6voug np6qv 6mtrtopdreg. :e ow(e6-or1 peng pperovrr6q xor ol.eprxovrKdq quvq66lqouq rnq, n rpd-ne(o oneu60veror oe nptir4v orxovoprKo0q nopoyoweq Kor oFrovoprol6youg, rewprro0g rpone((req xup[<oq, f oe 6ooug ro-reftov uqrlMq Odoerg. A16rr, nopouo(o groq npoo<onLr6r4rogqg epB6)rerog ev6g

'lovyr, ev6g Kpouood rj ev6q M6vn, oL yhriro-

oeq l,0vowot. H poorxri roug onoorotrrl; No ouyrewpdroouvni,rlpogopieg oXemd ;re ng ouvol.\oy6q nou np6Kerror vo yi-vouv f oXertr6 ge rrlv no)\mn4 rcov enrox[rr;v ro:v xewptrovrpofle(drv. Ko0c6q e[vor pdoo oro npdypmo, ouro( ot npdrqv,evtir rouBewr6(ouv nep( ov6;rov ror u6cntov, 6roro06vowor 6rqrxord nof eo euon[et o 6vegoq. M8 qn6lurq vogrp6rqro. Orntrqpogop(eq ,,rp6xouv" orq ouv6Xeto orouq 6to6p6pouq qqrpdne(og. Mepm6g gop6g grdvouv p6Xpr roug Xpqpmtor6g.

44 I HTPANEZA

Aw[Oerq, 4 eropeio Oeopei rouq npeopewdq nou 6Xouv ou-woq.o6orneef oupnooeig pev, oMd oe p6lo 6roroog4nr6, Xr,.r-pig npoypmxdg 6roouv66oerq utlrqtuig ord0p4q ror lrop(g ou-otoorrrq yvdro4 rou r6opou rov enrXerp{oe<ov. Apo, e(vor o1e-66v dXpqoror.

Oo16oo, q xuBdpvnon Goldman ornv Eup6nq [otog 61er lgroMq 4g6peg n(oo rnq, Kor 6XL pnpoord rr1g. To 6(Kruo entp-porlq nou rqv 6xove 6fvog4 npw xor xcrr6 r4v oxovopx4 ovo-ropop4 rou 2008 dXer Xdoer qv qnoreleopcmK6r4rd rou.

OL enog6g nou 6ro14po0oov or noLoipoXor np<rir1v rewprro(rpone(ireq, nporerpdvou vo rworiv ro vrlgoro, ono6errvUowor6Xr r<ot 16oo Xpr]oq.eq nro, r<oOtirg or nofuru<oi 6Xouv enrlpeoore[on6 rnv 6l erqrn 6qgortr6rqrog r<ov enoyyel,prcrnrirv rou XrbpouTov XcnpqroorKovoprKd)v, Touq ono(ouq Oetoporiv unafOuvougyrorqv rp(oq. TL pnopo0v vo rdvouv or 6rdgopor'Orgop 'lorvyr,

:opl we Kpouoo6 ror Mdpro M6wr gnpoord or4v exgpoop6-vq a10p6rryor4g AvyKeIo M6pKeL, rou Nrxotrdlopxo(( rorrouLpLo Mnephouor6u npog tr1v erorpe(o; fl6oo gerpd o )tov-6p6Eoq o0UBoutroqrnq Goldman l6p6oq l-Kp(qroq, nptirqv of p-pouloq rrlg Mdpyxoper Odroep, pnpooro orrq qwr-Ifu enrOd-oerq rov rpur5v Boorrtirv BperovLrtilv ropgdrrrlv, ro'rd rrlv er-orporelo yrorq Boutrewrr6g extroy6g r4q 64q Moiou rou 2010;'O1t ror notrri. Kor ev6 n Goldman Sachs gnopo0oe npw Vo qe-

6rnhdroer e0ro/tq ro rofuiwo qq, pro oeLpd on6 neprm<iroerq -q

EI d6o, n xep6ooron(o oe Bdpog rou eupdr, ro Abarus- Tnv6rovov eX0p6 rrlg rpomfg e(ouo[og. To ropv6 rtrrv 6eu00v-oeov 6ev opKe( nro on6 p6vo rou oe dvov ofveero Kqr re)Vo-rpmx6 r6opo, ror pnpomd oe pro v6o yevtd Brop4Xdvrov, nou6ev 61ouv xor 16o0 oe un6lnqrn ro [6pupo- Or euponolor epyo-66req, or ono(ot 06l.ouv vo rorornloouv rov r6opo, Xepoge-


rj04rov on6 roug oroupog6poug rtov Xpqpmoorovopxtirv. Otnp6e6pot ror yevrro( 6eu0uw6q 6ev ogefiouv 14 €6o11rouq 16-oo orouq uqrnld rordpevouq Kor ornv o^ n}rsyy0n rov onpo-wrrdrv Oeo1n<iv opydvrrlv. H ovo(frr1or1 ogonoi4o4q rou pe-r6Xou, 4 onoir4orl 6rogdveroq rov )royoprool.uirv r<or 4 entroyrlsq6nloonq oro eqoreptK6 ono6uvoUdrvouv rn "6rrrrjtoon".

Iro e[fg or xupepuioetq gpow((ouv vo pdvouv gor<prd on6rrg ouyxporjoerg oupgep6worv. H ov66uo4 v5ov nopoy6wtov-pq rupepqrrrdg opyovdroerq, 6gr.\or per61rov, MME (or orKo-vol.uxdg oel,[6eq r<ov egqpepi6rov 6ropd(owor oripepo notr0 ne-proo6repo)- dtrlo[e 14 porpoord. Or Oeo;uro( enev6wdq, on6rqv ntreupd roug, owr6poriv ortg entroy6g rov rpona(tirv rot(4rotiv rov l,6yo.

fleptoo6rcpo onor4ruo( yto r4v not6rqro o1.tr6 xor yro rqvove[oprrlofo r4q 6poorrlpr6rrlrog rou ouppo0trou, or eupo-no(ot nel,6reg -ror 6Xr p6vo- onono0v rov oepoolr6 rdnor<ov

trrlvq-rou;r 4Owriv rov6vtrlv. "I1p6ner Ue x60e rp6no vo onogri-youUe nq 6oootrnuieq Ue r6rorouq rpone(ireq" lf,g1 qyqvqKrl-

og5vog 6vog BepoLwe(og unoupy6g, o Oril,pLX No0opnooutr, pe-rd r4v doXqprl epnep(o r4g 61;rorLr{g oppjg rou Bepotr(vou,nou o<popoUoe r4v n<ifr4oq, ro 2004, Uroq dKrqonq Ue 66.0006ropepl4roro yto Xqgnld eroo6riUqro orrlv rpdne(o - 11 ono[oouverorp[orqre yLo rqv nep(moo4 pe 6vo otrrepxovtK6 Kep6o-oxonx6 regdLoro. H un60eor1 npordte( 06pupo. Or dpor npo-moo(og rtov evorxroortbv nou en6potre 4 6r1polrr1 oppj 6evop6oouv oro ypogeio rrlq Goldman orq Opovr<go0pr4. M6llqdrleroe 4 oullgrovlo, 4 erorpe(o (frrloe rrlv dporl rrov nepropr-o;uiv owriv, er66M<oq eq o6nyo0oe rov Oti)\prX Notlolrnooupmq Atroroo0vq yro... 6rogeop6! H on6nerpo erBrool.rof qq

Goldman Sachs 6p<og orpdB<ooe. Me rrlv unoonipL(4 r<ov ro-

46 / H TPANEZA

nrKd)v noNTrKd)v 6lov rov onoXp<rioeolv, o Notiopnooup enr-6rdrrer vo npoogriyer oro btroorqpro, xor4yoptirwog pa r4oep6 rou ro [6pu;ro yro on6nepo on6onoo4q yp4gmov. Oo-po0gev4 pto 6(14 pe npopol4 on6ro MME, rlrpdne(q rdver nLo<o, onooUpowog 6Aeg rrg onorrloerq rnq.

H npoBl,rlpanx4 oXdo4 gero[f rou xonro.Lroljof rrrrv enr-

lerp{oe<,.rv rot rqg notrmrrqg e[ouolog eyxugoveI rw60voug.Aurrl 4 popq4 enrpporig pdltrov 6ev rorogdpver vo en$rd;oeroe nep[o6o lpqpmootxovogr4g rp(or1q. Or enrlap4oarg SXouvy[ver unepBohKd nepinloxeg, yro vo r<ocuOrivowor on6 "vo-vo0q" 66ne,o, n^K(qq. npw on6 rqv ovoropopj, or rupepvrl-oerg 6ev perporioov rqr nol0 pnpoord oe ow6 rov xol.ooo6,oM6 oripepo ro np6ygmo otr\d(ouv.

Ing ovoropd(erq ow6q npoorlOeror ror gro eyyevfq o6u-vop(o or4 6poor4pr6rr5o r4g rpdne(og: e(vor onoLfrrr:g o6-pcrq. Ot BooLro[rrlq owoy<rlvror6q gero(6 rtov epnoprxrivrpo-neq6v -n JP Morgan, n Bank of America, n BNP Paribas Kor nBarclays* arrlp(owqr oe pro eUnoprrf qippro. To yrtod, or 6rq-gqpioetg 4 or 6poor4pr6rqreq oro 6ro6(Kruo 6lvouv rn 6uvo-r6rqro orrlv rowq yvdrgrl vo rowrqre( ror' ehdltmo pe rouqrpone(freq. MLo egnoprr4 rpdne(o gnope( en[o4g vo xp0rfernqnoporrv6uveup6veq XpnUcnrornprox6q 6poorqpr6rqreg..., orono(eg e(vor B6poro Kard nofui neproo6cpo enrrep6e(q. Aw[-Oero, 11 6poorqpr6rqro rqq Goldman Sachs rdr0merot on6guoqpro, yeyov6q nou 6[ver rpoen oe rdOe e(6ouq eppqve(eg,or6go r<or ortq nto rpeMq.

flepiepyl onouo(o 6qp6oog eN6voq, orov yvrop(oupe 6r perrq eneppdoerg npog xdOe xore0Ouvorl (rep6oor<on[o, 611g6oteqnpoogopdg eloyopdq, olro$o(o xee6^oro, hedge funds...) o o(-rog 6Xer 6ggeoq en(6poor1 oro ou<ovogu<6 r<rixtr<ogo rtov npoi6-


wov Korov6^oorlq Kor 6rouopg6ver rovrp6no <onq rou Koee-v6q. :ro Hvogdvo Bqo tro, q etotpa(o noi(et 6vov p6tro-xi.et6[

orrl oJv0eoq tou "KoLo0toii rnq voxorup6g", roOdrg ougger6-

Xer onlv ovoouyKp6rnon rnq epnopx4g tpdne(og, rrlg ev6p-yeroq, qg 6rovoprlq Kqr rou oyporo6torpoetKo0 ropdo.

Iq l-oM(o, 4 Goldman Sachs e(vot dvoq on6 rouq 6eroorrdtoqrobyrpdg nou noutro0v yoltur6 Xp6og. Me ouq r;v tdt6rryo,11 noprovrl Ouycnptxq ougper6let ortg 6rlgonpooleq nou opYq-vrirver 11 Agence France Tr6sor, 11 ono(o e(vot entgoprtop6vrl pe

r4v rono0drqoq ttov rirkov oqv oyopd. H en[6oor1 6otov oup-gurdXouv nopor<otrouOefuoL orevd rot onoretre( owtKeapevo Ko-rcno(r1q. 'Optog, r 6ronrordrvoupe Xp6vo ge rov Xp6vo;

'On 11

Goldman Sachs Bp[oKsror ouorlpmrr6 ortq retrewoleq 06oetqrou 1r nopdrw. O }r6yoq e[vot onl6q, 6n<oq e[4ye( dvo or6lsloqr4q erorpe[og: "Aw6 6ev ono6(6er rqr onou6o(o npdypcno, 11

ou;rperopi pog 6prog poq 6(ver gto ovol-too[o not6Tnroq Kot eY-ypdrperor or4 bpdorl UCrq yro KowovKn ougUcro;g1 orn Tol io".

H enrpporl rrlg rqyoivet nto ndpo on6 ow6 tov 6r1p6oto p6-

)ro. M5Xpr no0; Mro on6qooq rou unoupyeiou Atopro0g Avd-mulqg 6(ver rrlv 66ero ornv Goldman Sachs vo ooKnoet rq 6po-orr1pr6rqro... rou npopr;Oeurr1 guotKo0 oepiou orn Yoifur4 ent-Kp6rero! noroq ro yvtopl(er; 'Orovr(0eroLro ep6t4;to oXerud pe

ro puorrlpto ow6 qrnv o966o rou Zov-Aou[ Mnop]ro0, ere[v4nopon6pner oro unoupyefo Oxovopioq, ro ono(o nopon6gnetornv Goldman Sachs... KoL exeiwl Mer 611 6ev yvtopl(et rlnore!

fldw<og, gdoo orn ongaptvn otxovoptx4 rploq, r1 GoldmanSachs, 6nrr4 o np[yrtnog Io]r(vo crov for<inopSo rou BtoK6wt,e(vor ovoyroog6v4 vo noporo)\ou0e( dvov r6opo nou otyd ot-y6 roropp6et. Oo 6p0er 6poye q onygi vo xJ\ovtqro0v rot ro0ep6l,to rrlg 6rxqq rnq oworporoplog;

3. 0r rpone(ireg xoldyepor

\. rnv Goldman Sachs pnoiver rove(g )\eg ror np6rend vo go-

L ploeno govoXrx6 oXr4go. An6 rnv 6noun ouq,4 e$rxapr-14 eg96vro4 e(vor oqgowrrl. IroUpo roororigq donpo nourd-

1rLoo pe gopbri 6onpo yrox6 ror ou66rep4 ypop&ro, KowoKoU-pevo ;roMt6 r<or gpdor<o [0pro1ro. Ot r6)rroeg npogovdrq eivotyxp[(eg ror ro nonowoo gorlpo, nou rpl(ouv oe r60e p4po.

Irnro( xor npepoL, e(vot rfprotrou eowo0 roug. H U6vn unoqr(oOupori nou pnope( vo 6roxp(ver rove(g oro pMpgo roug afvot6rov y(veror ouoqp6 on6vowr oe ouro0g nou g6pvouv ovnp-pqoeg. H opd6o po(veror vo ou;.rgep((eror on6trr-no q o4;tooioqq onooroA{q. O efoxepxdq noparnpqrnq pnopei enbqq vo6rorp(ver qv rd\4 guowrl rm6oroo4 Kor ro Kolo6tqrnpnp6voo6po r<ov Goldman boys, nou elvor drorlro vo opprioouv ndvrooro starting-blocks, orouq pcnnpes erxiwlo4g 6n^o6n, Kot voercro{ewotiv ge r4v odr6vryr1 neno0qorl 6n 0o xepdioouv, o}r-trd ror qv onopofuqrq quXpoqr(o, yro vo ro rorogdpouv refurd.Mdl ov eo orevolroprofwor 6rov Xdvouv oro r6vrg ro 0o tougop6oouv or 6uvmdq ouyxlrloerq, 6ntoq 4 mc6o4 ge otre$moro.

Aw6 eivqr ro en(oqpo noprp6ro rov enoyyehgorr<irv routoXup6tepou Xprlporontor<ortro r6p0gmog orov nlovrlrq. Ei-

49

50 / H TPANEZA

vcu ro Koeop6 npoi6v proq uovo6Knq enrxepnporrKnq Koutr-ro0poq. M6lrq 6pqoKel(o8e rnv n6pro qq rp6ne(oq, y[veore

6voq npoygorrr6q rpone(irr1g rol,6yepoq, 6nrr4 un4pXov no-lLd xot orpcrncineg xol,6yepor.

Mro epnoprrrl rpdne(o nopopord(etor ouXvd pe Oeppor<ri-nro nolrj uq,nliq eeppoKpooioq, 6nou or ewdoerq, or nLrp(eq,or Entr€q Kor or qruXrr6g peromriroerg rou rogev6g enre(vowot.>Tnv Goldman 6poq, orrq o(Oouoeq ouvoMoycirv, roO<ilg rorrord 14 6rdprero rrov ouordrperrlv, 6ev 0errlpe[ror KoI6 vo ono-ro.l\frrreLg ro ouvoro€qgotd oou. H opo6rKn 6ouletd rqt o 6td-Ioyoq oro eoorepu6 rqg elvor o rov6vog. O eyoxawprop6gdXer gelvet on6(o. Er0opporu<6q w[peq Kor golden boys eeFopdvo or4v roxoivq, porprd! Ilp6ner vo e[oor retreftoq clean. Ko-

Uiq evduUolro],oyrxr] errewprr6rqro 6ev ennp6neror. To nonr-yr6v e(vor 6,n nro rol4r1p6 gnope(g vo gowome(q. Ing ovo-gop6g rouq -orjwopreg ndwo- ro "ege(q" efvot unolpeom6,evril ro "ey6" )@rloqlonoekor p6vo yro vo 6riroer xove(S eEnyn-oerg yro rdnoro ogdlpq i ylq vq ovoyvroprme( ro "mea culpa",rdrr nou 6ev ou1lBolver oupr6. To rverj;.ro toorq(og entxpouf -

orire rdr<onr6 oepontrdvo ofre unrlpeoror6 ourorivqro. Me tr[-yo l,6yro, prdoo oro neprBdMov ow6 undpXer )r.r6rrpo! H M-qn "back-office"

-6001 6n).o6n epydEowor oftg 6torxrptx6g unq-peofeg- 6Xer onox].erorel, npog 6qe],og qg MEnq "ouoonov-6(eq", ne,

"'.*oUOr geyorweprl ouMoyrx6rrpo. To yporpe[o rov

6eu0uwdrv efuor ro 6vo 6(nLq mo 6Mo r<ot or n6preq roug p5-vouv ndwo ovorXr6g. H nopd6oo4 rou 6rcov0gou, on6 rqv ro-pugri lrdXpr rr] Bdo4, ennp6ner rov 6].eyXo rou ev6g on6 rovdtrtrov. Ar6po ror oqv ropugq rou oLro6og4parog 6ev oe BM-nouv ;re rotr6 gdr ov noi(etg o6tro. "I' eUdq 6ev 61ouv 06o116oor Bd(ouv ro ouprp6powd rouq ndvrrl on6 ere[vo rqg eror-

3. OITPANEZIE: KMOTEPOI / 51

pe(oq Kor on6 eKeivo r<ov nel\cndl', 6rornpUooer rl 6B6oFn on6nq 6exor6ooeprg opX6g nou xmeuO0vouv rqv erotpefo.

Aav undpxouv Brwdreq trotn6v, evtir gov(poq deiyyouv rrlvn6pro oe noMo0g. H nieoq eivor oro p6[rpou1l ror 6ropr4g.M(o gopd rov Xp6vo 6trot r<pivowor "un6 np(opq 360 porprirv"

on6 ro;ud 6to6exoprd 6ropo - i6roq Bo0p(6o9, ovdnepouq rotrortinepoug. Mdtrroro, o rptv6pevog eivor unoXpaop6vog vopoOgotroy]oet q 6rKi rou en(6oor1, vq rdver KcnL oov 49164-p6oro oworpmr4 64)ro64 . . . , npornrr; el,ogpcig orofuvxo6 r0-nou. To 6vopo rou nr4pmoq nou 6roletp(eror ouq rn 6ro6FKqo(o, ro Human Capital Management (,,6roxe(pron ovep6nwouregol,o(ou"), 6tro xot 1.rog oupi(er trq oel[6eq rou 1984'tou'Opyouetr. 'Onorq yiverqr ror ornv nepLypogrnj oronorrxq, frorror or rpone(ireg e(vor lrlrpropdvor oe cropqp6pto, ov6troyoge qv en(6ooq toug. M6vo ere(vor nou Bpioxowot oro npdrroreropt4trr6pro -ro Q1, m4 ytrrilooo roug- pnopo0v vo d\n[(ouv61 0o gr6oouv voy(vouv erofpot. Or Xogdvor ono]r0owqr Ue rnodooulo 4 geiyouv p6vot roug. Merd rq Xprororjyewo 4Goldman owuo0tord ouor4porrr6 6orq Kor ro 10% rou 6uvo-grro0 rrlq pe rq Xo;r4tr6repr1 en6ooq. H onooX6tr4or1 y(verorono)rfrolq enrogol4q. "Kill or Die"...

Ie ow(Oeo4 pe r4v nl,erov6r4ro rtrlv owoyovrmtiv r4g, 4erorpelo ondvto npootropBdvar otr6Klnpeq og66eq yro vo awe!ver rr1 6Uvoprl rpo0orlg rr1q. O rov6voq e(vot 11 orogrr{ np6-olnqrn. O unoqrngrog 6fuer ouv5weuqn os 66Ko, elxoor, or6porot neproo6repo cnogo. Or vaogepg6vor np6ner vo unouv uedveorl orrlv routrro0po rou Xdrpou.

Ie otr6xtr4po rov 16o9o, ot nro grJ\66o[ot mupo0Xor over-pe0owor vo pnouv ornv Goldman Sachs. Auro( nou npooloU-pdvowot unod0eror 6rr e(vor 6xr p6vo or ro)rfrepor ror or e(u-

52 I HTPA1EZA

nv6repor. O pr6LLrov epyo66Tnq nprpodore( entnl6ov rrlv xo-v6rrpo vo droxoriv Kor vo ouyKewp6vowor oe ow6 nou rd-vouv, Koedrq rorrrlv xh[o4 rouq orov qelnrrog6. To opo6rx6oeliUoro, 6nog 4 ron4troo(o, ro p6yrpnr, ro UndoKer f roopeprKovrK6 no66oqorpo, 1o(pouv peydi,qg eKr(Unonq, yror[ouv6ud(ouv e[oworrKli npon6vnon Kor opo6rK6 nvefUo. Orunoqrieror 6ro€6rouv ro ndwo: rpAo6o\(o, 6rnh<irgoro, eu€0-rqro ror ruplrr4 enrOugio vo y(vouv nol0 ntroforor. Touq grd-vet Xyog frvog, proq Kor Brdqovror vq... nrdoouvrrlv xotrri. Tt a[-vor ow6 nou roug Krvnrono€l; H nefuo, 6n<rlq 6l,eye o epuNK6qlBdv Mn6oxr, o qnore6voq rnq Fou6tr Irpn, nou Bprordrovorrlv Kop6rd rou repdorrou orov6dLou rou 1986: nH nefvo 6r-roroi.oye(ror. H ne(vo oe 6l,eg r4g nq popgdq, e(re ourrj orpo-p6 rn qon efte ro Xpriporo eire rov 6poro dre rn W6orl, on-

UodeqrE rqv nope(o r4g ov0pon6rqrog".H Goldman Sachs €ug((er rqv flp6pep AryK rou qyyllKof

no6oorpolpou: n(oo on6 no[Kreq-oor6pto rp6Bowor nponovrl-r6q Kor yuUvoor6q ut1ntr4q ordeUnq, pdvm(ep Kor rKovo[ enr-

Xerprlpcnieg. H rp6neEo oenprivat ndpo notrrj Xp6vo Kor Xpi-Uo orq ouvex{ enrp6pgtoo4 rov qrelex6v.

lleproo6repo on6 onoto6rlnore 6.tr\4 erotpeio, n Goldmanerrppd(errrlv opeprKovmrl voorpon[o nou 0dl,er rr1 6oulerd oro6pro. "Kmdrov epxop6 Uou, o 6rnlov6q gou omv o(0ouoo ou-voll,oy6v orn N6o Y6pr4, Svog rprowdprlq, roropp6er (ogvr-xd elom(og xop6royyetorrig npoopolnq. Or rotvo0pyror gououv66etrgor orjre nou rouv4Or1xov", 0updrqr o NrKold IqpK[q,enxegoi,rig oqgepo prog erorpelog orKovoUrK6v ouUpo0lov.Mnopofge vo ovonopoornooupe opr0p4nrd rq provuir64 our46ouLer6 oov 6vov nfvorq noMonlooroogof f oov rrlv on& U6-0o6o rorv rprdrv: 18/24 (epydotgeg 6peg qv 4gdpo),617 nt6-

3. Or TPAnEZIE: KMOTEPOT / 53

peq (q nU6po rou Kuplou 6ev eivor ndwo 4 [6ro, olUrd ouvr1O<oqelvor ro IdBporo f n KuproKrl) n 50/52 (epydorpeq eB6op66eq).Elowomd epyo(6pevor, or rpone(ireg 66Xowor ro n6wo. Tpril-ve, xoqro0wot ror rdvouv 6poro 6[nlo oro rrwn6. To gdrdr-

Unepr 6ev Ki€fuer nor6, or6trro ror rmd ro npooonLrd r1 otroye-verord ye0pcno. O epyo(61revoq np6ner ouveldrg vo or<ofer orovrqtrecpolvqrrltou ro ovop(€pr;ro pnvtipmo r4g 6c0ouvoqg, nouoron6 6Xouv vo rov rtwponororjv. 'Otror

{6pouv on5(o r.q 6e-xmSooeprg opxSq rnq BiBlou rnq erorpe(oq, ot onoieq 6rmu-pnov(ouv rrg opedg rqg oe 6l,o ro 1-r4rr1 ror nhorq r4g y1g.

:rn N6o Y6pKn, or 1.ro0peg llpou(iveg nou nepq-r6vouv p5-

Xprro peo6vuXro, yro voyupioouv 6opedvro meldXrl oro onlrto rouq, 6ry BpioKouv e0rol,o nel.6reg: elvor no)ui vtop(g or6;rqyro vo <priyouv ond ro ypoge(o! l-ro vo 6<iroer rr1 6uvcrrdrqrooro no(pvr6 r4g vo [eroupome( ],[yo 0orepo on6 ouveX6pevegtreur5g vfXrag, q erorpe(o 6ro06rer mo0wro oro qevo6oxe(o

Embassy Suites, Kowd or4v 66po, 6nou undpXouv 6^o ro ono-pokrpo, or6po xor rivo prrp6 rponri(r ouortiQe<ov. Mnope( 11oydn4 yro ro o<irgo vo elvor un6pperprl, drAd onoyope0eror ropo0prol-ro, orjpBotro noryvrcirdouq 6rd0eo4q, nou 6ev dXet 05o4p6oo oe ow6 rov x6opo, 6nou rupropXo[v rlrd[q, q uyew4 (o4Kot n onorstrsoponr6tqro. To vo pn vord(eoot yro 6torondg,yro npoygmx6g 6roxon6g, 6nou og{verq nloo oou ro gdr.l, rorro r4l6gtovo, 0eopefuor roi,q 6v6er(r1. Av nowog xtrm6pere,or qJUXoI6yor 6ev 0o e(vor erei yto vo oog or{oouv ror nd)rr crqn66ro oog. Ere(vor nou 6ev pnopofv vq ow6qouv our6 rov 6or-

Lrovrop6vo pu8p6 6ev elvor rotr6 oropr6. Av 6ev npoltop6g ou-veXtlq pnpoord, oqpo[ver 0dvcrrog.

Err6q on6 ro opro6rr6 nve0go, rrg npoohrigetg oreheX<ivuqrnlriq fideUnq xorqv nloq oqv epyoofo, q Goldman Sachs

54 / H TPANEZA

Unope[ vo eivqr nep{govn Kor yro 6vo oK6pq 6uvor6 Tnq on-

Ue(o: rnv nlnpoe6p4oq. An6 notr\iq nl,eup6q, ro veoiiopK64-ro gporjpto 1.rotd(er pe rqv 66po rrov Bperovtxrilv puorrxdrv unrl-peor6v 6(dro oro B6qXoI Mnpr(. Trlv ntrrlporpop(o npdnet vorq popd(eoor. Kord ro nopdderypo rcov nporr6pov nou e[vornpooq E[q qrov Tqov Ae Kop5, oL rpone(ireq rqg Goldman ono-ono0v ouoqtrronrd on6 roug neL6reg roug ntrrlpogopiag, nou0o gnopo0oov vo Xpqorpe0oouv oe ouvo66lqouq dl ov rpn-p6rov, ror dpo oe ol,6rl,4p4 rrlv erope(o (cog errowou, Kor oronprp oro rdi,oq r4q Xpovrdg). Mdoo oe ow6 rov 16o1ro qg pu-

orrx6rrlroq r<ov orxovogrrtiv 6epyoor<irv, nou oXer((owor pe

evdpyeeg ouyXcirveuonq Kor eqoyopdg eroLpet6v, n nlnpogo-pio o[((et Xpuo69r.

'Eneno on6 6vo ye0po ri 6vo 6e[nvo, ro pd-)roq rou "Circus", o 1lu0rr6g QG rou T(ov )e Kopd, perog6petr4v no)rwrprl ni,4pogop(o. E(voL ndwo on the make, eroruo-n6legor, n6v<o orn orqvrl, rond(owog ge onL4mfo Kd0e KoFvo0pyLo enoyyellrcmrrl ouvdvqo4. To "v6ripspo" aywe 4Lercrpo-vu<ri 6e00uvoq xot rqtregovrlr{q. Tr 0o or<egr6rov o T(opr(:UdLk, o gegorogtitroxog rqq rorooron(og, yro 6l,o ourd;

i\Mo 6uvfi6 o4pe(o rqq Goldman Sachs: exe[ 6nou ro op-yov6ypo;r1.ro rrov owoyrovrcrdrv efvor pvrlgeio notrunlor6r4-rog, q erorpe(o e(vor nep(gov4 yro 1.uo oprerd opr(6wro 6o;14,nou 6reurotr0ver rr1 ouvowenr{ Lrirll4 onogdoerov. Auq n p6-eo6oq epyoo(og, nopegntm6wog, Boq0d ro np6r1v oreMXrlvo Lo[o6popr]oouv npoq r4v nofurrri. 'Orov yivowor unoupyo[ror Boutrewdq q rorolopB6vouv ur!4Mg 06oetq, BpioKowor oeyvom6 66o9o9. Ot npcir4v r4g Goldman l6pouv vo nof(ouv rovp6)ro rou 6rorrnrn, vo ouFprp6qouv 6rogoperrK6q qn6qrsrq, vodrou<otiv drorprmd. H noLrrrl e(vor 4 rdygrlrou 6uvmof , 6ncogror 4 otxovop(o. Iuvq0ropdvor or4 povomtrrl (<orj, ouro( ot

3. OITPANEZTE: KAAOTEPOI / 55

np6nv rpone(froq Kol6yrpor (dpouv ntiq vo oupprpdEowot.Eivor p6oo oro yov[6r6 rouq.

Aw{ 11 voorponlo ouv66eror ;,te rov rp6no nou n rp6ne(olenoupyo0oe peXpr r4v e[oo66 qq oro Xpngonornpro, ro 1999:ro regd)roto {rov xcnovep4g6vo gerolrj rtov ato(ptov-6toxept-or6v -r<ov partners-, oL onolot qtcv una00uvot ge trlv npooto-nLrci roug neprouofo oe nepimoorl (r1pr<irv, otr1,6 npoonopi(o-wov dvo rogpdrt on6 ro ev6eX6gevo K6p6n. H entXelprloq, 4onoio 4rov dl,\ore pro erep6ppu0pn crqtpe(o, Xpqoqronototi-oe ro [6to regdl\oro rov ero(prov-6roXerprm6v t4 Booxf nr1-yq Xpq pcno66qoqg. YnefOuvor yro ro neptouotoKq rouq oroF

Xeio, owo( en6v6uov (ov6 ro KUpto U6poq rov Kep6<iv. Ot ol'-

Xqpe(eg rou ouorqpmoq d6rvov rivqrpo orouq veonpootrn-

906weq, or ono(or ono66lowov Svov 1.uo06 Xopq)t'6cpo on6ereivov rou owoytovrogo0, Ue rnv eAn(6o vo xepbioouv K6notoorryl-r4 ro Kc0aor6g rou partner.

Me ro oUorqpo 6goq ow6 11 Goldman Sachs 6ev rirov ntooe 06o11 vo ypqporo6orqoet rrlv un6poyx4 ovdmuqn rqq: Tnveq6nloon rou egnop(ou, ro dvorygo yporpe(tov mo e[oreptx6,q Xpqporo66rrlo4 pey6trov netrottirv... EiXe ovdyrrl on6 e[o-reprrd reg6)roro. H etooyruyri mo Xprlgonorrlpto qg N6oqY6pr4q onordtreoe toropu<ri fipogli ylo rnv euun6)rqm4 rp[p-po. floyr6eugdvor ovdgeoo oe gLo nop66ooq nou o6powcrv Kotoro 66)r<rlpo rou xdp6oug, ot 189 eroipot rqq enoxiq 6(orooovoprer6 npw rdvouv ro pri;ro. Evdr eiXe npoBtreg€e[ q e(oo6oqmo Xpqpcrnor{pro yro ro 1998, qvoB)ui0r;xe rrlv relewoio mry-

Ui exeivrl rn Xpovrd, a[om(og rqq ocrdOerog rov oyopdrv xotrqq oXe66v Xpeoron(og rou repdooxonrro0 Keeololou LongTerm Capital, nou o6enKe on6 Tnv Kewpxn Tpdn{o rov HnA,Tn Federal Reserve, xot rtq geydtreq rp6ne(eq rnq l-ou6tr :rprr.

56 / H TPANEZA

Or ouovoptr6g owdg ovoropdlerg en6rpeqrov orouq ero(pouqvo rcnoJ\dpouv oe noro po0;r6 e(vor enu<lv6uvo vo gorpd(eoorro p(oxo ptog epnopxqg rpdne(og oe dr4p4 ovdmuEn pe dvovpxp6 opr0p6 ero(prov. M6tug erqloe qpepio, rp4g[(ouv ]rom6v,ge nolui peydtrq n}.eroqrne(q, un6p qg 6wo[4q oro XpnU<rn-or4pro ge r4v eln6o ev6q... r(oxn6r.

flop6 qv eloo6o oro Xp4gmroqpLo, ro trrowritro rqq erorpr-x4g oXdorlq 6ev rcropy{9nxe, 6X qn6 voqrqly(o, o \6 yto vq 610-rqpqoe( q ouvoXnqg ropugr1g. I4gepo 400 nepftou ero(por (oen6vo on6 30.000 epyoqop6vouq) 6rqeerouv ow6 rov poyx6rirtro. Me r[nore 6Uoq 6ev rov enr6su<rr0ouv, oov vo rnovto nop6-o4go qg Aeye<irvqq rnq npiq. Aev go(veror o0re orqv pne( rdp-ro, 6nou undplar p6vo q 6v6erlq: Managing Director, AeuoJv<rlvIfppouloq. Or ero(por 64puoupyo0v gro ouwelgfo, pro Koeo-onp6ner pooov(o, nou owe 06pupo rdver ofre npooqtrw[(et. Orrpon{ireg t4g vnireow noq UooEouv oe owo0q rouq odelgorig,rouq 6r6ooK6^oug ror roug peydl\ouq 66ooK6^ouq, Koe6q o6n-yo0wor vo "6ro6rioouv orov 16o;,ro rqv otrfOeto rrlg orodg".

Kdes 600 1p6vto, oro r5trog ev6g obuotinqrou owqyovFo9o6, ro Managing Committee, 11 ercrdreorrr{ enupomi noueMyXer 14 Leroupylo rou opyovrogotl, end\6yer rouq vdougeto(pouq. H 6ro6rKoo(o enrl\oyrlg efuor en[now1 ror yiveror re-Kl€rop6vcov rov €updrv. Ere[vog rov ono(o pofudooKono0v npd-ner vo dXer r4v unoar{prlr1 ev6q eroipou. Or dMor ero(pot, orono(or ouv4orog 6ev rov yvrop((ouv, yror( epy6(owor oe d^^qqr{goro, nepvo6v on6 r6orwo tr1v enoyydrgorrrl rou 610-6pog4. To orlgowrx6repo rpr{pro nou op(ouv rrlv refuKi en.-hoy4 elvor 4 oroOep{ npoodleuorl orrlv epyoo[o, oL nep(ntro-Keq Kor nqpqKw6uveupeveg ev6pyeLeg, 11 xcv6rrpo or4 6Lo(r4o4ror 11 prlov0ponrri 6pdorl. Ie 6vq 16oo obron6pooro o0oq-

3. OITPANEZIE: KMOTEPOI / 57

uo, eKefuor nou go enrxerprloouv vo xepoYoYnoouv Tnv enr-rponi { vo Bdlouv U6oo 6ev 6xouv KoU[o nreqv6Tnrq.

H rp6ne(o eqqKo)roueei vo xoupold rrlv xtr4povogrd touogeprrovrroJ nouprovrogori, o0ggrovo pe tov onoio 4 oupne-prgop6 ev6g trnoL\rl^ou ornv rbt(r)rrKri rou (ro4, or ouvrloeLeq roror povleq rou rov rnnpedEouv orn 6outrerd rou. f)g er rofrou:exeivog o ono(og e(vor ogg(pol,4g 40rr4g oqv npooonrxq rou(turl -yro nop66erypo, ov 6Xer noM6q rqoquEuyrK6q ox6oerq-6ev pnopei vo rmdXer uq4}r4 0dorl. Awr] efuor ror 4 poorrrl op-

Xr1 r4q enul,oyqg rrov ero(ptov. Tdtroq, o np6e6pog xot yevtx6g6eu0uvqg SXer 6rro(o9o B6ro moug 6roprolrorjg, oMd ondvroro qoKei.

Or euruXe(g ed\eypdvor 0o gorpooro0v 6vo gowoonr6 pn6-

vouq, oe perol6g rup(rog -r<ot 6Xr oe lpfpcno-, rLq ono(eq 6ev61ouv 6rroiopo vo nou)rr]oouv 6oo 0o rordXouv t4 06on onq.?\Mtoqre, pnopo0v vo enev60oouv oro d\eup6 rou epyo66t4roug, 6rov o reLewolog ouggerdXer oe enrXerprloerq. Orflto gn-ptopdvot gopora;yrKo( rnq Fou6tr :rpr ooXoAo0wor Ue ro voehogpo[vouv 6oo y(veror 14 gopotroyrr4 roug 6ql,trlo4 p6otore;yoopdrrov trre[oonq rnq gopotroyfog, onotrtirog v6grprcov.

fro vo 66oouv r6no mouq rotvo0pytouq, oprop6vor erolpor-6ro1etprm6g noporo)\oriwor vo onoloprloouv on6 r4v enr-

Xe(pnon, ogo0 dxouv ri6r1 onoxop[oer (yro plo 6eroe{o rmdg6oov 6po) ro og6trq owoti rou npovopLor<o0 ro0eor6roq. Orun6Lonor, 1.no perov6rqro, pno(vouv mo enretre[o.'Eror, ro0tirgrux.l.ogope[ xorvoripyroq o6poq, onorpdnetor q onol[eoon. Hreyyoloyrr4 ov6mul4, nou e(vot notr0 yprjyopq oro yprlpcno-

orxovogxd, onore( ouvepl rllmrorq ovov6tooq. H prrp{q xI(-goroq evoMoyj rou 6rorqmo0 npootonxof -ypolrpm6rrrv ror

Borl0cov- 6roogd\[(er, owlOero, 14 ouv6Xero.

58 / H TPAflEZA

Aurn n 6ro6rKoo[o, Ko0drq pp(oKeror orov owinobq rou va-nonoyori, efuor ;rovo6rxr1. Boo((eror oqv eqris opxi: ov F6-vouv noh0 rotp6 or4 86or;roug, otrpone(fteg pou6r6(ouv rotxdvouv )r60n.

'Enetro on6 rqv noMr] 6oulrer6, or nprinlv eroipot, oxovogr-16 ovefdprrpor nro, gnopofv entr6loug vo npoygmonoqoouvrtq npooonxdg toug gl\o6o([eq, vo ooXol40oriv 6q]ro6f ger4v nofurrxrl, r4v novenror4gror{ 6r6oorotr(o nou oXerl(eror perrl (on rov rnrxetpnosov, Tn gAqv0ponio...

Optog6vor 64groupyo0v rep6ooronrrd reg6)roro (hedgefunds) yro vo nepvo0vrqv drporouq { yro vo ntrow(oouv r<r d}.-tro. 'E1ouv nouLr]oer, ev r(,) peroqf, ro peyol,wepo pdpog rrovgeroXrov Goldman nou 660erov. Aurrl 11 o966o rov npdrnv rnqGoldman onorehe( 6vo roXup6 6(rruo orov r6opo r<ov enrXer-pqoeov. Mio gopd rov 1p6vo ouvowroOwor oq N5o Y6prr1.'EXouv geprrdg gop6g l,6yo yro rqv nope(o rqg enrla(pnoqS riyro oprogdvoug 6ropropo0g. Ff owo0q rouq veopo0g ouwo-

[rorjloug, or ono(or e[vor ox6p4 yep&ror ev6pyero, pto (torl 16-ro on6 gorvtrt5q f oe yine6o rou yrotrg 6nou 0o yrunofvwpdtB e(vor onldrq o6rov6nrn.

Telsuro(o BoorK6 rogtrr6rr oro "otlorqpo Goldman": o 6lry-

Xog rou pfoxou. Inq enev6wtrdq rp6ne(eg dvo o6poro te{oq

Xopi(et rr1 dLevdpyero rov ouvol.\oydrv ond rrq urqpeo(eq dr-6oo4q rirlo;v q geoLrehq. l-ro vo prlv oqrnqnoer rovdvog no-vnp6g our6 ro "otvrr6 refyoq,, ro06prooov 6vo notr0 ouorrlp6orjorrl go xov6vorv enr4pr1or1q.

"'OXt ernlnEerq ndvo on6 6Iq": ou(6 efuor to )rdtT gorip rqqoyoponto)rqoioq rful(ov ornv Goldman Sachs. To Kdpdn Kor orondrtrereg rou xo0ev6q etr6yXowor xo04pepw6. Or etreyrcr6q rw-60vou, ere[vor nou 6ev orpdvouv rouq rep6oox6nouq vo Xo-

3. OtTPAnEZIE: KA OTEPOI i 59

po0v, 6noq 0o Myoge Xopnol,oycirwcg, 61ouv 6tro[opo p6ro

oe r60e fnomn ouvoMoyrl. Ot *6eowotr6yoL,,61ouv oneu0e(oqnp6opoorl moug to0voweq, yto vo onorponel n fiqpoKou{nrrov onoyope0oeov 96o<o rrr.rv 0uyotptrdrv. E{opr<i.lwot 6Mto-me oneuOe(oq on6 rov orxovogtx6 6euOuvrr1, ro votipepo rpforou opyovrol.rori, unerjOuvo en(or1q yto 14 6toiKqoq, Tnv n}rn-porpoprr4 ror ro troytmripro. Iro owoBtoypogtK6 rou BtBtr(oL' Engrenage, o zep6p KepB6I, np<irqv Xprlpmtm4g qq Soci6t6G6n6rale, pA6 yto q Xotrop6r4ro rtr:v 6to6tt<oottiv nou ru-propXe( orov n0pyo rr;q Nregdvg: "H rpdna(o poq eiXe ne(oet

oe r6roro Bo096 yto rrlv nowo6uvogfo rr1g, 6qre 6ev Xpeto(6-tov vq enovdtrOeL yro vo Uoq uno6e(et rov oeBootrt6rou onotou-6{nore xovovrolto0 ti yto vo poq rpoBnqetro ourlYtq op5]reto".flop6poto neprypqqn 0o 4rov obtovdrlrrl yto rnv GoldmanSachs. Aw(0ero pre 6,tt ouv6powe orrl Soci6t6 G6n6rale, o ent-r<eqotrr1q rqg ol0ouoog ouvotrtroyrirv rou opeptrovrro0 r6p0-gorog pr .d ouveldrg orouq Xpnpotor6g rou, ot ono(ot (ouv

mov [6to x6opro Ue eKe(vouq nou rouq eMyxouv.

Kdee opyavroU6q 61er ror lq o6uvop(Eq rou. To o0ornpo ono-x6Bet rouq enoyyetrparieq on6 rqv npoygonr6rlto, on6 rqvxoOlpepwq (tod. H Goldman Sachs 6ev elvot p5vo pto pqlovrl

nou nopdyer r6p6r1, e(vot rot dvogrp6nog (to4g. Iro ptphiorou

Who Runs Britain?, o orop orrovoptr6q oXohooqg crro BBC,o P6gnepr fl6orov, gt\6 eu06<oq yto o6rro. H 6K9poon "BigBrother", npoocpttr(q oro 7984 rou OpYouetr, e(vor gdl,\.ov ntorcr6Mr1trr1. H ooruv6geuorl qg oxdgrlg, 11 vdo y)rtitooo, rl npo-repor6rqro rou ouMoyLro0 Svowt tov npoo<onxcirv nponprl-oeov: 6)rq ow6 to ppforoupe rot e6dl. Or epyo(6pevot nopo-Kolou0o6wqr oe 6,1 rqr ov rdvouv. 'Evoq np<irr1v 6eu0uvr4g

60 / H TPANEZA

oenyelror 6Tt oe nporp6nouv vo qoq ornv Kqefi6pro -{orior,

ool6ro KrI.-, 6nou ol qyop6q eqoelotiwor pe qlrerrpourq rdp-ro, ror 6roL gnopo0v vo etr6yXouv tr; 6tcnpogxri rooppon(q rovyeugdtrov oou. Av nrlyo(vere ouygd oe 6vq on6 ro noMd oo-wounod6ro u1g Fou6l lrpr rl rnq Otur :rpr, 6voq 6tcnpo-gol6yoq 0o 6p0er oe enrKorvovlo pc(i ooq rot 0o oog npo-ocp6pet rtg unrlpeofeg rou, <irore vo gnefue orov oroor6 6p69o...

H puomondoero eivoL gro porpd nop66oor1, nou Klnpovo-prlOqre npotpovtirg on6 ro o0orrlgo qq eropw4g oXdoqq. EUeu-oo0v oe 6trouq rtg oper6q rrlq 6rorpmrx6r4rog rot tov g6poqg g)ruop(oq, t6roirepo oro oepor .6vo Kor oro pnop tov qs-

vo6oXeicov. Anoyoperieror en(oqg vo pti,qoatq crq yuvoixo oouyro r6notov gdratro.

Ev<ir qro MovX6rov r1 mo l-ou6or Ew rou nov6avou or enFruX[eg rrov rpone(6v npoBdljtowot orouq 6to6p6gouqrou pe-

rp6 ndvo oe drogrlprorrrdq og(oeq, 4 Tpdne(o 6ev xdver not66roeliUron. T(nore 6ev np6ner vo pyer npog ro 6(rr;, oe 6vov op-yovrop6 nou opre(tot oe 6vov xot p6vo ernp6oorno ero[po(partne|..., 6outrerd rou ono(ou e(vor vo 1utrd 6oo y(veror i,ty6-repo! Fro dvov 6rlprootoyp6<po, ro vo rAeioer 6vo poweBo0 po-(i rou e[vor np6x],r1oq. 'Ooov ogopd rq 6rorpdvero, n erqrpe(clopreftor oro vo eqolpa rov p6lo rng ortg peydleq orrovogu<dqoul.rcptov[eg xor vo 64gooe0et ro onoreMogmd rrlq 4 ng pe-

Mreg r<ov orop ovotrwdrv rqg. Av rot n TpdneEo 1o(pet errGgnonq oro Xpqgonorrlpro, ot eroipot 6(vouv rrg ouveweOfetgpe ro oroyov6perpo ror onogeriyouv rov Ttlno 6ntoq o 6rdBo-trog ro llBdvr. O,n goyerperjeroL oqv xopugq qnorcl€( emo-ogpdyroro guorr16.

Aurrl r; trmpe(o qg v(rr1g pe rd0e riprlgo, 6nou 6)ro enrpd-nowot, err6q on6 r4v onoruX[o, ow6 ro 06orpo ttov Xpqpo-

3. OITPANEZFE: KAAOTEPOI / 6,1

ToorKovoUrKov, 6nou or eecrrdq, 6noq Kor or neonotol, 6ev 6Xouvovdyxq on6 oyo06 oto04gmo, 6rlproupye( trlo voorpon(o ne-prqp6vnonq rot 6vo o[oOqgo ovtxep6r4rog nou pe 6uoro)riorp0peror. Or croupog6por rrlq Goldman onoretro0v rov orpo-16 nou dvo eB6opo6ro(o Bperovrr6 nepro6tr6 nopol.rolooe peexe(vov rou Kp6pyouel: ooBopo(, xorq<pelq, ol.\6 ndwo vtrrl-rdq. "E(uqr qrd\6q 6voq rpone(ftr1q nou rdver ro ripyo rou OeoJ":o16;-ro xor ov 4rov oore(o, n dnl(Don rou A6rw MntrovKg6rv,ovopeoo arrq ou(4rqoerg nep(rr1g r10xr1g rou Xp4poroorKovo-prro0 ronrotrLopof ror rrlq unon€5gew1g onlrlm(og rtrrv rpo-ne(n<irv, goprup6 ourq r4v 5nopo4 nou 61er 6notog vop[(et 6tte[vor .o xotrr.rrepog on6 5],oug".

'Eror, qrrq 13 OKr<opp(ou 2009, rcrrd 14 otioxe{4 pero(0 r4g

Bperovrrrlg xuB6pwlo4q rov Epyortrdrv rot rtov enrregoi,rjgro.rv 0uycnptr6vrov Edvov 16puUdr<ov qro Aov6(vo, pe 05po14pri0grorlr<ov pndvouq, o ernp6otonoqrnq Goldman Sachs 916-ver ro0uorep4g6vog -rcrn nou elvor nro 0eog6g, ov 61r povfo-ror ougneprg6peror orouq ouvq66leouq rou ge oydvero, )\egrqr e(vor o o6roprproBrlrqrog vrxrlrrlq. 'Enopo4; OXr. An6trurr4epnroroorjvq oe ere(vo nou exnpoo<one( xot o(o0r;go orqopn-oloq oe 6,1 ror ov rdvar.

E(vot rulo(o nou 11 Goldman Sachs elvor o peydtroq xep6r-op5voq rrlq orrovoprnig rp(o4g; To vo0pepo 5vo noyroop[togmov xj\d6o dnLeqe 6vo uovo6rK6 dlrcruo efouo(oq 96oo orouqr0x.l,oug erelv<ov nou rupepvo0v rov 16o1ro. E(vor 5vog npoy-gmrr6q rm6g opdluqq nou evover exefuouq nou troUpdvouvlqonogdoeq oqv Oudotyr<rov, mo flopior, orrq Bpu[6trleq f orofler[vo. 'H Kor oro nov6(vo, oro x6wpo qwo0 rou verpe]rcipo-rog nou ovo;rd(eror I[rr.

4. 0npeur6q xot 04pfporo

l-rornv TpdneEo pt KeQoIo[o T. 610 lerwo0v ortg 18 lqvouo-

I p(ou 2006. Tnv r1g6po exeivrl oro eltKo6p6pto rou Mncrrep-

oL, mo Aov6(vo, o peytor6vog tou 1dtruBo Aorog( Mtr6tr KqIe[

tov A6rw Mnl.ovrgdw, o ono[oq 5pnowe enloqg t4 orrygrl ere[-

vn oro oepontrdvo yLoq N6o Y6pr<q: "A6tw, 06tro rnv Goldmanyro poorr6 gou o0gBoutro oe pto ouvol-\oy( rnq Mittal Steel".

Atn6 ro rqle<pdrvrlpo onoouwov((et etrogpdrg ere(vov nou rltov

r6re ro vorjpspo 600 rnq Goldman. Aev e(vot oe 06oq vo l6petnoroq orptp<ilq eivot ow6q o lv66q orov X6po rrlg lotruBoup-y(oq, on6 roug tolup6repouq ndwog Btopnxdvouq rou Kld6ou.

EKeivn rnv enoxn o evdtorpep6gevoq 6ev e[vot on6 rouq ge-

ydtroug nel,crreq r4g tpdne(oq. H Goldman Sachs 6notle 6vov

6eurepe6owq p6lo oq ouyXdrvauo4, ro 2004, UeroqU Tnq lspat'

rnq LNM Kor rnq International Steel Group, q onolo d6tooe rq

Mittal Steel.-Aor<o1r(, pre Xopd vo oog equnnpcrnoouge.-Oq ieelq vo 6€peuwioougerg mpoqytxdq enri'oy6q xot

vo ovotr0ooupe rr1 6uvor6rrlro ul'ono(r1o4g Utqq r6rotqq ou-

volloyriq. Xperd(ogot dgeoo q porl0et6 ooq.-'Ooo yprlyopo 06Mre. O m6Xoq notoq elvot;

64 I H TPAIEZA

- H Arcelor.-:uyW<irUn: ll<ig oxprptirg einore ro 6vogo owrig rnq eroF

peroq;

O n6rw MnIovKg6w rflregtove[ opeooq orov Plroopw Now,rov ouvdpuouvrrl rou nov6lvou: "Aw6q o MIT6I elvor ev6ro-g6pouoo nep(moor1. AMd notoq orpr96q e(vou". Or ovohw6qrnq qyopdq rou ldi,uBo m4v eropeio xw4ronororivrcu yrq vcrdriroouv ro npoga, rou lv6of Tnq Xol,uBoupyfoq.

O orpcn6q rnq Goldman [ednfuivuror. Mo([ pe rov IoprdpTcr(gn6rq, ouv6€uguvrn rnq yo^furng ouymprrnq, o PiroqpwNow ouvow6 tov nev4woeldlpovo rotrooo6 rou X6truBo, oqv66pornq Mittal Steel, orov 6p6opo 6pogo ev6gyudtrwou rrrp(ouoqv Mn6pxlei kou6op. H en(6poo4 rou Pcn(oordv, rrlg no-rpl6oq owori rou lv6o0 rnq Bperoviog, eivor epgovr1q oro ypo-geio, ro0<irq or roiXor e(vor oe 6wovr1 t6Xpo, ev<ir Xpuoog( rp<orr-onxd ror o0yypovor n(voreg 6('vouv rp<oq oro Xo)r qg ero66ou.

O r6roKrnrnq eivor rbr6ppu€gog. Aw6q o Brog4Xovog, ge-ooiou ovoorfpcnoq, pe ouv40rop6vr1 e[orepu<r1 elrgdvro4 xot6woq wbxq npogopd, 6ev npoonoee( vo gr1-rqOe( ro oyyNrdrnq Oqe6pbnq. Elvor 6vog owo6qptorjpypoq pe rdno€q epno-prrdq onou66q Kqr onow6 crrq epor{oerg lor<rovtrd, Xtopiq6nopo4 ror gropro6peg. O povuir6rlg ow6g rov utpxo;r(vrovOeope(rrov eow6 rou enrleprlpcrr(o ror 6Xt re;yrr6. O Xolupoq-yep6 npdygo- ndwo rov yoipeue. H ouv6Xero ov4rer mov trr6-0o. H ouroxpmop(o Mittal Xr(eror ndv<o oe epyoordoro ro onoio

Bpioxowor oe rar4 rordoroo4, ouvneo.4 r4g Avorofurng Eu-p<in4q, nou e(oyop6(owot on6 ruBepvnoorq, ot onoleq 1o[po-wqr nou rq qegopr<ivowor. Me 6poortKn pe(ooq rou r6orougrot neprrondg, e{uyrofuer rrq npoB)\4pcrmdg ow6q enrXerp{oetq.

O peyror6voq ow6q KorotKe( oro nov6(vo on6 ro 1995. O rpi

4. OHPEYTE: KA EHPAMATA / 65

roq r ouol6repoq dvOponoq ncyxoopirr4, perdrov Mn ,l-x6ngror rov l-ou6pev Mn6ger, 61er Svov tepdmro nripyo oro Kdv-oryrrov fldtroq Fxdpwevg -orr1v q}rio rov dLqercnogrupro0-

Xov-, ge Fro poppdpw4 nroivo xor yrop6( yro rogrd erroooprdoworivqro.

Fro Xdp4 rov nor6uirv rou, o Aoxol.r( Mtrdtr e[vot 6tcre0eqr5-voq yro noMd. N6og ror 9rl66o[oq, o Awirrq MtTd]\ yLoq ror6rd6o16q tou, U6trrq 30 erdiv, eivor orrovoprr6g 6eu0uvqg rotnp6e6pog rou og ou. Aw6q o vdoq )rom6v, muXro0Xog roufou6ptov :KouI, e(vor nou 6onpofe rov nordpo rou vo enre-€ei ornv Arcelor. 'Onrog noMo( w6o( propnXovor, o Mr6J\ nq-njp overpe0eror vo r6var rqv eropaic rou 6uvoore(o. H r6pqrou Bov(qo, ornv ono(q 6rqve ydgo nou 0tipr(e X[\ng xor groNfXreg oro ndton r(')v Bepoofu6v Kor rou Bo-le-Brx6w, 6po-orrlpronotefuot oro roww6 rou enoyyetrgoru<6 neptpdtrJ\ov.

H np6roo4 nou 6ywe qrqv Goldman Sachs e[vor elxuorrxr].'EXowog

<og oger4pio 60o ogiLoug nou d\)rrfroougdt4prirvo-wor ovogoprrd ge ro npoi6wo ror rq yeoypogtKn K6luqrn, ou-rr1 4 ootinep ouyXrirveuo4 0o 64proupyrloer 6vo gopoOO rperggop6g peydtJrepo on6 rov npdrro owoyrrlvLm4, npoo6[6o-woq rotvoripyto &6oroo4 oe Svov rororapponolr6vo rtrd6ooe nl4pq ovoouyxp6rnorl. flpor[or<og, o Aorolri M[6)r xd)rs-oe rnv Goldman yro voqq (r1rr1oer vo eivor 11 voOgepo dvo rpd-ne(o-o0prpou)r6q rou. Me qn6furrn n(orn qrnv ovorep6rqr6r4g, 11 enrXeQ4or; onel0dveror roug 6ewepouq p6trouq.

- Frcn( vq g4v r4q nporc(vouge pro grl,xri ouyx6veuoq; Heptir4o4 rou P(roopw Now e(vor Koeopd runxn. fl6er no)rtlgrop6g on6 r6re nou o olKoq opvr6'rov vo ovol\dpeL 6r1p6oeqnpoogopdg enr8enrqg e[oyop6g.

- l-ror( 11 Arcelor 6ev 06irer rov oppoprivo, onowd o Mn6l,,

66 / H TPANEZA

nou n qovri rou ovrnxe( oov noLeurKri Kpouyri Udoq orn UrKpriqi8ouoo ouoKriqreov.

Edrir xot 6vov 1p6vo o tv66g enrlerp4gm(oq drove ndvto on6pio gopd np6roorl-xup(cog xcnd rq Etdpxero ev6q 6e(nvou oronov6ivo, mrq 13 lovouopiou 2006- mov np6e6po ror yevrr66teueuvrn rnq Arcelor, rov y6^^o l-rr NroM. H Arcelor, n ono(ooregr6rov vo xle(oer rov 6p6go mov enmOdgevo pe ro vo y!vet ef(oou peydtr4, {rov r6rc ro vo0pepo 6vo rou X6},upo no-yrooprlrog oe rf x],o epyoor<irv. H Mittal 6p<og, np6r1 or nopo-y6pevouq r6voug, Trlv oKolouee( Kmd n66oq.

- O5)r<o vo 6qgroupyr;oo pro erotpe(o rou ;rdMowoq, no-yx6ogrog xi,(proxog, ouveX(et o Aor<o;r[ Mtt6L.

Yndpxer 6rogov(o: ouvowenx6g ydpog ri onp6ogevq en!Oeon Kor eroBoln; Iro nl,oforo ow6, o p6loq rou enev6wrroUrpone(irr1 e(vor onogoormrx6g. Iro (er<ir4go e(vor 6ropeool.o-pnr{S.'H, Kolurepo, "er6x6q oe otryXoveUoerq-egoyop6q", nouorofyeror roltrrapo. Aw6g o 6v0pornog por1Od 6vov antlet-pqpcr(o vo peyo.r,<iroer rmon(vowoq dvov ow[no],o, yro vo en<o-gelnesl qn6 rrq orovog(eg xtr(1rorog, vo pe]rudroet tqv owoyto-vrom6r4rd rou ror vo o(ronor4oer trlv en6v6uor; r<ov per6Xcovtou. Av e(vor exe(voq o ennr06pevoq, rov Boq0d vo erotgdoerro 6n)ro rou. Av o ndrdrqg ugicroror r1v eniOeoq, o rpone((-rnq-o0UBoul,oq npdner vo Bper rp6no d;ruvoq yro vo 6roguL6-

[er rrlv ove[oprrlo(o rou np6ro-.'Onoro xor ov eivfl 11 6rpoorl rou oydrvo, ot npogqOereq nou

0o eronpoX0o0v on6 owo0g roug 6rorerprpdvouq ernpoodr-nouq rou noyr6ol.rtou xonmotrLopori e(vor roLoooro(eq. Kor roXpqpmror4pro rpdroiverot yf owdq ng gd1eg, nq onoieg ro-l,0mouv ro MME pe r4v xo0o6qy4oq rtov geyoi,oropXopuirvnou tld)S/ouv yro ofuoro.

4. OHPEYTE' KAI OHPAMATA / 67

'Orov grldpe yro rdnotov et6Lr6 ortq 6nU6oeq npoogop6q

eloyop6g Kor oro nopooKnvrord Xtunrlporo oro Xpnpcrnqrn-pro, 6ev Mpe 6n 61et ro 11016 Xotrti96wo;

'Onoq n XoluBoup-

yio, dror rot rlrpdna(o-o0gpoutrog nopon6pnet ornv ollnUe(o,pto 16114 enx(v6uw1, nou onoref Lem6rqro rot trov6rlro. Kot

orrlv r51uq our4, otrpone(fteg rdr6yepot rrlg Mnp6ouw lrpn

85 e(vor on6 rouq rotrrirepouq. H ennuX(o tqq entoerLr4g 6q-p6orog e[oyop6g on6 rn Mittal ev6q oUltrou Xo,rupoupYioq rouAouqepBo0pyou, rnq Arcelor (ow6rqto nou npo6xuqe on6 t4

ouyxoveuorl r4q Arbed rou nouqepBo0pYou, rnq tonovtKRq

Aceralia Kor rnq yoltuxrig UsinoQ, 0o y(vat ;tdpoq rou ep0lou

rou o(rou Goldman.Ie gro 6qpdoro npoogopd entOenr4q eloyopdq, 11 egnt-

orewLr6r4ro 6ev 61et r(gqgo. Olo 0o yfvouv ge gumtr6rqro

oe dvov neproprog6vo r0xtro, ro QG rou Aov6[vou rnq Mittal

Steel. To 6rorxr;rtrd oupBo,trto, pdhtoro, rnq Goldman 6ev ei-

vot evrlgepo. 'Otro np6ner vo e(vot r<odtxonoqtrr6vo. H entXe[p4-on gorpri(eror "IX56ro Olympus" -rmox(o ttov Oe<iv-, v0[4 en!

onq qrouq Otrupntoro0g Ay6veq Kot cr4 )triooo yro v[rq. To

6vopo rou rto6txoti r4g Mittal Steel eivot "AprlS", o 0e6q rou

noM;rou ror rrlg yewot6tqroq, egobtoop6voq entnA6ov lle ivo

xp6voq Kqt 6vo ono€[ ond rov rotrrirepo X6lupq. H Arcelor Bq-gr[orrlxe "Ar].o9", o Ttrdvoq nou 6Xooe on6 rov A[o (rov BooFl,rd rou Ol0unou...), qn6 rov onolo rcrro6tx6ornKe vo Koupo-

1,6 or<ovf<lq rov x6o1ro orouq drgouq rou.H Goldman Sachs pyo(er trorn6v on6 ro govirt t4g rov 6oo:

rov l-ro6l Zoou(. Atdorlpog yto rqv euprlpcrnr6r4to rot rtq Ypn-yopeq owt6pdoerq rou, o ouv6nu0uvr4q rqq rpone(oq oug-po0lov qro Aov6ivo e(vor ro oordpt mtg ouyXtove0oetq no-veup<onoird. l-errurlgdvoq orqv Ko(opntrdvKq Kot UeYoloU6voq

68 / H TPANEZA

orn P6Un, Fe onou6dq oro HEC Kqr oro Stanford BusinessSchool, Uno[ver ornv rpdnEqo ro 1989, orn N6qY6pKn. To (Xru-

nqgcrro" e[vor un60eo4 yovr6ltov: o gey6.Log o6epg6q rou, oMdrxi,, e[oorel exeMl r4v enoX4 ro [6Lo endyydqo orov [re-ydtro owqyouqri Tnq Goldman, rrl Morgan Stanley. :rov "UFxp6 o6eprp6" yprrlordpe rrlv enFuXio ewun<ooroxrirv Xprlpmr-orrlprordrv ouyXove0oetov: rov HSBC-CCF, rov ltalenergie-Montedison, rov Pechiney-Alcan Korrov Aventis-Sanofi. O enoy-yeAgm(og vrdr€et r4v or6peorq enrOup(o yro on6trur4 v(rr;, oovrouq oe)\qr6q uqn)\of entn56ou.

Or 64p6oreq npoorpopdg efvot n6legog lrop(g nopoXtopr;-oerg, rcrd rov ono(o ro 6tio orpm6ne6o -o Orlpeurrlg ror ro 0{-pogo- Xrunrof wot lprlorponotdrwog nofurrxd, enrxowr,:vrordxor oxovogrrd enrXeprlpcrro. Kor 6ev rqyo(vouv (un6luror orqqyKdoro. l-0po on6 tov Zoou[, n Goldman Sachs ouyrpore[ groogd6o rpofoqq rupltoq pe tov flop-Yp:o[n6p, Bqorr6 ero[por4g noprorwlq vogtxfg erorpe[og Cleary, Gottlieb, Steen &Hamilton. Xpero(6rov npdygmr 6voq euponoioq vogrr6q ouv-6e6eU6voq ga 6vo ogeprrovtr6 ypocpelo, yro vo Kotrfqrer 6XLry6tepeg on6 errrd vogo0eo(eg: oro Aou(egpo0pyo, qro Bdl-yto, orn l-ol (o, ornv lonovlq, ornv OMqv6[o, or4v Eup<onoi-rq 'Evoorl xot orrg Hvrop6veq floi,tTe(eg. Aeoogrlvou rou opro-go0 rtov egnlex6pavov pu€ptortrtirv opXdrv, q ev6pyeto olrr4ono6errvUeroL eforperrrd nepi rorrl on6 vopucjq dteupdq.

T6ooepLg egnoprx6g rp6ne(eg xo.l.oriwoL yro unoor{pr[r1,nporergdvou vo po4Orioouv crrl Xpqgoro66qoq rou eyleprl-poroq: n Cr6dit Suisse, rl Citigroup, 4 HSBC xot 11 Soci6t6G6n6rale. Ie owieeon pe rouq Ueyroroveq 0r1pew6q, o nqKoU(Mud)r oxoOer toug tpone(ftaq.

T6l,o9, orporohoyrjOrlre gto er6u<69 oe 06gcno entxowrov(oq,

4. EHPEYTE: KAI OHPAMATA / 69

Ue Usyq^n enpn crn XpnUarqyopd rou nqprorof, n Av Ms6,np6e6poq Kqr ropfrpro rou npoKrope(ou lmage 7. np6nv ou-vepydrpro rou qt}ral€feepou AMv MqwMv, 6rov 4rov mounoupyeio BtoprlXoviog, vrdrOer er tp0oerog row6 mov Mttdtr,o onoioq exnpooorne( rov rUno ereivo rou entletpqpmio nounpodpXeror on6 ng ovo6u6peveg Xtipeq.

To notrEurK6 entTe^€io ouyrporrlorlre trorn6v.

"flporqyovrornq e(vor n Goldman,' Met e{opXrlq o Mr6)r.Me ro BMgopo pro6drermo, ro np6otono ov6rgpomo, o Tro6trZoouf 6ev Met I6[q. Tt dMo vo rdverg 6rov or 6nowot n6grouvo 6vog n(oo on6 rov dlj\ov; Aw(Oero Ue nq oyoponolloieg r[r-l,<ov, 6nou 6ev un6pXouv ovooroMg, orr;v rpdne(o-o0gpouloow6 nou perp6 efvor 11 oXdorl epnroroo0vqg petov nd\arn. Toun6)rorno dyrerwor rel.Lrd mo vo ror6xetq nq PootK6g yvcioetg

noMon^.oorooporj xor ogo(peor1g. To orlgoww6repo a[vot otLemo( letptopo[.

25 lovouqp[ou 2006: Ue rn ougpouLn qg Goldman Sachs,o Aorop( Mn6.l, rqtregtrrve[ orov TKt NTol6 ytq vorou nporeivetq olryXdrveuoq rtov 60o og tov. Ito 16)ro9 qq ou(frr1onq, nourlrov o0wogrl o,AJ\d euyevrxrl, o tehewo[oq opveiroL yto or6go

Uio eopd.Or exeponpoqieq leriv4oov 60o rlpdpeq opy6repo oro Aov-

6(vo, 6rov o w6tr6q 69 oq ovorowtiler 6r1poo(oq 6rt 61et rrlvnp60eoq vo e[oyo pdoer rnv Arcelor. Tqv nporyoup5v4 r4g en[-Oeoqg 4 peroXrl rou Oqpdgorog n6qrer. O 6ptloq 6ev dXet rotpeydlrl n6poo4 oe dvo Xp4pcrror4pro nou rov unortg6. Ot rep-6oox6nor enr(0ewor oq peroXrj rrlg on6 ro 2005.

'Ogcoq, 11 np<irr4 npoogopd qg Mittal qgnvet rtq oYop6q 6Fmorrrx5g. H lopqtrri rrgr; ror ro yeyov6g 6n peydlo ptdpoq rouowFigou nou npoog6p0qre mouq ;rer61ouq rojtfmerot on6

70 / H TPANEZA

Xopri, 6nl,o6n FeroX6S, 6ev Kp[enKov rKovonornrKd. EnrnMov,

n entKparnon rnq orKoy6verqq Mndl, oe 6vov 6;.ulo KcrroxtrrpFo;r6vo or4v Ol.l,ov6[o Kor oqrotroyrlpdvo qro Aov6ivo owu[Oe-ror moug rov6veq 6rop0qq 6roKuB5pv4o4g. Afuowoq r4v ew0-nor4 6n 6ev 6qproupye( dpeorl unepol(o, 4 64p6oto npoogopd(exivqoa 6oX4go. Me owonenoio4on, n Arcelor npoooe[ {ovdrrlv npoogopd.

Tnv enrrr06Uevn 6ev rr1 oupno0oriv r6toirepo orqv on5vowL6X0n rnq M6yXnq, ong r6ooeprq X<irpeg nou egnh6xowor or4ouvotrl'oyti. 'Exowqq mev6g oX6oerg pe r4v Arcelor, ro Aou-

EepBo0pyo nopordooercr onogoormrr6 pe r4v nl,eup6 rouoguvop6vou. Meprr6q rlgSpeg perd r4v ovoyyatr(o r4q enr6po-g4g, ro Meydl,o Aour6ro uro0ere( eoneuopdvo pro euponoiKnodr;y[o oXerLr6 pe rLq 6r1p6oeq npoogop6g, nou ev6uvogcirverro o;ruwrxd p6oo qq erorpe[og-or6Xou. 'Ooo yro rov y6l-\ounoupy6 Otxovo;.r[og, rov Tep( Mnper6v, on6 ro roww6 np6-orono rou Zor Itpdr<, 6r1trdrvat pre pto unorp(o [evogop(oq -<np6-qpevnq yro rov np6nv flp6e6po rnq France Telecom- 6rr ourn

4 enrOerrrrl eqoyopd 05ret orn l-o.\.1,(o "6vq npdph4go ypop-gom4g rou r6opou rov enrXetp{oeorv..

:ro EeKivnpo, n Goldman pnope( vo unotroy[(er ornv uno-oniprfiq rou lirr, nou errr;rd rrlv oowodrwep Mittal, Koe6qroL rqq pperovrrqg xuB6pvr1o4g. O BrogriXovog unrlple npdy-

Uort yewor66opoq Ue ro Epyorr6 K6ptgo. O nprrlOunoupy6qT6vr Mnl,ep ro0 ro owon66ooe, euvo<irwog ro enn6rro mrg

ldlpeg rou npdrrlv ooprenrori pni,or. Kor6 rov6vo, 11 ennpon(rov Bpuqeli6v 6ev eivor opvqrLni oe pro oyop6 nou ev6uvo-g6ver rr1 Brop4lovLrrl Eup<ilnq. H Botrov(o ror q lonov(o xpo-rofv ou6erep6r4ro. Kor o ZoK lpdx, o ono(oq erorpd(er enioKeqrn ornv lv6(o, (4rd on6 rov unoupy6 vo xcnepdoer rouq

4. EHPEYTE: KAI OHPAMATA / 71

r6vouq. H drpo onore( qpegio. H FoLl,io, q ono(o 6ev efuot gd-

roXog, ogfvet ro npdypmo vo n6pouv rov 6pogo rouq.

Inq opXdg Oeppouop(ou 4 en(oeoq qq Mittal Qoavcrot vo Unvnpoxopd, 6tqv o FK NroM, o ono[og mo q ivqt-to eixe Xqpo-rcnlp(oer q Mittal "6pt\o lv66v" Kot rnv npoogopo rnq <Uerq-

[ror6q rop66]reg", xdvet nto 6Kbnln rnv nept9p6v4o[ rou' 6q-

ldrvowoq 6rt 1 Arcelor rpttopret "6porpo" ev6 q Mittal ,,Kol6vtq".

O NtoM, oq Yvriotoq Fdlr'oq, [dXooe 6n orq l-ou6]r Irpm

epyd(owor noL\d ov<irrepo oreMXq pe roroyoyri on6 rtg ltir-peq rnq lv6rKiq Xepoov4oou. EntnMov, o onl6g rp6nog (or1g

rou NroM, o ono(oq Eet oE 6vo 6top6ptolro oro Aepotroud, 6xetpro efolrri rcnotKlo qrn AouvK6pKn rot o gto06g rou e[vot on6

roug Xog4)r6tapoug ovdpeoo crrq orel6)n rov erotpet6v pe

Xqgntrn Keeqlotono(4or1, npordre( ro pet6logo rov Ayytro-

oof6vtov. Ereivot 0oup6(ouv UeYtordveq Kot toxupouq' rov

ono(ov n oy6nn yto r4v nohwdtreto rot ro peyotre(o 6toyx<irvet

ro 6rrd roug npt;r 6rov Kleivet o Xp6voq.Iuyrpor4gdvog t<oL r6ptog rou eowo0 tou, o Mtrdl 6ql'6-

ver g6vo 6r to ldyto owdrov Ol'(Bouv. Kot ttirpo 6pXetot n ortY-gri nou ro nep(rpqpo 6(rruo avepyonote(rot. Ot entOdoerq tou

Frr NroM ror rtov qKoloti€ov rou 60t[qv opxeto0q Y6l,\ouqepyo6dreg. Kupfoq rov Opovqou6 flw6, o ono(og p6l'tg 66to-

oerq K}rer6r6 rou og(trou rou orovytorou. O Bper6vog ntore0et

nog dXet noAJtd row6 orlge(o pe ow6 tov 1v66, q anoyyehpmt-

r{ 6todpotrrq tou ono(ou Uot6(et nolti pe rn 6tKn rou. O tdpu-

rnq rqq PPR ovofuerqt ornv Av Me6. Mo([ opyovdrvouv dvo 6e!

nvo, nou rou 6(vet r4v euroLp(o vo ouvovrrloet r4v ogp6rpepo

rou yotrfurorl entXetprlgortro0 roreorrlp6vou. fl poorpdpowdq

rou rq vogq.r6r;ro nou rou 6)reme, q e(oo6oq -FeptK6q ep6o-gd6eq opy6repo-tou flw6 oro 6totrrlttx6 ougpotil'torrlq Mittal

72 I HTPANEZA

Steel Kêfver ro or6goro or4 Fq^ [q ror qro Bdtryro. "O Opov-ooud ['lw6 eivqr dvqq opqporrornq. flp6renor yro oX6on pero-

l0 prop4Xdvrov" 6ql,cirver o Mr6l,, yvtop(owog 6rr o v6oq g[-troq rou 0o gtNioer auvoird yro rrlv ufl6eeoi rou qro H)ujoro ne-6(o, mov g ,o rou rov :rpdK. H rivqo4 rou f'ltv6 cpofveror ovr-dtorelnq Kor yro ro entnh6ov yayov6g 6n erefu4 r4v enopi o6uôq PPR nrov nel.trqg r4q Goldman Sachs. flopd.\1,41,o, 4Av Me6 ne(OeL rov Kdpl,og l-rov, rov enrrego.\riq rnq Renault,)rrpovtrflg roroyoynq ror geyo.l,rop6vo cr4 Bpo(dtio, vo ypd(.rer

1-uo ovorXr{ enrcrotr4 oqv ono(o 0o unepqpriveror rng nofurr-ogxrlg 6rorpoperrK6Tnroq.

'Eveeppoq ono66q rnq noyKoouronol4o4q ror unoorrlpucrnqrou gÊlEueeprol.lo0 Xop(q neproprogoriq r<or trov peydi.trlv pn6-vouq, o no6tr Zoou[ 61et netorei 6n oro x6r<o rdrto or pdtolot-60% rou regoi,olou r4g Arcelor Bp[oKeror oe oo<pofucnrd ro-

Ue(o- eo untptox0oouv,,rov KUpepv{oeov". O oLrovoUrr6q nq-rpurlrLolr6g 6ev undpxer nro. Ile(oer l,orn6v rov nel,6ul rou , rovAorop[ Mndtr, 6l dgrooe n srrypn vo oveBdoer cuoenrd Tnvnpoogop6, Kor6 35%. f1op6L\r1l,o, o droeKcnoUpupro0Xoq no-pq[elror on6 rq 6tnld 6u<ordrpcrro qrngou, onodex6Uevoq vonspdoet oro Korvo0pyro oXrlpo rcno on6 q ypol4li rou 50% rov

Urrox6v Kor r(l)v qrngtov. H nopoldrp4oq otrq npdner vo xl,e!oer Ue rn Ueioon rnq Xpngonorrlpronlq oqfoq nou npord.leoe

n 6l srqrn rotrfg dtoxup6pvqoqg. Od).owog vo onog0youv rnvo0[4or1 rou Xp6ouq rouq, o Aoxol.r( Mn6j\ ror o yrog rou npo-

B6l).ouv owrordoerq nprv roxeofv pe rnv dnoqrn rnq GoldmanSachs. H eugop(o BooAe0er oro oplrye[o rnq Mittal Steel, ornvMn6pKL€i >Koudop. Nop[(ouv 6n n un60eoq 6x],etoe. O Zoou(elvoL oiyoupog 6rL ro 069o e(vor d\6ov p6vo runx6.

T6te efuornou, yro vo yLn<iroet on6 Tn Mittal, o FKr f\hoM ro

4, OHPEYTE KAIOHPAMATA / 73

nq(Gr 610 yro 610. Bp(orer 6vov leur6 trm6r4, 14 Severstal, rnvnp<ilrr1 erope(o rmooreuqg ldrupo orq Pooio. 'Op<oq,

4 oug-goXfo pa rov Me[6t Mopwdoog e[vqr 6(rono golo(pr. O v6ogo0pgo1oq, on6rouq rowwoJgrou Kpepl.fvou, 6ev elvot rot no-1,0 o[rdnrorog. Efuor dvoq oloE6voq. H rowrl yvtitl.tq 6uqqvq-oXere( ge rq Xerpoy6ynon rqq Arcelor on6 6vov peyror6vo, r4vtlpo nou 11 M6o1o 6ev rp0per rrq qLr.o6oqieq rnq oe 069oroevdpyerog. Ooo yro ro lftr, 6av ouyltirpeoe rov KcrrqKepporFoU6, ro 2004, Ue ewohi rou Kpeptrlvou, rqg peydl,qg narpa-)rotr4q eropeiog loukos, nepuppovrirwoq rov Aeevn Kovovtop6.Or rpone(ireg dXouv yeprl pw1gr1.

l-ro vo otiroeL rlv Arcelor on6 ro vUXro qq Mittal, o np6e-6p6q rnq, o TKr NroM, npdner vo xep6(oer ontoo64nore tr1v e0-voro rou npcirou trrer6Xou rou, rou yoMonol\rovo0 P6gov Zo-Morr, onou6o(ou yvrironl rrlg oyopdg rou X6.l,uBo, o ono(og6ev 61er 6LoM[eL or6pq orpcn6ne6o. Elvor o 6v0ponog-x]et6i:ror6ler ro geyol\wepo nooocr6 rou regotrciou rnq Arcelor.EwuXcirq ytorq Mittal, o p6ooq peyrorovoq A €qdr Mopw6oog,owopXrx6g ror 6[eorog roO<irg e(vor, ro XeLp((etot nofui doXrl-go. Orypdvoq, o Zo.L6orL onogool(et crtg 14 louv(ou vo oqpl(er rov rv66 enr1etp41rorfo.

To g6vo nou g6vet e(vqr vq ne(oouvro enev6wtr6 reg6.Loto(hedge funds), rouq dMouq o4gowxo0g ger6louq r;q Arcelor,yro rrlv op€6rqro rou BtotrrqXovxori nldvou rnq Mittal. l-ro t4vGoldman Sachs, e(vor norlg(6r. flpdygmr, 4 tpdnoqo 6€ue0vet6l,eg rouq rrq ouvol,\.oy6q. T6loq, ro nouleppo0pyo, o poor6q

rporrr6g g6roXog, npooXtope( op6ooq gerd.

Inq 25 louv[ou 2006, 6nenq on6 6vov nol6go ndwe grlvtirv

1op(q ropfo nopoXrirpqorl, ro 6romrpLr6 ouppo0fuo rqg Arcelorouorrlver op6grr;vo orouq per6louq qg vo Uerogdpouv rouq

74 I HTPANEZA

rirlouqrouq orn Mittal. Or Seopro( enev6wdq n(eoov rouq reU-vowtq vo 6exro0v rouq 6pouq rou entrr0eg6vou. Me rrq euLo-yieq rnq Goldman Sachs, n Arcelor-Mittal, o v6og roXup6q 69r-Iog pe 320.000 epyo(opdvouq, En€6l eror oq o o6rqe ov(-Knroq nporo€),nrnq rou Xdlupq, oglivowoq Korq nol.0 n[oo)rouq poorroUq rou owrndl.ouq. H rv6rKn gorpio el6yxer ro6rorr4rLr6 ougpo0trro. O Aorol.ri Mn6.l,, owrnp6e6poq, KCU oyroq rou, otrovogx6g 6reuOuvrr1g, gnopo0v or i6tot vo ro0opL(ouv rr1 crpcrrrlyrr{. 'EXouv el,euOep[o rLv4oecov oXenrd ge 06-

Uoro ovoouyKp6Tnorlg ror rotvrovtr<drv nl.6vcov. "fldpq qn6 Tnvnpooontrq entruXio evdq ovOpdrnou, rov 6uvollop6rou opl\ounou ow6g 6qgro0py4oe ror nq noyrdopreq ol,l,oydg or4 Bro-pqXov(o, our4 4 gdXrl rou Xd\upo ongdro6ore( nporior<oq rrloopcorucj vixr; rtov oyopdrv Kor rrlv ronelonni {rro rov noLr-116tily" yp69er \ Le Monde.Ir4v npoygorrr6rrlro, n UeydlnonoyeuUcrnvn eenUepido EKefldEer dlrpeoo rn v(Kn rng GoldmanSachs.

O Aoxogi Mtrd.L onorr6 r6re puo onpdogevq ono6oxn: Ko-le(ror oro 6rorxqm6 ouppo0trto rnq Goldman Sachs. H rpd-neqq rov Xcerd(eror yr.o vo 6re[o60qet orrg ovo6u6peveq ooto-nx6g oyopdq. T<opo deeoe xotvoripyro m6Xo.

Kmd r4v rellr4 ouv6weu[4 T0nou, ge g6wo rrq Xpuoogdqenev66oetq rou levo6oXe(ou Lanesborough, oro Ndrropnpr(,o v6oq ruplop1oq rnq euponoiKnq Xolupoupy(og eivot lopori-Uevoq nou releiooe. K6vet ro ofgo rqq virr;q. Irrlv rel,ewoiooerp6, rpopr;yp6vo nloor on6 rouq 6nUooroypdgouq, 6roKp!voupe xdnotov r0pro Us o6r6gopo Kooro0pr, po(ep6vo, nou Xq-poyelo wponqld. O Fro6tr ZoouI oxotrou0e(rouq ne],ocq rouKor6 n66oq xot roug npoodler ndwo.

A0o Xp6vro opy6repo, peoo0oqq rnq oxovogm4q xpbrlg, {o-

4. OHPEYIE: KAI OHPAMATA / 75

voouvovrnerlKqUe oe Uro o(eouocr ouoKdQeov Tnq GoldmanSachs International, oro nlo[oro Uroq dpeuvoq oxerrKd pe rnvenrxelpnon. O l-ro6l, Zqou( eKn6gner dvov ctre(og 6rogoparr6o6po. E6rir e[vor oro Booi\er6 rou, dpeoog, ou06ppnroq, Ue0gog nep4govo Kor Bl,6UUo 6ronepoom6, erelvo rou oroU-poorou epydrrl nou elvor ouveldrg oe eyp4yopoq. EuXoprm4-pdvoq ;re rov eow6 rou, 14 po(porou xor rrlv rpdne(d rou. flq-p6 rqv noyr6opro otrovogrxq ovoropoXrl, o npolevrprlq rovenrXerprioeov pepouiver 6n 6)rq ndve rotrd qrov un6polo 16-qpo Uqq. Tel,e(orq (0fuv4 ykirooo.

O Frodl. Zooul pnope( 6g<oq vo pydrer rot 0u96. Afueq ep6o-g66eq opy6repo pou rqtregtove[ oro on(n pou 6vo ldpBotopp66u, yro vo 6rogoprupnee( anfl6n 6ev rov ovSgepo oe 6vodpOpo. Enp6rero yro dvo rpmr6 noprpcro rqg Goldman Sachsnou 6qpoorefrrlre or\Le Monde o\q 31 OKr(l)ppiou 2008. K6-ro qn6 ro oxlqp6 nep(Blqpo, o rpona(trr1g wdrOet audhtorog,xoOtirg ouver6qronool 6rt Xp6vo pe rov Xp6vo ro roppdrt rqgrpdne(oq enev60oeov qrov ouvohrr6 r0rtro epyoorcirv rqgGoldman Sachs pet6vator, elonlog qq popo(oq ercr6leuoqgr<ov 6poorrlprorrirov rnq qyoponoJtr4o(og r(r)r,<ov. A,lthd or yd-gor owo0 rou ei6oug 6Xouv or6pq xorp6 pnpom6 toug.

5. 0 v6og 0povrevor6u eivor l'6ltrog

E xe(vo ro npow6 r4g 27nq AnpA(ou 2010, unpoor6 orouq

l-yepouotom6q-Udln rnq opeprxovrrrlg ennponqq dpeuvog-roedrq xor gnpoor6 oro rfl\eomrrd rovdfuo otr6xtrqpou rour<6ogou-, o oopnpiq Toup pp(oKerot oe 06o4 6puvog. Mdlloro,11 6(rq rou e(vor ror 6k4 rrlg erope(og, xupitog r4g erorpefoq.Trlv 4;rdpo ereivrl or enruXqp6veg enr6pop6g, ro rep6rop6voororXrigoro rot or ouyltovefoerg nou e(Xov 0errxri 6rpoorl rarrrrond ro nupd rcu eX0pof 6ev SXouv ntr6ov rolr[o o41.tooio. H Tp6-ne(o efvor q roqyopo0pev4. Kor ev<lnrov r4q l-epouo[og rcovHvoUdvtov nolrreuirv, yeyov6g ovr1ouX4nr6.

O l6yoq rqq opyrlq rrllv yepouoroorrirv; O FdMoq eixe qnd-

[er oro epyoorqpro rou epyo66rq rou 6vo o0v0ero orxovogm6npoi6v, nopoyeptopdvo pe ro(tr6 evun604ro 6dvero uqr \o0xrv66vou, ro ono(o ouv6mrloe oroug nel6raq rou oq ovep16-

Uevo. nop6l nlq, o ypqpcmor{g ouglrdXrloe puorrxd pe 6vo6topoluxd rep6ooxonrx6 xegdLoto, yto vo orotX4pm(oet... ornvm<iro4 rrlg lpqq rou (6rou npoi6wog. Evdrnrov rtov ovor<pn<ivrou, npoo6Xer noLrj rtg onorrrqoatg rou: "11o16 6ev e{onar4-01xov or nehdreg gog. Eipoore or4v unrlpeo(o roug, o^ 6 6ave(lroore or oripBoulo( rouq.. 'Eneno on6 pto e{ovuXtonxrj npoe-

7A / HTPANEZA

roruoofq Ue orporrd 6rKny6pov, o XpnUorrornq -orn pSon rouKUKl6vq- Euy((er rc npoooxli ro l6yrorou. Aur6q o KoI6q Uo-0rp4q 6Xer pro oro(po dyypogo gnpoord rou nou dXouv n6Xog6oo 66o r4)regrovrro( rm6loyor. A0orotro vo py6)rerg 6rpq. OToup opve(ror 6oo rou npoodmowor pe rpov4 nou 6e[Xver ot-youprd, avdr to oyyhKdrou dxouv dwovn yqltuKri npoeopd. Howoneno(O4o4 rou oyy(er ro 6prorou Opdooug. Kdver Xpqorlror xm6Xprlorl proq reygrc]q y)rrirooog, yro vo (ey)trorprioer on6ro rmoryrcmd nup6 r<ov ep<orrloeov oXerrx6 pe rouq roxupr-ogo0g yro ondrq. OL ei,rygol ouro[ npoxotroriv ogqlovio rotoxemrnop6 orov np6e6po r4g entrponqg, rov poXrprr6 Kopl,Npdrv, o ofloioq e(vor yepouoroon]qrov AnUoKpcnrK<iv rou M(-oryKov Kor gnprol.r6vog voprx6q.

"Metqvrd)vo yr' owd ro q)rerrpovtrd pqv0goro nou 6q-groupyoOv doXrlpq ex6vo yto rrlv erorpeio, 6ntoq ror yro pr6vorov i6to. Oo euX6pouv vq Unv ro eiXo orel\er,, ouveX((er o Oo-gnp(g Toup. flpogovtilg, 6ev 06trer vo ewuntoordoet r4v rowrlyv<ilg4 r<or vo npopdtrer ro orutr golden boy! O veop6q noprord-ver rov owqpo.ro. Ere(voL nou ovepe0owov ewunootox6 05o1.roond 6vov Berepdvo r<ov ou<ovogu<rirv orpopaaol.uiv oq oltrd(ouvrqvdll. To xdorwyr 6ev e[vor ro o<oqrd. Irqv npoygmLr6r4ro,o l-o rdroq uroeere( rnv eK6vo rou "rd$repou rnq GoldmanSachs", n ono[o 6pog evoXle(rov 96oo dvopono. f'lopdriyo vogoq ne(oer o dnlqoroq ow6g on 11 erotpe(o 6ev dnorle xov6vovp6l,o oro [6onoo1.ro guqg rqg orovogrrqg roroty(6o9.

A0o r;p6peg opy6cpo, qnq 29 Anp^(ou 2010, ro qnp6po-po, o Oopnp(g Toup eavor q,qnlop6voq mo xpepdrrrou, oro (e-vo6oXeio, r<or rldyger ro gnhorgndpr rou, nou e(vor ye;rdro pr1-vr.iporo Ue 6reupopBx6 ouyXoprp4pro ouvo66treov yro rnv Ko-fui rou egg6vtoq qro Kqnn6llo. lrq ouv51eto, ge 6vov 1.ur<pd

5. O NEO: OPANKEN:TAIN EINAI TAMO' / 79

eKveuprop6, pf]yer Uro portd orov qUeprKovK6 Tfno, nou etrr-gov[(eror enrrptnr6q: "O gnprog6voq Oopn q6xooe rn ouy-yvcipq, ol.\d 61r xor rnv otroEovEio,, {eond 4 washington Post,etpovau6pewl rov "droeKcnopguprorixo nou 6ev pp(oKer Koro-v6r1or;". 1s 1.t 16tw Daly News X)\eud(er ow6 rov "cpoBtopd-vo xtrottttdp4". T6re xtre(vet yto pto mtypr; ro pmto rot pu0i(e-

ror oro nopel06v. Err<6veq on6 rrlv ropt6po rou nepvo0v on6pnpoord rou orov pu0g6 rou ticker, rnq nlelfipovxfg row(ogn6vtrr orrlv ono(o gerulqowor or Xpqgmtorrlprorol 6elrreq rouNew York Stock Exchange.

O PoqrLvrdx, owdg nou perorq6noe orov N6o K6oFo, Byn-re rmeuOelqv on6 Tn Centrale, p(o on6 ng nto g4prog5veg o1o-Mq r4q l-oMioq, r4v onoio )rcnpe0ouv or Xrrluoroyop6g 6Lourou r6opou. Me nmdpo mStreXog enrle(p4or;q ror grp6po no-6otr6yo, n6pooe ro nor6rxd rou 1p6vro oe 6vo on6 ro npod-mro 6urtrd rou floptoto0, ro flheoiq Popnevo6v oro :o, U.oerinopl oXaru<6 ouvou<lo. O oognpiq Toup nqye oro 6too41.totr0rerq Henri-lV ror Louisle-Grand. :m Centrale rov drqvov 6e-rcr6 npw on6 r1v xoeopropdvn nhK(o, oro 19 rou Xp6vro. O Oo-

;rnp[g 61er 6.\trrome 6troro XoporcqptorrKd rou KoIo0 Uqenrn:uno6erypronxd cpp6vrpog, pe rotr{ ovmpogli, ondXer 614 9<o169on6 onoro6{nore nop6rxtrror1. Aw6q o 9466o(o9 rpotr4r4g6Xat ror on6 ow6 nou Mpe "not6[ yto on(tt,,.

'Eneno on6 dvov Xp6vo oro Stanford Business School, gio

on6 ttq r<otr0reprq oxol6q povor(gew crrg Hvrrr;rdveg f1otrt-reieq, o en(6o[og ypqgmroqg, geng uno6arygmr6q onou66q,rorog5pvet vo xep6(oer gro ouv6weu[4 yrq np6olnqrn qrnv

Goldman. l-to rov veop6 unotyrigro, e(vor dvog 6pdgog ger'epno-

6(rov. Bp6ner vq Uner oro not;gi6r rrov nep[nou e(root ouve-we0letov, nou y[voworypnyopo ror onoTd\EoufitKq qn6 ero(-

80 / H TPANEZA

pouq Kot 6eu0uwdg. Tou r6vouv epoqoerg Xropig 6roKonn.:ro r6loq rnq 6toAKqoioq, ot "ep6pxeq" rou t6p0gorog 6ev

Bp4rov r(nore onohtirtog nou vo roug npop\pmi(eL orov FdJ\-Io. :ro pcnro roug ow6g o ovepX6pavoq v5oq 6roe6rer 6tro ronpoo6wo: eivor 6lurwoq, pnopei vo an$di.\eror, 6rrf d yro erqy-yelgcnxn ennux(o, e(vor oor6pr oro oriv0ero yo0qgcrnxd ror Xer-p(etor dvero 14 v6o y)\tirooo rov oLrovoptr6v. O Oounp(q 6wdler ovdyx4 on6 noh0 0rwo. Eu9p664q ror yorpewrr6g, Xyoveuprr6q (ror norog 6ev €o qrov), 6ev pnopei vo Kp0rl,er 6vo6wovo cloOqpo 6rovoqm4g ovoep6rrpog, rcnr nou yto rqvrp6ne(o e(vor xo.l,6 oqg66r. Elvor 6pnetpoq revioroq, pe geyd-)rr1 npooopj r<or ouyr<6wproo4 , Xo(perot vo rdver r(6yrwyr, 61er6po gdoer vo B6(er ro 6uvm6 tou. Or dveponor rnq GoldmandXouv nerore(: o Oopnpiq Toup e(vor o 6v0p<on6g roug.

'Egrooe troLn6v 11 orrygrl nou nepv6 ropbro;runriwog tqvnUIn rou nopo6e(oou, 6n^o6n eKeivn rnq Mnp6ouw :rprr 85-rou ouor4pof nfpyou on6 pner6v, o6t6gopnq opx[eKrovFKiq, 6nou 66peue 6ltrore 4 Goldman Sachs Inc. Iq peyotr6-nperq o(0ouoo uno6onq, ol6K}llpn enev6up6vq pe rogd pdp-

1.ropo, perd rov 6l,eyXo oogohe(og, pro undtrtr4)roq, pdUrov

doXqgq, rou Xopoyeh6 peproolrdvo ror rolei ro rprlpo evun6-04rrr.rv 6ove[<ov - ro mortgage desk.

'Epxeror Urq ypolrpodoq

ror rou 6(vet 11 ;.royvqrrr4 rou rdpto. Nrdr0er ro np<ino piyoq

Ue ro nou pyoiver on6 ro ooqvodp. Mrq poui [en46d on6 qvn6pro qg o(0ouoog ouvotrtr<rytil - 6vog euoiog lrirpog nou gro-

r((erot on6 6oXrlgeg trdgneg vdov. O oolrmdq peyol\<ilver ro-O<irg npoX<opd npog ro rgrlgo rou, oro p60oq qurnq rnq oi-0ouooq x<op(q 6roxroprorrd, 6nou nopor6ooowor oerpdg ypo-geiov yeparo unohoyror6g, gncrrop(eg xw4rtirv, er6xofg ro-ro]t6youq ror opeprxovrr6g o41loro0)req. "Hello, Oounpiq, ro-

5. O NEO: OPANKEN:TAIN EINAI TAMO: / 81

Ic6q fpoeq, 1o(pogoL nou e(oor 1.ro(i pog!" rou l.6er o 6eu0u-vr4g rou mortgage desk, o NrdveL lnoprq, 6vog opArlm6qror ouprnoO4g Telov6g, pe pro ypriyop4 ror 6uvor4 Xepoqr(o.Me ro pdrLo xopgroprdvo arrg o06veq rouq, ro ptrp6govo mo

1e[].r1, ot Xprlporror6q e(vor 16oo onooXol,4g6vot, nou 6svnpoo5louv rov veogepp6vo. Tono€errlenKe oe Uto opd6o 6[t

lp4potrordrv, ge enrxegotrrig rov T(6vo0ov'Eyrotr. AvOprrrnorge oLyouprd, nou oq row6 o4pe(o 61ouv ro ndOoq yLo rtg ot-rovogrx6q ovoi.rjoetq Kor rouq olyop(Ogouq ror oL ono(or B6-(ouvto ndwo oe e(roriroerq. O oopnp(q, o ono(og nrore0et noqe(vor o nto nporrropdvog orov 16o9o, Bp[oxer e0rotro rr1 06o11rou. Nuil0er ntoq gopd novontr[o, yro vo owtgtronl(eL 6],ouqouror3q roug yepdrouq eA060qio nou oou p$3rouv oyrcovrdg.YroedTnoe rrlv nep(rp4g4 9p6or1 rou l-r<6r<o-M6txi, NrdyKlqqarnv rorv[o Wal/ Street: "Av 06IerE 6vov tp[].o orrlv o[oouoo ou-votrtroycirv, n6pre 6vov or<01,o".

H 6outret6, nou ouvfqrorql qrnv ndrlnon roL orrlv oyop6yro l,oyoproop6 rou epyo66r4- o0vOerov nopdy<oyov npoi6-

wov pe nepfepyo oplrrd e[vor ofyoupo roupomrr4. O oplu<6qpuo06q 6ev efvor rinore goBep6 , oL\6 11 ogotprj pe pdorl rov r0-rho epyoouirv, p5orrr rou nprp mo 16)ro9 rou xp6vou -rou ne-plgqpou pn6voug-, go[verot vo e(vor nqXUIn. H Centrale Korroflovenrorrlpto rou lrdvgopw e(vor r6po 6q gtor6g goxpt6. O6U oq Bouygues, orov ono[o 6rove rnv npoKrtKi rou yto 6io

;rqveg npw griyer yto onouoSg qrrq Hvoudveq flol,mebg, rougoiveror nopop0Or. To nopeL€6v e[vor notrrj n[oo, rot ere(voqro rordrpepe. E(vor 22 ertirv.

Xdp4 orqv orxovoprr4 6v04oq, mov oyrirvo 6p6pou yro yr-yowro1r6, oM6 r<upfcoq orrlv orpo(o nol,mr4 rou iAtrov l-xp[v-onov, rou npo5Spou rqg Federal Reserve (Tnq Kewptrrlq Tpd-

82 / H TPANEZA

ne(qq rnq AueprKriq), Ue rnv npooqopd Arnvof Xpiporoq Ko-rd rnv nep(o6o 1987-2006, o oueprKqvK6q XcnlroroorKovopFK6q Kld6oq dyrve Uro eKfltrnKrrKn pnxovn nopoyoyqg xep6drv.An6 pr6vog rou o rtrd6oq ow6q owmpoocone0et ro 4Oo/o rououv6)rou r4g on66oor1g r<ov ogeprrovu<tbv eroper<irv.

M6oo oe ouq 14 lolp(g nporlyotipevo dvOqo4 ew6ooeror 46rp4(q r<ov Xpqporonrqrorrx<bv nopoyrilyrov, r<upfoq erefvcovnou m4pi(owor oe puo oyopd orLwirrrlv, 4 ono[o oufdveL perpe}rofq pu0poiq. Or tdroguieg, ogo0 roroxepgorfoouv rotonoouvopgol.oyrioouv orrq oiOouoeq ouvoMoydrv owdro ror-voripyro orrovo1uxd epyol,e(o, rq qvoouv06:ouv, 6rlgroupyrir-wog o0voato "otryopreUrKd" xorooreudoporo. Koocirg pnoivouv ouveXcirg qro qw(Oero peOpo, or Xp4pmror6q pyo[vouv

nro err6g npoygonr6rqroq. Me ro ono0( mo X6pr, ouro( oLnpou<rop6vot v6or ono6opofv ro npoi6wc, ro ouyrewpdrvouvxor gerd ro noul,o6v oe roppcrno.

Ir4v Goldman, 6n<og xor olJto0, ro npoo<onx6 rou rpr]go-rog evun604r<rov 6ove(ov Eroyxdrveror unepBotrLrd, lenepvcir-woq ro 400 drogo. H odpevqj\ivn rou Oognp(q e[vot ouveX6gorq f tyn. Elowtorrrq rof poo per' epno6(orv, otiwogeq v0Xreg,

1o;r6vo lopporor0proro, 6rooK66oon oxe66v qvf nopKrn. Orov<inepor orrlv repop{o alvor ouveXcirg rwrypdvor, perolf 6riooeponldvrrlv ror rpr<irv ouor6{recov oro r6ooepo orlpeio rouop[(owo. "Aoule6to 6lL Xp6vto pe rov nopovoir6 ow6 pu0p6.Nop((rrr 6n 0o rpehoOti" ypdger o Oognp[g Toup oe 6vo pr6ttrorq gftrq rou. Tr o4poo[o 5Xer 6ptrlg 4 rorjpoo4 yro 6vov veop6nou noipvet rq npooyroy6g pe tqv ro10r4ro ttov qtrerrpovxdrvgrlvupdrrov; No nou y(veror ror (owrnp6e6poq,,, yeyov6g nouonorelel ro nptino oroA( npog r4v ropug{ rqq 66[oq Kq[ rounl,orirou: ro xoOeordrg tou partner, Tou ato(pou.

5, O NEO: OPANKEN:TAIN EINAI TAMO: i 83

O T(6vo0ov 'Eyr<ol Kor o OqUnp[q Toup cprLdXvouv 6vo ru-nu<6 6tdrvupo r4g Goldman Sachs. Or 6rio our6g npooonrx6-rnreq oMnloou untrlpdrvowot. O np6rog, eorrrmperpq g, e[votow6g nou ouMoppdvet o 6e0repoq, e[olorpegfq, e(vor yev-vrlp6voq ncolirlr4q. To 2005 ro 6(6upo our5 grtdyyeL 6vo 1pq-prorootrovo1ux6 npoi6v nou Booi(eroL oe dvo Xopro<puldxro 6o-vef<ov rot nepti,ol.rBdveL rup[tog subprimes, enrogoln evun604-ro 6overo. Aurd ro CDO (Collateralized Debt Obligations) nn-pov ro Lonvx6 6vogo "Abacus". O 6Borog 6qLo54, ro oprO-

unrnpro...Eivor pdpoto 11 enoXrlrqg Xpr;gorLoqprorqg eugopiog. AMd

rqv (6ro drpo or np6req 6uoKol(eg epqovl(owot crqv opeprKo-vxri oyop6 uno0qx6v. f1(oo on6 r4v ro0poorrlq e6rolnq ond-6ooqq opXi(er vo npoBdMer 11 qUeOoI[o yro rn drordrvroq r4q6r<p4l4g rtov orrv4rov. O Oopnpiq Toup npoBlnUor((erot ru-plcog on6 rouq efuygo0g opropdvrov nel,ordrv, rtov hedge funds,t<ov anev6unx6v Keqolo(tov, nou oroLX4gor((ouv po(rr6 or4venepX6gewl m6on rnq oyopdq unoenK6v. Aur6q 6goq o ru-

Xo6roKrnq npoTq.l6 vo prqv opotroye[ ow6q rou Ttq or5qrerq orouqnpoioro;r6vouq rou, or onolot e(vot nenetogdvor 6n n dvo6oqr4q oyopdg rcnorKlqq 0q ouvexqref. Aev 6Xouv oqpoolo npdy-pror ot oprgrBoL(eq, 6oo 6rdorrlpo or no}rrioerg ourdrv rov e[e-(r;rqp6vrov npoi6wov yep((ouv ro ropelq ror 6royrc6vouv ronpqrrlg Xpovrdg. Kqr, entnlSov, onlv Oudotyt<tov, n SecuritiesExchange Commission, 4 Enmpon4 Kegohoroyopdq, orp{verdte60epoug rouq Kep6ooK6nouq. H puopumxrl opxn 6ev Ko-rol.oBo[ver ror noMd on6 owo ro oofnep rexvrKo orKovogrKd.

Irq ouv61eLo, orq r5trn rou 2006, or e^Eyfidq xw6rivou rlqGoldman Sachs Kpofouv rov rrir6ovo: e&ir ror 6rixo 4p6peq rorp4po evun60r1x<ov 6oveirov nopouoro(ar ontbtreeq. no rnv KIG

84 / H TPANEZA

UoKo rou ouvofuKof npounoloyropo0, 6ev e(vor xot no)rri oopo-p6: r<dnoro ercrroppripro 6o)r6pro ndrolov p6vo, 6Xr r[nora onou-6oio. fldw<oq, 6ev r(esror e6Uo vo nol(ouv ge 14 9o116, e(oro-Ioue6woq vo qrorlqgcn(ouv orrlv dvo6o, evdr r; cyop6 rov em-ogotrdrv 6ove[ov opxi(a vo n6qrer. "flpoooXrl, riv6uvog".

'Eneno on6 pro oooKeqrn Kopugnq rov AeK6UBpro rou 2006,

n Goldman Sachs onogooi(er vo [egoprtooe( mo6tor6 6,rL 6ro-06reL on6 66vero orLv4ro.rv. Fro vo lpuotiroer ro X6nr mouq Xpn-pcrnor6g, o oxovopx6g 6eu0uvrr1q, ltr6rprw Blvrqp, rouq or6tr-ver dvo g6rtr: "Oo undpEouv rofuig euxorp(eg 6rov ot oyop6grov 6ovriov uqrn)ro0 rw60vou (ro subprimes) 0o 6uoroLe0ouv6)ro ror neproo6repo, xor r6re 0o np6ner vo elpoore oe 06o11vo entogetrqOofpe".

Irrg 28 Aeregpp(ou 2006 rl Ownit Mortgage, 6vo UKp6 ope-prxovtr6 rogaio uno0rlxdrv, ypeoronei. H 6qpoor6r4ro nou eondpet ro yeyov6q neprop(eror oe 6vo oriwogo 6pepo orn t/yal/Street Journaf <oo16oo, yro rnv Goldman Sachs, r; onoio pr6-

(eror vo onol oye( on6 rq roqrKd subprimes, dXer pop0vouoo

o4goo(o. T4v (6ro crryprl dL\o r6ptjporo -r1 Bear Stearns, nLehman, n Merrill Lynch, n Citigroup Kor Kupioq q AIG- ouvex(-(ouv vo ouooopeOouv rofrrd Xoprogutrdrro, nou ov5plowotoe opret6q erorowddeq 6roercnopgtipro 6otr6pro, 6nptoup-y<irwog d'rot ro un69oepo nou 0o o6qyrloet or4v 6rp4(4: rrlvnoyr6opro otrovogrx( xp(or1 rou Iemeppp(ou rou 2008.

Ev ro gerofrj, ro 6npro0pynpo rnq Goldman Sachs, roAbacus, ro 6Eurwo ow6 rmoore0oopo n6er nol,tl rd\6. I0p-govo Ur rnv Enrporq Keqohoroyopdq, d6q rov Aex6pBptorou2006 ro qgrprKovrx6 enev6wrr6 Kegdloro John Paulson & Co.-poox6g nel,6rqq rqq Goldman Sachs- Ma orov veop6 Fdllto61 06trer vo ororXrlpm(oer evow(ov rt,rv subprimes. :rjpgovo nd-

5, O NEO: OPANKEN:TA'IN EINAI TAMO: / 85

wo Ue Tov <Xopo90^.oKo. rou oueptKovrKo0 Xpnucnrornp[ou. oOopnpig Toup npdner vo 66<ooe rrlv ddero qrov TEov n6loov-dvov xoplop[o on6 roug triyoug-vo ouyrewpdroer npoo<onxd,xor Xarpig vo ylver owAqm6, oprolreveg o{eg rou loprogu},orbuAbacus, rrq nto odneg. An6 r4v nleupd toug, lropig vo 61ouvtqv nopolrxprl unor!(o, ro ronr6 yeppovrr6 ropelo lKB, nou eqeF6xeferqr oe ddveto oe gtrpopeoofeg enrXepqoeq, Ko( rl epno-ptxtl oMov6x4 rpdne(o ABN Amro evdrorp6powor, X<op(g vo roqj6qouv Kor nol,0, yr' our6 To Abacus, nou go[veror etrxuom6. Awi-Oero on6 'rov nd}roov, ener6ri epnrcra0owor rrlv ogaprxovxqoyopd orwrlr<rlv, Od/\ouv vo crotXrlporfoouv onlv 6vo66 rqq.O Oopnp[g Toup np6ner vo roug efie og4oer vo nLore0ouv ntogo T(ov f16i,oov 0o dnot(e rot erefuoq ornv dvo6o rou Abacus.Ev6 B6poro 0q ouv6Bowe orptBcbg ro owlOero . . .

Ifpepo4 unepdonron rnq Goldman Sachs e(vor notrri ontrrl:or oyopoor6q rou Abacus nop6Uervov 6tog to r6troq oror66oqoroXenr6 pe r4v eldLtl4 r4g ogeprrovrr4q oyopog orLwlr<ov. Menoro rdr6Tnrq eo opvr6rov 6voq rpone(fr4q vo noul,qoer ow6nou rou (nro0oov;

IrLq opldg rou 2007, ort) Ndo Y6px4, 6tro e[elixenKqv nolfypnyopo. Irrlv Mnpdouw Zrprr 85, o ydLl,oq Xp4ponorrjq 66-

Xerot 6woveg nt6oerq vo qegoproOe[ rqv endv6uo4 nou 6rove

n Goldman Sachs qro Abacus Us [6to xagdtroto. O np6e6poqxot yevrx6g 6teuOuvrqg A6rw MnLovrgdw nqyoiver o (drog op-rer6q qop6g, yro vcl rov co0foeL vo 6ui[et 6oo yiveror yp4yo-p6repo our6 ro ro{Lr6 npoi6v. Or oyopoor6g dproq nou 6p1o-wor oe enrKorvov(o pe rov Oqpnpiq Toup 6ev ro 06louv. Ae-6oU6vou pdtrroro 6rt q rp6ne(o -nror4 or4 94114 rqq 6rt rdveroxL4pSg dronpoypore0oerg opvefror vq "oKoT6oer,, Trq TrU6q!

86 / H TPANEZA

Tov Anpl[o 1 Goldman unoBoepi(errrlv o[[o 60o oporpo(tovregoi,o[tov evun604rrov 6oveiov rrlq Bear Stearns - rq ono(o6Lolerp((eror oneuee(oq. Mro on69oo4 nou Kdver rouq enev-6urdg vo ro pd).ouv oro n66ro.

Apy6repo, rov A0youoro rou 2007, 6pxerd o np6roq oeFotrr6g: 4 oyopdrov subprimes Kcnopp6er, npoovdrpouoUq rnq

Ueydlnq Kp(onq.Irlv npoygonr6rrlro, n fou6),:rprr Kw6uve6er vo erpoye(!H Goldman Sachs eo Xdoer ro roo6rjvouo r(t)v 75 eKorou-

Uup(ov eup6 ornv un60eo4 Abacus. 'OXr onou6o(o npdyporoyrq Uro curoKpqrop[o 6nrog n Goldman. O Oopnp(g Toup rd-ver n6w<oq Xowp6 noryy(6r: q ouvohrrl ogorBri rou yroro 20076cprooe ro I,5 eroropg0pto euptir.

'EXowog ndper npooyoyrl orrl Odoq rou eKre^.sorrKof 6teu-8uvr4, rov Nodpppro rou 2008, o Toup or6trveror oro nov6(vo.H onoorolrl rou; No npooopp6oeL ro Abacus ornv euponqtKnoyop6! H ovo(nrnon rou UUerKo0 l-rp6oi, roLrqq gd\ooogu<rlqtriOou 6Xer ouv6Xeto. Noxo(eL, UqE( Ue rn q[M rou, gro l-oL\(6onou rn W6proe ornv 56po t4g arope(og or4 N6o Y6pr<4 , dvo pt-rp6 6topSpropo oe pro gno6p yenovrd rou K6wpou, row6 qrn

boutrero rou. ,iEvog rfnog gerp4prdvoq, runrKi guorowou[o rouItrt, peoooor6g, voppdr.", 6nrog Mer o r6roKrnrnq. Ko06q e(voret6rK6q ornv qyopd oKrvlirov, o OoUnp(q (qr6 xor nerulo(vat

Fef<oon 20% oro evo(rro, oe owo0g roug roporig r4g ri<peoqg.AMd 4 Xopd rou 6ev eo Kparrloer nol,0 . Tov Aer<6gppto rou

2009 or New York limes qnoxolomouv ro r6trno Abacus, 6rl-Io6{ r4v n<6l4o4 -oe netr 6req- nrcr6oaov oe roggdno nou 4Goldman (0eLe vo legoproeei droKprrrKd. H xcrdotoo4 eivorcpxerd ooBoprj ror 11 Enrpon4 Kegol,oroyopdg noipver rovgdreho r<or lerwd 6peuvo rov Aerduppro rou 2009.

5. O NEO' OPANKEN:TAIN EINAI TMAO: / 87

O Oognp[g Toup, n(oco ond roug {exoprqro0q rp6nouq Korrov o6po rou Koi,of Kor eyr6p6rou opLtrrp4, rpfBeL pro pLrp4o6uvop(o, enrrivduvrl 6ptog oe ourd ro enoyyelqorr6 nepr-

B6trtrov: rov rognoop6. Tou opSoet vo npoBd.trl,erro xorop0c6-

lrardTou, olnerv6 r1 unon06pevo. 'Eror, rov lovoudprorou 2007,o govgop6voq our6q 6orrAr orn e[\n rou ro nepigqpo pqvu-po mo ono(o npo5Bl,ene rqv xmdppeuorl r4q oyopog orffi<ov:

"OI6KInpn n orro6oprl efvor 6ror1.rq vo roroppefoer onotobf-nore mryp4". Movo6Lr6g nr0ov6g enr(civ, o rpr;pro;r6vog oopn,vo or6Keror 6peroq Koropeong 6Lov owcirv rtov nep(epyov Korofveerov ouvotrtroytirv, Ue roxupn g6X.l,euoq, lq ono[eq 6n-

;uo0py4oe Xorpig vo dler roroidBer rd\d 6l,o ro enoK6loueqourrlg rqg reporoy6veong". O Opovrevordw elvot e6dr, nepro-o6reoo qn6 norS-

To 4l.ercrpovLr6 ow6 pr4vupro, nou 6rlpooronorrlOqre mrg 16Anp lou 2010, eo ouUnept^nqee( orn 6rKoypoq(o xor6 r4gGoldman Korrou OoUnp[q Toup nou oXrlprcnLoe q Entrponrl Ke-rpoi,oroyopdg, 11 ono(o roroyy6Mer orpLpcirg: "ueude(q ovo-rotvdroetq Kot on6Kpurln BoorK6v 6e6op6voy" oxertxd Ue opr-oprdvo orrovogLro npoi6wo nou ouvbdowor pe evun60rlro 6d-vero ur]-r4l,orj p(oKou. Aur6 orlparodore( rqv ovorpon4. H pe-roxn rnq Goldman n6grer Kord 12,8%, nopooopowoq Kor rnvrrpli rou Xpqgonmqp(ou rqq N6og Y6prqq roL orn ouv6xerortov euptonoirriv Xpr;poroyoprrrv. H Goldman Sachs Kor o Xcn-Uorrorriq rnq yvop(Eouv 6tt ot netrdreq nou ntore0ouv noqroug rmdxtrer.lrov 0o pnopo0oov vo roug ndve oro qonxd 6r-roornpLo tog rowo6q onore6veq. O xpqponcr4q onow6 ge 14otcun4 r4g unepoqr(oq oTtq Kornyop(eq rou 6Le0votig T0nou,ev6 o epyo66rr;q rou rov 6med,e 6toxon6q. To rfpro dp0popLl,o0v yto rqv one 4 rqg Xpeoron(og r4g erorpeiog Arthur

88 / H TPANEZA

Andersen Kqt rnq rpdne(oq Drexel Burnham lambert, ot onoleq

nr6ornKov en[onq oro 6ixruq rnq AtKotoqUvrlq npw pueroro0v

ofrovbpeq.nqpd rrq 6rotleUoetq rnq rp6ne(og, yto qv ono[o o gdre-

troq e(vor X<op(g nepreX6;ravo, ro oKdv6olo leroupYel oov Xto-voorrp66o orrlv Eupdrrq, 6nou 4 06oq rrlg oner.\efuot oopop6. .H Financial Services Authorities (FSA) -n enoTrnKn oppi rovpperovrrtirv Xp4prmoyop<irv- lerwd ror exeivq 6peuvq. O Oo-pnp(g Toup, rog XpnUarrornq oro Iin, X6vet tr1v d6et6rou. AMo

o F6Moq qur6q 6ev p(Xr4re pop6 orrlv rolrl yvdrprl xot mo

MME, 6nog eraivoq o d[eoroq o Zep6U Keppdl', o rpel6q Xpn-

Ucrrrorng rnq Soci6t6 G6n6rale. flpogov<irg, cw6g o reXyirrlg

r(l)v subprimes Wop(er noNrd npdygoro yto rov tp6no pe tov

onolo lenoupye( rl rpdne(q, yro rouq li)rtoug tp6nouq Pe rouq

ono(ouq pnopotlv vo noporol.rgOo0v or en(o4geg nporrtxdg xotyLo nq eu00veg tov pev rot ttov 6e.

H un60eor1 61er owirruno rot orq Feppov(o, ornv onolo rl

rpdne(o IKB erotpdEet oYoY( onoEng(<oo4g, petd rrlv rep6ono

on6trerq nou rmoypd<pr1re pe rtg oyop6q Abacus. H KqYKeIo-prog, q Avyreho MdpKel, 6ev onoK^e(eL npooguyi orq Axoto-

orivrl, yro vo ovorrrloet r4v qn6leto r5p6ouq. M6In rnq KU-pepqru<{g ouggoXiog qnoLro6v ro n6ytopo rov ouvol.\oy<irv

;rero(0 rrlg Goldman Sachs rot rou yeppovrrori xpcnouq'

:Tnv rorooelidornq, 4 Goldman Sachs dtcnuUnovlEet: "Tq oup-gdpowo rov neLcr<irv gog npo61ouv". fl6wtoq, oigepo ot ne-

)rmeq ro dXow Bdlet pe dvov opyovtolr6 nou rpolverot ntog 6not-

!e 6rdr6 norlry(6r. Ot ppetovx6g Lloyds Banking Group rot Royal

Bank of Scotland, 11 yeppovxri lKB, 11 el\nvxr1 xuB6pqorl rot

or rwe(uol evepyetoroi 6pr.trot elvot rdnoLo on6 to noM6 O0gcno

5, O NEO: OPANKEN'TAIN EINAI TAMO: / 89

Tnq orpcnnyrKnqrnq erope(oq, n ono(q Kdnoreq qop6g 61et o4o161o vo euvorioer rrg ouvoMoy5g nou ylvowot yto [6tov 6rpe-Aoq, ror 6Xr yro ere(vo rou ne).orq.

ndrq n Goldman Sachs ndpooe gdoo oe 6rjo g6fug deroerleqon6 ro xo€eorcirg rqq o[rooepoor4q nopo6ooor4g rpdne(oq, pe

xotrrl rp{pr1 yro rrq urqpeo(eg r4g npog rouq netrfreg, oe ere[voevdg on6powou rep6ooxontxo0 xo([vou, 6nou 6],o ro Xrurq-pcro ennp6nowou H Xpnpcrnornprorq 6pooqpt&rpo -ytorouq

nelcneg, ro0d4 xor yro r4v i6re- entrpaqoe ps-rd rqv cnox6pnonrou ouveroi T(ov l-oudwgnepyr ro 1990. Ot 6td6oXo( rou orrlvnpoe6p[o r4g rpdne(oq euvdrloov rrq XpnUorrorrlprordq 6po-orqpt6rqreq, nou eivot ono6ortr6repeq on6 rrlv ovdtrrlqrn p6trou

ouprpoJLou oe entXetp4oetq. H perog6pgoon rnq enrxeipnonq oe6vo repoorro oouneppdprer rrov orxovopxtiv enuoX0v€4xe pe

rov oqgepw6 np6e6po, rov n6tw Mdrovxg5l, nptiqv XprlparFqri rou xld6ou rov perdMov, o ono[oq dlet nep6oet on6 rooKlnp6 oxoLeio rnq etotpe(oq geore[og nporttov utrtirv J. Aron.Entnldov, n Goldman pfyer ro B6poq oro KepdooKontxd recpd-troro ror 6qptoupye(6rK6 Tnq enevounxd reg6l,oro..., nou owo-yrov((owor owd rtov nel\mcirv r4g. Me on6knn vopqr6r4ro, otntrlpogopieq nou no[pver on6 owo0g rrlq divouv rq 6uvor6Tn-ro vo rpogo6orei lg 6l-l,eg tqg 6poorrlpt6rqreq.

Ereivn qv qg6po, onq 27 Anp lou 2010, ger6 rov Oounp(qToup, e[vot 11 oetpd rou A6rw Mntrovxg6w Vo 6peet owtp6rtrr-nog pe rqv opy4 rrov yepouotom6v. H unepdonto4 rou: voU(-xd, 6ev prnopa(vo rorrlyop4Oel yro r(nore. [16woq, o dtdtroyogperof0 rou rpone(fuq ror rov xor;y6pov rou Ougi(et roug ne-p(grlpouq 6rotr6youq rou Xopotrw l-l(wap: eptirrlo4, gorpd

no6oq, Lorcovtni ondvrqoqO yrpouo(oqniq nrB6w: - O undl\1tr69 ooq o (6tog e(ne 6rt

90 / H TPANEZA

our6 ro npoi6v eavor (oKdproD. To nouldre orouq neldreq ooq

Xop(q vo rouq evrllrep6oere Kqr Uer6 nowdpere evowlov. Aevundpxer o0yKpouon ouupep6wov;

A6rw Mdrovxgdw: - Iro droioo rov oyop6v 6ev un6pxeto0yKpouon. O ro0dvoq emtr6yer ro p(oro nou no[pver.

AKolouee( 6vo euyevLr6 1o1r6yeho, nou 06Aer vo yorpeUoer,rorvn60oupe 6r o A6rw Mntrovrgdl dXer gfyer oMo0, mo ore-p6ropo r4g 66[o9, npogovciq geto[0 Oeo0 ror Mo1.r<ovd, 6nouroveiq 6ev 0o opgropffioer ng 669veq rqq oyon4p6vrlg rouerope(og. MdlJ\ov, gowe0ouge 19 or6rlerq rou. fl6g dgrooe

4 Goldman Sachs, n poo rooo oro XpnuorooKovotnKd, oe ou-16 ro oqpelo; fltlg o enxegol4g r4g, oqpowxq npooonr6-r4ro pe geydtrl enppo{ orrq Hv<ogdveg flo)ure(eq, "o 6v0po-noq rou 2009" yrorouc, Financial Times, 6neoe f,ror on6 ro pd-

Opo rou; Kot, rup[rog, n6q 4 Goldman Sachs eydr<op(or4re oegto rdtoro go0oxo; H Tpdne(o 6xer np6ypon dvo guour6 nouoro rdtrog 0o ro ovor<ol,0rloupe.

'Evo pumrr6 nou 6ev 6Xet rotgeydlq oX6or1 ge to nopdytoyo npoi6wo rot ro rep6ooxonx6regdloro.

6. Iiyxpouo4 ouppepdwrov

5'e ourdv nou enroremeror r4v opeptxovtxrl 66po q gto 0u-

4 ymptxrlrrlg Goldman Sachs npoogdperor ouypd t.rg 6t.rporotroloopiolrorog ro Une( eu^Id6ro Ue rov r(rl,o Oul. BuslnessPnnclp/es (.Or enrlerp4pcrnr6g goq qpx5q"), nou eK66eqKe onqopxdq rnq 6exoerlog rou '80. O rov6vog vo'pepo dvo 6rox4-p0ooer: "To oul.rgdpov rtov netror6v pog e[vor ro npcinroro p6-AnUq". Trq norouq 6gcoq nehcneq np6rerou

Enrletprlgonx4 rpdne(o, rord rq yo.lhx4 opoloy(o, { rp6-ne(o enev60oeov, Kord rnv oyylooolovxrl, q erorpe(o eivor r1retrewo[o enL4iroo ev6q uppr6xof ei6oug nou eggovlorrlxe orrqHvtop6veg noturefeq perd rq Meydtr4 'Yqeon

rou '30. H pori-

eeto npoq lq pey6ieg enrXetprloerg, eire pe rrlv nopopl oug-poul,6v oe 05pmo e{oyopdrv efte xm6 qv npooguy4 rouq ornvoyopd -6x6oor1 gerolcil ll opohoyrqr6v dove(ov-, unfp(e yro

Ueyolo drdqrnuo 4 onooro)rq tqg. H en[q6et6rqro 69o4 rouogl\ou gnopo0oe vo gove( Xpriorl.r4 6Xr p6vo orov x6o;ro roventXerpqoerrrv, oL\d ror crrg rupepvrloerg, yto odporo 6ovet-oporj q r6uorxonoqoerrrv, 6nrog ror oe peydtreg neprouo(eg. Ko-0rig ro ougg6povrou netrdr4 uneprepofoe, o opyovrop6q ond-gauye entpetr6g r4v ov6perl4 rou oe unoOdoerq ent0anx{q e[o-

92 / H TPANEZA

yopdq on6 enr6poUeiq, rnv Kowo0pyto ourn paroo O4pew<itv.'Hgele vq PpioKrrot porptd on6 rov Xop6 rrov 6ypuov antbpo-

;uirv, ge lg uneppoMq Kor ro oKdvbolo nou epgovior4rov 146eroerio rou '80. Ef6l-\ou, 11 66po rrlq q(pUoq, orov opreu6 85Tnq Mnp6ouw :rpr, 6av efie owe ropn6tro orqv n6pro rnq et-o66ou orire 6togqpuoru<6 )roy6runo ornv o[0ouoo uno6opiq.

|16q xoL yrcrr( 11 Goldman Sachs n6pooe gdoo oe rpeq 6e-roer(eg on6 ro r<oOeordrg rrlg nopo6oororrlq enev6wuclq rpd-na(og -yvoorrl yro rr1 o0veoq r4g- oe rdrt nou potd(et pe re-pdqrLo ro((vo;

Ot oyoponrotrrlo[eq yrq (6tov dgelog, 6fllo6q npog 69e],ogr4g i6rog qq rpdne(oq, dpXroov vo no(pvouv ro npopd6togoorrg opX6q rrlg 6exoerloq rou '90, pe qv dgtf4 v6cov 6eu0u-wtirv pre Xp4gcrnorr;pror4 rcndpno4. O P6gnepr Po0pnv rot or4ouv6lero o T(ov K6pr(rv euv6rloov rtq Xpnpcntqrnptor6q 6po-or4pr6r4reg -og6troyo, {dvo vopiopcno, oyopon<otr4o(eq np6-r<r:v ulrirv yro )royoptoog6 rov ne)rcndrv, ol d Kor yto loYopro-o116 rrlg rp6ne(oq-, or ono(eq ono6[6ouv neptoo6repo on6 rrlouprpouhewLrrl 6poorr1pr6rr1ro. O XovK n6loov, 6rov nqpe rortlr6vr rqq erope(oq ro 2000 , nop6)ro nou npoepX6tov ond rov

ldrpo rov nopo6ooror<irv 6pooqprorrltorv, ev(oXuoe rn orpo-<pi qurf, Kq06q rlrov undppolog t4g enroyig r4q l-ou6l lrpLr:

"Ere(voLnou ror6xouvrov r owo entpdl)rouv rorroug rov6veg".To 2006 o n6^oov nopofie[ror, yro vo yfver unoupy6g Ou<o-

voprrrirv. O 6r66ox6q rou, o A6tw Mntrovrcp6w, np<ir4v Xpqtrro-rLor4g egnopeup&rov, p$ger ror ro rdrewo(o oXup6. H gippopermp6nerot nMov oe 6vo repdmto oouneppdprer rnq oKo-vo;r(og. Kor, 6n<oq mo Aoq B5yKoq, optop6vot Kepdfqouv ror(orn6r, or neproo6repor ldvouv noM6, ev<ir o r6rorrrlqg pyol

ver ndwo rep6ropdvoq.

6. :Y|KPOY:H :YMOEPONTON / 93

'EKrore, n Goldman 6Xr U6vo 6(ver nporepqrdTnro orrq unrl-

peoleg rrlg npog rouq ne]rdreq, otr1,6 6qgLoupye( r<or ttq 6tx6grnq owoy(,)vronK6g 6o969..., pro np<or6run4, 0o )tdyope, npo-rcrtni. Me xdOe vopq6rqro, or nl,4pogop[eg nou ouM6yer 16-p4 oe owoiq qg 6(vouv rr1 6uvor6r4ro vo tporpo6orefrtg dtr-heg rqq Spoorqpt6rqreg. 'Ooo yLo rouq too^.oytouo0g rr;q, ovxot o ofrog e(vor eroqyp6voq oro Xp4porrorqpLo, yeyov6q nouenrgdper orlpowrx6 opr0pr6 unoXpedroeov 6q;root6r4roq, ou-roi r<ototrriyouv vq s[vqs "U1o on6porrrn oofnq", 6nou elvor o6rj-vorov vcr {eXcopioeLq qv rlpo on6 ro ordpr, orjpgrovo pre tovg4l.uopdvo ovo.k rr4 Mnpow Xrw(. H nope(orrrrv eo66ov Ue rnvndpo6o rorv xp6vrlv onoxol,rimer Kqr rn perop6pgtrloq qg

Goldman. To 1999 or oyopontotrqoleg owrnpoorirneuov ro 43"/ortrlv xooop<irv eo66cov, or rpone(u<6q enevburtrdq 6poornp16-Tnreq ro 33% xot erelveq r4g 6ro1efprorlg neprouo[oc,to 24"/".To 2006 ro noooqrd r;rov owlmorXo 6a%, 15"/. Kor 17%. To2009 nrov 77"/.. 10% Kot 13/".

lliig vo elqyqooupre our|i qv xuprop{o r<ov qyoponoln-

orrrrv; Kor', opxdq, o oyproq owoy(l)vropr6g nou g6pver owrg6-rtoneq ng rp6ne(eg orov Xcirpo rqg nopoplq ouprBoutreurrrdrvun4peotdrv q mq 6to1e[pto4 neprouo(oq perciveL ro nepr0tirpror<6p6ouq, evor ot oyoponotrrlo(eq Xerpoyroyoriwor on6 ro pe-ydtro gey60q. Enionq, n noh0 t6ro[repq routrro0po rqg erot-pe(og -ogo6tr6 nverjpro, ouveXrlg n(eor;, on6trtrrr1 npootdlloo4orrl v[r<r1 pe r60e rip41-ro, o].o(ove[o e(voL 6,n np6ner yto rodypro neprBdMov rtriv oyoponcoLqordrv. Tdl,oq, 1dp4 oro po-

vobx6 rou 6[rcruo enrpporig mouq rOx],oug r4q e{ouo(oq oenoyr6opro en[ne6o 6rrrg rqv otxovol.rtxrj r<pio4 rou rpOrvon<ipourou 2008, o yiyowog our6q pn6peoe vo entogel4oe[ on6 r4vonouo(o ev6g ooBoporj puOprmxorj nLoto(ou.

94 / H TPANEZA

'EXowog ro ndv<o X6pr, 4 rpdne(o nqlqer oe 6Aq rq rqpnl6,yto vo onoropl(er 6qeloq rnv Kqrdl nI4 mtyp4. "Kripro 96lr;-Uo rrlq Goldman Sachs efvqL rq 6rrdTnq ouUq6powq, rdn nouefuor qo6gBoro pe Uro rp6neqo-ofgpoutro. O netrdrqg np6nervq e(vor n6wq oe enrgutroKn, KdTr nou efvor evox],nnK6" rovG

Eer Svqq ppcrqv6q enrxerprlporiqq, o ono(oq oneuefvenKe ornvrpdneqo yro vo erooXoel qrrq Xpnuorrqrnpror6g oyopdq rovHvou5vov ['lo],tTer6v.

ArpOovotiv ro nopodeiyporo on6 r6roreq nol qntr6q ou-yKpoUoerq oupgep6wtrlv nou evundpXouv orrlv rpone(o, 11onoio eivor owrKe[gevo Oouproolrof oMd ror Uioouq ovd rovx6o;ro. H p6truvon rou K5trnou rou Meltro0, ro trrdMov rroveevrKonorludvov Bperovtrdrv rponeE6v Kor n SKpnqn rnq Xpn-goror4ptor4g gofoKoq tou 6Lo6wrtiou orrq Hvou6veq noIFre(eq poprupo0v rrq 6uolrrroupy(eq qLn6q. :e ourSq rrq rperqneprm<ioerq, B6pqLo, 6ev l,Einouv ornpo6oo(eq, or UuqrrKrq 60-ooLnqr(eq xor or gdleq enlppoiq, nou eo 6Kovov Kor rouq Mr-biKoug vo pror6(ouv pe oyyetrorj6ro!

Or ovoi,ur6q r4q Goldman yrq e6Ucnq nerpelo(ou, or nro 6rd-onUorrou X6pou, 6ev efvor on6 erefuoug nou novrroBdtrlowor.H {.ruXporpio nou enr6erKvfouv oe KdOe nep(oroon elvor no-porpt<il6qg. Ae6op6vou 6rt r; rordorooq nou 61ouv vo owqe-rrr.rn(oouv efuor orivoern, qur6 e(vqr ro ro.l,frepo nou dXouv voK6vouv. To nsrp6^qro, np6nrmL, g6pver r4v Gold man oe trrLo le-nrn e6on.

'Orov oL r4l,eopdoerg 6efyouv [ovd ror {ovd rqv repdmronerpetroroKnll6o mov K6)rno rou Me[troU, or er6rigoveq owo(opX((ouv vo ovrlouXoriv. H roroorpocp4 rrlg e[56pog 6wAr1or1gDeepwater Horizon, Tnq pperovrKiq nohueovrrqg erorpeiog

6. 'YTKPOY:H :YMOEPONTON i 95

udpoyovovepdK@v BP (rnq np6lv British Petroleum), nou Bu-e(or4re mrq 22 Anpd.fou 2010, 6prqe 6pqgqrrK6 rn peroxn rnqpey6tr4q nerpetroinig erorpe(oq oro Xprlporroqpro. "H BP ei-vor uneiouv4, n BP eo nl,npdroet,,: Aw6 ro trdtt porfB, nou roenovol,ogBdvouv ouveXdrg or opeptrovo( rOrivoweq pdXpr rovMnopdr< Opndpo, Kdver vo rp(Eouv ro 6ep6Lro rou flreppn6-poou Kopr, r4q 66poq r4g Goldman Sachs International oroAov6(vo, 6nou e[vor ouyrewpopSvn r; rep6orLo nerpetrok46poorrlp1614ro rrlg rpdne(oq.

"H qw[6poor] 'rov oyopcirv e[voL unepPotrtKIi Kot eflovq)rou-

Bdvoupe q ou;rBouLq poq yro oyopd r[rlov BP. Ot errtgrloetggog yro rqv qjf -or51o rqq peroXng [r4g BP] nopop6vouv oUe-rdBl,rlreq": oe ;uo peMr4 nou 6rigooLerirrlxe ortq 30 Anpdiou,pio eB6ogd6o oxe66v Urrd Tnv roroorporp{, r; rpdne(o npo-onoOei pe onioreuro 0poooq vo ro04ouXdoet ng oyop6q Ue;uo ofto0o0goar4 gorvopevrrq qpeprio. Mo0pq xnh[6q; flotqgo0pq rr1l,i6o; H nerpel,olrqerorpe[o rotrupnd pSoo oro Uq(otn,oMd, ox6trro ror ov ro nerp6Loro e(vor r4g BP, r1 el66po 6ev eivot 6trrl r4g, roL ow<o rooe(nq... E[vot on(oreur4 q r0gtr<,roq oeourodq rouq enoyyeLporleg.

Aev pnope(q 5puoq vo ropoiOdtfergro l[rr rorrq l-ou6trItpm.H EoLrvn yLo:ooo rov er6tx<rrv rqq Goldman Sachs 6ev Unopele0Kotro vo Kp0lperrov ogrpdfuo Ltirpo nou rq ouv66et pernv BP.H rpone(o nopo66Xerot dL\oore rov 6eo;r6 our6 orn oetr(do2 Tnq ueMrnq, o0ggrovo ge rrq onorrloergqq pu0;uonKiq op-piq: o0prBouLoq oe rpone(u<d 06poro, ougperoX4 mtg oyo-pon<ol,r1o(eq rrlq peropjg xot tcov nopdytoytrlv npoi6wov, no-pouo[o ev6q 6eu0uvrrlqg Goldman Sachs mo 6roxqrx6 oup-

Borifuo rnq BP... Av 6roBdoerg ro rpuL\66ro, rototroBoivetq drelvor npdyporr notrri rowd ow6q ot 60o eropebq.

95 / H TPANEZA

Kcn' opXdq, oq 6of pe rrlv nep(m<ooq rou nftep :66eptrow.f1p<irqv euptono(og enfuponog yro rov Awoyrr.rvrog6 (rq 6eroe-r(o rou '80), unipqe orn ouvdlero np6e6poq rnq BP on6 ro1997 6oq ro 2009 - eqd \ou, e[oKolou0e( ror orlpepo vo e(vor6vog on6roug 6Leu0uwdgqq. flopdu\r1tro, 6ptrrg, on6 ro 1995o nlrep :dbsptrow d€uefverrnv Goldman Sachs International,rqv euponoixr] Ouyorprcl, nou dXet r4v 66po rrlq oro Aov6ivo.No, trorn6v, 6vog gdvor(ep pe gey6),eg trov6rqreg.

YndpXer p6poto ror o l6p6og Mnpdouv, ox6Fo 6voq "Boor-l,tdg-'f{f,1eq" srrnv BP: yevtr6g 6teu0uvrrlg on6 ro 1995 6oq ro2007,'r\ perog6pgrrloe oe noyx6ollo rotrooo6. l-lopd,\I4l,o,ougpere(Xe oro 6rou<4m6 ougBorjlro rnq Goldman Sachs Ko-rd rqv 6ro nep(o6o. H oyorqg6v4 rou rpdne(o-o0prpouAoq oro-troooqoe Tr; Usydlrl nerpeloir4 erope(o oq Bou)\qio r4g yroe[oyop6q.

To orepe6runo Od)rouv dvog geyrordvoq rou nerpetro(ou vo6Xet geydl,o 15pro, Xowp6 np6oono ror rofrr6. O l6p6ogMnp6ouv, nou 6Xet onou6doer yeoguotr6g, e[vor orprBdrg toow(€ero: trem6q, euriv4roq, Kopqr6q, gopd ndwo 6vo oucr4-p6 lerponofiro rooroOtrl, popg6vo orn :dBrI P6ou, ror nou-rdproo ge ro op1rr6 rou. Tov M6ro rou 2007 unoxcstirvcror oe6rnl4 nopoirrloq -ond rrlv BP r<or on6 tr1v Goldman-, yrom( eine P6pdro ev6nrov rqg Arrorooriv4g (nopdpoorl notr0 ooBopriqro HvoU6vo Boo0reto) oXerrd ga r4v npootrrnxrl rou (<o(, )re-mop6peLeq rqg ono(og {odre vo onoKolrjrl.,er o Tfnoq.

:ro 6ro0<n(K6 ouuBoJlro rnq Goldman Sachs, o emKegcr-Inq rnq BP, nou rov yoqre0ouv or ouv6uoopo( Xp4gorooxo-vogrr<irv epyotre(ov, vrrioer qro qrorxsao rou 6lntro orouq .,rpo-ne((reg xoi.6yepouq". H ponn npoq rov x[v6uvo Kot n 6tdeeorlyrq doutr€rd, n npoorfrooq orq otolrq xor ot 6eopo( ge rn qeq(-

6, :YTKPOY:H >YMOEPONTON i 97

po rnq notunKnq rorpr6Eouv on6^Lno Ue rn gl^ooog(o Tnq 6pd-onq ouro0 rou gl^66oqou epyo66rn, o ono(oq enrntuiov 6xer6wovo ev6rog6pov yro ro 6496oro npdypcno, evot 0dl,er vo er-filnptrloer ror gto o1e66v €pn onocrotrn: vo unoqxe^.(oer rovorjpepo 6vonoyxoopioq, rov opeprovx6 y(yowo Exxon Mobil.Ms rtq eutroy(eq rng rpdne(oq, our6g o dKoUrrroq Kqr ovuno-

Xorp4rog 6v0ponog, pre ro eleuyevropr6vo nopouotomrr6, 6(vernporepor6r4ro orrl gey60uvorl rou rootroyropo0. H KepdooKo-nfo ndv<o moug u6poyovovopoxeq, n oopoprl nepKonn 6onq-vrirv xor or ovo06oetg oe unepyo).oBouq eo o6nyioouv 6gpeooor4v rpoy<o6(o orov K6trno rou Melrxod.

flpoxerg6vou vo 6roorpoLioouv rqv xotrq 6rcxe(ptsn 1oy n5-pov rouq, 6leq or nerpeloirciq eropeleg Kdvouv oyopon(l)l,n-oieq. Koltnrouv Urro UrKp6repo 6uvar6 K6qroq nq eI elqrerqotov ego6roop6, yro vo evoroouv rouq Kp[Kouq rnq oi.uo(6oqqn6 Tnv nopoy(oy4 or4 6rovo1.r4, nepv6woq on6 rn 6r6fuon.

'Ogrog, oe ow(€eon Ue rouq owoyrovtor6q rou, o Mnp6ouv6qproupye[ dvo rcpdorro KepbooKonrr6 ro((vo nou er6re0erotorqv ev6pyeto. Or Xpqgmtordq rou xcrrocpe0youv oe o0vOerq

XcrlporoorKovogrK6 npot6wo, yro vo oroLlrlgor(oouv orq ouU-

B6Loro geMowrnig exnlr;poo4g, pro oyopd grioo orrlv onoio6ronpoygore0owor 6uvnrm6q nopoyoy6q 4 6uqnrd <popr[o.To 6pro rou piorou e(vor 60o f rpetq gop6q uqrnl6repo qn6

exeivo r<ov owoyovrord)v. To pn6voug e(vor on6 To peyotrnre-po orn Tou6I lrptT ror qro l[rr. Ontoq ougBo[ver Kor. ornvGoldman Sachs, rov "vov6" quTdrv Tov ouvotr\oydrv, 1 o0-yKpouon ouUesp6wtrrv elvor nol,0 o0vr10eq gowogevo. Or Xpn-pcnror6q qq BP Xprlorllonororjv nq ntrrlpogop(eq nou oul 6-youv on6 ng nopoy<oyrx6g 6poorqpr6rqreq rrlg erorpeiog rouq,rupf<og on6 Tl'q ouvotrl,oy6g rolv drulrqrnpiov Kqr r(l)v onoee-

98 / H TPANEZA

Fdr(')v, npoKeqdvou vo 6d)oouv rpogn oro KepdooKoflK6 "Krn-voq,. To 2009 o '

n dpqornpr6rnro rns qyopdq owrnpooo-neder ro dvo ndunro roJv Kep66v rnq BP.

nopdl nlo, o l6p6oq Mnpdouv, Koe6q dpxcror oe enqen Uetouq opXrlyo0q rrlq Goldman Sachs, onorr6 pro gov(o ge rr1peio;o4 rou x6moug. Av xor ow6 ouldver qv o[io r4g Usromg,o uneppdl,\rov (rjhoq rou vo perdrver ro 6[o6o oogdterog, r6roirepo orrq Hvogdveq nofureieq, 0o o6r1y4oer or4 yvtoorn roto-cnpogrl. flpdypmL, ev ov6pmr ourrlg qg onopdyrfurrlq Kqr ou-or4pqg nof,mrrlg, o Mnpdouv Ouod(et gqlovuo0g rot teyyrofgrou o(toodpoorou o(r<ou npog dgetrog r<ov unepyohdp<rrv, on6roug onoloug (4rd orlpowrrrl peltooq ngtirv. To onorSleopo: rl

"Deepwater Horizon" vo e(vqr dvq eEoperrd o0v0ero roro-oKeiqoUo. H BP, poorr6q t6rorrrlrrlg rou rordoporog u6po-yovov0p6rrov r<oL poox6g Ueroxoq, ouverop((etor pe rnv ro-novtKn Mitsui Kor rqv opeprrovxrlAnadarko. H ev l6yo eq66povorrrdqrnre qn6 uro elperrKi erope(o ue pdon ro Xro0orov,Tnv Transocean, q ogd6o rrlg ono(og ovdroppdver rnv nopo-yoyj ror qv oogdtreto. EnrnMov, r6ooeprq ogeprovtr6q no-ponerpehoirdq crorpe(eq 6td0eoov rov elonfuo;r6 yro 14 ye<6-

rpnon.flpon6wov, vo gr1 pdvouge orn Brrp(vo! Kor xup(toq 6rov

np6renot yro rrlv Goldman Sachs, nou ourrle(vor rl rorruci 116.Ie pro ovdtruoq nou 64gooein4xe orrq 17 louviou 2010, ro (6pu-

1.ro "rpegd" gowopevxd tov naloq rou, enxoho0pevo Tnv nr-0ov6rr1ro (r1gr<irv orlpowx6rcpov on6 6oo efte npoptregOe(qrov K6)rno rou Me[tro0. N\Jt6, ov or orKovoUo^6yor rnq enF

Xerp4gonnjq rpdne(qq no(pvouv rrq ofloordoerq rouq qn6 Tnvq(ot66oqn 6npooisuon rnq 30nq AnpA(ou 2010, or6xoq rouq ei-

6. :YTKPOY'H :YMOEPONTON i 99

vor vo Kpfruouv rouq qrevofq 6eopo0q rouq pe rnv BP. Apo, n

erotpe[o en^dxenKe Yto vq Trpoorcr6qret rov BperovK6 6p^o, nou

rirov tcirpo eudJtoroq e(orfog prog ent0err4g ent6pogrlq.

TpeLq griveg opy6repo o np6nv entxeprlpclrloq rou nfipe-

troiou ou;r;ro1e( Ue ro opeptKctvtr6 enev6urtr6 Keqdloto

Riverstone Holdings. H enovul.tio our'1 t6p0011re on6 60o Xpn-

;rorrordq qg Goldman Sachs orov Xcilpo rou nerpelolou. To 6[-

6uuo yvopfornre pe rov TEov Mnpdouv, 6rov eKelvoq ougpe-

refie or<6gq oro 6tou<rprx6 ou;rpoOfuo rrlg rp6ne(oq- H Riverstone

Kor n Goldman Sachs elvot rqL ndN pto oroy6veto. Mtq t6tort-

xf erotpe[o nerpetrotoyt-rydrv, ;re pooq rrlv Td.\oo qq OxtroX6-

po, 0o rrlv nl,4Ptboet refuKd.Irtq 22 loutriou 2008 rl Semgroup Xpeoronel. :e UeptKeq

eB6ogd6eq ro Xprlpottr6qq 6to0dotpo gettirvowot t<cno ro 6vo

6Kro rou er(otou rrixtrou epyoot<irv, orotXqpml(owoq orrlv m6-

oq rou nerpeLoiou. Ooo yto rrlv Goldman Sachs, rqv enoXfl

exeivrl unotr6yr(e ornv dvo6o rou poripou Xpuoo0. H rpdne(o,

eun\ex6gevn rot q [6to ortq oYopono^no(eq orov Xtr-rpo rou

nerpel.olou, ntrqpogope(rot yto ttg 6uorotr(eq r4q Semgroup'

O l6yoq gdfuoro 4tov 5tt 11 Ouyorptrrl qq Goldman nou et6F

xerjerot ortg ouvoMoy5g ndvo ortq npdneg 0treq, 11 J. Aron, ei-

vor o pootrdq ;reofuqq rqq erotpe[og qq Tdtroo.

nq[qowog 6rot 6tn].6 notlv(6t, 11 Goldman Sachs entroxuvet

rq Xpeoxon(o rrlq nerpel'oiKnq. Qq ouv{Oc.rq, rinore nopovopo

6ev 6ronpd104re. Ogrrlq, on6 qoLrrlq on6{e<og, ro npoYuqro

e(vor 6Logopetxd: getd rq Xpeoronlo, ro enev6wu6 xerpdtroto

Riverstone rou tr6p6ou Mnpdouv qnoKrd oe Xopnl'n rtgn rtq

nro ono6onx6q enev60oetq rqg... Semgroup.

zro onouvnpoveripotd rou ge tov rftIo Beyond Business,

nou eK66enKovro 2010, o I6p6oS Mflp6ouv 6ev qvo9epetnou-

1OO / H TPANEZA

0ev6 ng oX6oerg rou pe rqv Goldman Sachs. Kor, emnMov, go-oolvouge on6 pro ouv5weufrl orouq l,?nes orrq 6 Oeppouop[ou201 0 6n o l6p6oq gorpd(eror 14 (o4 rou ge dvo npcir4v mdtre-

1oq orrlv rpdne(o, rov Nghi Nguyen. "ndwog, 6ev yvt.rptor4-Kope eKe(,, enudver o Mnpdouv.

Mlq enevburrKn rpdne(o npoogdpar 14 Bonoerd r4g oflq enF

Xerp4oerg, otrld ougpoule0er xor ro rp6r4. H Goldman Sachs,yv<oorf nL6ov yto to bfrruo gfiov mqv Eup6nq, trr6oo orounoupye(o Ou<ovol.ux<irv r<or ortq rewprdq rpdne(eq, Bp(orerorror ndk qro rdwpo proq cpdonoq ouvotr)\oyrig. H pperovu<rj

KuBdpvnon orp6g4re, 6norg rlrov rpuotx6, npog rqv erorpe(orord ro nro rpiotgo orlpelo rrlq orrovoptxrig xpiorlq nou 15-onooe ro 2008.

'Ffrov 6pr<r.rg ldOoq K(vnon, ro06q, or6po p[o gopd, 11 rpd-

ne(o 66erqe n6oo pord(et ge opnorru<d drotl.ro vo nrdoer 6,rrnepv6 on6 6[n]ro rou. O rpdnog 6l],roore vo xpcnd ro regdllqrn^6 Kot vq Kqpe6vet ro pMppo pe owoxpmoptrq unepoqrioOutrr((er oer6. M5vo nou qndvqwt qrov neldr4 rqq, ro O4oou-poguldKro rnq Aurrlq Meyolst6qroq, ornv npoKerp6vq nepinrtoon n Goldman Sachs, e(vor 6vqq oer6q pe noM6 reg6)rronou gpow((er vo g4v ro 6e[lger nord rowdXpovo.

flp6ro enero66Lo: Or erxdveg 6Xouv nro (e0<rrprdoer, rov Ie-m6ppprorou 2007. BMnoupr oup6q netrordrv nou 4peov eoneu-op6vo vo onoo0pouv nq orxovop(eg rouq on6 pro creyoorr{rpdne(o: Tn Northern Rock. :ro np6eupo r1g lpeoxon(og, o6gri.og, pe 66po ro Nrourdcrh or4 p6pero Ayytr(o, y[veror 11nptilr4 Bperovrx4 rpdne(o e66 Kqr ndvo qn6 6vov ouivo nouxoroge0yer oqv rpcnr4 Bo4€ero. H Goldman Sachs no(pver

6. XTKPOY:H IYI\,IoEPONTON / 101

npoogopd on6 6uvrFrKorq oyopqq[6q Kp(enKe qvenopKnq.

:nq 17 Oeppouop[ou 2008ro (6puUCr KpcnKono€(ror re^lK6, ytovo onoQeuxeel n eKo6oro eKKoedprqn.

flopdr4v onoru{o rnq, n rpdneEo-o6UBou}.oq (nrd on6 roAnU6oro rnv "ApoFn Enrux(oq" nou npoB^Enfl rl o0ppoon, 6FnLqorqEowoq rn 6ondvn yro rrq unnpeoleq rnq. Ayvoro rnqowtn60erog rnq KponKnq eqouo(oq npoqnqrpdneEeq, rUetroon11 onl,rlorio; Onorq rot ov {rqv ro rlqrpo, o .pqor\rdq rnql-ou6L lrpm" ovoyrd(eror vo eyrmole(rler ourq rqv npoond-0ero on6onooqg 6qp6orou Xpqgmog.

Aafrepo enero66ro, rdln rou 2009: H Lloyds Banking Group,d.l.l\.r1 pro eroLpe(o ev pdper e0vtronorng6vn, BpioKerqr Ue rrl oer-pd rnq orn 6ivn rou ruxtrctrvo. Kolooo6q pe nnfuvo n66ro orovKI66o rov egnoprr6v rpone(drv, np6ner vo ovodropOptiloer roKeq6.\ord rnq n, Ue 6tr o tr6yro, vo Bper rpp6oxo Xp4po. l-ro dI-trq pio gop6 q Goldman Sachs B6(er ro oupe6powqrnq novo)on6 ro ouUe6powo rou nelfrn rnq, Koeoq rivor rqur6xpovoewo)\o66Xoq ror enev6wrlq. Aptirwoq oov o6omptor4poq, o oGKoq neruxo(vel .Ue rp6no 6rKToropu<6 xot tqv retrewofo orty-prl", oripgovq ge Touc, FinancialTimes, otri.oy6g oq oupgrovioovoxpnuoro66Tnonq, or ono(eqrnv euvooriv. H trrerorpon{ ou-14, nou rrlg enfip5ner vo Betrruooer rn e6on rnq oq snev6urn oer(rlouq rnq LBG, nopoqeveUEr ro ov('rrpo rfugdxto rou xp6-rouq. oMo ror nd.l.r ourrl 11 odpgtrrrl ge ro orovogtro npoy-

uoro obroQovero 6ev erntrrlooet rov6vov.Tpfro enero66ro: H Royal Bank of Scotland (RBS). H rono-

ypog(o rou E6rprBorSpyou un4ple ro g6wo rou 6tdo4pou pu-ormop4porog A6xrop T(6.xd xat M[orcp Xcirrr rou P6unrprnrofrq :r(Brvoov. Kor, yto r1v nepfo6o nou Ur},dge, n np<ore0ou-oo rqg kor(og eivor pro n6).4 p6oo orq oXr(ogpdvero, xoOtog

102 / H TPANEZA

rnv 6xouv ororxerdroer or Xlprorpeg yorn Royal Bank of Scotland.To g0rv6ncopo rou 2008 n oLrovogrf rororyi6o rov nopdyor-ytov npoi6wrov r<or dl,l\,tov nrororrKdrv rfuIov uuntrof rw6rjvoupfger on6 ro p60po rou ro pvrlpeio otn6 rqg rpone(rclg urp4-l.of enrnd6ou, nou o6gnKe rnv retrewo(o mtygri ge rq peprr(eovrxono(qon rou, Tnv ono(o onog6oroe ro Aov6ivo. H RBSntrrlpdrver r4v roroorpogtrrl 64p6oro np6rooq eloyop6g r4gotr\ov6rxqg ABN Amro, nou 6Kove ro 2007. M6oo or4 proo0wl

rou yro rnv eqoyop6, ro enreLe(o t4q oxoto{u<qg rp6n{og 6evnp6loBe vo nepdoer qn6 x6oKwo rouq troyoprooporiq rnq, orono(ot 5rpuBov rol.ooorq(o noo6 ro(u<rirv opol,6yov, 96oo no-tr0ntroKov pnxovrop6v. Merolri rtov "o6nrov" 6roeeo(p<ov rnovror ro nep(9r1po XpnUoroorKovoUrKd npoi6wo rou Abacus.'Onog el6ope, to loptogu].drro rrov 6nom<r:v rir]r<ov nou nou-Lorioov q Goldman Sachs rqL o 6tdo4pog Xp4gorrorlq rnq Oq-

Unpiq Toup qrouq OMov6orjg -r<or oq yeppqvrKn rpdns(o IKB-0o e(voL 4 omio rrlg oycoy{q rorv ol.reptrovrxriv opltirv rov Anp[-}ro rou 2010. H ogeprrovrr4 rpdne(o oqpr[e, npdygorr, roAbacus ovogoprxd pe ro rofu<d evufl6enKo bdveto nou e(1ovouvog€e( pe ogep5yyuouq r6rorcnjreq. Or oMov6o[, 6noq roror ororo6(or oyopom6g, 6ev owL\ngonKov r(nore. "H ABNAmro frov 6voq nroronoqp5vog enoyydrponr6q opyovrog6g"toXup((eror oripepo o nortr4rr1q, Odtrowoq vo 6torperjoet 6n e[-

1e ororXrlparfoer ro16 rqq opepxovrnig oyopdg orrwlrov.'Errore,

orrlv ndrrd n6)tr1 rou EbrUBo0pyou, pe rouq Uoupr-o;rdvoug roiXoug, neprpdvoupe vo pyer 96oo orrl ppoXri ro 9d-wcropo rou 66rropo TEdKd-fK6IwFov, rdrr perof0 oproro-rp6rrl r4g orxovoplog xor rowof trr1oq!

'Orov qrov orrlv xuBdpvnon or Epymxo(, q erorpelo urqp-(e npovopro0Xoq ouvopdrqrqg rqg rpcrrrcjg eqouo(qq. 'Eror,

6. :YTKPOY:H EYMOEPONTON / 103

Ueroq0 rnq 1nq Ol(roBpiou Kqr rng 31nq AeKeuBpiou 2009, ounoupy6g OrKovoUrK6v 66xrnKe rdooeprq gop6q rouq eKnpo-o6nouq rnq Goldman yro vq ouqnTlioouv rouq 6pouq ev6qv6ou rpmrro0 6ova[ou. 'Oprog, gdoo orov nuper6 rtov pouleu-

rrdrv extroytirv rou Mqiou rou 2010, n opyn otpdgrlre rehxdnpoq rrlv Goldman Sachs. H enftponrl Ksgotrotayopdq rnq Bpe-roviog [er(lqoe 6peuvo, rmd ro nopd6erygo r4g opeptKovFxfq. 'Orov o onepX6gevog npto0unoupydg l-x6pwov Mnpdouvonord\e( r4v rpdneEq "nexi XpeoKoniq", o gtl.el.e00epoq Ko-€og ror o ouvrrlprpu<6q ow(nol\6q rou 6qltirvouv 6rt 0o e[votqro eqnq onoKl€ropdwl on6lq ovoOdoeqrou BperovtKo0 Kpd-roug, eire np6xenoL yro 6r6ooq rirtrurv orlv oyopd elre yto t6uo-nronouioetq. M{noq 4 rpdne(o 66Xeror enrriv6uv4 sni6eon;

Kot fogvtrd enrxpmei qpep(o. An6trurr; otoni. To poxoiptogno[vouv oq Oqxq rouq, n rloWri rolv 6nl.tov 6ev oro0yerotnrq Kor or unoqrleq rEoQqv((owor oq 6rd goye(oq. Kqr n r6ver11 v6o ruBdpvqorl ouvoonrogo0 perogU :uvrnpnrtrdrv, O e-treuodprov ror Aqtrrorportrdrv nou ;r6trtq n{pe qv eqouo(o; Hogd6o rou v6ou np<o0unoupyo6, rou Nr6tptw Kdpepov, egnt-ore0erqr ornv Goldman Sachs dvo rlrfpo rrlq ovdOeoqg ptogpo(xrlg n6l4o4g 6wortov ypopgcnfolv rou pperovxoo AnUo-o(ou! O l6yoq nou enxoMornrqv: e(vor or KoJ$repot rou ro-p6o owoO rqq oyopdq.

To ordotpo r4g go0orog rou 6ro6rKr0ou ro 2001 qnorund,vet

r<or ow6 rr1 otiyxpouo4 ougqep6wtov, nou efuot orjtrrgLnn peropow6)ro rrlq noyr6optog rpdne(og, 11 ono[o npoog6pat 6lq tqvyrdpo rtov unqpeordrv, 6noq ou;rpo(ver pe rq ouyxerptg6vrlerotpe(o. Ercr6q on6 lg ougpoutrewrr6g urqpeo(eg qrrq enF

Xerprloeq ror mtg ruBepwloerq, q Goldman Sachs en8v60st Kot

104 / H TPANEZA

eKefun 6(nô qrouq nel6req rnq. Business angels, entxepnUo-TtKo[ ofUpouôr, enevdurdq Kego^qfov i Kdnoror nou ororxn-

UoriEouv Ue Ueydô p(oKo; 'O,rr Kor ov elvor on6 ourd, o ofKoqrnq Ndoq Y6pKnq unnpqe 6voq on6 roug nporrpymeq rnq v6oqorKovouiqq.

Aq 6o0ge lorn6v n Unope[ vcr onUoiver vdo oxovollio: eivotoov vo noipverg 6vo onoro64nore (tio -loy6, oyptoyotipouvo tirdnoro 6Mo-, vo rou (<oypogl(erq 1owp5g Boftreq, vo rou go-pdq xooroUgr, vo ro p6(erq cro Xp4ponoqpro 1t;p(g npoqu-Ld[erg ri ev6oroolro0q ror vorou 6(vetg, yro nopd6etypo, ro 6vo-pq girafe.com (Snôdn KoUntrondpbo^q). Kot vo nepq6verq pe-

rd rov netrcrrn..., rov gxp6 ru)\o0Xo 641,o64, nou dXet eprnroro-o0w1 oroug ovOprirnouq ror... orouq otKovogrKoUq eaopo0q. Tloq;.roo(o 6Xer nou 11 ev tr6yo erope(o dler errovtro0g loyopro-o1.ro0g! Ereivo nou gerp6 efuor vo Ueyol6oer 16oo q go0oro

rou 6ro6rr0ou, drore vo dXer nopd)royeg ono66oetg. 'Ohot xep-6[(ouv on6 ow6. flpcbrov, o 6rompog6poq enrXetprlgm(oq, nouOupi(at gorrpi rdnoq npoloprlp6vrlq 4l.x(oq ror o ono(oq e[-vot o on6mol.og rou gd,el,eU€apou euoyyetr(ou pe ro 6vogoWeb. Merd n AprprKn, nou 06trer vo 61er {poeg. Kor, rdtrog, or

Bqo r66eq rnq Goldman, nou rp[pouv ro Xdpro roug, ro0tirg 4rpdna(o frov dvoq on6 roug 6rlgroupyotig r4q 9o6oro9.

H erorpe(o girafe.com undplet g6vo oro Xoprrd. Aev eiXe ronopoptrp6 r6p6og roL or r6rorr{req rrlq e(voL rel,e(tlg dyvro-oror. Kor )rorn6v; flporeqrdvou vo erooydyouv ouq rnv arxovt-x4 g(ppo oro Xpr;porrorqpto, ovmpdnouv roug 6pouq ge btro-gprdrqv rop6rd. Atlqgo0v, ge ondtrur4 vo;rqr6rrpo n6wo, rovrovovrop6 rou Xpnporrornp(ou. Erei 6nou Xper6(owov tou-ldXrorov rpio Xp6vLo ouveX6v rep66v yto vo eLool0ei pro eror-pe[o, 6voq xp6vog e(vor nto oprerdq, or6go ror 6vo g6vo rp(prqvo.

6. :YTKPOY:H XMOEPONTON / 105

Me ow6 rov rp6no n Goldman Sachs o4;ratdrvet Utq UeYo-Lr1 ennuX(o, roOdrg roropOtirver rrlv eLooyoyri oro XpnUorF

or4pLo truog erotpe(og nou r6te rove(q 6evYv6ptqe, rnq Yahoo.'Evov

Xp6vo gerd n rpdne(q ovolqppdvet 24 fiotpe(eqrou 610-

6trr0ou, opr0;r6g nou grdvet ortq 47 ro 1999, oro onoKopu-

eoUo rnq gorjorog. M6vo yto roug tdooeptq npcinoug griveq

rou 2000, 4 nopeio eivor rol.no(ouoo, ge 18 ptxpopeoo(eq enr-

letprioeLq np6ogcro eyyeypoprp6veq oro Nasdaq, ro XpnUqrFmripro yro ng fiorpe(eq v6og teypohoy[oq. Ot neptoo6repeqerorpeleq nou ouvtoor((owot orrlv n0]r.4 t4g net-orrovog(og ei

vor e)\.trergponx6g, o}\o 11 onoriprloq rouq e(vot nporogovrlq.Tt orlgoo(o 6Xet; Net xqr nd^ Net.

Fldrq 6pog 4 Goldman Sachs tnruyXdvet r6toto Oeoportroonoretrdogoro; H rp6lo Ue rnv reyyotroylo npdnet vo 6tarnpn-

0e(. flp6net vo Xpnotponotrl€o0v 6trq rq 96oo yto vo UeYoI6-oer or-rq q rdoo rep6orp6po oe npop4Oeeq goforo. H rtp( rclv

;reroldrv ouEnenKe rexvnr6, Kqrt nou r6ortoe ornv Goldman

6vo oopop6 np6onpo. E[dtrlou, q rpdne(o, 11 onolo 61et uno-

l1r(oetrlv opXrrq np4, npoogdpet mo oreLdXq r<ov eropet6v

nou e(voL neLoreq rqg npovopto0leq Uerox5g, ge owdMoy;togeMowLr6q ovo0Soetg. Ot tklot owo( np6xetrot yp4yopo vo

ov6Bouv. Mero(0 ourdrv nou EnoeetrnenKov on6 rqv euvoirqourrl pcroleipto4 nrov o TEdpt novyr, o ouvt6purr4g rqq Yahoo,

oMo ror )rty6repo o$ooeBooro np6oono, 6nrr4 o Kev A6t, np6e-

6poq rqg Enron, 11 o Nr6vrg Kooh6goxt r4g Tyco, ot onolot op-y6repo 0o dXouv ;rntre((goro pe tq Atxotootivq. EntnLSov, ro(6pugo euvoe( 6vov neptopto;.t6vo t<0xho v6rov netrordrv, nop6-

1ow6q roug ntrlpopopieg Kot egopu6(owoq 6"rot pto euvoto-xpodo rtov nopoorrlv(t.rv. l-to rr1 6ewepq ourf noporunio -to

spinning, orq ytrtirooo rou Xpqprmtor4p(ouro [6pugo npdnet

106 / H TPANEZA

vo nlnp6oer 6110 dvo np6ongo. !rr1v npoygmr6rrpo, 6pro4,np6retror yro dvo noo6 oorlpowo oe ofyrproq pe ro rdp6q nouonox6proe on6 ro ouyrerprgdvo eyXe(pr1go. llpoxetgdvou voonogeulOei dpeuvo qg pu€ptortrqq qpxnq rnq notureioq rnqN6og Ydpr<4q, flou 8o irov enr(iluo yro rn 9fp4 r4g, to r(p4-go elvor gq6opl6.

"Or U60o6or ow6g onoretrorioov ng Boorxdg ouvrorc0oeqev6g onor4trori rorooreudogoroq rnq Goldman Sachs, nouor6Xo eiXe vo xep6(oer pepbro r4q oyopdqD 6nlciver rrlv eno-p1 ereivq o yevrx6g etooyyeMog r4g nolureiog r4q N6og Y6p-Knq, o

'Etrror :n[rqep. Anoe6oon rou ruvrolrof onore]re[ q ne-

p[m<oo4 rou xupepvnrn rou Nrou T(6poei, rou T(ov K6pr(rv,npo66pou rnq Goldman Sachs ofl6 ro 1994 6(l)q ro 1999, oono(og 6r])rtooe ro 2002 6r dpoOe on6 rov TUno rrq XpnUaro-orrovotrrLrdg relvrrdq elon&r4o4q.

H ouv6leto eivot yvtoor4 : q 6rp4lq qg rep6ooronmrlg gori-oxog npoxdtreoe verpofg rot rpougor(eq psrqqU rov eflev6u-rcirv, evcir dpyole err6g p6Xr1q no)tMq prxp6g erope(eg, nou

{rov ox6pr; eudtrtoraq.Kqr, 6rov 16oo or 0eoprxo( 6oo ror or gLrpo( enev6w6g er-

gp6(ouv rg ennpul6qerq rouq yro rnv nope(o rrlq errovLrr;g ot-r<ovo1.riog, oxotrouOo0v ndwo or 6roBeBorciroarg rrlg flu0log rqgGoldman Sachs. H enuagotrrjg ou<ovopotr6yog, 111\gnr Ko6v, er-rppd(er ere(vo ro Xp6vro r4v eugop(orou Xprlponorrlp(ou. Au-14 4 gxpor<op<op5vq yuvo(r<o, pe ro o rd roy5p, efte ndwo rovrp6no vo ro04ou1d(et rouq ononpooovcrrol.tolr6voug enev-6w59. 'Ooot r4v drouyov nioreuov noq or Hvop6veq nofure(-eq, Xdpn oro 6ro6iKruo ror orrg v6eg relvohoy(eq, pnqrov oepto v6o enopi. Me ro gdno r4g vo )rdpnouv, ndwo unepqoflF(6rov 14 oro0ep6rrporou <oFepKovrKorj oo0nep r6vxep", ro-

6. 'YTKPOYEH :YMOEPONTON / 107

rd Tnv oyonnudvn rnq 6Kqpoon, Ue ro entxelpnpo 6l "oro rd-

rrr; rdrto, nq oyop6g rtg roreuO0vouv ro yeyov6ro"' Me UEYd-

)rr1 n(orn orrlv otrovoptrrl ovoydwqo4 rou t6louq rou qKivo'

6ev dnoure vo elvqt ,,ro0poq", vo nowdpet 6q]ro6( orqv dvo6o,

ro16 rq rppooeohoY[o rnq fou6l :rptr.

Ie uto quvdvrnon goqi rnq, ror evdr 4rov or<6pq entKeqqlnq

rou Global Markets Institute, 64ho6r1rou noporqprlrnp(ou ttov

ovoptfv rnq rpdneEoq, 6ev nopq66xrnKe 6rt ouv69otrE qmv no-

pono(qor1 r4g oyopdq pe rq otot66oqeq eKrtgioetq rng, ev6 ot

go0oreq, on6 rq Q0on rouq, oro tdtrog n6wo [egouoKovouv'

"An6 ou<ovoutriq ntreupdg, 6ev unrjp(e Kdnoto 6KnlnEn' H

Goldman Sachs efie npopMq,et ptq qnto 0<peoq r<ot gto nol'U Bo-

Otd xp(or1 or4v oyopd ttov orwrirov". Aur6 eo net vo BYq[vetq

ndwo rep6tou6voq.

7. To oy6pr ond ro Mnpofxluv

1,uzo06q or err6veq elvot exeiveg nou 6rlgtoupYouv rtq ewu-J\nti,oerq, yrq rov )\6yo ow6 xoL xuptdpXrloov oro rnt\Eomt-

x6 6drr(o rrlg 27qq Aflp^(ou 2007.f o ouMoytr6 gowootor6

npogovcirg Xpero(erot 6vov ono6tonogno[o rp6yo. Av eo 6npe-

ne vo 6o0ei gro gopgri ortg oorovtr6q rptYo0peq ortq onoieg

6Xouv perorponel oripepo ot rpone(fteq, undpXet xdnotoq nou

o(youpo 0o pnopo0oe vo 6ovsfoet rn 6txn rou.Mnpomd oro p6l,r1-rq nol0 exeptK6-qq enttponf g dpeu-

voq rrlq opsprKovrxrig Fepouolog, o np6e6pog xotyevtx6g 6eu-

0uvrnq rnq Goldman Sachs npoonoOa[ vo ntomei on6 6nou

Fnopei. H xow4 yvtirprl. 4 Atxotoo0vrl, ro MME, ro e0pcno rnq

xp(oqq (uyi(ouv rq0e MEn rot r60e rp6goulo rrlq govnq, Ko-

O<ilg 6xoro0wot vo yupvo0vy0p<o yrjprrl on6ro "gtop6 r5poq".'EXouv 6)ror pnpoord oro pdtto rouq rrlv ovoptirnwrl xorlo nou

ouyrewpdrver 6voq Kor p6vov dveponoq.To ev )r6y<o r6poq pdvet oXe66v mdpoXo on6vowt ortq ou-

ygd uneppo)ru6q antOdoetg, mtq o969 ourogow[eg, oro I6Yto

ro yegdro p(ooq. Iov vo gr1 ou;tpo(vet r(noc, 6ivet vo0gepo,

6teurpll(er rq oqpoo(o ev6q 6ove[ou, ovogopcptivet gto ou-vql oyi U6oo qrnv Lepop{orou }roytortxori oXe6[ou. T4v r1p6-

1'IO i H TPANEZA

po aKefun Kove(q 6ev owdogBovorqv rnv d\rl0w4 npooonx6-r4ro rou A6rw Mntrovrgdw.

Oo16oo, o dvOptonog ow6g, lrop(g vo ldver r4v enog4 ger4v npoypmtx6rrpo, 6noq unoorqp[(ouv or enxpn6qrou, 6rq-Odret nve0go. Tou opdoer, yro nopd6erypo, 11 roropio, oMdr4voydn4 rou our4 r4v xpfBeL nioo on6 pro dLl,4 oydn4 -ono)rti-

rog otrqOrnj ror ourq-, ro Xpr]po. Av xor dXer ng 6ouhedg orqvro6nq treg roL rpm6 nror6)r.r -rp6noq rou Myew!-, ro oyonrl-

;r5vo rou BtBtrio ro 6Xet xi.er6tog6vo or4v wouhdno. M6oo mooepo r6vo, 6nou 6)ror ot entpdreg xorpo0wor, ro govo6u<6

ovol.rgdvo grordrr e(vor tr1q 6tr{g rou 06o119. Mero[0 60o ge-oqpBpwrirv, o rpone(irng, nopd rqv nieo4 r4g 6ou)\erdg, 6evooXo)re(ror pe rdnotov g6reho, oltr6 ofre ror BMner rdnororollo. AroB6(er gro proypog(o. H rpoyLrrl goipo x6nonov ov-0p6nov, ro 6pdporo rou nopele6woq, nou efvor epnortol.r6-vo pe ro 6q\rqpro r4g ouvopoo[og, onordro0v ro rorogriyroowo0 rou )rdrprl row pey6)rrrlv golirv. Trq Xeporepeq orrypdqr4g orxovopr4g rp[ong rou 2008, 6rov raleiooe 6voq popo-e6vroq ouoKdqreov, r6noroq veop6q ouvepydrrlg nou efie e(o-wtrqOe( on6 rqv roUpoo4 rou Mer: "Aev 0o owdqo d\ giouroro p6po". 'EXowoq orov vou rou rq Suoio ttov ol.reprrovdrvorpmror6v rord r4v on6pooq rrlg Noppov6(og, orrg 6 louv!ou 1944, o np6e6pog rou onowd: "To nqpd\6re'yro gowo-ore[te of pro vo Bpror6oomov mqv Ogdlo Mnmg!".*

E(vor ndwoq noh0 rdr6g oro euguoloyrjporo Kor orn 6n-groupyio ewuntiroeov. Aw6 to Xdprog6 rou edlnoe vq oqro-

* :.r.U. OUdXq Mnrq irov n xo6rxrl ovol.roo(o ev6q on6 rouq nCwe or-yrdto0q on6fuoqg orq Nop[qv6{o, orov ono(o or qpeplKquKCq 6uvdferqundorqoovrrg geyoluirepeq on6)teeq.

7. TO ATOPIANO TO MNPOYKAIN / 111

norrfoer 6Tov 6nlooe orouq Sunday Times - yro vq ro uero-vl6oer Uerd nrKpd: "Aev e(Uqr nqpd dvog rpone(kr1g nou r6vetro 6pyo rou Oeorj". Iro SyXprol.ro eq6eul o rou ev06rou ro0dxovov dvo noprpdro nou Ou;ri(er rov poorJ\rd'HALo.

Optoprdvor pp[orouv 611 4 uo(po rou rpone(fu4 Oupi(et r4vrpoyo6(o rou Ioqnnp Koprolovdq. Antr4or(o, oytiloq yro rnve{ouoio, birruo enrppofq, el6yeporl rcov nh4pei<ov rcrrd rcovtoXupcirv... E6tir dXoupe ro ndwo, err6g on6 rqv rordtrq(q rou6pyou, nou elvot o 0ovmog. O Kopro)rovdq 6Xer ror exe(vog po-p0 podLopo, Aunrlpdv4 9rov4, nrxpio oro np6oono.

AJ\trd r dv0ptonoq e(vot orrlv npoypcrnx6rrpo o A6tw Mntrow-g6w;

llp6retroL yto Urq runxi neplmoor1 qUeprKovKrlq Korvovr-r4g ov6ll[49. Elvor 4 rmop(o ev6g oyoptof nou pey6]rooe oronpooorto rrlq N6oq Y6prr1q. "To not6( qn6 ro Mnpo0x.l\.Lv nounfye oe 6rlpdoro qxotre(o", dnoq rou opdoer vo owoouoqve-ror. qendpqoe dAo ro epn66ro ge ne(o1ro.

O n6rw MnlovKe6w yevwlorlxe ro 1954 oro Mnpovq, oe grq

enoXf 6nou ro 100% rirov )reuro( ror (o0oov oppovtrd or on6-yovot perovoorov on6 rqv hotr(o, Tnv lp^qv6(q Kor rnv Avqro-l,tx{ Eup6nr1. H otroydvetorou e(vor eppoir4g xoroyroy4q, nouytr(ro.roe on6 ro noyrp6p crq P<oo(o oro r6trr1rou 19ou ot6voror 6pocrqpLonoq04re oqv rmooxeu4 6rorpov ev6ugdrtov,nprv Koroorpoeel otxovopxo rlv nep(o6o rrlg Meyd}\nq 'Yqe-

onq rou 1929. O nm6pog rou, o I64roup, e(vor undtr\qlog ororoXu6pope[o. H pqr6po tou r(vqr peoeq.,rov(or. :ro6roKo, orf'loproprovof xor ot poOpor eyxoO[orowor oro MnpofKfuv, ye-yov6g nou duiryger roug treuxo0q. Or yoveiq rou, p6llg pnop6-oouv, og4vouv ow6 ro ropp6rt rqg notrtdg N6oq Y6pKnq, nou6Xet 6torqpfoer r4v xi,fporo rrlq rotv6r4rog, rot gerorotrrl(ouv

112 I HTPANEZA

oe Uro Kolnrepn ouvorKfo oro MnpofKj\rv. O pu<p6g A6rw nr1-yo(ver oro Thomas Jefferson High School, 6vo noli ro16 oXo-Is[o. Ot l6qerq "6toxon6q" rot "IogFotor0ptoKo,' 6xouv 6to-ypqeel qn6 ro lrq^6ylo ouro0 rou Ue^rrnpo0 eqipou, oono(oq (er Udoq qro npoorqreurrK6 neprpdMov rrlg ou<oyd-verog. l-ro vo pyd.r.er ro Xopr(ul,(rr rou, ro oy6pr nouLd row6-Kro o66oq orouq oy6veq rov FrdvKrq, rnq SpuhKrlq oudbqqgnri(gno)t rou Mnpov[.

O ncr6pog 51eL geyo)reg qtlo6oq(eq yro rov po0nrn our6,nou PyrlKe np6roq ro 1971 Kqr 6rdpooe rov onoxorpfirqrnpro)r6yo r<ord rrlv tetreq onovop(q rov onotrwrlp(crlv. :rq 17 rou

Xp6vro, pe gro unorpoglo orrlv rodn4, o Lognp6q ow6g vdogpnofver oro Xoppopw yro vo onou66oet torop(o. O A6rw e(vqro npcinoq or4v orroy6vero nou r60eror oro novenrorrlgroro66povo. Ir4 ouv6lero nolpver mu{o vogx4g.

T6[4, opoq rp(o4 ror r0X4: 6rqv re;\etd)oer rr1 vopu<4 oXo-trf rou XdpBopw, o A6rw Mntrovrgerv 6Xer gnpooro rou dvoLolrnp6 g6Mov. -erwd on6 14 06o4 6rrqy6pou er6rrori oe cpo-poloyrKd eSUqro oro vopr6 ypogeio Donovan, Leisure, New-ton & lrvine (DLN & D. E[vor yr' ow6v 6,n roLrirepo. M6oo oe5vo nepLBdMov nou eugfqer oyytrrKn MoXq, ot KoUrl6q ypqp-goreig nepnoro0v 6rorpntr6 rot orrq 4 ro on6yeuUo qKprp6q

oeppQouvrodr ror gnror6ro -rodr oe 90tr\o, nopordrtir, ror6Xr oe goKe^oKr!

Aur6 ro flep(g nuo oyyfuKnq Kou'.lrdrrfrog e(vot oor6oo ono-r4tr6. 'EneLro

on6 gro nep(o6o 6onpr4g, rov dorettrqv oro noqAwqebq, yro vo Bor;€qoer ro ororiwro rou X6)rtyouw vo geuir-oouv toug g6pouq rouq, Kooroloyrirwog to 6grog yro rrq urq-peoleg roug 6oo y(veror neproo6repo. Me owo0g roug dn]r,r1-oroug epyo66reg, o voprx6g pcg 6ev 51er oXe66v xo€6)rou 1p6-

7. TO AfOPt AnO TO MnPOYM|N / 113

vo yrq vq Xope( Tnv Kdug6pvro, trre lg ronoOeo(eg nou Oug[-(ouv ng 6rogqpr(oetq rou Mdtrprnopo, trre rrq on6poweq nopo-Lleg ror ro xopfroro nou {.rd;3rouv rov t6ovrr6 orj(uvo.

flo0 r<or no' (eorder yro l,fuo oro Aoq B6yxog. :ro Ko([vo,o A6rw Mntrovrgdtv pnopef vo Xope( ro nqr]y[6r, r6rofrepq roblack-jack, 6nou 6l,ot ot no(rcrag e[vor owqrdronot per1v... rpd-neEo. Or ovogvnoeLq nowog on5 ro rdooepo outd Xpdvto ou-voqrf<owor oe p(o ;r6vo M(4: 6oul,etd. To ovepX6gevo oordptrnq vOUtUnq gopo6roguyqq roLelror vo y(ver erofpog or4 voprxrlerorpe(o.

ElouOevurgdvog 6poq on6 ro nqyorvdi.o gero[0 Ndog y6p-Knq Kor noq AwEetreg, ofuoupog gorvopevtrd yrorov eoLn6 rou,oMd eU0rrroq xord Bo0og, 6ev owdXet dMo. 'E1owog, pd,l.r-oro, oppqBovroore( q A6po, 6rx4y6po orn Ndo y6pKn, €6lervo (4oet rrdl,og. Oo droxereUoer rn po0qprorxrl rou oKdqrn KqrTnv ovolurrKn rou xov6r4ro oe 6vo etrxuonx6 endyyelUo: eoyiver Xpngorrornq. flpog geyd.l.r1 onoyorjreuo4 rrlg pdl ouooqou(0you rou, I onoio e(Xe gowomef 6rt 0q nowpeu6rov 6vovouver6 6rKny6po, ovo(4rd epyoofo oe rdnoro grlgtogdvo r6p0-Ucno -Uerqq0 rrrrv ono(cov elvor xor q Goldman Sachs-, oMoXcopig enruX[o. 'Evo yporpe(o efpeonq epyooiog, dvog "11uvn-y6q Keeol6v", 6n0.4 fuive or Ageprxovo(, rou Bpiorer puo 6ou-l,eto n<ol,4r4 voptogdrrov r<or pdp6tov Xpuoorj crqv J. Aron, Utoprrpq erorpefo ;reore(og nptbrov uA6v. "O n6rw npoolngen-re enerdr; 4 6ref0uvo4 erntrro0oe 6n or 6x4y6pot 6ouAe6ouvoKlnpq Kqr e(vor enrnL6ov oe 06o4 vo eqnyoOv orouq neLdreqro vdo Xp4pmoorrovo;.uxd epyoi,e(o xor ng orporqyrx6g rovo0veerov ronoeernoeovD, guUdTor o uneriouvog npooNiryerrlv.E, 61r xor epnoprr6g owrnp6oanoq! Av Kqr ro Ko.l'6 v6urouo r!vor ndwo on6 Xpuod, q A6po x,i,o(er xot o66peror 6rov uoOo(-

114 i H TPANEZA

ver yro r4v np6otrnqrn rou oq rynopKo0 owrnpoo6Tlou rou no-Lriruou uerdLtrou.

H perdpooq e(vor 60oKoln. :rn vopx{ erope(o DLN & ltitov6l.or oqv rpiXo, lropiq rnv nopogrKpri rqtr(6o t6p6ro mo 6onporoloprm6 nourdgroo, Xrop(q gowoXrep6q ypo96req, X@piq tyoq0upo0. Aw[Oero, 11 J. Aron e(vor ro x],ouBi nou rpmd xtreto1.ev46)111 rqv rpdtro rrov oyopono\otdrv. 'Evoq

Xprlpcnoqg 6ev pno-pef vo elvor dtorpftLr6q. Fro vo nerolet qv ro]rwep4 ngn, ent-rp6nowor 6tro ro Xrurqporo. l-leproo6repo Uerpd n 66vo1.q rou

loporqpo nopd or yvtiroerq. Ie gro on(orer-rq gooop(o on6 oup-trroXrd xoL Bptotdg, lehopuyyrd(eoor 6trr1 qv qpepo vo nepvdgrot vo (ovonepvdq ewoMg oyopdg t<ot ntbtr4oqg.

'Orov o veo-geppr6voq, ouvq0rop6vog on6 ro ouorqp6 epopXrlp6vo nepr-

BdI ov rov 6rKnyopxrirv ypogeiov, 06tret vo pdOet notog 0o eivor o rlr)roq rou , o npoiordpav6g rou rou 64trcilet pe tp6no npo-oBtrqm6: "Av ro eeq, gnopof pe vo oe MUe popKnolq".

Kcr6 yevrxr] 6rnl,r1(r1, o A6Lw Mntrovrg5w pnoivet oro ou-yrerprg6vo rd\oJnL, ror ro xcnogdpver. "O A6tw ntov er rn-rrLr6g. 'Hrov npooyer<op6voq ror 6noLpve ypfyoportq oroor6gonorpdoerg. 'Hlepo 6r rpov o r<ohwepoq on6 6l.ouq poqD Met6voq noj\r6g ouvd6etr96g rou.

Ogcoq, rov Om6Bpro rou 1981, n Goldman Sachs qnoKrd

Tnv J. Aron. Me erdx6rq'ro mo egnopx6 Xpe6ypqqq, oro op6-)royo rov 64gov ror oqv nopop] oupBoutrtilv oe entletprloetg,

trlrpogaoofeq rup[arg, 11 rpdneEo pnolvet Kqt qrnv qyopono-

tr4oio nprinov ul,riv. On6Xyet 61t ;t6vo pto 6prnetp4 op66o et-6xeup6vrov Xpqprmrqrciv, qI d ror gLo Ouycnpxq oro Aov6[-vo, ere[ 6nou opi(eror 4 rqlri rou Xpuoof rot torv per6itrc'.rv. Toptrp6 our6 oXrillo 0o e[voL to agotrr{pto yto rrlv noyx6otrrtoeqdnl,oon rnq rpdne(qq.

7. TO ATOP|AnO TO t nPOYMIN / 115

Ewopero[ti, r] 6wo[rl rcov "UrKponolnr6v. oe pto eropeionotr0 ouornpn, Kqt eutroKo rou lepo0 Nqo0, ouvow6 nol 6q6u-orohieq. To np<iro d\4€uwx6 np6oolno nou np6net vo XpnoFgonoto,v oro el4q -ro

"e1re(9" rqg preYotr€t6rqroq-, ow( Ytq rovevx6, 6uorole0eL ourodq rouq ono6o0q rou cno$Kropof nou oq-pdrvouv ro ndwo. Enrrtr6ov, perd rrlv dvo6o rov nprirv oq 6e-xoeriq rou '80, nou npoxtr4O4re on6 rov n6trepo lpdv-lpdr, o

Xpuo6q rcnpoxutrd rot g6vet oe Xop4trd enlnedonpog (qplo rtrrvxep6oor6nov. T6re 6yrvov Uo(Kdq onol,ioerq.

O A6tw MnAovrgdrv rororpdpveL vo pr4v e(vot ovdpeoo oeerefuouq nou 0o npdner vo ro po(e0ouv. O eplop6g r4g GoldmanSachs e(vor yro ere(vov Oe[o 6drpo. flpdygorr, 4 rpdne(o, npo-xetp6vou vo Bdler ro(q or4v rorvofpyto 9uyorprx4 tr1g, mdtrverrov povo6rr6 ldvo ero(po, rov MopK BfvKelpov, 6vqv OMovbdpe ov6rgpooro xor owtygorrr6 np6o<ono. O oupovoror6Bmoqow6g, rov onoio q nohLd rppoupd owqrercirnroe pe eX0p6r4ro,

{eXopi(er yp{yopo rov Mn}rovrg6rv. O veogepg6vog e[vot 6po-orrlprog, trre roi,orjg rp6noug xot lemf euguio, (dper vo 6ro-npoypcne0eror ror elvor xoprogorrr6g, npoo6wo nou 6ev ocpq-vouv vo gove( q oK^rlpd6o rou enoyy5lp(rroq.

H J. Aron ewdooeror ornv Goldman Sachs. 'Enero on6 proprerorfu4orl rou Mntrovr<<p6w orrq oyoponolnoleg gerdMcov,

ro 1982, rou eprnLore0owor, 6rio Xp6vro opy6repo, rq 6re0-0uvo4 1-uog 1-rtxpqg ogd6oq enrgoprtopr6v4g ge rLq ouvq^ qy6g

ouvoMdyporoq rov no}rueevtKd)v. Atrcq e(vor ror 4 pey6i.q ro-gnri crrlv ropdpo rou.

H oydnq rou yto ro noqyi6r xot rov r(v6uvo, ot roX0roregowr6pdoetg rou ror ro yap6 rou veOpo e(vor oqpowrrd npo-repfporo 6rov npdner vo 6roXeLprore[, oe peprr6 6eurep6tre-mo, eroropg0pro 6ol6pro, nou 6ev ro BMnEr fior5, Tn^ego-

116 / H TPANEZA

v6woq orq r6ooepo olps(orou op((owq yro vo ndpelrnv Kq-l,urepq rrgq yro rov noldrn rou 4 rov epyo66rr; rou. H 6wo-or1 eivor geydJ\4, r; nieoq 6Lopr<rig. 'H xol,upndg ri pouh6(erg.O MnLovrcpdrv, o ono(oq ernfuiooer ouveX<6g rouq npotoro-g6voug rou, e6por6ver oprcrrrd 14 gnpn rou. Enrdrdov, vtdr-Oer ro [6to dvero oe Uro peyd.l,n crorpelo 6oo xor oe 6vov el€rj-oepo oroneurrl rou Konrrqfu.ouo0, 6nog 4 J. Aron. O n6twr6ver ef rol,q g0,oug. AnogeUyet rtg (wpryreg xqr ro 0nou^,qgolorp<il1roro.

H r0xn rov oKolouee(. H Goldman Sachs pd(er ro 6uvmdrnq orrq ctyopono)r4o(eg, nou rrg 61er ovol,6per 6vog on6 rougp6l oweq t06voweg rrlg eropeiog, o p6unepr po0pnw. Kordnq np6req ouvovr4oerg rouq, o re^€uro(oq, nou dXer nq r6to-rpon(eg rou, yrprvtd(er l6yowog: "Aev dXere rlqoe( or<6;rq...".AQeg qpdpeg opy6repo nporelvet orov "ovepX6pevo, vo eivorenrKegolnq qLnnq rnq 6poorqpr6r4roq oe nl,rlpq ovdnruqn:

"noh6vsre ypiyopo". A06pupo, lropiq vq (rJr6rinore, o mo pe-rpt6gp<ov on6 rouq Xp4porrordg enLpdl.l,er nq rxov6rrpeg xorrrl oiyoupn rq0/oyv(l)olq rou . Kor ro Kolonpoo[pero ne[poygdrou, pe rn Xoporrrlptmrr{ npogopd rou Mnpo0x},rv, pe rqvono[o no((er r<crrd nep(mtoo4, rou 6[ver 14 6uvcr6rrpo vo qno-gopr((er ng exprlrnrdq xoroordoetg.

To 1988 op(eror ero(poq-6roxerptoniq. Auro[ e(vqr, 0o 16-yope, ot rnn6cq r4q srqlpeloq. :e nep(moo4 (4prdrv, xdOe p6-trog rqq opd6oq ourqg e(vor une6euvo pe r4v npoo<ontr4 touneplouolo, otr.l'd npoonop((eror 6vo xolrpdrr rorv rep6drv, ovowd undp[ouv. IuvdBn ro rd\ewoio. To 1993 or .161 ero(porUolpdEowor ro to6lgo rou oro0dprmou eOvrxo0 npoi6woqrrlg Tov(ovfog, gtog lripog 26 ermoppup(tov xcno(rtov.

ndwoq, rt Goldman Sachs e(vqt sKeirr4 r4v enoXri yiyowoq

7. TO ATOPI ANO TO MNPOYK IN / 117

Ue nntuvo n66ro. To 1994 ug(o(oror rpryUofq, nou eke vo (i-qer on6ro 1929. Aur6 ro nep4govo [6pugo -r6norot ooto 6]re-yov rot o.l.o(ovrr6- nd<prer on6 Ueydlo 0rloq: dpogmrxrj mtir-oq rov Kep66v eqom(og rrov oopoprirv (4gLtiv cr4v oyop6 ogo-tr6yov nopoirrloq oopdwo nepinou erolptov-6toletptmtirv'ovoxolv<rlo4 ouyXrlveuorlq (nou 6ev 6ywr refuK6) Ueroq0 rnqMorgan Stanley Kot rqq SG Warburg, Tqq npdlrnq enrxerprlpo-rmrlg rpdne(oq orr1 Bperovio.

Kor vo nou o P6pnept Po0gnrv 6dXerot vo y[ver unoupy6gOrovoprdrv orrlv rup6pvrloq l0fwov. M6vog nro mo rrp6vr, oouvd6etr96q rou Inp Op[wpov ndgcr or popro KardetuVn. Awr-xoO(mmor on6 rov nptiqv ne(ovofrrl ror npcirqv mop rou pno-oKer, rov TEov K6pr(w, nou rov ornp{(et o X6vpt (XovK) n6^oov.

AIr.6 n nop66oon rqg 6tx59oi,r1g npoe6p(og -dvog 6r1po-rporrr6q ror 6vog penougntrtrov6g, 6vog Xpqporrorfg rotdvoq rpone(k4q-o0ppoutrog- npoor<po0er o0wo;ro qe Urq Ko-r6moo4 6goro pe ntro(o nou pnd(er vepd on6 nowo0. Orjpoev6g npo{tronfgoroq, o Tqov K6pr(tv n69rer oe 6uog6veroro 1999. O X6vpr fl6Loov epgov((eror tog o pr6vog Lrov6g vo ro-0o6r;y{oer 5vo n},f progo pe peydi,eg owrmdoerg ornv eqou-o(o. Kcrrepd(er ond ro ni,o(o roug opqroprfr(eq Kqr ergdrver rougowrnd},oug nou SXouv pld\Uerq yro ro q.,n^6repo n6oro. Irrll-ou6tr Irpr, 6noq xor mo l[rt, q efouo[o n4yo[ver oe era[vovnou 14 o6)ret neproo6cpo. Kqr o fl6^oov, err6g rou drr e(vordgtoorog btolerptorqg xot govuir64g rqg 6outret6q, e(vor rotrpeh6g yto e[ouo(o. Me ro rpio owd nporep{poro rprdver qrn-

Ld. O owKqroardrqq no(pver rrlv e(ouoio ror 6ev np6reror vqTnv ognoer.

M6Xpr r6re o Mnl,ovrrpdrv 6ev ouUnepAopBdveror mouqovepl6pevoug oordpeg r4g erope(og. To 6vopd rou 6ev ep-

118 / H TPANEZA

gov[Eerq oro qurdpeoro ptp]rlo nou eK66enKe ro 1997 pe rovovopev6trrevo rftl,o The Culture of Success. 'Evov

1p6vo opy6-repo b€uefver rrg oyoponotr4o(eg mo orivo)\6 rouq. H qorq-rx4 rpiorl rou 1997 Kor n XpeoKon[o rnq Proo(oq rov en6pevo

Xp6vo, 6nou n Goldman 61er ndpar peyd)ro p[or<o, r<oOdrq rot r1

Boun6 ornv oyopd rov opoL6y<ov, nepvo0v 6(nl,o on6 rnv EroFpeio Xopfq vo rqv qyy(qouv.

Iro opyov6ypol.rl.ro, o T(ov O6tv ror o T(ov O6pwov Bpi-oKowor noli xow6 oro vo erOpov[oouv rov fl6],oov. O npdr-rog, rpuXp6g, ovol,wu<6g,6Xatro gey6J\o getov5rcqpo yro rouqerolpoug vo noipver ndwe eB6op66eq 6roron6q ro roi,oro[pr rorvo rdver eni6etfi rou n}rofrou rou. O 6efrepoq e(vor o Kol Frelynq rnq Goldman, 5vog doog r<ov orovoprrtirv, o.Ll.6 ono-6eu<vUeror g6rproq 6roxerprorrlq. E(voL enioqg povrdr6r;g ruq-y6q rou dA ou g6trou, xdn nou to pMnouv ge ro16 gdrr oe ptosrqpefq nou rnv 6xer 6tqnorioer o noupnovrou6q. To 6i6upo ou-voporei yrcl vo onogorpriver rov X6vpr n6loov. O relewo(oq,

Ue qn(oreurn 6e[rorcXv(o, ono.Ll.dooerqr ror on6 touq 6rjo,g6pvowdq roug owrg6ronoug. O 6p6pog e(vor ovorXr6q yrorov n6rw Mr ovKg5l, o onofog e(vor ro q6rog^oviKrfro vo0pepo6rio r<ot ev 6uvdper 6rd6o1og. Inlv erorpeio enrxporei ofro-rpm(o, oM6 pe 14 orevrl dwoto rou 6pou. Or 64proupyol roudrofrou rpmo0v xor ro lp6vr. .loropm6 ov ro 6oripe, ere(vognou eMyXeL ro r6p64 r<pcn6 ror r4v eropeio. T6roro e(vol nnep[mororl rou A6Lw Mdrovrg6w, ypdger o Toqplq 'EIrq oroBtql\b The Partnershlp, rnv eyKeKprp6vq Broypogio rnq eror-peiog. Mero(rj rou 2002 Kor rou 2004 ro drK6 rou rpngo e(vorerelvo nou npoorop[(er ro payd.l,o rogg6rr on6 ro r6p6q-per6pnou onper6ver rl Goldman Sachs.

To 2006, 6rov o X6vpr fl6)roov y(veror unoupy6g Ouovogr-

7. TO ATOPI ANO TO MNPOYKAIN / 119

rdrv rou npo66pou Tqoprq Mnouq, o npdnoq on6 roug loXoyorigrou rov 6ro66Xerqr oqv rcrrt ro qnoLfrtoq guorx6. O A6rw Xd-ver 25 r d, lupi(er ro recp6l.t rou xor mopord vo gopd ere(vegrrq gprrr6g ypopdreq ror ro notrri qop6rd xooro6pro nou Orj-pt(ov ropporrxd oreMXrl 14q loBenr4q'Ev<rlo4g.

M6Xpr e66 6ev pnoporipre nop6 vo 6e(oupe oplrxd pto ou-pn60eto yto rov v6o ow6 np6e6po ror yevrr6 deuOurrr4 nou ou-vdvrrloe r6oeg owrlo6r4reg. Me ro oop66vro Xop6yel6 rou,pot6(er ge v6o acqv qtru<(o nonno0 nou (6pet vo 6r4ye(ror roro-p(eq. To Xoporrrlpronr6 6p<og ow6 rou ntroror(r1, ro ro.l.6worou yro oore(o, or dwovor goprpoopo[rou npoocinou rou efuotnoponl.ovqrtxd. Mnopeivo r6ver ntr6ro, o oMd o [6toq 6ev ye-1,6. Eivqr, n6vco qn6 dtro, dvog dvOptonog ooBop6q nou rdvetnpdyporo ooBopd. Aev eivot el<oorperprlg, 6n<rlg vopl(ouge.Kord 6rxrl rou o1.rotroy[o, e(vor 6voq oyXorrr6q nou ouv6u6(er14 ponf npog rov x(v6uvo pe dvo po04porrr6 nve6pro. El ourot o onepr6prmoq 0ougoop6g rou yro rov r6opro rov hedgefunds, rnq oyopdq 6qvefov uqrnlo0 rwdrivou, nou g6pvouv dJ\-IoJore Kor nq nto lowpdg npoprl0eeq. O ono66q our6g rtovorjvOerrrrv 6opnp6vov npol6wov efvqr, enrnMov, 96oo mqverorpe(o dvog np<oron6pog r<ov rol.ogrrcirv XlnporoorKovopr-rciv, nou onorel.oriwor on6 npoi6woro ono[o o6Boworro Ko-p6vL xor onoyopeOouv rqv noroBotrrl t6xtov.

869010, ro np6ocono ow6 no(pveL ro ng6vr rqg erorpe(og6no4 o govoX6q ro govolx6 opipo, ltopfg r<ot gey6trr; ronewo-

epooUvn 6nlqdn. AMd 0o ouyX<oprjooupe rq 9 o6o[(o oworirou ol.ropro)tori. E(vor goBep6g 6outrewop6g, 6nog p6vo ot dv-op<onor 116 Goldman ldpouv vo eivot, roocbg epyd(owor 18 6peqrqv r1p6po, le;yriwoq rov frvo, ng xoolrx6rqreq, n1v oxoy6vero.Kcrrd rrlv rpb4 rou 2008, 0uor6(et nq 56o eB6opdbeg rrrrv 6ro-

120 / H TPANEZA

Kond)v rou oe Uro Kqpndvo 6intrq orn 0d)roooo, ov Kot ro eaxeunooXe0e( oroug 60o yroug rou, ot ono(or on6 To getv6nopo 0o6g4vov r4v oxoyeverorq em(o yto vo n6ve oro noventorrlpto.

Oq enxego^lig, o "Lloyd the Knife" nopoKolouoei ouorrlporrlv rrlpqorl rou npo0nohoyrogoti, roO<ilq rwefuot on6 rov nou-provu<6 (ritro yro neprorq rtov neprrdrv eq66ov - UnoI Ue gpo0-

ro, gnour6ro pe gp6or<o troutro06to, unrlpeoror6 owox(vr1ro,.:Yn6 r1v enome(o rou, q enLXe(pqoq onoxopl(et opfOrlro r5p64xor npoogdper ompovogu<6 gn6voug. O [6roq e(vot nolutKo-roppuproriXog 16pq oro rogn66epo nou 61er rprtdfet ge geroldq

r4g eropeioq. fldw<oq, ge rrlv neprouo[o or"rq 6ev r6vet e[e(q-qpSvo npdypmo. To (e0yoq Mntrovrg6w 6Xer p6poro 5vo no-trwd\6q 6rolr6prouo oq >ewpo^ nopr Fou6m -rov 6p6po r<ovoor6ptov-, pro xcnorx(o oro roopK6 e6psrpo X6pnrovq Kot Utoopo(o outrloy4 on6 nlvoraq. l-to ytor 6Uoq, otne l6yoq!

An6 ro g0w6nopo rou 2008 or Kprrrxdq yto rov 0qpew4 ou-16 n6grouv Bpop]. Or enrrpndg rou rou xorotroy((ouv 6rr e{ot-r(oq rou peydlaloe q on5mooq on6 rrlv nopo6ootoKn voo-rpon(o rou o[r<ou, ro0tiq nporrgo0oe ro yprlyopo og5]r4 rovoyopon<otr1ordrv on6 ro ;.rorponp60eogo r6p54 nou eqo-ogoh((er 11 n(or1 npog rov nelorn. 'Ooov ogop6 ro eoolrept-rd rqg eropeiog, xorotroyi(ouv crov )ropnp6 our6 torcrtrtqrrl61 6ev 6Xer orporrlyxrl. EnrnMov, oqv enopi r;q o6tdiernrlqpofq rrlg nI4pogoplog ror r4g 5r<pnqnq rnq U. oyK6ogorpoq,o MntrovKg6rv 6ev f6per vo enrowove(. Or olnoU6wlreq dto-poprupleq owoti rou trrey6trou yrogcn(f, rupi<oq 6rov 06lnoevo unepoonrore(ro pn6vouq, 6ev dXouv 0ertr6 ow(rruno orovrdolro. lov\.\o Xopotcrrlprorrr6 nop66erygo eivor 4 on6vqor; nou66ooe o opXqy6q ow6g orrq ror4yop[eg yro or.nop1to1r6: "Aev6roxe[q ov 6ev 6efivatg oyvtogoo0q xot do]l6r4ro".

7. TO ArOPtAnO TO [rnPOYK tN / 121

nqpd rrq enrux(eq rou, o dveponoq qur6q nopop6ver 60-onroroq. Koe6q 6ev l6pet ntig vo l.rorpdoer optio6rdTnreq, oAdrw Mntrovrgdw neptBdl eror on6 Uro UrKpri op66o nror6v,nptir4v yprlpmror<ilv ornv J. Aron, Kor NeoiiopK6(@v xcnd npo-r(pr4oq. Mero[6 rtr.rv ovOpdrn<ov owori rou neprpdl owoq e(vorrorro vofpepo 6rio, o l-Kdpr Kov, Uro roxupn nopouo(o pe pn6-voug ioo ge ro 6116 rou. Kor ot 60o dwpeg 61ouv goi,orp(roo.E6tir 6pt'lg oropord 4 6noro opor6rqro. EnL0enx6q, nou pr,}rodo141lo oroug ugtmo;r6voug rou. ox6;.ro xor ronetvtr.rrtxq, oKov o "yKptvtdpnq", 6Uorponoq xot 6qrrtx6q, e(vqt Kctt qov

Mnlovrgdw on6 rrlv ovdno64. 'Ooo o np6edpoq no((er pe 14yoqre[o rot ro ltoripop rou, 16oo ro 6ef[ rou X6pr no((er ge 14ypo€rd rou. E(vor o P6Unepr we Nipo -oro 1o;r6yatro rou)td1t-orov- ornv row(o 'Htav xdnorc otnv Ageprx{ , ere(vog o yrdvyx-orep X<op(q tep6 xot 6oro nou 6porioe oro eBpoix6 yr6to rouA6ouep lor Idrw rqq N6og Ydprrlg, orn 6exoerlq rou '20. Mr14 6Logopd 6rr o Frdpr ddXeror vo douMr.ler orrl oxrd rou ndrwKot nor6 6ev 66erqe 6rr e6ler rnv elouo(o yro rqv efouolo.

O A6wr Mnhovrgdrv lder Kor Eovolda 6rr rou op6oer 4lorop(o. Av q lmop[o goipo(e tg 669veg oe 6ooug 6Xouvollo, o np6e6pog Kot yevK6q 6reu€uwnq rnq Goldman Sachs6ev 0o 6npene vo ovqoulel, ogo0 xot6rrqoe rqv ropugqmov rop6o rou. AMd, duarultirq yro ere(vov, 11 re)\rr{ Kpiorl

;rnopeI vo e[vor 6uopevdmep4 on6 6oo vopr((er.

8. To nop66o[o pe ro tivolro 0pn6po

/i\l,ryqpxio: nohtrrr6 o0mrlgo oro onoio 4 rupropX(o ovrl-lv/ rer oe pro gxprl opddo or6gov, oe pto nepropropdvq 4npovol.uotjXo tdqn. H Mqn 5yrve ror nd,Lr en(rorp4 nporerp6-vou vo 6ntrd,oer rov "Kqntrqltop6 rrov Ko(dxrov", o onoioqlsnl6Tnos rn Poolo petd rrlv rordppeuo4 rou ropouvtopori.Mrjnog 6prrlg or ohtydpXeg rqq Goldman Sachs 6ev 6rogdpouv,rcnd Pd0oq, rqt nolf;

To ppd6u rrlq 15nq Aflpd(ou 2010 o nooKoq pov []poyr, nprvn6et yrc 6nvo, pfger pro rdrewoio portd orrlv rorooeli6o rovNew york limes. iq .l'(l)ore, yf ow6 n\p<irvgrqr: e(vot o 6ou0u-vqg enLrowtovloq r4g Goldman Sachs. Aur6 nou 6topd(er rovog{ver dgrovo. H eg4pepi6o ypdget, orqv np6r4 oe}r6o qg dr-6oo4gr4q en6geqg 4pdpoq,6nq Ennporq Era44ou KegoLoro-yopdg (Securities and Exchange Commission), o qorugrj)rorog

rrov opreprovxrilv oyoprirv, ror60eoe oyoyi oro oonx6 6tro-or4pto yLo oncq evowiov rqg rpdne(dq rou, rou [po66pou Koryevxoti 6Leu0uvq rou ror evow(ov ev6q ouvepy6rrl rou, rou ydtr-)rou Oopnp(g Toup. To o6iKnpo ogopd rqv egnop(o rou nop6-ytoyou Xprlgcnonroromoti npoi6wog ge ro 6vopo "?\gnorouq".

124 I HTPANEZA

H rorrlyop(o e(voL notr0 poptd, r<ot rup(rr4 11 P6eo6oq ep-

gqv((etor oouvi€torrl. B6poto, 4 Enrpon4 EI6YXou Kegolot-

oyopdg rdver Speuvo e6tir roL priveg yto r4v Tpdne(o' H re-

trewo(q npdnet vo npooxog((et rormo qrnv opX( nou eMy-

Xer to Xprlprortorripto dyypogo rot rup[roq ow(ypoqo r1]re-

rrpovrro0 rolu6pope(ou. i{\tro 6u<oq our6 rot dttro vo goooi-

verraLeutofo yto qv oytoy4, Kqt Fdltqrq ond ro 6to6ircruo!

A6rov6nrol H rtgf tou tdp0Uqroq e[YErot Kot o Bov f]pqYK eo

opy4oet vo ouv6)r0et on6 ro ;r0n4po.H Entrponi KegqlotoYop6q oupneprqdpOqre oro vo0pepo

dvo rov Xpnporooxovol.ttxdrv noyxoo;rl<rlq \eq rot dtov xove-

voq r^eerorordq! :rn Tou6I:rptr KuK^ogope(ro eEiq oqte[o:

un l6re Goldman Sachs, ol dGoldman Sacks flpog6powot

ror ro 60o ro [6to, oMd ro piUq sack orlpo[vet "trentrordr"'H Goldman y6UveL ro 0rlpord r4g, rototdr6Bet roug nelorog

r4q, 6nrog drovov ot netpm6g. To )teqtd oou 4 11 (tlrl oou!

O eEeurelroU6q n4pe o16;ro peyoi'wepeq 6toorooerq' Ko-

Odrg rrlv enog6vrl 11 tpdne(o eyrotvtdEet Ue UeYolonp6neto ro

roLvo0pYto tnq ypogeio, nou e(vot otr6x\pq on6 yuoL[, oro

roro MovXdrov. To r6oroq: 2'1 dtotKqropp0pro 6ohdpto M6-

trtq ovorowtirvatot 11 oytoyti, to t<owo0pyo noi'orLrrlq Goldman

yivetot owrre(;.uvo 1treuoogo0: ov t<ot K6eetotnovo oe Uto nu-

pftt6onooqrq, o opyovtog6g 6efyet orov 16o1ro 6]ro ro peyo-

ls(o tou rot, r1v i6to ortYgri, ltop(q vo to e6Mt, Tnv neptqpo-

vqorl rou yto rr1 6io(r1 nou 6Xet [exwqoet.M5oo orrl po0p4 King Size kUouE(vo pero cptpd t(dpto, nou

rov rnYoivet Ferd 11 ytopq mo 6rog6pto1r6 rou, orqv o66 16-

wpol nopK Fou6m, roOto;rdvog ovonouttrd, o np6e6poq

n6rw MnIovKa6w vtdrOer geydtrq orevoXcirpto K6rt rov Booq-

v[(et. To xoupoog6vo gdtto tou go(vowot oK6po nto UtKpo'

8. TO NAPPAO:O ME TO ONOMA OMNAIUA / 125

O np6ebpog ror yevK6q 6€u0uwnq vtdroetntog, ov 6ev rov np6-6ooov. oiyoupo rov neptgp6wloov. E(vot npoBtrnUcntop6voq.

Orov [erfvqoe 14 04re(o rou, orrq 20 lqvouop(ou 2009,o teooopor<oor6g r6roptog np6e6poq rtov Hvop6vov noIFrerdrv ro0 eixe 6tiroet, noworq, rdnoteg eyyu4oetg. O Mnopox

Ogndgo eiXe rov(oet n6oo orlprowLrrl 4rov 1 l-ou6)r Irptr yto

vo ot,rerf n Ageprr4 on6 rqv orxovogtxti t!9eo4. T6re, rt vo ou-vdpq; H Oeppq oXdol gero[0 rnq ruBdpvnong rov AnpoKpo-nrcirv rot r4g Goldman Sachs dpXtoe vq 6tor6merot opy6 t<otqrodrqKo. Floro onyprl 6p<oq 6onooe q oprotBolo oupndOetor<ot dpXroe vo no[pvet rr1 0dor1 rrlg 4 eX0p6qto; Kot ndrg q 6u-onrm(o opltoe vo dtoyxoverot

Iro rcrr<rl Kcrrco, n Goldman Sachs rirov o rupr6repog Xprl-pmo66rqq rtov Arlporpcrnxriv on6 rov Xtirpo r<ov entXetpnoeov.Ynomrlptrr4g ralv A4goxpotrrtirv xqt o [6tog, o Mntrovxgdtv6xove vop[q r4v enttroy( rou: rov Ogn6go. Ilertx6 ge orKovo-ptxd ror Xp4ponorrlptot<o Odpcno, o penoupnluovdg ow[no-Aog, o T<ov K6w, goLv6rov vo pqv pnope( vo nopoKotrouenoetro yeyov6ro. Or enre6oEtq rou Mnopor O;indpo xoro rr1 6tdp-Ke(o rnq eKorporeiog roro roiv fat cats, Kqrd rov XprlUortqrovrnq fou6l :rprr 6ntro6n, qotv6rov vo e(unqpeto0v U6vo rtqnpoextroyrrdq ewun6oetq.

Trq 6io eKe(veq Uotpo(eq 4p6peg, rr1 14n Kot rn 1511 lemep-

Bpiou 2008, 6rov ro unoupyelo OtKovoUtK6v roL 4 Opoonov-6tor{ Tpdne(o Anooapdrov r4q N6og Y6prqq og{vouv rrlvrpdneqo Lehman Brothers vo Kdver eKoootq eKKoedpton Xopiqvo qq npoog6pouv Boneeto -yeyov6g nou 0eoprl0qre opy6-Tepo 11 onioo nou dvollJe rn qono-, o Opndpo 6Xet gnpoord rou6[r eB6ogd6eg pr6Xpt rtg er<troy6q. Evrlpreptivetot, ndwcoq, yLo

rqv nopefo rov dronpoyporefoetov ovdgeoo oro KpdToq Kot

126 I HTPANEZA

orouq rpqne(fueq 96oo rou T(6tpu Nt6tpov, rou npo66pou rotyevrrori 6ou0uvrrlTnq JP Morgan, Korrou P6pnepr Tou^q, enFregolrlq rrlq ogeprrovLrqg OuyorpLrfg r4q drpertx4q tpdne-

Eoq UBS. O n6rw MnIovKg6w e[vor g6trlov mo neptOdrpto ronep$6Mov rou 6r1;.roxporrrorl unoq4g[ou ertqrd 6rt ereivoq

Bpforeror notr0 rowd qrov gdwop6 rou, tov unoupy6 Otro-vogr<irv rou T(opr( Mnouq, rov X6vpr (Xovr) fl6)roov, rov onoio6ro66xrnKe qrnv rlyeo(o Tr1g erorpe[oq ro 2006. OUoq, 6voq 6I-troq nptb4v enrrego&q rqq erotpeiog, o P6pnepr Po0pnw, roto yroq rou Tq6$r, orSlexoq rnq Goldman, ougger6xouv ornvopr66o gerdBoo4q nou ouoni0qre perd rtg npoe6ptr6g extro-y6q rnq 4nS Noegpp(ou 2008. O Pofgnw rpov unoupy6g Ot-rovoprr<iv rou Mnd, Ktr[wov getolti rou 1995 Kqrrou 1999. Tnvenopl eraivq 11 6peor1 ror npovoptor4 oX6oq perol0 rqg Tp6-neEoq Kor rou neurori O[rou e(vot row6 puomd.

Irrq 20 lovouop(ou 2009 q oel(6o rnq npoeopioq Mnouqy0proe ror enrorlpcog. Kmdroug np6roug g{veq qg v6oq npoe-6p(oq, o enrKeeoNiq rnq Goldman 6ev efie l6yo vo nopcrno-vt6rqr. O xoworipyrog unoupy6g Otxovopx<itv, o Ttp l-rdL6vep,enrL6yer yro 6el( tou 16pr, tog yevrr6 ypopgot6o rou unoup-ye[ou, rov Mopr< lldrepoov, 6vov 6Lr4y6po nou yto 66ro Xp6-vro rirov... poorr6q Lopn(oroq rnq Goldman Sachs orouq 6to-6p6pouq rou Koyrp6oou or4v Oudotyrrov. O 6t66o1og roul-rdr6vep mrlv Opoonov6roxri Tpdne(o AnoeeUdrov rnqN6oq Y6prqg -nou el6yXer tr1 fou6l :rpm- 6ev e(vot dtr\ogon6 rov Fou[\ro1.r Nrdpnlea, dvOp<ono rrlg Goldman yto elKoot6vo 1p6vro.

H rowof pyro op66o rov Arlporpomtirv elvot pt(trd 6togo-pem{ on6 rrlv onepX6peq ruB6pw1o4 rtov Penougn)rLrovtiloe eSUoro eqoreprKiq nofurrK{q. !rr1v oxovotrrlo, 6gtog, 11 ou-

8. TO NAPAAO=O ME TO ONOMA OMNAMA i 127

v6Xon rnq nporlyo0gevrlq nohnrnig onordre( rov Kov6vo. OOpndpo yro ro orrovotrlrrd 06pcrro qrpcnoloye( rouq ouvep-y6req rou on6 rov ldrpo rrlg fou6l :rprr Kor rouq nolto0q rnqruB6pvrlorlq Ktriwov. Av e[op6ooupe t4 64ptoupy(o ev6q op-yovropo0 yro rnv orKovogtrrl npoorooio rou rorovol.<orq(Consumer Financial Protection Agency), nou 6ev oupnoeo0vror t6Lo(repo, or rpone((req vrdrOouv, xotd ro dMo, tiouXot.O unoupy6q Orxovo1uxdrv Ttp fK6t6vep ptr6net neptoo6reporoug nopdyoweg qg Fou6tr lrpn nopd roug poultur6q rour6gpror6g rou. 'Onorq ror 11 npoqyoripev4 xupdpvrlorl, drot rototrrn nrqre0er noS rl MEn "e0vKono(4oq" s(vqt1qgno0, 6rt otduvordq rpdne(eq e[vor ouvdrvupo r4q ovdmulrlg, 6rL to rpd-roq np6nar vo nopeppo(ver 6oo y(veror fuy6repo... O MdtxtrAtorirg oro prptr(o rou Liar's Pokerro Met roOopd: "H GoldmanSachs un6pXet orov r6ogo ow6 e6<ir xor e(roor n6we Xp6vto.Or dveponor 6ev pnopo0v vo rpowooroUv 6vov x6opo nou vo)retToupye[ 6togopemd".

O opgdl\rog )rtirpog trorn6v ovdgeoo orn Fou6tr :rptr Kqtorrlv Oudotyrrov go(veror nro or6peog qn6 nor6 ortq opXdgrou 2009. llpogovrirg, o Opn6po npor$r1oe vq Un crroesi qrn

6rlgroupy(o, orrg 13 Noegpplou 20081r6tu9 dvov p4vo gard 14

Xopiynon xporrrdrv regoio(tov nporerg6vou vo op0ono6rloeto rpone(rr6q Kld6oq-, ev6q vdou tr6pnt, tou CDS DealersConsortium, ro ono(o ouyrewpdrverrtq ew6o peydrwepaq tpd-ne(eq rnq fou6l :rprr ror dler rov e[rlg oogn m6Xo: vo ey-yu10e[ 6n 11 6poorqpr6rnro go qovop{oet "6no4 npw", g6}rtg

nepdoet 11 nro 60oKoln e6on rnq otrovolurclq xpiorlg.Aiyo r<otpd og6rou rqpe ro Xp[o1.to, o Opndpo opyovtilvat 6ei-

nvo yro rouq nto orevo0q rou ouvepyoteq rot ttq ou(0yougtoug. Iro oneprig, 4 ori(uyoq tou npooondpXrltou Aeuro0 Oi

128 / H TPANEZA

Kou pord rov TrU TKdrdvep ov oK6ereror Kopr6 eopd rnv ovo-nourxn noluep6vo nou e(Xe qrnv Goldman Sachs. 'Og<oq, oTrg l-xdr6vep, ov rorrou mevof neptBdl.\owog rou Mntrowg5w,6ev e(Xe nor6 epyqqrea yrq rnv erorpe(o! H rmopio or-rrrl eivorev6errcnrrl. 'OLoq

o K6oUoq dxer rnv neno(enon 6n o dveponoqnou en6leqt o Mnop6K Opn6po yro vo owr;,rertonioet rr1 1er-p6repn orKovoUrKri rp[oq 6ev pnope[ nop6 vo eivor on6 ro r0-xi.<opro. i\l,lttoore, o (6roq o Ogndpo, Xop[q vo og{vet neptotir-prq yro rn 6nUroupy[o Uroq r6toftepnq oxdonq, 6e(n/er no^6 eu-voiKd drqKelpevoq ondvqw( rou . Aev Xdver rnv euKorp(o vo unev-Oup[(eL n6oo n ponOero ror ot rrov6rqr6g rou e(vor onopokn-Teq yro vo ndper ror noll gnpomd 11 ogeprxovtxrj orKovoUrKli

unxovnTo npcbro o6we<po eggov[(owor on6 rq Udoo Mqprfou rou

2009. H un6eeon rov eqogpevrKcirv pn6vouq, ro onoiq d6ooeorouq rewowdq rnq n oogofuonKn AlG, 0o rpdper rrlv xowo0pytoKuB6pvnon oe drdoroon pe toug unolO6pevouq g ouq rnq.:rov neuK6 O(ro 6Xouv 6rrorol,oy4gdvo rqopyrore(. A1.f,6, ovxor ro rpdrog elvqr qro eqqq o nlerorlr]err6g gdroXoq owr]grng erorpe(oq, Tnv onoio ev(oXuoe Ue 173 6roeKoroptrIipro 6o-tr6pto -noo6 nprrrrogovrlg oro XpovrKd Tou KpcrnKo0 npo0no-troyro1.ro6-, o unoupy6q Orrovogx<irv, o TrU TKdr6vep, npoou-noypdger qv ntrqpopn r<ov nprg, pe rrlv np69oo4 611 6ev 6xarxovtivov vo1-ux6 rp6no vo owtroXoe(. H rotwl yvcirpq vr<iroer or1-6(o. O np6e6pog yiveror 6lo gpev6v ror (4rd on6 ro KoyKp6-oo vo qrngloer Karenery6woq Svov v6po nou vo gopo]roye( rtgoKp6Tnreq ourdq Ue 90%. H l-epouoio ro rdver. Kor o Opndpoenm.Lqrrer rov unoupy6 Tou, Tov onoio Oetope( nol,0 xowd qrn

l-ou6)\ Irpn xot r6rofuepo ornv Goldman Sachs.Aiyeg 4pdpeg qpy6rrpo o np6e6poq 6SXeror roug npo6-

8. rO nAPMO:O ME TO ONOlilA OMnAi/A / 129

6poug rrr.rv 6erorprcirv peyoJ\wep<rtv opeprovu<rirv rpona(drv.O n6rw MnlovKg6rv 61er ro npdrro ov4ouXqrx6 npoo(oOr1go.EnovepX6pevog or4v un60eor; AlG, o Ogndpo eTtUdver ornvon6goon rou vo prerar0e( 6poorrrd ro noo6 rotv gn6vouq nounpoog6powor 16roirepo oro 6euouwtrd oreA614 rou yprlpo-rooxovol.lxo0 xtrd6ou. Ot neproo6repor np6e6por xot yevrroI6eu0uw5g, ;rero(ri rov onoiov Kor o MnIovKeSw, npoono0o0vvo rov neioouv vo pr;v x6vet r(nore, Xpqotgonordrwoq ro yvto-016 enrxeipnpo: ov or rpdne(eg 6ev dlvouv nro pn6voug, 6ev0o efvor oe Odoq vo npooe],rUoouv rq Ko}'urepo fieldxn. "Krj-ptor, eo np6ner vo npoodxere neproo6repo qurd nou Mre. Ox6olrog 6ev ougl.EpfEeror rnv dnoqrrl oog. qn.vr6 . tp6e6poger<veupro1uivoq.

:rodtoKd, ot ox6oerq eo oquvOo0v ovdpreoo or4v ruBdpvq-orl rtov ArlUoKportx<ov xot orouq rponeq[req - oI o pe rnvGoldman Sachs ordpro neproo6rrpo. Ere(vr1 no((er Ue rn go-nd. -ovoBp(orer rqv o.l o(ove(o rr1g. Tov:errrdggpto rou 2009,nopd rov oeBoopr6 rou yto rqv xpmtxq elouo(o, o A6rw Mnl,ovx-

e6rv pnoiKordper ovotXrd rov l,6yo rou Mnopor OUnqUq ornfou6l :rprr. Kor eKe[vog 6ev eo ro leX6oeL.

To n6erlgo 6ptoq av6g on6 rouq no}'roOg qg ero(pe(oq eopnopo'oe vo rov pdler oe unoqJbq. Entxego.\4q r4q GoldmanSachs on6 ro 1994 5oq ro 1999, o Tqov K6pr(tv qrov yepou-otoorfg oro Nrou TEdpoei, Bro;r41ovrrq nol,ne(o v6lo rqgN6og Y6pxqq, npLv y(ver ruBepv4rrlg. Oq unoqrigroq rtov An-

l.roxportxdrv, ow6g o npdrr;v ne(ovofrqq, yrog oyp6Tn nou 6yr-ve nol,ueKoroppupto0xog, 6xer vo owrgeronloer oe ro0e eKIo-yrxrl ovopdrpqoq rnv Kopoi6(o rtlrv enrrpndrv rou, ot ono(oL rovxor4yopo0v yro "e[oyopd" rov qieov X6pn orrlv repoononpooornu<q rou neprouo[o. Aev rov vord(er 6;rtog, ener6{ rrlv

,130 / H TPANEZA

enoxri eKefun or l6€erg "6616t.n ""chs"

elvot ro Uoyxd ]r6ytonou g6pvouv ro enreuUm6 onor6leopo..

Irrq rontrdq extroy6g 6p<og rqq 3nq Noepppiou 2009, ono-ruXio! H np6qv epyo66rpro erotpeio rou 51er 16oet rn I6Uqnror 14 yorpe(o r4q. H ovepylo oveBofvat rcrror6pugo. H Apepu<r]-eire ereiq rqg Aalrdg eire qq Aptcrepdg e[re rou Kdwpou-op{(er vo vr<ir0er ondXOero yro roug rpone((reg. l-to 6loug ove-

[orp6rog - oMd yto are(voug rrlq Goldman Sachs, or6po ne-ptoo6repo. flporerp6vou vo rep6[oer 14 6ewepq Sqre(o rou,o T(ov K6pr(w, ;rdoo oro dyXog rou, lo6e0er on6go naptoo6-repo on6 6oo ouvqOrrlq, ov ror 61er on6vow( tou 6vov ow[no-lo nou orire Xoprogmu<69 eivor orire nohuni epnetp(o 6Lo06rer,owe npondw<ov Xprlgoro. "O K6pr(w Kup6pvnoero Ntou TE6p-oei pe 16oo xoroorpocpLr6 rp6no 6oo xot ot rpone(fueg rpl\orrou rq Tou6I :rpLr": Kqt U6vo ro otr6yxov ow6 ennpdner orovpenougntru<ov6 oourodrwep vo npo4y40e[ o4powrr6. "'Orovrcn6p4ro ottg ed',oydq yto 14 l-epouolo, ro yeyov6g 6rt unflp-qo enrKegotrnq rnq Goldman Sachs rnov repdorro ntreov6rcrn-po oe pro ovopdrp4orl. T<irpo, or dvOptonor e(6ov rtg orp6rqraq

[rrov Xpqgorroqpror<irv oyopcirv]. H mdoq touq e(vornotrf 6ro-

QopertKn" 6ntr6vet ge ntxp(o o 4rqg5vog.Koe6q Bl6ner ovdxoptprlr4g ou<ovopfog, o A6rw Mntrovr-

gdLv -o onofoq dtrl.oqre nor6 6ev ougndOqoe rov K6pr(w-oyvoe( r4v npoer6ono(4o4. Nrc60er 6l,o rot peyotrfrepr; ot-youptd. Irrg 10 NoepBp(ou 2009 dqtrc0ver oro nporropelo T0-nou Bloomberg, er6rreugdvo oro orrovogrrd: "Av o^trdqoUe14 g0or1 r<rlv 6poorqprorrlr<ov qg erorpsloq poq, 6av 0q nrovroli6 o6re yro rov r6opo oJre yro ro oLrovopLr6 oOmr1po".To (6pugo 6Xt trr6vo 6ev (Boned' rov AeuK6 O(xo vq 05oer qe

trecoupy(o dvov pu0pLcrrr6 pr4lovropt6 nou 0o e{uyrdver lg

8. TO NAPAAO=O I\4E TO ONOMA OMNAMA I 131

XpnporrornproK6q npoKrrK6q, otrld, owl0ero, rtv4ronote[ uno-ye(rrrg 6troug touq Lopn(meg rouq ono(ouq 6ro06rer yro vcr oo-gnor6per rd0e eyXe(pqgo rou flpoddpou nou mpdcperor evd-wro oro oul.rgdpowd rou. 'Exrore, o Opndpo Oetopeftote10p6q.

Or yropr6q rrrlv Xptmouy6wov nlnor6(ouv. H otrovoptr46poorrlpr6rqro orovef. To Christmas parties divouv xor no(p-vouv. O A6rw MnAovrrp6rv, 6rov ppeOe( pe puxp6q nop5eq, no-poo0peror oe 6nl,nrnpr66n rot npoo<onro oXdtrto, oouv4Or-ofo Xov6poerdll, yro rov np6edpo. A6yro nou perog6powot

oro oBdtr ypoge(o...Irrg opX6gtou Xp6vou ro xuBepv4lK6 Kop6pr KIudovl(erqt

on6 ro nup6 nou 661erot oXetrxo pe rn peropp0epLon mov ltit-po r4q Yyeioq. l\tleto ro lomo'xr rov lovoudpro rou 2010, on6r4v 4rro rov AqgorporLrdrv orq MoooXouo6rrl rord rLq ex},o-ydq yro 14 l-epouolo, o Mnop6x Ognopo np6ner vo ovo.\dBernoolroBouL[o.

O dwpoq ourdg ;roLd(er vo elvor 5vog Koul np6edpoq, UeovorXr6 nve0po, nou rov evbtorpdpet 11 ouvofveo4. E(vot 6ptog

"6voq r0noq nou ro puotr6 rou no(pver ypnyopo orpog6q",6nog 0o 6treye Kor o Mnop(q Brov, 1.uo grtrogp6vqoq nou o!youpo 0o dpeoe orov npdr4v yepouoroorq neptoo6repo on6ro0e d.}..l.4. H overcnx6r4rd rou ondvowr orn Tou6l, :Tprr y(ve-

rot 6vo 6Lo r<or geyotrwepo epnddto. O Opndpo elvor 6vog olu-6eprr;q rorcnrLor4g, nou 6ev ovoryet nor5 6tro rou ro Xopnoror 6ev nporp6ler -.No more dramas" rirov rivo on6 ro oL6-yKov Ue rn peyotr0repq onllx1on rcno 14 vrrqrp6po npoeKtro-ytxll ermpoteio rou. AroUeL, (uy((er lg on6Qerg, ouvo{r[(eL rorno(pver rqv on6rpoo4 rou pre oOveo4 xor npoypottol.t6. Tow6-

Xpovo, o nptirrlv xowcovtx6q leroupy6g mrq v6reg ouvotr[egrou

132 / H TPANEZA

Irrdyou rord rr1 6exoer(q rou '80 e(vot oe 06oq vo ndpat totr-

Unpeq npo.)roBoulieq.Av e6ler vq drqrnprioer nq nr0ov6r4reg yto rqv enovextroyr;

rou ro 2012, o Ogndpo np6net rtipo vo pdOat vo "p(yyet [0tro".Kor 5l,eq or 6rlpoor<onr;oeLg nou y[vowor yto troyoptoopd rouAauro0 O(r<ou our6 6efuouv: 11 orxovoprx4 peropprjOproq e(-vqrro ne6io nou €o o64y4oet oqv notrrtrrlrou ov6xouun. Bq-06q yv6orrlq rov extroyr6v pordv6p<ov, o nptirlv np6e6pogMnr.l, Klliwov onpriryger rov Opn6po vo Bydtret vflro: "Mnope!re vo orprgcirfere rov MnLovKgdrv oe rdnoro oxorel6 orev6ror vorou r6rpete ro tropriyyt. O K6opog 0o vrciroeryro 60o rlUd-peg u<ovono(4or1, perd 6;r<o9 q 6(rl.ro yLo o(po 0o lovdpOet,,.

Tr 6ron(orrlloe o Oun6Uo; Mer6rnv otxovol.uxrd pot'lOero nourouq 6604re, oL peydtreg rpdne(eg, Ue rnv Goldman Sachsnpdrrrl ror rol,rirep4, [ovoBplorouvro on[oreuto r<6p6n rouq.H main street, o 106g 6nlo6n, vrdroer 1re ro 60<ro rou- 6rr rovefon6rqoov. O np6ebpoq 6Xat trorn6v OtXre( on6 rouq oXdpt-orouq ouro0q rpone(ireq, nou odrenKov Xdprl oqv rpotrxti

Poieero. n6er epntoreurtxd oa 6vov g0,o: "H peydt frepn opylinou 6vttooo {rov drqv drouoq rov MnLovKe6rv vo roxup[Eerordr 4 Goldman Sachs nor6 6ev rrv6fveqre vo Koroppe0oot,,.

Iro rdtr4 lovouop(ou rou 2010, Unpoor6 ornv ove[6prr1rqenrpon4 nou 61er ouoqoetro Koyr<p6oo yto vo ovoluioer rouqtr6youq rrlq omovopLxr]q rpiorlg, o Mdrovxg5rv, yro dtr\q giogopd, enrroLefuor ttg ovaltXvfooreq BouMg rou Kupiou yro

onoro6(nore epprlve(o. O np6e6pog qq ennponrlg 5peuvoqrrlg l-epouo(og, o Or.L Ayyel(649, nprir4v une0€uvog Ou<ovo1.u-x6v rrlq flofure(,rg rnq Kofug6pvtoq, pdrototov onono[pveu ,,Ag

ogrloouge oqv 6r<pq 6,n dyrva on6 rov Oe6. Iu(rp6pe e6drro ogd.Lgoro nou 6ronpdX04rov on6 ovOpcbnoug'. Iro g6tto

8. TO nAPMO:O t\,4E TO ONOMA Ot\,tnAMA / 133

rou Ueyd^,ou oeewrKo0 o ̂ 6yoq rnq Goldman Sachs efvorEuow6Lro.

H ovoyyeAeeioo oriyxpouo4 e(vot ovon6geurrr;. H erorpeioelvor rcopo oro ordXoorpo rou Aeuxo0 O(rou, o ono(og dXet rqmrlpL(q rqq rorv4q yvtirprlg. O flpde6poq e(vqr nldov nenel-op5voq nog "or lpone([reg e(vor o6r6p0rl)ror,,. 'EXouv rnv qreu-

6o(o011o11 6rt 11 60vopr1 roug -r1 onofo gnopei vo npo6pXerorror on6 rov Oe6 rov [6to, 6ntrrq og4oe doroXo vo ewoqOe( oMnovrq6tv- touq nop6Xet npooroo[o. E[vor ovfxovot vq rrOq-oetioouv r4v on.Lrlorfo roug. O Ognopo ouvdrpLve rouq geyd-l,ouq rpone(lreg ror oiyoupo 6ev ro e(ne yLo grlogp6vnon- Ue

"Arpyovo0q noLepdpXoug.. Kor yro rov np6e6po, n Goldmane(vot 11 nporrl ovdgeoo oe owo0q roug "gpLrro0q". Av n KU-

B6pv4oq roropOriroer vo xdpr{.reL rov Mntrovrg6rv, o un6lotnoq

XprlUoroorKovoUK6q KI66oq eo or<otrouOfioar, owrl e(vor q ne-nolor;on rou Aeuro0 Okou.

Iro gorto rou Opndpo q Goldman Sachs 6ev eivor nopd6voq rtrrirvog rou o[xou Morgan, rov ono[o erpq66vroe o Po0(-

BeIr ro 1934. Tou dpXerot mov vou 6vo on6onoolro ond ro BL-BIio lhe Coming of the New Deal: 1933-1935 rou roroprxo0Apeoup t),6orvyKep T(o0vrop: .Me rnv nponyo0gevrl ruB6p-v4or1, 11 ono(o rrovonoto0oe Kot rnv nopourKprl enr0ug(o r4gfou6^,:rprr, orrpona([req nou pploxowov rowo orrlv e(ouo(oe(Xov np6oBoo4 oe 6treg T|g epnrmewm6g nl,4pogopieq. H qru-

Xp6rqro nou ouvowo0v rtilpo m4v Oudoryrcrov efvor q 1etp6-repq lpopio".

O A6tw Mntrovrgdtv eqoKolouee[ vo 91 BMner r(nore orovop[(owo xot vo rrrlge0eL orrg gqpeq yro rov enrxefgevo n6^egorou neuKo0 O[Kou. ov ror or o0p;roXo[rou or4 Xprlgoroyopo rovnpoet6onoqoov. Kor ;rotpd(er 6eK66eq eKoroUU0pto 6o),6pro

134 / H TPANEZA

oe Bouleur6q, AnUoKporrKo0q Kqr PenougnhKovo0q, pe oro-n6 vo ovorpdqrer x60e npoond€ero rou KoyrpSoou, or6po rorneproprop6v4, nou oxon6 eo rixe rov r<otrwepo 6leyxo rov6poor4 prorrlrov rou.

Kor r6re dywe ro UnoU! trov Kqeop6 oupov6 Tnq qUeprKo-

vtr{g dvotlqg ovo(Xrqre nup. O Ogndgo rpdB4le npdnoq nr-m6fu oe qur6 ro nol[Koorrovoprx6 you6orrpv. Me rn Ueyo-l,6oro;tq ovoxo[voroq, ong 3 Mopr(ou 2010, rou peroppu€pr-qrrro0 rou oledfou yro rtq oyop6g, o flp6e6poq SByoIe ro pe-

B6LBep rou Xtop(g vo tiler ev6oroopofq, ro owlOero. To you6-orepv 61er roug ro,l,o0g rou rot roug roro0g rou. To Kotrd e(-vor o np6e6poq rt:v Hvtop6vtov f'loLreuirv. To Kor6; O A6rwMntrovrg6rv guorrd, origpol,o rrlq cnoo€ol(oq rnq fou6l:rprr!To rdmwyr e(vor 6rorpro. Kot ov eioor ro Kol6, dXerq 6xoirrlgovo nupopotrfoerq ro Kor6, 6ro1 6ev eivou "He makes the shot"(rdver 14 pof,i rn o<oarn orryl.rf), 6nog ldpa ror orq ytrdrooorou pndorer, dvo nor;y(6r nou o np6edpoq 6nqr(a yro peydtro6roqrnuo.

To govrr6 6nho rdver rqv eupdvrori rou. :rrq 16 AnpAiou2010 n Entrponrl Kegoloroyopdq rqro€5reL oyoyri evowiov14q Goldman Sachs yto .ondq". T6ooeprg 4pdpeg opy6repoo erooyyel,6og rng N6qq Y6prqg Awprou Kou6po 6tor6(er6rxomrrrl ripeuvo rord rov r0uv6wov 14q rpdne(oq. :rrq 22o Mnopdr Ogndpo vouOere( ror ndfu roug rpone(fteq gdoo oro6wpo roug, Tn fou6l, :rprr: "Elr00epn oyopd nor6 6ev of-porve etreuOep(o vo no(pvere 6qq 06lere vo ndpere". O A6rwMnlovKg6rv rdOerot our4 14 gopd mtq npcireq oerp6q. Tou6plowot 6l,o .mo pourpo". H gndoo growl rou Oprndgo, nouOutrl[(er oworporoprr6 pflropo, 6ev rou 6[va nepr06pLo yroowrppliosrq: "KJpror, npoo6lre xolo',... Irrq 27rou ;r4vdq )rop-

8. TO NAPAAO:O ME TO ONOMA OI\,INAMA / 135

Bdvet X6po 11 e[6roo4 rqq ennponrlg 6peuvoq rqq Tepouo(oq.Kor rov M6ro, gerd q ou;upov[q rnq BouLnq, o OUnoUq eEq-o<go.l,((et on6 rq l-epouo(o rnv qneron ev6g v6pou yto rn Ue-ropp00ptorlrou Xprlpcnonrorortxo0 t<l,66ou rov HflA. O f1p6e-6poq gnope( vo novrlyup[(et yro rr1 v(rq. H Opul.xrl entppoi rnqTpdne(og oqv Oudotyrcrov 6ev nder rqr noL0 KqId.

Irtg oX6oerg rou ge rov Mnop6x Ogndgo, o A6tw MnIovK-g5rv dxove 66o oopopo lden. To nptirro qrov 1 nenoiOr;of rou6rt o Opndpro 0o 5vuuOe euyvtir;rov' v6pt(e 6n etle vo rdvet trte6vo r<otr6 nqr6(, nou 0o rou qrov un6Xpeo rot 0o'ro eiXe rou 1e-prorj rou- Awd 6ev on61et roL nofui ond rrlv t6do 6r 11 r<owotjpytorup6pvqorl 0o rlrov unoXe(pto rot 6rt n Goldman Sachs €o elo-Koloueo0os vo enqped(et onoqoororrrd rtg e{etr(erg. O np6e-6pog ror yevrr6g 6teu0uvrrlq 6ev efXe rot noltr5q qUQtBoI(eg.

O MnLovrrpdtv 5poq 6ev qdper n6q Leroupye( o np6e6poq. OOpn6go, oe owi0eorl pe rov Ktriwov 11 rov Mnoug, e(vot 6vogr6ro(repoq noNrrx6g, nou 6ev pnope(q efxo\o vo rov xmqtrd-

Perq, vo rov rorordfetq, vo npoBl,eQetg ttg t<tuioetq tou rot oono(og, enmtr6ov, 6ev Xpoord oe rovdvov t(note. Mnope[ voyfver or].r1p6g yro vo 6Lcnlprloerrrlv e(ouo(o tou, t6Lo[repo 6tovdtudrovl(erot. To vol.rooXddro 69rooe oro ypogeio rou rn ortY-

;r4 nou q 6q;roru<6qro rou e(Xe n6pet tr1v xqrtoioo. H euxot-p(oyLo vo oyy(fer rqv euo[oOqrq lopdri rou loiKtopo0 ftov t6o-vrf, 6e6ogdvou rr6loq 6rt 11 ogoprotrn Goldman Sachs -o,\.o-

(ovrr4, xuvrrr] rot enr;p;rdw1 r<oOtig frov- opvL6rov vo Utro-vonoer.

To deirepo ogd\lo rou MnlovrgSrv e(vot 6rt e(Xe unortprl-

oer rrlv ovcnopoXt] nou npordLeoe 4 ouovoUtKti Kplon rou 2008.H enurvug[o .Goldman Sachs" np6net vo owtperon(oet rovowoyrovrop6 rrrrv repdto;tdvcov r4q xp[oqg - rup(olq qg JP

136 / H TPANEZA

Morgan, qg Cr6dit Suisse Kor rnq Barclays Capital, nou qrnpi-qowor oe enUropdveg rpdne(ag xcrro06oetov. flpdner en(o4q voowtgeronfoer r4v 6wovr1 owlmooq rcov pet6lov evdwto mtgenroy6g rorv rpone(rc6v-ougBorjl,tov, t<oOtbg rot rov np<ote0-owo p6)ro nou ovorcrd q q0r4 -ow6 nou ovopd(oupe rord-

Xp4or1 6trouirporog- orov Xcirpo r<ov enrXerp{oeov. f'lp6net, 16-),o9, vo nolep{oer evdwro or4 6qtrrop6v4 np60eoq rtov xupep-vrloecov tou G20 Kor rou Ateovo0q Noproporrro0 Topre(ou voeqooeolloouv puOpronxo0q p4Xovtopo0q.

Aur6 6p<oq nou dtrtrole xup(rog qtov o rp6noq pe rov onoio)teLro0pyrloe ro un6pXov pu0prmtK6 ntroloro. To yeyov6q 611 4Enrpon{ KeeoloLoyopdq, 6vog rpmm6g opyovrop6q -ror n op-yovrol.rdg!-, gn6peoe vo owrlleron(oer rqv Goldman pe rp6nonpooBtr4nr6 5r<ove roug r0rivow6q rqq vo ouver6r;ronoqoouvto p6ye0oq rrlg on6lerqq enrppo4g roug. Aev e(Xov unoloy(-oetr oripowe rlnopouo(o [eporSgd\.rrlv eLooyyeMov orrl pu0-prorLx{ opXr1. Awo( or roworjpytor, nou e[vot o <p6Boq ror orp6-pog, nqpov n1 06o11 r<ov penouun}LKovdrv uqrnl6Boepov ̂tt-roupy<irv, or ono(ot yvripr(ov noLrj xotrd ndrq vo onoge0youvrLq 6uodpeoreg xoroordoerq. H Mq(pn lonipo, r1 enuegoi.qgTnq Enrporrlq Kegotroroyopdg, 6ef1a on6truro onocpootol.t6vtlvo enovogdpeL orrlv rdfrl oworiq rouq undpgerpo otro(ovu<oUqrup[oug. O A6rw Mntrovxg5w, o nto toXup6g rpone(kr1g r4q

Xdrpog, o ourorpcnopoq rou opeprxovrroJ ronro.Lrol-ro0, groguoroyv<oplo 14q orrovoptr4g otrtyop{og, nou pdXpt r6re e[Xero npov6pro vo unoloy(qerot oq o owtpoot\tdgrtov Hvtrrgdvalvf1ol.rer6v, 6ev ewun<oord(er ourrl rr1 yuvoiro, r; ono(o 6ro€6-rer euguto, nuygri r<or nd0oq.

Tt gnope( vo rdver ro 6(Kruo rnq Goldman Sachs, nou 0e0J-poriwov to "Kolfrepo rnq oyopdg", 6rov or 6qpooron4oerg

i;.

ii

,

8. TO IIAPAAO=O ME TO ONOMA OMtlAlilA / 137

6eWow 6rt ot rponeE(req Kot rl (opnqKrr6rnr6" rouq Oeto-pouwor Kcrd Kowli oljotroy(q -sn6 rqv AproEepd r@v AnUo-KpanK6v Ud)(pr ro ovn6poonK6 pegFo rov tea partiest- or po-olKo( uneuowor rov orKovouK6v 6uoKotu6v qg AUepuqS; Au-n1 rn qop6, n Korvri yv6pn €(vor eKeivn rou Koeopi(er rrg o1d-oeq e[ouo[oq -ror 61 or opd6eq orxovogxrlq n(eo49 orrl pd-

)gl oun1, nou eo Fnopodos vo owoqlore( UE rqv nephqFn qpd-o4 tou Pe1r6v Ap6v pe ogoppi tov uqp6 fl6lepo: "H elprivne{vor o6Uvarq ror o n6}retrog on(Oovog'.

1. AdiK(ortKo KfulFo onoKl8ronK6 6sqdq npodlsuons, nou unofinpf(erdvov un6ppurpo g eleue€plou6 Kor ooxe( 6wovq xpmrrl oro ko-yKp6oo.

9. 0 poortudg nou trdyeror XpriUo

o 2004 o Ixor Mtw, 6voq tpone(iqq rrlq ouyorprniq rqqGoldman Sachs qro Aov6ivo, 0o dXer plo 6uodpeor4 epner-

pio. Aw6g o AgepLrov6g, erdrv 49, 6lertepoono neprouofo, ;uonotrLneli rorotx[o qro N6rrvyK XtI Kqr 60o notr0 Ueydtro 6ro-

1reploporo cq N6o Ydpx4 rot oro flop[or. Arr4y6pog, Ue onou-66q oro Xdppopw ror mo Ko(gnpr(, pnopelvo notve0eroL 6rr6Xer gro d[unvr; ror o(roAorpeur4 yuvolro, n6we not6t6, roOdlgxot npooxfuloerq on6 rov 6popcpo x6opo rou I[rr. O kor Mrwernpoo<onei pro eudfurrq ror 6uvoptrrl yevtd, nou oroxeUtt nd-wo or4 v(r4. Elvor Sgnerpog ravioroq nou oxopn6 rov rp6gooro ynne6o. En(oqg, 6ev [6pet vo Xdver.

O kor Mtw unr'1ple Odpo groq repdmrog onorqg, nou rqv6orrloe q oyyl.(6o ypopgor5og rou, 4 T(6rt Nre-A6pei, q onoloKcrroxcdornKe 3,3 eKaropUUpro ^(peq (nep(nou 4 eKmoppopro6otrdpto), ogo0 efte npdrro unelorp6oer 1,2 eKoropuripto tripeg(nep(nou 1,45 eroropgripro eup6) on6 rqv nptinrl rrlq npoi-oropdvrl orqv Goldman Sachs. Meq Boqoetorou ou(0you rr1q,

4 T(6n Nre-A6pei rorooxe0ooa 6vo eugu6q 6irruo yrq q6nAu-po dregg6vou Xpriporoq gdo<o K0npou. Kdvowog ovolnqrerq6nore rleehe on6 rov Loyoptoo;.r6 rov 6rio 6ro6olrxriv epyo-

140 i H TPANEZA

6or6vrnq, pcroq0 rou 1998 Kor rou 2002, n veopn yuvo[Ko pn6-peoe vo K6ver Kdnoro 6drpo orov equr6 rnq: Urq B[Iq Ue nrofuqornv K0npo, 6vo onfur yro 14 g4r5po rr;9, 5vo ytor, gro AmovMdprw, dnrnl,o-ow(reg, roogriporo Koprrd...

To nro onfqreuro noro e(vou To 60o 00por6 qq 6ev owl-trrypO4rov nor6 6r rdnoro ercnopp0pro L[peq elXov elogovrme(on6 rov rp6lowo troyoproop6 rouq! Anoppogqp6vor on6 r4venoyyel;rorrr4 rot rooptx4 roug (ro4, 6ptyyov 1-uo ognpnp6vnpcnL6 oro onor6ggcno, nou pa enrydtrero 6rdlsye q ypoplior6og,

4 ono(o e[Xe drro(orpo unoypogrig. M6oq oe r6rorov nlo0ro,dvo pr16evrr6 ndv<o r] 6vo p46evtr6 rcno 6ev dXer xot peyd\ or1-proo(o. H eocoreptxq unqpeo[o eMyXou r4g rp6ne(oq ovox6-Iuqrero K6Ino retre(<,lg ruloio. H ypol.rgordoq drpoye emd Xp6-vto gutror4 6neno on6 pro 6[14, q ono[o 6ruXe peydtr4g npo-

Bo^llq on6 ro MME.H ondq our{ ono6etrv0et xot ndtrr 6rr ro Xpripmq e[vot ro

xi,eL6( mo o0or4go r4g Goldman Sachs - x6rr nou e(vot enionq olneero yro rq neptoo6repeg rp6ne(eg, ror 61r p6vo yrorLq ogepmovrrdg. Kuxhogope[ dntr4 ro o(go mrq Srdgoveq ro0-KIeS nou XpnorgonoLo0v yro ng enroqpovu<69 nopouor6oerq.Me owd\^oypo orlgowtr6q onotrop6g, ot enoyyetrporleg ourofrdvouv pe r4v erorpe(o pto ougrprov(o <pooucnroU r0nou. H Kq-pr5po e(vor ndvo on6 rq (to4 rrov 6rrrilv roug, rtov 6roronciv,rou eleJeepou Xp6vou rouq. H erotpefo 6yle ro unoxordmo-ro rqg orroy6verog. Kor ge rqv npoypmr4 orroy6vero r y[ve-ror; Ot Ouo[eg ndwtoq elvoL repdorreq. To Xprlpo efvor q rrq-14ptog 60vopq av6g enoyydlgoroq elorperu<d oyloy6vou.

'Onoq ro poprupd rot ro ndengq rou :Kor Mrw, r; roOrlpe-prv4 roug (to4 ruL6 96oo oe yudlo. Aev 61ouv o0re Lem6 yto

X6orUo! 'Exouv 6[n^o rouq 6vov tr6Xo Ue Boneo0q, voXro xor

9. O BA:IAIA: NOY AETETAI XPHMA / 14'I

U6po, yrq vo opyov6ver rn yepdTn or(6wo Kor vo 6reueerel roprKpd n Ueyd^o npoBLnuoro 6to1e[ptoqq. Or Ueyollirepor oeqtrtx(o rpone((req 6ev no(pvouv nord ro gerp6 yrcl vo ueroKr-vr10o0v, oMd to{(, trrgou([veg evorr(oo4q, eln6mepq xot tdro-nrd r(er, dmo ror yro 1-uo 6pooreLro.

Money, money, money. H rilpo rolv pn6voug 6<prooe. Mer6 rtg6roron6q rov Xprorouy6wtr:v, 4 crrg6ogorpo mrq o(0ouoeg ou-voMoyt.rv rrlq Goldman Sachs e(vor neproo6repo qtrarrpto;t5-

vr; on6 6,1 ouvl1Ooq. K6eowor 6tror oe ovo1.r;r6vo rdppouvo.To ve0po efvor rewrrlpdvo. Or epyo(6pevot aivot eu6{omot, rd-norot 6ev pnopo0v vo ouyxporrlOoriv. H Goldman Sachs e[votcrrg po0peg qg, g5oo oe 6vo xi.(trro noporerop6v4g duo0u-g(oq, nou x6vet rouq epyo(olrdvouq vo opgrBdl,Louv yro 6trougrot yro 6lo. ApX6q oeBpouopiou, ror q ovopovt'l yfverot npdy-pcrrr ovun6qopq. Koptd 6exopt6 p6peg opy6repo pno(vet 16-trog m4v oyov[o. Avoro0gro4 xot one],euO5prrlor1: ro pn6voug

ovor<otvrr.loqre en[6^ouq, ouvneoq oe pro Kor' r6iov ouvdvrn-oq pe rdnorov ovcinepo orrlv tepopXfo. To gn6vouq e(vor 6dro,elxoot gop6q peyotrrirepo on6 rov errloro puo06 - rot nopono-vro, gdfuoro. Iroug wxrp5g, ro r(orn6t rot ro rop6ro r4g npoo-y<oyr1q. Iroug Xo1l6voug, ro neptOdrpto nou nporlyeirotrnq ono-nopn4g on6 r4v erotpalo.

Ot vtrrlrdq 6ev undpXer nep(mooq vo extppooouv ro no-pogrrp6 ouvo[oOnpo. Av Kor noveurule(q, rpiBouv u1 loporouq n[o<l on6 5vo 6Lorprnx6 Xog6ye],o. Asv novnyup((ouvyto rr1 v(xr1 rouq, oMo rouvo0v ro regotrt oov rouq oroxtor6q6rov rep6f(ouv r4v nopri6o. H enfdetqn rou ntro0tou owtge-rornf(eror opv4rrrd. H npodtrlrrr4 noLurdl.eto onoyope0erot.H Goldman Sachs roxup(qerot, ow[Oerq on6 rnv onoqrn nou

142 I H TPA1EZA

enrKpcrel, 6r ro orel,6Xr1 rqg 6ev pnoivouv or4v erorpe(o peor6xo rov ypnyopo ntrowro1.r6,

BdBoro, o epyo66Tnq 6ev 6grqoe oro orlgeio vo ner 6n rooreMxrl rou, ov 6oui,e6ouv 18 cirpeq rrlv r1p6po, ro xdvouv geon6,lturn ovr6Lordtrero. Kord ro )ey6pevd rou, ereivot nou 6Xouvtoq povodrr6 Kivnrpo rn prlvto(o erxo€dpror; gro0o6oofoq 6ev0o ow6[ouv yLo no]r0. El6Mou, yLo 6vov rpone(tr4, ro gn6-vouq Trou rep6r;04xe ripro (4 rep6ooron(o pnopei vo pqv e(vornerKrl, oI d 6ev elvor 6yrl4po) Oe<opefror ro ow(arorXo qqnpoKqrqBol,nq yro rov ouyypog6o, rnq @pro(oq oro(nU(<oonqyro rov 6rrc1y6po 4 rou npq yro 6vov nopdyowo rou no6o-ogo[pou. E(vot ro onl,o0orepo xor ro nro 6(xoro perpo prog r6t-oirepqg yvdro4g xor rxov6r4roq.

ll6q vo e[qy4ooupe r4v egpowl ourrl; Iro ouyrexptgdvoen6yyetrpo, 6nou or 4Oonoro( evoMdooowor pero{ri rouq, rovo 6Xetg lprlpcno orlpoivar 6n undpXetg. Aurq 4 unop$orq ovd-yKrl rKovono€lror ge ro nptp mo r6Loq rnq Xpovrdq. fro'rov )16-yo our6, o o161o9 ev6g Xp4gonani Tnq Goldman Sachs 6evelvor vo rptdoer r4v ol.rorBf rou yevrKo0 6€ueuvrn, ol,Ld vo [e-nepooer erefur1 6orov pp(orowor oro (6ro en[ne6o ge ere(vov.

T6roro neplmorr1 e[vor or Xp4ponordg nou ouyyd unogd-pouv on6 ofgnl,eypo rcnoep6rrpoq. Aq oKegrofpe yro tr(yo r4verx6vo qnlv ono(o ro enoyydl4roro owd nopon6pnouv: o rpo-ne(kqg-origpouhoq (o opXowoq), o 6roxerprornq r6torxfq ne-prouo(oq (o eeoprr6g), o ovoltrqq (o drovooriurvoq), o eIEyKrnSrw60vou (o nLqpogopLo66rrlq). Mnpoord orrq dtrtreq er6rr6r4-req n 6oul,erd rou lpqporrcrrl goiveror uno6e{iorepn. :rnv Ko-l,wepq nep(morr1 np6reLror yro rpelqU6vo FoenpqrrKd UUo).dKqr qrn Xerp6rep4 yro ouro6[6orroug nou on6rqoov yv<iro4novtr: orn 6oul€r6. E(vot r0nor nou geOo0v pre ooprndvro r<ot o6q-

9, O BA,:IAIA: NOY AETETAI XPHMA / 143

yoUv n6poe. frqro nor6rd our6, or clfOouoeq ouvotrtroy<iv e[vor,go(( pe rov n6Lego ror ro enx(v6uvo onop, 6vo on6 ro reLeu-rq(o ne6[o dnou 11 enrOertr6rpo rot 11 pio -xowrovtrd p4 ono-6errdq- pnopo6v ordp4 vo ergpd(owor pe xdOe vogqr6rqro.

H neprouoio nou gfl6yyer roveig oqv Goldman Sachs, Xd-pq orq xov6rrpeg ror oq 6ou)\er6rou, rou eqooeolfqer pro (oie0xol,r1, Xrop(q npoplrjgoro. Me 6vo r6roro ropn66epo (enep-vog nro e0rol,o ng xororufeg. E(vor Koenouxoorrr6 vo [6perq6rt oe nep(mororl on6truor1q 11 ro0rlpepw6r4ro r<ov 6Lr<irv oou6ev 0o o]tld(er.

flporerpdvou vo 6roro)royqoerro e[onpoygmtr6 owd prn6-vouq, n Goldman, xor6 ro nop66etypo rtov ouvo66treov rnq,enxo.Lefuor rup(<ogrqv ovdyrrlvo npooehx0oer ror vo xpor4oerro rotr6wo r4g gdoo oe 6vo nol0 owoyovrom6 6€W6q nspr-

BdMov. Aw6 nou 61et o41.roo[o, bqtr<ivet rlrpon{o, eivor vo 6ror-xeiror on6 ovOptinoug rxovo6q vo owonoxprOo0v orq ovdyxegrrlg nel,cne(oq rrlg roL vo broogd\ioouv rotr6 prep(o1rmo mougpcr61oug. H enoyyeM(rrrKn onooX6lqo4 nou ouv66eror pe rr1yprlpmoyopd 6Xer u{r1}.{ npoorr06gevn ogio, xor yro rov l.6yoow6 0o ope[Berot n6wo rotrd. Kor ;16oo oe ow6 ro oduodlrq-ro owoyrovtorx6 ntro(oto, 11 opXrj nou 66ner ro nprg, 6n 6flr.o-6f 4 olrotprl np6ner vo efoprdror on6 rqv en(6oo4, e[vor n6yro.Yqrnldq qwqUorpdg oe prerp4r6, roOcirg ror oe gero16g, 6q-

truoupyorjv ntroriro nou 6(var xlvqrpo orouq Xpqgmror6g.Aev opre( 6grog vo crpcrro)roye(g roug rotrtirepoug. [1p6net

vo prnope(g xoL vo roug rponioetg. To ;.m6vouq eivot o rp6nognou 6dvet onoretrsopcmr6repo rov epyo(61revo ge rov epyo66rnrou, Mve or unoornpucrdq rou. Irrlv enevbwrx4 rpdne(o 6poq,6nou ro Xp4po e(vot ro pdrpo ovocpopog, o 6eop6g pcroqJ rouepyo(o;r6vou ror rrlq erotpe(oq rou e(vor Xohop6g. Ar6go roL

144 | H IPAqEZA

srnv Goldman Sachs, qrnv ono(q n ewrU6rnrq e(vor roxup6ororxrfo rnq Koutrro0poq rqq cropeiog. Or owoyrovror5g npo-onq0o0v vo ndpouv rouq xotr0repouq rqg oyopdq. Kor or4voyopd epyoo(oq, or dvop<onor r4g Goldman Sachs elvor nepF

firrpot. Mnopo0v erKol,o vo 6rnlqordoouv 4 vorprnhoordoouv

;rto06 r<or nptp orr;v erorpe[o rou owoytovroq. 'ETor, n Cr6dit

Suisse orn Ndo Y6prr1 npoodl,ope rdnorov np<ilr1v une0Ouvo6toXa[pto4q neprouolog rqg rp6ne(og, npoorpSpowdg rou 6e-Ko{,nero ogopn, peyotrweprl on6 ereiwl rou Mn}rovrg6w. Err6gon6 rtg rp6ne(eg rou I[rL, or d.\],eq euponoirdq 6ev Unopo0vvo rdvouv rdroLeq npoogopdg.

l-ro rrg Bewereq oureg, o nerpoop6g e[vor pey6trog yto pro pe-roypog{ oe 6vo hedge fund, oe pro eropeio enev60oetov uqq-)ro0 piorou, oe trrLo prrpr; rbuorrrrl rpdne(o, or4v ono(o q pr-o€oAoyu<r1 no)rmrr1 6ev undrettor qroug l6roug neptoptolrofg geourrl rtrlv ero4ypevov oro Xp4gcaorrlpro ytydworv. To ei6tlrtro lovGoldman boys 6ev e[wr o np6e6poq Kot yevN6g 6teu0uvrrlg roug,ql 6 o ltr6prw T6nep, o tdpuqg rou rep6ooxomro0 xegotrobuAppaloosa, o onoiog rdp6oe 4 6roercroutuipro 6o)rdprq ro 2009rot pto 0do4 ovdpeoo oroug rcrr6Xoug rov nevrlwo geyotrwe-pov neprououirv orrq Hvop6veq nofursbq.

'Exowoq orov vou rou owd ro nprp, o tr6p6og Frpigr0g,

nptirqv oUpBoutrog rrlg M6pyxoper O6roep xor owrnp6edpoqrnq Goldman Sachs International, Enrqoe on6 roug Bperovorjqgopo)royougdvouq -or onoior d6rooov 14 ouvdpogf rouq oro

XprlgcnontororrK6 o6oqgo- vo "6e(fouv ovo;grl yro rrlv ovro6-rrpo ourrl, Ue or6xo ro Korv6 KoI6".

En{onq, n 6rornpnorloworirou peroB}rpo0 pepougqq olror-

Bqg rp6Berot n(orrl qn6 rqv orupi on6nerpo erptoopo0 r1qGoldman Sachs, rnv enog6v4 t4q anpol4g on6 rnv xu96pvnon

9. O BA:IAIA: NOY AETETAI XPHMA / 145

rov EpyanK6v rou TK6pwov Mnpdouv ev6g g6pou 50% ndvrr.roro noo6 rtov pn6voug nou rcn6Bo.LLov or rpdne(eq rou :[Tr (ey-

X6p€q Kor q6veq). H Tpdne(o euodarq onefiqoe 61 0o ger69e-pe opropdveg 6poor4pr6rrpdg r4q oe 4nr6repo gopoLoyu<d t<triporo, npw rdver n[oo rorqv ro169, 6rov ro flop(ot ouwdxenKepe ro Aov6(vo. An6 ere( ror n6po undpxouv or unorlieg 6r erelvr1, 6noq xor ot owoycovror6g rr1q, ov6mu{ov nepin}.oro vo1-ur<dre;ydoporo yro vo noporotrrgOe( o v6og Bperovu<69 pu0ptorLx6q

;rl1ovtopr6g, 6n<og, yto nop66ety;to, e(vqt o "6ovetog6q" Xpng6-rov oe ere(voug nou ro dlouv ov6yxr; yo vo 6roqprloouv ro eni-ne6o (orlg rouq perd 14 gopol,oyrrq enrBdpuvoq.

'Orov enp6rero vo yup(oerrqv row(a fou6\zrprr, ro yprjpa

5ev xolpdrarnot€, o or<4voOer4q 'OtuBep lr6ouv lovdrove ere[-vn rn drodpopn nou rov efie guqoer mo ordrvro notpr(6t ovdpe-oo orqv opeq xot ornv roxfo, xot ro onoio urqp[e rqy4 Sprveu-o4g qg npo4yorigevrlq row(oq rou ,qqfou r,Ztpr, eKervnq rnq6r6orrx4g roropioq yro ro nor6rd rou ;pqgotornproKo0 KpoXrou 1987. "H enLorpog4 Uou orn fou6^:rprr, elKoor rplo Xp6-vro gerd, {rov 6vo notrmoptx6 oor. To dvo eroropp0pro 6otrd-pro 61er yiver dvo 6roeroroggrjpro. Tn e6oq rov dtdgopov no-poy6wtrlv 6Xouv n6per rdnotot ovtirvugot, odtdrpopot retre[og,nou fSpouvvo 6rlgtoupyo0v Xpripo, pe provo6rr6 m6Xo rov npo-oontx6 nLowto1.r6". H r<qp6rdrou npoBl,4prmoq nopopr6vet i6toon6 ro 1987, npoo06rer o Otrrpep lr6ouv: o v6poq r4q (o0-yK}roq, n onlnor[o, ro oorpovoprrd pn6vouq. M6vo nou orrpd-ne(eg rqpov ev ror gero[6 14 06o11 rarv nofuc6v ent6po;t6cov.

Irrlv Goldman Sachs, or ecloteq ono6o16q ev6q ero[pou-6roXerprorq pnopel vo gr6oouvro 5 eroro;4.t0pto 6oldpto. Irtgo(Oouoeg ouvotr\oydrv, 6voq lp4porrcrqg pnope( eOrotro vqrep6(oer ro dLntrd.

'Evq Udloq rnq 6tou<o0ooq enrpont'lq on6

146 / H TPANEZA

15 6oq 25 eKqrouU0pro 6o^dpro. To 2008 o n6tw Mni.ovrg6werodnpo{e 60 excrrotrrprjpro 6otr6pto, on6 rq ono(o ro 40% oe

Uerpqr6. Tov npolyo0pevo Xp6vo dtroBe oa ercnoppuipto 6o-I6pro. Kor 53,4 eKaroFUrpro ro 2006.

To ougndpoopo eivor 6tt 4 erotpe(o 6to06ret ntr4Otipo ero-rogpupro6Xrov. ALno( 6ev eugov[(owor orouq 400 nlouor6re-poug Apepuovoriq rnq Kcrrdro(nq Forbes, 11 ono[o (erLv6 on6nol,ri uqr4Ld, on6 ro 6vo broercnopp0pro 6oLdpro. Aw(0erq, ro-prd oopowopt6 orel€)o rnq Goldman Sachs International [oroAov6ivol , np<irr1v ri orlgepLv6, epgov(owot orrl trioro r<ov SundayLrnes, Ue rrq 1 .000 Ueyo.\urepeg neptouobg t4g Bperdvloq. Kotor6uo, "61ngp1guoieg ow6q eivor unorrgrlpdveq, yrorl ot Kqro-

1oi roug yvcopl(ouv no]r0 ro].6 r4v r6Xyr1 tt'19 on6rpuqnq" Meto Orfun Mndpeogopw, o ouwdrrrlq rou 1r nop5tw.

Me ow6 rov pu0p6 dtounolrorj, 6ev efvot 6forotro vo ogop-g0vouv dvo on(rr pe peptroUq rpnpeotovtortKo0g nlvoxeq, voy(vouv Xopqyol grog opd6og Xopoti t] ev6q ;rouoe(ou, vo rd-vouv ouMoyj notrt6v ror ondvrcov prBtr(rov, vo rdvouv 6ope6goe novenronigto rot vo ouvetog5pouv oe ovopl0prpeq Qt}'ov-Opontr5g 6poor4pt6rrpeg. E(vor o0vr10eg vo npooyet<irvowotonpoet6onof,qro pero efur6mepo ndvo mo Xoprdpt rou countryclub, Xrop(g vo [e;go0v BdBoto rtg ovon6geurreq etogop6q oeexl,eygdvouq, AqgorporLroog Kor PenouUnhKqvo0q.

Tr vo rdvouv ro roppdn ere[vo rou gn6voug oe perpqr6 nouroug dpXeror logvtr6 el oupovo0; Ie yevu6g ypol-tp6q, ro 6vor6ropto, ro ow[ororlo rou erriorou groOori, trrnoivet orqv dr<pq,oe xtreror6 troyoproop6 yro 6vov Xp6vo, yto 1.uo 60oxotrn orty-pri: npoptrrlpcno uye(og, on5l,uoq xot rup[<og 6to(6yto. flpdneren(oqg vo ntr4pdroouv ro undpoyro 6(060 rou r6Lrrlrro0 oXo-tre[ou, ytcniro nordrd rtov rpone(trdrv 6ev pnopo0v npogov<irq

9. O BA:IAIA: NOY AETETAI XPHMA / .I47

vo n6ve Kdnou ol o0. :ro nov6[vo, yrq nqpdderyUq, ro 6(60-Krpo Unope[vo qrdoouv Kornq 30.000l(peq (36.350 eup6) rov

1p6vo yro 6vo nor6(. Epyooleg ouvrnpnonq ror en6rrooq rovnol 6v rdroKrnordrv -poorxrl xororxfo, defrepq rorotr(o, oo-M- 0o npdnet roL owdg vo r<otrug0oriv.

E(vor enioqq n orrypn yro rrlv oyopd peydprrrv, nol.urel.cirv6ropepropdrov, nofudrv oplowtxtirv ornv eqoxn pe y(ne6o 16-vrg ror nro(vo. llpdner vo 6pogol,oyrl0otiv or 6roron6g oe g6pr1rqg p66og yroroug extrerro0g, 6ror tirore vo Xotroptiroouv 6ner-ro on6 rqv ent[6uv4 ovol.rov( rou pn6vouq! T6trog, trr6oo oronp6net elvot xot ro 6drpo erelvo npoqrov eour<! rouq, nou rouqxpcrro6v r!1ld ro r10x6 o.ut d ror rrlv roLvtrlvrxrl rouq 06oq - ord-gn ovoqrunq, nofu6 owor(rrrpo, notrLrnuo BrBl,(o, dpyor6Xvqq.

To nprp rrlq Xpovrdq rov<irvouv drdgopoug d\d6ouq, 6n<rlqoworiq 14g orro6ognq, rnq ovoqruxng, otr)ro xor eL6drv eupe(oqrorovdtrrrroq g 4 unrlpeorcirv ouprBo0Lou enev66oeov. notrtrdenoyydtrporo (ouv on6 qv nqyrl ourrl - g0l,oxeg oocpdletoq,o6r1yo(, rrlnoupoi, r6reprvyx, orrror6q Bo40o(, xrlnore;gtroi,6toroop1r59, emtdropeq, 6pnopor r61v4g rot npooonx6 ro-0optoporj. Me rrl ouvrrlp4orl peydtrrov oyporrqgdrorv ror nfp-yov, or Xcnpqrror6g otigBdtrtrouv orq 6toqp4o4 r4q nepigq-p4q oyponr4g (or1g.

To pn6voug nol(et enioqg 5vov ouoroonr6 ;.roxpoorxovolu-x6 p6)ro, 0ermd gdfuqrq xard rdnorovrp6no. H npoorpuy4 orovr6urllx6 rop6o gercirvet lg nt6oerq n6vto orov rportx6 npoilno-troytoU6 yrornv nor6e[o Korrnv YyD(o. M5o<o rrov 1.ro(txriv enev-60oeov qrq qogolrorxd npoypdppcno ouwq{rod6rrloqq, or dv-0ponor rrlg Goldman ouwd\o0v orrlv ev6uvdpoorl r4g eOvr-xdq onorop(euoqq. :ro nov6(vo, oq N6o Y6pxq rot oro flopior, n XcrlUqrqyopd owrnpooorne0er 06oerq epyoo[oq. Ko0e vdq

148 i H TPANEZA

06oq dr;proupyei dpgeoo rperg oupn^rlpouarK6q onq unnpe-oieg or4pr{r19, oq 6rorxqrx4 p6ptpvq Kor qrnv ovqqrup]. H enr-mpogf rrov uqrntr6v nprU dgpAuve rqv Jgeo4 ror rq oupp(-xvoorlrrlq onooX6trrloqq arLg orxovopr(eg rov ev l6yo n6treov.

To Xprlgo oqpoiver rrlv (6Lo mtyprl 6pdoq ror unoXp6oorl.Apdoq yto vo npoKrjqrouv ogdln ror rl0trdg unoXpe<ioerg nouyewoUv owdro oorpovo;nd pn6vouq, ro06q enrp6nouvr;von6louoq rov opofov npdygorov ouro0 rou r6opou. To ono-r6treopo e(vor 6n or g oveponrK6q opyov6oerg ouvrqpofwotrup(<og on6 roug rpone((req. Ot tpone(ireg rrlq Goldman pd-

(ouv ro 16pr or4v rodnq, ro€cirg 6[vouv Xpril.roro oe drogopougopyovrol.rof q - pouoefo, 06orpo, voooxopeio, opgovorpogeio.Kdnoror, ndl,r, nrorerjouv ncog cprdvet t6or1 tpttrovOpon(o rotnoq n uneppohxri ;r6pr;rvo rdver xqr6 moug groXotig. Aevvr<ir0ouv evo16q nou efuor ve6nLouror, e6l,ouv vq Xopo0v rovnl,owo rouq, o.116 ror vo npoog5pouv ror oroug dltrouq, o0p-grrrvo perqv eprl oppi nou tr5at 6rro Xpripo npdner -en[o4q-

vq rdver ro KqI6.Ar6po xor ov oprog6veq qAov0ptonx6g dondveg ernlmouv

on6 rq <popohoyrx{ 611},oor;, or rpone(ireg uq[orowot uqrnlngopotroylo xor mtq 60o ntreup6gtou Ar],owu<o0, owl0erq on66,r lSyeror. Aurq q r6mo rov rouqiov rou :fur Kor rnq fou6l:rprr np6ner vo 6outre0et d[r prfveg yro rov q6po npw op{oetvo rep6((er ro npog ro (r1v.

An6 rqv r<pio4 r<or perd, ro gn6voug 6ev e(vor nLo our6 nour]rov. Or rpone([req rnq Goldman Sachs 6oqrqov ro (rovdpr...,ov pnoporipe vo noipe r<6n r6roLo. Me np6ro rov A6rw Mntrovr-g6rv, o onoiog pe(rrroe to nprp Tou Kqrd 80%, nou elvor ono-xtrerqrLrd oe r(rl,ouq, pe mo6roni roroBotr4 oe ndwe er4. Au-16 ro pn6vouq npoori0eroL oe ;lro 1.uo0o6oo[o pe errioro pro06

9. O BA'IAA: NOY N ETETAI XPHI\,IA / 149

nepropropdvo oe dfr voJgepo. AeSog5vcov rrov euOuvtirv rou,np6Kerror yro qrixoutro, Mve 6oot 06Louv vq rov roLore0ouv.

Uprpo n ouvofurrl ogo$r1 rou npo56pou xot yevuo0 6cu-Ouvrr1 eivor 6Uo rpopdq gxp6repq on6 erelv4 rou ouvo66]rgou rourrlq JP Morgan, ev<ir o M r.ovrg6Lv ndrule gro e[operrrq on6-6ooq, rmd nol,0 peyotrweprl on6 exeiv4 rou preydLou owoytrr-vrorrl rou. Ar6go ror or rO0voweg rtov orrovoprtirv t6pug6r<ov pe

rpmLr5q evSoeLg, or onofor e(Xov vo owr;rerton(oouv Bopr5g ontir-letag, repdi(ouv oro e(49 neproo6repo on6 rov enxegotrrjg routolup6repou Xcnpcnonroro Ko0 t6p0pcnog noyxool.t[<r;9. Ent-ntr6ov, q Goldman deeoe oe trEtToupy[o 6vov xowo0pyro prlxovF

op6, o ono(oq unoXpe<ilvet roug epyo(ogSvoug vo entorp6eouvdvo gdpog rou pn6voug cre nep(moor1 ontotreL<ov nou dXouv npo-rtr46e[ on6 ouvo.Ltroyrj unepBoArrori piorou 4 on6 onoruXqp6vrlnpoondeao rqqogdtuoqg BpoXunp60eotrrov rep6<irv.

H erorpe(o rqg N6oq Y6pxqq 06tr€t vo entdetKvdet rrlv rrrlpt-vq r4g odveoq oe o0yxproq pe ro onlmewo pn6voug r4q rpe-fulq enoX4q, perof0 rou 2000 ror rou 2007. To ouvo^tK6 noo6rorv pn6voug r4g -16,2 6tosKoroUUripto 6ol,6pto (6vowt ro.rv 26roerorogpupftov eup<ir yLo roug Xpqportor6g 6trtov tov yoML-

rdrv rpone(<iv!)- 0o e(vor mo eqnq Xognl6rtpo on6 rov 96oo6oo qrov xtrd6o.

Or 66Ko oveqdprnror 6toXerprordg nou onorel.o0v u;v ant-rpomi o;rotBrirv dloBqv un6qrn rouq ro .yevtK6 xtr(pto". 'Orov

).5ve "x).(go., ewooriv ro 6ro(0yro rqg fou6)i Irptr lre rnv KoFvn W6pn, nou odtrer vo opg4oer orov "banksterD, orov rpone-(irr1 dqlodri nou dyrve yrdvyrorep! 'EXouv entd\6ov evoppovFore( pe rr1 ypopg4 rou G20 -rov 6;utro tcov ptog4lovtxtiv rotovo6u6pevov Xr,rptilv-, trogBdvowoq en(onq un6qrn rouq l.qexxtrfoetg rou npo66pou Oprndpo yro perptond0eto.

150 / H TPANEZA

Fro rouq en.Kptt6q, rq Un6vouq, ro0<irg evOopprivouv ou-

Unep.qop6q nou oqrngo0v rov Kfubuvo, rooorjv npog ro dyK^n-

trro. Aw6 ro Kqrsqoxnv otiprBotro r<ov uneppohdrv Kor r(l)v no-perxXoeov rrlg utlntuiq rponeEKnq nqpqo6per rouq XpnUorFm6g vo Bd.l,ouv nopoxrv6uveug6vo ororxtiporo. To gn6vouqeivor enfonq gro Xopdvrl euKqrp[o yro roug ger61oug. Evdr or

Xpngcnrqrdq Kep6ooronotiv pe ro 6u<d rouq regdtroro, or6poKor qv n Goldman Sachs roXupf(aror 6n 51er gepOe( ro,\d oroug

Uer6xouq Tnq 6l,o owd ro Xp6vro, ro nprp roroBd.tr)rowot oa

Pdpoq rov pepropdrov.'Evo

dl.l,o np6BMUo e(vor 6l n ouyrar<prp6vr1 ).enoupyio6ev e[vor ogg(6poUn. 'Orov ot oyop6q ovepo(vouv r] or enroerFKdq eqoyop6q noMonloord(owor, Xp4pcrftm6g ror rpone([reqyep((ouv lq ro6neq rouq. Aw(eerq, 6rov q ouyrup(o e(vor op-v4tr4, 6ev oe<opo6wor une0euvor. To notrU vo ldoouv rrl 6ou-Ierdrouq. Aev undpXar nap(mooq o epyo66rnq vo ndpet n[oronq ev6el6peveg ontillereg on6 ro pn6voug nepoog6vov erdrv

4 on6 ro neprouorox6 morleio rou unquiou.To [610 ouUBo(ver ror pe rouq rOfvoweq. Av or 6ou],et6q n6-

ve KoIq, Tq stock-options ovepolvouv. Av ono^.ueofv yro xorri6Lo1e(pLo4, 6vo Xpuo6 ol,el(m<oro rouq naprg6vet dror rr oi\.-Ir6q. Me ow{ rrlv oogotr4 orxovoprrr] np6oo6o efvot oov vqnoi(atg oq poutrdro rot vo oopdrverg tg p((eq, 6noroq xor oveivor o opr0p6g nou Kep6(qer... "Exe(vor nou Bp(orowor or4vropugrl O5l,ouv vo yeg(oouv ttg to6neq roug xor, yto vo ro ne-r01ouv, np5ner vo lpuoontr4prioouv rouq ouvepycneg rouq.To gn6vouq eivor pro efoXrlprl UopQi KIeVrdq" Mer o 6oKruto-ypdgoq Mdu<I Ato0Lg oro BrBL(o rou yto r4v xpio4 roJV eTrr-ogotrrirv meyomrr<irv dovelov The Big Shott. lnside theDoomsday Machine.

9. O BA:IAIA: NOY AETETAIXPHMA / 151

'Atrl.o rpmrr6 o16)rro: ro pn6vouq yewoOv q qnlto Kor roorpoBonor4pmo. "floMd peoo(o meMXrl enrxo,toriwcu rq ncr-p6J\oyo nood nou divowor oroug ovtor6poug roug yto vo B6-Louv ro Xripr oro roge(o", rpo0er rov xtirdtovo rou rl6rjvou roLoyrmrx6 ypogeio Pricewaterhouse, pnpoord or4v o0Enon rnqnopoBcrrrx6r4roq rtov unol.\rlkov.

Meprxdq gopdq, 6prog, ro Goldman boys Bploxouv rov 6d-oxotr6 rouq. Mro r6roro nepimooq qrov 4 ir6X4 pero[0 6rioroXuprlv rrlq pouLdrog rou Aoq B6yxog, rqg noyx6ogroq npo-rerjouooq tcov ruXepcirv norXvr6rrirv ror rrlq 6toor66ooqg. Onp6e6pog rcov ro((vrov MGM Grand ordl,ver enrorol,4 orov:rrp Tou6rv, npore(vowdg rou vo e(oyopdoertov owoytovtoq6prtr6 rou Mirage Resorts. H Goldman Sachs, ro0drg puplorr1-Ke KqIn 6ouler6, m6trver opdoorg pro owrnpooone(o pe rpo-ne([req oro nqq B6yKqq yrq vq ouvqwnoouv rov Zrrp l-ou6w.Onroq ror or pogr6(or, o relewo(og ro0g uno6dXeror 6Xowoq6(nl.o rou roug ocoprorogJlordq rou, r6noronm pnouL orn ou-yrerpq.rvrl nep(moo4. Orrpone(freq npoclvouv orov dvOp<onope ro yu6ltvo trrdrr lg unqpeo(eg roug, ge owdtrtroygo 25 eKo-ropp0pro 6otr6pro. O r6roKnirnq ylveror 6[oMog: "O unoUi-grog oyopoor4q nArlgooe p6vo dvo ypoppm6orlpo xor eoeiqpou (qrcrre gLo neprouo(q yro vo qnovrno@!".

Or grov6g rou l-ou6w rp6po(ov roug or0l,oug, nou enLr[0e-wor drorgor vo doyrtboouvrouq rpone(lreq. O l-ou6tvro0q y],r-rdrver on6 ro 66wto rov nu ;.rnoutr rou, evcir or SwpogoL er-np6o<onorrqg Goldman Sachs peiooovrrlv ogorprl rouq oro UFo6. E(or[oq rurv 60o or6],<ov, ro 6verpo rou pn6voug elove;rl-qrrlre. Cave canem, "Nq npoodxerg rov ox0l.o", dnoq Mer ror

4 nep[94pq entypog{ orr;v flogrq[o.

10. Aurd ro xo0tipporo or d4gooroyporpor

L nol,rdv0p<onor! To MME 6yrvov Svog "vdog nopdyowoqplorou" yto 6vov opyovrop6 nou oro e[4q nepvd po0r6

rpio4. Aur6 go(veror xo0op6roro Kor ornv erqoro ovogop6rou. l-ro np<irr4 gopd q Tpdne(o ogtep6vsr 6vq oA6KInpo Kop-p6rt orrlv oltroyri rou rp6nou pe rov ono(o ro MME ror q ror-vn W<nUn r4v owrpertoni(ouv: "O Tfnoq Kor or 6np6oreq 6n-)\tiroerg nou ovog6powor oe o6rrrlgoro on6r4v nLeupd Uoq, ovxot lropig onobeucrrxd ororXe[o, npoxoJ\o0v ouygd ng Speuvegrtov pu0prmrr<irv oplcirv, rrr;v vopoOerdrv rot ttov buomtlv tjo6qyoJv or6po rot oa 6(r<eq. H qndwnon crtq dpeuveg 4 onq6(Keq [...] onotrei Xp6vo ror Xpqgo, evcir egno6((er roug rOtjvo-weq vo eorrdoouvrtg npoond0edq rouq qrnv erorpe(o". H en[-0eor1r<ov MME np6ner vo SXer l,oLn6v "opvnrr6 ow0cruno' ornv

"un6Lqqr1. qg erorpefoq, oro "r10x6" rtov epyo(ogdvtov r4g,rqt dpq qrtq "enL66oetg" rqg. H on6orooq pero[f rou rp6nouge rov ono(o 4 erotpe[o BMner rov eow6 rqq xor rqg eu6vognou 61et o x6opoq yr' owrlv efvot repdorro.

Avoxotr0moupe 6ror, dg<ovor, 6rt, ov orrpone(keg qg erot-pe(og e(vor <rlerKd" eudl(l)ror, gro(et q one(po tcov 6rlgooto-ypogrov, ot<ohou0o0gev4 on6 nluiOoq noAmtrrilv rct etreyrrdrv,

154 / H TPANEZA

or ono(or gerdrpeqov Kdnoro FrKponpoBlrlporo oe nrnepfroo[ptotr nou noulder. To XpliUcnq, owd ro nptp ror ro gn6vougxdOe e(6oug e(vor ere(vo nou dvor1.rov ro errifu. Aev nepvd eB6o-prd6o nou vo Un ypdrlouv yro rn trcrrpe(o tou Xprlpmog ror ytotqv ontrqm(o nou Xoporcqp((er qv erorpeio, q onolq nolt6re-po rirov yro rov TUno owrxe(gevo 0ougoopo6. An6 r4v rp(or1rot trrurd, alorlog trov yporprdbtov, owdrv rov gl.0opov ror ove-yx5goi,rov, nou eq oprogo0 6ev E6pouv yro rr npdygq U qve, nerorpe(o dgqoe ng onor.Lermrrd orrovogrr5g oel,(6eq, ono-metptop6veg ror onel.ntortrd Bop6r6q, xot n6pooe oro Korvo-vrx6 penoprd( aupe(og rorovdtrroorlq. Kcnopop6vor vo e(vor otdrlpooroypdrpor ror or gxp6rrpdg rouq, nou rdvouv (4;ud oroXpqpmroqpro, oro q0r6 rqg opo6oq, oq orpcnotr6yrlorl v6rovrdrowo0X<ov ouvepym<iv xor, pdporo, mtq oXdoerq Ue rouq ne-Lmeg! Ooo yrorouq nofuo0q ouvo6orn5pouq -opyovropo( ofro-l,6yqoqg, Loytom6 ypoge(o, vopxdg erope[eg-, ovoptorro0wot:

;qn<og q peyotrwepq enevdwu<rlrpdne(o orov x6opo 6ev e(votnro otn6 nou /pov; H operrl nou np6poll,e WXpt XOeg n GoldmanSachs -rl reygoyvroofo, q ovetr\lrqq nqpoKolofenon, n 6roKpr-rx6rr;ro ror r; noturx4 enpporl- dler r6po gerolropgro6e( oerorlo. Irqv npoypmx6rrpo, ro prlvupo, oer6vo drorpt6pLxo rorer6rrrptx6, nou 6merle 4 erope[o e[vor 6oroXo xoL o65lto.

Tq MME opxlqouv vo y(vowot enx(v6uvo on5 ro g0w6noporou 2008, Uerd Tnv xordppeuo4 rnq Ueyolnq owoyrov(orproqeropelog, rnq Lehman Brothers. Or oXofuoor6g qnorol0mouv

r6re 6rt 4 Tpdne(o onoMdXOrlre on6 dvqv roroprx6 owinotro,

Xdpq oq ouv6pog4 rou XdvpL f16)roov, rou tmoupyo0 Orxovopr-ruirv, rou 6e$ori Xepro0 rou T(opr( Mnoug. f'lp6renor yro np6qvnp6edpo qq Goldman Sachs..., rfrt nou g6Xpr r6re o x6opoqowoo0oe.

10. AYTA TA KAOAPMATA OI AHMO:IOTPAOOI / 'I55

Merdro nprrlro owo pun{goro 6ev un6plet nto 6Moq. Tovlo0trro rou 2009 6voq bnuooroypdgoq rou nepto6rxo0 Fol/lngStone, o Mor Tdrpnr, er6rx6g oe peydtrqg 6rcrooqq 6peuveg, 611-pooerJerro dp€po.Goldman Sachs, 11 geydlrl grlXowl rnq AUe-prrng nou nopdyet go0oxeq". O ow(rrunoq e[votrepdonoq, 61te{on(oq rtov onorol0qreov nou nepdXer (ovfnoprreg 6tr\tome),ofre )rdyol rou nLrp6lolou ror ev(ore a;rertro0 0goug rou, ro-€tbq geropopgdrvet rouq rpon{fueq oe on\oroug 6olontr6rouq,ovofroug oeBoogori, pe povo6r6 roug m61o ro xdp6oq. H crot-pelo nepryp6geror rr4 ro r6pog rov XprlgcnooLrovopxtirv on6 ye-

v6oerr.4 x6oprou ror, ov r'pov 6wtrrq 16oo nofud, o Tdqrnr 0o r4vr<orrlyopoOoe 6n ereivrl np66ooe rov K0pro yto ro opy0pro...H ennuXlo efuor repdono yro rov tr6yo 6l mo gmro rqq xorwlgyvtirprlq yfvrrot q orivdeorl pero{J rov 6rdgoptov nopopf,rpovrnq Kpronq: n rmdppeuoq qq oyop6g oxlrlrov, 4 ondrogq rotrcnor6pug4 6vo6og rqg rqrqg tou nerpei.ofou, ot onogdoetg rouopeprrovLro, rp6roug vo orrlp(ouv rqv AIG rot vo "rd$ouv" rqLehman... O x6opoq ldper norog efuor o rox6q o L0roq.

Or n4Xuo(or r[rl\ot oyovdrrr;o4q nou orpegowot evowiovqg oroXpfg rp6ne(oq n6grouv o 6vog ;rerd rov dMov. Ot 611-gooroypdqor, yto vo roug rdvouv nro ehuomo0g, or4p(owotorrg goprup(eq rdnourlv 64ltrrp5vov eX0pov rrlg oroug otKo-voprro0q rrjxtroug, ot ono(ot n6wq 6plsnqv pe Koxunoq(o ,.rtyw6tov eral ndpo", orn l-ou6]r lrpr. Aro6[6owot Utrd povioqg{;reg xor ror(eg, 6ror oore vo pqv e(vot 6uvor5q ot ev6rdgeoeqepgrlve(eg. Kor ro 6)ro or4vxd roJtd xporel.

Aurf r; rordorooq o(0v04re xot on6 rrlv o6uvop(o rouMntrovxg6Lv xor rou neprp6Mow6g rou vo 6droouv r4v np6-nouoo o41loo(o oqv eggdvto4 Tov Kotvo0pytov peotrrv ent-rotvrov(oq. Topo nro, orrl l-ou6L lrptr, or enevbur6q Kot or. oF

,156 / H TPANEZA

KovoprKo[ nopdyoweq 6ev eqUeptirvowot g6vo on6 ng geyd-l,eg eg4gep(6eg rrlq NSog Y6pr4g, 6noq n yt/a// Sfreet Journal,or New York Times, 4 Forbes, n Baron f rq erdrrd 6etrr(o. flpo-rerp6vou vo e(oor eqpepolpdvoq *d1r yro ro gey6i,o 6toruBeJ-poro B5Boro, qA d yro ro 6rdgopo nou or<oriyowor mov 1dr-po- Kor vo 6xerq oupqreropj oro norXv(6ro enrpporig, e(vot mustvo 6roBd(erq ror vo oupger6Xerg oe brrovoptrd pntroyr. Todealbreaker.com efvqr ro runtr6 nop66erypo ere(vou yro roonofo r; Goldman Sachs BpdenKe onpoerofpoorn. O6po voo-rponloq, roX0og, yevrdg... To (6pugo oyv6rloe rov owiKrunoourdrv rtov 60o vdtov 6e6op6vrov. Mdoo mrlv xp(oq, rodealbreaker.com Bp50r1re yp{yopo oqv rop6rd rov yeyov6-rov: 5ro06rer Svov paydi,o opt0p6 nltrlporpopr6v, onpowrKdrvri oorjgowcov, eforpLBcop6v<ov i Un, oI 6 nou 6treq dlouv ronpov6gto vo Splowor on6 ro "eooreprK6u.

Tpone(ireq, Xpnportm6g ror Lorno( 6roXetprordq xegoi,o(ov(Kope6vouv" qvdrvupo orrlv rmooeLi6o ourrl dirioeteq nou orepyo66req xoL or epyo(6gevor goMov 0o nporqoUoov vo rpo-rfoouv rpugdg. H oqtonrorfo roug eivor no)tMq gop6q oxerF14, oLl,6 4 enru{o roug ofyoupr1. 'Onoq ror rd0e rmooel,[6o,6ror rqr ro dealbreak.com 6to0dreL dtdgopaq nritreq eto66ou.Orov orq U5oo rou 2009 flpoordenKe mtq ouv4Oro1r5veq ]d-qetq-Kler6rd (rpdne(eq, nUepnoro e6goro, Kep6ooKontKd Ke-gd.l,oLo) rot ro 5vopo "Goldman Sachs", roroLopo(vouUe 6rLrclnpdyporo e(Xov ndper doX4prl rpon4 yto rqv etope(o.

Afo peydtreg n6veq rov New York Times, o Frpetoev M6p-yxevoov ror o T(o Noo6po, 6ev 0o orogorrloouv vo piprouv )d-6r oq g<rmd, Kqr eo nerfxouv onpowx6 nfuiypo oqv donr,l,4errdvo rou Noof rou Xpipcnoq. O npcirroq, Ue BpqBeio noflr-r(ep, ro 1998, yro rnv orxFnpn ror 6ero6wrxq rou 6rlpooLo-

10. AYTA TA KAOAPIVIATA OIAHMO:IOTPAOOI / 157

ypoerKri Kdluqrn rnq Fou5tr Irpr, 6r;proore0er pro oerpd on6onoxi.erorrrd penopr6( oe oXdo4 pe ro drdrpopo "qiqxn" rnqGoldman, q p[o eB6o[66o per6 rnv dtrtr4. Or 6peuvSq rou, nouy[vowor ouXvo pe rr1 ouvepyoofo rnq ouvo66leou rou nou(EIr6pr, dlouv or6Xo vo ne(oouv rqv xotvll yvrr.lpq, qopeOowoq

6puog oe OoLd vepd. O T(o Noo6po, on6 rrlv d.\i,r1 ni,eupd, orpoUqedrq}'0ver pseodrx6r4v un60eo4 r4g AlG, onoxotrfmerrov UU-ortx6 p6l.o nou dnor(e r1 erotpe(o oe ounl r4v rpopepri Kpion.

Mnpoor6 orn e0oMo ourrl nou npoxoleoov ro MME, rtpnope( vo rover 11 Goldman Sachs; Awrdpd Urq Sror Kor Uro oI-truirg. Agev6g, n 6le0euvqn ouro0 rou voori rqq ouonrlg xore-

Bolvet on6 r1v rororx(o rtov 0etirv, rov'O].upno, yro vo ner Uroro.\r1 xouBriwo oe ovq}.urdq Kor 6npooroypdeouq, roO<irg npo-onooelvo onoKcrooqoer rq oXdoq epnrmoo0wlg peroqo rouq.Ager6pou, 6roqre06sr KorrlyopnporrKo 6,1 n6rpret ornv ow[-InUn rnC ror roroyydLi.er Ttq qrerflKaq eronoerq, ng o6proregn4ydq, rov onogowtr6 rovo nou XopqKrrlp[Eer ro ypomd rovexeprKov npoq eKeivn otrovo;.urc6v ouworrtiv, or ono(or qr6-prouvyto orovdo.l,o. "Yndpxer xepdooKonio [aro l\4ME], n ono(ouneppo[ver rnv ontrf r;],t0r6rqro ror ovdyerot oe 6vo url.rqtr6re-po en[ne6o" tr6er q rpone(o ole xo pe Uro onoK^aorrK6TqroTov Iimes, nou 6ev euo6<o04Ke rehKd, ovo<poprro pe ro "100eroropg0pto 6ol,opro' nou unor(eeror dl 6loBe o Mntrovrgdrvoq oporBtl ro 2009. (Irqv npoyprortx6rqro, np6Ketror "U6vo"yro 9,6 eKcrropu0pro 6o^6pro.) Orov mor6lrlrou [drou Xp6vou\ W al I Street J o u rnal 6rlUoo€0oer rn enprl rou KuKloeopei oxe-rrro ge r4v entKe[UEVn nopoknon rou npo66pou xot yavtroU

6tau0uvrn, n Goldman pyq(er KovovrKo nrord^r: .E(vor npqy-gorr4 wpon4 ourn n loonoloy(o".

llpoxetgdvou vo nspdoouv ornv owenl0eor1, ot r0ptot owo(

158 / H TPANEZA

Kolofv rrq eee6pebq -e[vor roXupo( dlfuoore- nou 6tqe6rouv orqgdoo evqgdproo4g ge enrpporl. Xpovtxoypdgotrpone(xriv uno-e6oerrlv, 6€u€uw6g peydtr<ov erprlpepi6<ov 4 nopouotom6g ot-rovogrr<drv ernopn<irv rotro0wor <rlg evroX0oetg, pe onooroNi vqTouq unepofi roro0v, npoonororJpevor nopdtr[4tro 6rt Kporo0vrrg onomdoeLg. Aororjv B6Boro r<ptru<f orrlv erope(o oe oX6o4

trre r<6noro Bootxd onUefq, ql d oxon6g rouq e[vor vo 6togutrd-

fouv ro ouordr6eg: r4v orepot6rpd qq. Zq Washrngton Post,o 6rdo4poq lpovtxoypdgog oop(w Zordpro elovlmoror: "Ord-ver nrq ro ;r6voq rord rrlg Goldman!". :ro ele0eepo piUq rovIlmes Kor rov New York llmes, o foul\ropr K6ov, 6vog np6qvrpone(fur6 or4 lazard ror dnetTq ornv JP Morgan, eronuovoq nrooro ei6oq, {eond rorcnrd rrlv opy4 rou. H 06oq tou efvot qnfui:peBo(rr4, ro npoBlqporo rnq Goldman epgovlorrlrov 6rov 4rpdne(o dpXLoe vo 6[veL nporepot6rpo orrg 6pooqpr6qegrnq Xpnpcnoyopdq oe pdpoq rrlq roropxrlq r4g evoox6Monq,ow6 6ev orlgo(ver 6gcog 6n pnoporiUevornv onopplqroupe outr-Ar1B64v. Av ro rcndgepe Koi.wepo on6 rouq dlJ\ouq, unooq-p[(et, ogefterot on]rdrq oto yeyov6q 6rL e(vot "4 Kotrfrepn" Kq1ro npootonrx6 rqg ro xov6repo

"l-ro vo undpEet xdnorq elnl6q vq qnorp0youpe 6trtr4 orKovol.lFr<r1 rorompogrj, 4 l-ou6tr Irpr 0o np6neL vo orotrou0qoet ro no-pdberygo [rnq Goldman Sachs]' ypdger crn ouvdlero o 64go-oLoypdgog orouc, Financial llmes. H geydtr4 orxovopxq ag1-pepi6o, 4 ogeprrovrrq 6r6ooq r4g ono(og 6toB6(arot nohU orrlFou6tr lrpm, e(vot Xopqy6g, po(i ga qv Goldman Sachs, qro

Business Book oJ the Year. H emopeN]q ennpon{ dXer 66o ex-npood:nouq 14q Goldman Sachs, rov 6vov 6q).opdvo, rov A6twMn}ovrrp6w, rov 61,tro rpurp6. llp6reuor yrq rov Mdpro M6wr,

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10, AYTA TA KAOAPMATA OIAHMO:IOT?AOOI i 159

o onoloq eugovlornKe oq "nponv euponqioq €nlTponoq Kqlnp6ebpoqrou novenronlplou MnoK6vr,,. Kor o vrrr|Tnqrou Bpo-Be(ou yrqro 2007 6ev elvor d$,oq on6rov... Foul\top K6ov. l-lp6-Kerror yro orKoyeverorq un60eo4.

'Otov q Entrponrl EMyXou Kego},oroyopdq, o oorugUlo-Kqq rov qprprKqvtrtiv Xpqpcrroyopdrv, oorei oyoyq evow(ovr4g rpdne(oq yto "qndrn", ctrtq 16 Anp^iou 2010 , \Wall StreetJournal T\v unepoonl(erot: "H Goldman e(vor ro efrloorrlproOri;ro. E(erd(owog 69o9 r4v onrol,oylo r4g oyroy]q, 11 otujOeroeivor 6n or ovorprdg 6ev Bprlxov ror noMdg onp(eq" vq rngnpoodrlouv. nol o[ Bl6nouv e66 rqv enrppo4 nou ooxe( orqdpOpo yvrbprlq rov ouwolcrov o v6oq t6tornjr4q, o Po0neprMdpwoX, noil6q nelcrrqg rqg rpone(og.

A6yo rnq Koulrofpoq rnq, n Goldman Sachs 6ev 6ro66rerro roroMrl)ro 6n^q yro vq eqqnol0oer qwenleeon U6oo on6ro MME. nprv on6 r4v erooyoryrl rrlq mo Xpqprorrorrqpro, ro1999, or 6npooroyp6gor 6ev nepvoJoov nor6 ro rortirql.r ou-rrlq rqq rpdne(oq, nou efie Uelva on6 rtq retrewofeq rr;g l-oudlIrpm pero roOeortiq rov ero[pov-6roXerprordlv. Or enog6q pero MME nrov ontr6g ovunoprreg. Kotro ef;roore rot ;r6vot gog:

n Goldman Sachs oXup<ovdrov n(oo ond ro roOeordrq rnq npo-oonu<fg erorpe(og yto vo onog0yat rd0e enoq{ pe rov T0no.Ag ypdrpouv 6,rL 06louv, eUe(q 6ev Xper6(eror vo rdvoupre oX6-lrq. Business first! Kdee o6roxpto(o on6 rr1 peprd ev6g meM-

Xouq 0o pnopo0oe vo o6r1y4oer oe on6)ruoq yto ooBop6 enoy-ye\roru6 nopdmtopo, yeyov6g nou befyer 6rt q erorpe(o ev-6rogep6rov yro rqv eur6vo rrlg neptoo6repo on6 6oo d6arXve.

Zro nptbro 9ro6 rrlq deroedoq rou '90 yiveror q npdrq on6-nerpq yrq <nepeorp6Lro". Armd(ouv 69o9 noh6 ror n4yo(vouvge pu0p6 "6vo Bnpo pnpoor6, 60o Brlgoro n(oor". 'Evoq Eqo-

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160 / H TPANEZA

reprK6q ooUBouôq, o Ew NoB6wr, npootroupdverot Kup(oqyro vo Kê(oer rnv enrKolovfq nopd yrq vq rnv ovoqer. iq ,^.(l)-ore, 6vqq np6nv pen6prep rou :rKdyou, nou 6xet ooxotrnee(

Fe edpcnqronKo0 ev6rogdpowog, oyvoalrouq 6orddtrouq groq

enev6unr4g rp6ne(oq, rorr nou pole0er r6^,erq rouq epyo66-req rou. 'Otro ndva poh6r.

H eioo6oq mo Xp4parLoqpro unoXpe6vErrouq uq,ntrd 10-16-

uevouq vo npoxoprioouv nro ndpo. H Loroprxq our4 on6cpoorlrouq ennpdner, pdporo, vo ou(rloouvroug n6pouq touq. Kqt oteroipor 6ev e(vor nro une60uvot pe to o0vo)ro r4q neptouo(oqrouq. f1op6,\,1,41,o 6pu,lg, to New York Stock Exchange enrBdi,-Let rdnoro dtocpovero. flpdner oro el4g vo eqpeprivouv -Tn-

pdrwoq roug rov6veq- per61ouq, ovolurdq, eleyKrdq, MMEror epyo(o;r6voug. H no.lld gpoupd'rtov ero(prov yxprvtd(er yro

ro ovotyl.ro orov d[<o x6opro.To 2000 o v6og np6edpoq, o X6vpt n6ôov, orlgroupye( gLo

npoygorrxq 06on 6reueuvrq entrowrovloq. KmoX6q rrlg 0o eLvot o Aorlxoq Bqv npqyK, dvog Bperov6g nou retro0oe g6Xpt

r6re Xp64 ernpoocirnou T0nou oro Aov6(vo. Kow6 orlpe(o rcov60o owptirv elvor 6rr ouvdud(ouv rnv npoxtrrlnrrl oryouprd ge

rr1 ondvro oepv6rqro. O Bov flpoyr eivor Ayylog, ror 6X Ol ov-669 11 Nonoogprxov6g, 6nroq 0o gnopo0oe vo uno06oar rovaiqon6 ro 6vop6 tou. E66 6ev undpXeL xogio qpgrBollo: orovAyyl,o Bp(oroupe 14 gwdroo, rrlv on6orooq ror rq... 6oh6rn-ro. Aur6g o npdrqv 6trueuvrnq rou Brunswick, rou nro qrluFqr6vou ypoge(ou 64;roo(crrv oXdoeovrou lfur, efuor nd\l69 orovx6o1ro rov enrXerpnoeov: unnpqe 6Lo6oXuo rpone(kqg, 6eu-0uvrrlg prog gxpogeoo[oq BLopqlovrr4g enrlefpr;o4q Kor 6€u-ouvrrlg ev6q erborrxorj ofr<ou. H enrxorvrovrorrl nol,trrrrl nouor4pi(eror or4v re;goyvroo(o ouroi rou poplr4 r4g nptiqg

10. AYTA TA IGOAPMATA OI AHMO:IO|PAOOI / 161

ypqgprlq e(vqr onln: n anrrux(q g d on6 g6v4 rqg, 6ehe roonoraMopmo. Avortimer rdnoro np6plrlpo; Tov poro0v ylo

ro rordrg xe(gevo r4g rp6ne(og; Anowd o6rorp(r<og pe to el{grpio oplrrd: NFN, "Normal for Norfolk", Ue rnv 6Kgpoon 6n^q-611 nou Xprlogonoro0v opxero( yrcrrpo( oq Bperovlo yto vo ne-pryp6rl,ouv 5vo on^6 rpo0po (o 6v0ptonog ow6g, 6trkoore, ro-rdyaror on6 ro N6pgolx, pro oypottKi neptoxn rou Hvrrrp6vouBood\e(ou nou Fp(orgror ovmohrd).

H Kp(on rou 2008 rcrroq6pvet roXup6 nliyUo oq fur4 ournenu<ow<ov(o. flporergdvou vo getptooet rrlv oucqp6t4ro rovApeprovdrv oe 6,tL rov ogopd, o n6rw MnIovKg5w npdnet vo(rprloer emorlptoq ouyyvrir1.r4. Tov NodpppLo rou 2009, 6vov Xp6-vo per6 qv m<iror1 rnq Lehman Brothers, Tnv otKovopu4 orrl-pt[n r4g oocpotuonr4q AIG xorq Xopqyloq rpmr4g Bor]oetog,o np6e6poq 6rlhriver po0rd gerovoqp6voq: "Iupgeretxope oeev6pyeoq nou rlrov ror6g rmd B60o9, rot 6Xoupe getovttioet,,.

O np6e6pog, n6woq, yto vo 6tcnun<ioet ow6to mea culpa,ow4 r4v -og r1v nof ge- e xptwl petdvoto, lpetdorrlxe vo n6-oer rov eow6 rou. Aurn n owioroon or4 perolrd)reto eivot otoyov(6ro rcov "Kuprdpxtov rou Zrlpnowog", xm6 r4v 6rqpoorlrou Top l-ou)rg oro ptphio rou The Bontire of the Vanities. An6rqv 6noryq ourq, 11 oupneprgop6 rov lpqpcnordrv e(vot nol06rogopurrn] on6 exeiwl rtlv BLop4Xdvov, ot ono(ot euKol6repoovoyv<opi(ouv 6qg6oro to tro04 roug. H nol.untror6r4ro rov

XpngfioorKovopu<rirv npol6wrrrv dlptoupyei 6vo o(o04po ovto-rep6rrpoq oe owd "ro npqYparKd opoeurd nou rLvoirwqt orov

ldrpo r<ov ;p4pcrooxovogxtiv enw6Uoeov,,, Ytq vo 6ovetorof Fsrrlv 6rgpoo4 rou l-oul,q. H enr0em6rpo, 4 tol.tti 60vogq , 4 dwo-vq oppevton6rpo ror 4 o64g<ry(o eivot ot ovolrgtoprlrrpeg o(iegowo0 rou o0gnowoq. H ouyyvtitl.t4 6[vet pto etx6vo o6uvog[og

162 / H TPANEZA

KCU OvrKqv6Tnroq, nou 6ev ouv66er pe rqv enrouu(o Yro bfvqunKor onep{6pronl u},trr1 enmuX(o. O owopXro;r69, 11r0gl,ooq ror-gepu<dq gopdg- o venonolr6q, nou Boo ,e0ouv;t5oo ong oG0ouoeg ouvoMoytirv, 6ev e[vot ou;lpmd ge rr1 perdvoto. Kor ore[onpoyg<rmag otrroQeg roltuepyowrqv 6nopor1. Tdtrog, undp-

Xat xor o rp6pog rov class actions (pro(rdq oyroydg), qro 6vo-go r<ov ono(olv or ndrdreg nou rp(vouv 6n 61ouv unoore( Btrd-Bq trrnoporiv, ortg Hvtlpeveg nofuTs(eq, vo ouvoonroro0v npo-req6vou vo ovoyvroproroUv ro 6rrouigcnd rouq.

flop' 6)ro ow6, o A6rw MdrovxcpSw 6ev etXe enu\oyti. H ouy-yvrilgrl rou 4rov ovoyro[o. Iro pdrro r4g rorv4g yvril;rqg 11 ouo-n{ rou 0o 4rov 1.uo 6gpeoq opoloyio rrlg eu0Uv4g rou. Ir4 ou-vdXero 11 rpdne(o npoogdper 500 eKoropptipto 6otr6pto npo-Keru6vou vo Bonenoer 10.000 UrKpopeoo(eg emXeLp4oerg oe 6Lo-orrlpo ndwe erdrv. O enev6ur{g l-ou6pev Mnocper -peyo},opt6-

rolog qg Goldman- e(vor o np6e6pog tqg enfiponqg nou 6Xerovo.l.dBer rn 6tovopq qg Bonoeroq. Aw6 ro np6ypol.rgo oni-prqnq rnq oKovopiog go(veror X<op(q orlpoo(o, olJtd o rp6nogge rov onolo u]ronoeftor 6efyet 6rt n(oo on6 ow6 t<p0gtro( Kotrdrr 6Mo, n6po on6 qv ovdyrrl vo petrrral0ei q err6vo rnq eroFp(oq. Iro enu<orv<ovrqr6 ne6(o, o Mndger dXer 6vo ntreovdrrn-go: e(vor dvoq noyx6oproq orop roL 6vog on6 roug triyouqrpcr-ne(fueg nou q ogeprrovx4 rotvrl yvtirprl 61at oe errigqo4.

H lenrn 06on qrnv onolo ppioreror n erorpe(o onome( rordvov rpfuo ougBrBoop6. Ie 6vo eotrrteprK6 p6^, o n6tw MnIovK-gdtv (rpd on6 ro oraMX4 rou vo utoOer{oouv Xop4tr6 npogl\ror vo onog0youv r4v en(6er[r1 n],ourou. Or ero[por nopoKo-tro0wor vo grlv xuxtrogopotiv pe Oepdpr, vo ndqrouv vo nnyoivouv oe oxprB6 eorrm6pro, vo opvoriwot vo Byolvouv or4vnp6rq oetrlbo neptodrxtirv eooreprnig dtor6op4o4g. H evor-

10, AYTA TA KAOAPMATA OI AHMO:IO|PAOOI / 163

Klqon }'pou(rvdrv, n vo0loJon l6rolK6v oeponl6vcov rot to et-orqpto nptirrqq 06oqq 6ev e(vot nto ourovdr1ro...

floro e(vor ro rcllrd onorStreopo; To entroworwor6 oX66toe(vor noroydr6rlg onoruXio. :rtq 6npooKonnoerg, 4 err(gr1or1yro rqv rpdne(o ldver ouveXdrg 66qgoq. Anpooroypdqor Kornofurrro[ rourqpr6(ouv r4v roXfrrpo pe rrlv onolo 4 GoldmanqovoppliKe ro undpoyro x6p6r; xor ro yewo(o pn6voug, 6vov

Xp6vo timepo on6 puo elotpertxd 6rioxotrq nep(o6o or4v roro-p(o qq. Mdtoro ourrl roXup((eror, Xp4orponorcilwog pdilororor onodel{erg, 6rr e(vqr nro uneJOuvq on6 roug 6},\0uq opyo-vroporjq. Kove[g 6ev rrlv oro0er. H rp6ne(o ouyrewp<irvet end-vo r4g 61,4 rq prv4orxor(o ev6q xowo0 nou unfp[e 00go rrlg0rpaorlg xot 14q ovepy(oq.

Koocirg 4p0e pe peydtrq ro0uor6p4oq, 11 ouyyvrirprrlrou Me-ydtrou Acpewu<ori 6ev neieer. Kor, xoO<iq ere(voq opve[ror voovoyvop[oer 6rt 4 erotpe(o rou xproord noMd oqv nop6pBo-or1 rou rpdrouq, 11 Goldman Sachs 6etyer oyvrirpuov. At6rt r1ruB6pv4o4, mo onoxoprjgopo rrlg xploqq;rov Iemd;rBpro rou2008, Sooor npdygorr ro rocrpo our6, ono6(6ow6g rou rorooeor<irq rnq ,,rponeEtKnq erotpeiog ouppero16v", rdrt nou6ev ro16porrloov vo eqoogotrloouv ofTe n Bear Stearns ofre r;Lehman Brothers. Enrnl6ov, 11 Goldman Sachs ono(qprcirO4reyro nq Koloootq(eg unoXpedloerg r4q AIG npoq eKelvrl, et-oflpdrrowog 13 6roeKorotltr0pro 6ol6pto. Kdro on6 r6roteqouvO{req, to vo rov[(erg rr1 gul,ovOpconrrrl oou 6pdo4 go(veror

nopdropo, unepomrr6 ror noron6.'Eror Kt oI t6q, To ouvo-i.Lr6 nqxdro nou qo6ereror orn g ovOponio owtcrorXel p6vo

oe p(o 4g6po oyoponrotrqordrv rfrtrrov...Enbqg, gto peyolq eKorpcne(ornq crope(og, nou oron5 6Xer

vo e(rlyrioer noeg efuor or 6pooqpr6t4ug ptoq enevdwxtjg tp6-

164 / H TPANEZA

ne(oq, qrp6qerq evow(ov rnq [6roq. norgq eivot o l6yoq rnq or-r<ovoprrqg tretroupy(oq rnq Goldman Sachs; noro efuor yeurd 4xorv<ovrnj qg Xprlorpdrnrq; To 06Uo e(vor on gnopo0pe vo 6o0-ge to om6 onor$reouo proq pLogryov(og (rr1v nopoy<oyrl rqq),ev6g oor5po rou no6oogoipou (ro yKotr rou), or6po ror gLogegnoprfq rpdneEqq Go yKto6, ro egBdogoro, q Aoxe(proq tovLoyoprootl6v 6rleoq KCU rclp€unlp(ou). AwiOero, ro vo 6<iroetqqro n^mo row6 vo KCnoIdBer rnv nep[ni,orq trenoupy(o rrrrv outr-Loyrruirv rep6drv puoq enev6wrr]g rpdne(og e[vor o60vc[ov. Au-169 o tOnog L6pf pcroq 6ev ouyKewpcirver rmo0doerg, 6ev 6['ver6dveto mq vorxoxuptd ror 6ev no[pver rq onorogedoerg t<ovr6ror6v, Ue e[q[peor1 ng peydtreq neprouo(eq. O vo6g rrov xeqo-tro[tov 6ev dXet oneu0eiog enorp4 ge rov rorovo],ax4. H GoldmanSachs elvot Klerdqpnopop6wl or4v o6parn eulqKn rnq. H rou-t6r4rd r4g 6ev yfueror owl\r1mrj on6 rov roO4pepwd dvOp<ono.

:ro e6uq r(l)v 6nu6orov oX6oerrrv, q Goldman Sachs 6ev roxmog6pvet. Anogovrop6v4 mo rorogriyr6 r4g, elvor ovlrow1vo owr.\490e[ ro e0pog r4q opp]g npoq rnv uqrnNi rponeErnl,14 orrypf nou o 6wrx6g r<6o9o9 yvop[(er r4v nro oopop4 ticpe-o4 on6 rov Aerirepo floyr6opro fl6)repo. O g6vog Xtipoq orovono[o npoonoOe[ vo nrdoer rov oguyp6 rnq roLv<ov[og efuor 11grhov0pontr4 6p6o4, o onolog, guoxd, 6ev npoog6peror yrordrt rdroro.

To i6pugo rd\npdrver en(oqg ro r[g4po grog eocoorp6getog,nou orqp((erot oro "pero{0 gog". 'Exowoq uroecrnoer pro no-tunr4 nou Oug(er xol,16(, our4 4 t6rofuep4 mg6ogorpo crov

X6po rnq 6oulerdq 6nUroupye( dvo nvefgo ouone(porrlq ond-vowr orouq enrKpm6q. Or rpone(fueq rdr6yepor rpdNtouv orov6p0po rov qro)rpd "E(Uqore ot rotrrirepor,'. H XoffuyKov eK6o-

X1 ouqgr4g gr}'ooogioq eivor ereiwl r<ovrpolrno0rov ror rrov

10. AYTA TA KAOAPMATA OI AHMO:IOTPAOOI / 165

pororordrv ono66v rnq no6ooeorprKnq oF66oq Millwall rouAov6(vou: .Irxow6poore o 6vog rov dMov, oMd 6ev gog vod(a".

Kd0e er6rlgovog ornv enrroworv(o Bo ooq ner: ro 06po 6eve(vor vo r6verg noLl,6, oI-Ad vo ro rdverg roJ\d, vo enileyetg r16pdoq oe Bd0og Xp6vou.

'OUoq, n (of ttov Xprlponordlv SXet

rov pu0p6 rtov oyop<irv, nou 6ev oropmoriv nor6. H l-ou6l:rptr6ev e(vor ro pooilero r4g unopovrlg, olj\6 rou onygrolou. KorroOtirq rp6Xouv, nepv6ve pe noproxotrl! To (6ro noOo(vouv xqtor une00uvor enrxorvov[og r4g erorpe(og, npoono06woq voppouv rrq roopponleq.

:rrq 2 Motou 2010, orrl 6tdprero rou nopqoooroKof 6tfnvourou olrepxovo0 flpo66pou ge rov Tfno, 6nou rov6voq tou not-

;gr6rof e(vor o relewoioq vo 6rov0i(er rrlv nop6lrpoorl tou pe

eurpuo)royrlgcno ror unowrygo0q, o Mnop6r Opn6po npor6-Ieqe rrq eneug4p(eg )reyowog: "An6tle rq oore(o dXouv yto

on6voopq rrlv Goldman Sachs. Kor gr1 vord(eore y' ourofg:efue yeldoere ge ro oore(o eire 61r, exeiv4 0o rep6foet Xptjpo-rq 6ror Kr qlfu6c".

11. 0 o(xoq rtrlv BRIGs

A vopgipol,o, ro 6uvor6 orlpe(o r4q erorpeloq e(vor 6n ldpetl.\ vo ovqve6vcror gdoo orov Xp6vo. Aroto€ov6pEvn rrlv 0nop-

fq unooX6gevtov oyoptirv, gdvqre nro 6qproupyxq on6 rougowoyrovrordq rr1q. Enrnldov, xordgepe vq K6vtt ro MME vqenxpor{oouvlg ovorohitletg r4g, oa gto enoxf nou 4rov eu-voir<d 6rore(1revo on6vowf rqg.

Ko0drg enw6r1oe, on6 ro 2001 ;rdtuoro, rqv 5wororov BRlCs,orpovugiou nou 6qlrirver ng ovo6u6peveq oyop6q ge pey6tro

6uvogrx6 ovdmugnq, dn^odi rn Bpo(rl\io, rq Ptoo(o, rrlv lv6(oxot r4v K[vo, n Goldman Sachs n6pooe orqv totop(o.

Iro ypoqe[o rou enrego]rtig oxovopo]r6you rqg rp6na(ogoro Aov6[vo, rou TQU O'NII, ot r6ooeptg orlgoto0leq, n Bpoqt-)rrdvrrq, q ptoorrl, q rv6uci ror 4 xrve(rrr1, 6xouv Xoeei Udqomoug r6vouq rov egqpep[6tov, rov ovogop<irv rot r<ov 9o16-tr<ov. An6 qv "nmp[6o" rou, ro epycnx6 Advrooep, o T(tg O'Nttr61er rpor{oet q Boprd npogop6, ttg rpov6g yto to nqpqptKp6ror rov ndwo eyx6p6ror6vo. Aw6g o ytoq roXu6popxo0 unotr-Iilou Ue ro crrqp6l,4ro wfoqo, Xdpn qro ono(o 6ev 6Xet tqvrunrxr] oroptpio rov ov0p<6n<ov rou lfut, pnqxe mov vq6 rou

lpfgcnoq ro 1990. 'Enero on6 6vo 6tbqKroptK6 ornv oKovo-

168 / H TPANEZA

Uio oro novenrornpro rou :dgt}.w, er6rrerjeror ong oyop6q ou-voMdygcrrog, npw y(vet ro vo0pepo 60o rou rgrigmog oxo-voprxrgg 6pauvog, nou 6reu0Uver o frdrpLv Mr6rprg. 'Orov o re-Lewoioq 69r1oe rqv Goldman Sachsyro vo yivet np6a6poq oroBBC ro rotrorolpr rou 2001, ro oor6pr ttov l6vtov efonrdrv vo-grogdrov rov 6ro661erot.

To rpol.roxporrrd Xrunfgoro r4g 1 1nq :enreuBp(ou qrouq

6[6ugoug n0pyoug tou World Trade Center eivqr yro eKelvovonoxol.umrxd: "Kordtropordre 6rr 11 noyrooptono[r1on 6ev 0orSov opepxovrrq. flporeqdvou vo npolopqoer, 0o 6npene voovoi(ouge nq n6preq Uoq orouq 6ll\oug, otr\d ltopig vo rouqenrpdtrouge rov oyytrooolovx6 rp6no ox6tu4q". Kmd rrl yvdi-grlrou, nopd rrg notuno1rx6g, 0p4orewx6g ror nofunrciq owt-06oerq roug, rl Bpoq|^ao, 4 Ptoo(o, 11 lvbio xot 4 K(vo dXouv togrow6 olgeio rov geyd)ro ntr40uog6, rrlv orrovog(o ge ro repd-orro 6uvoptr6 ror 14 0dtrr1o4 r<ov r0uv6wrrrv vo uro€etqoouvr4v noyroogrono(r1oq.

H oK6qrn rou TErp O'N grdver oro on6yero r4g ge 14 6qgo-oleuon, orrq 30 Noegpp(ou 2001 , rnq ovogopdg tou pe tov rft-)ro: Go/dman Sachs Global Economic, Paper number 66: BuildingBetter Global Economics BRlCs . H np6yvtoof rou : Uexpr ro 204 1(nou 6ywe oq ouv6Xero 2039 Kot Ufid 2032) ro rdooepo ow660vq 0o lenepdoouv rrg 6$ geyol,wepeg oqpeprveg orovopieg.Me rrlv erug4yop(o rou ourq ovolyer ro ppo6ld detrr(o er64oeolvrou BBC. H np6pr,eqfi rou 6n n K(vo 0o qenepdoer qv Apeprcjro 2027 npoKol€[ 19 owtdpdoerg qg Oudotyrcrov. To 6yypogoow6 orire gnem o6Aep vo rpov. Or ndrmeq rnq srqrpeiqq ro (n-ro0v fovd ror fovd. To BRICs e(vot drcrore ro 06po rqg p66og.

O troyorunoq ow6g eggovi(eror nowo0, Leg ror np6rerot yto

noyr6otrlo trr6pro, 6nog q Coca-Cola f ro McDonald's.

11. O OIKO: TON BRICS / 169

"To BRICS efvor Uro ou66reprl ovouoolo, 6ev KpoBer un6-poqr[o Kor e(vor nofurrK6q open" Mtt Ue govepi unepnqdvetcro O'NA, o ono(oq dyrve ro oycrnnU6vo nqr6( rov 6e0vcirv ou-ordr.leov ror d.h.l,tov nop6pouov reLer6v rou r6o1.tou tqq oro-voplog. H rp[oq rov entorpo.?\,cirv oreyoorrK6v dovrlov rou 2008ro0 66ooe r4v euKorpfo vo rnolneeOoet rqv ovdtruo{ rou. Mee(q(peon 14 Prrlo(o, or Xtipeq ow5g owror6rowot rotrrirepooqv rcrory[bo nou nNiTrer rrq 6unx6q otrovopfeg.

E(vor 6gtog enrx['vduvo yLo dvov orrovogoA6yo vo rdvet rovpdvr4. H er6x6rqro nou on66rrroe mov eow6 rou ow6q o npo-xlrpm6g epon6moAog yfueror or(o 6roqrgrog6v Ue rouq ouvcl-66tr9ouq rou , ot onoiot 6ev 51ouv nerorei, 11 onkiq (ql:0ouv. A16-po 6vo xdAno rqq Goldman yo vo npooelx0oer neldreq! 'Evo 16-

)yoopo rou gdpxenvyr, Mve or anu<ptr6q qq. O6rouv oe oper-oBftr1or1 qv np6plrq,n yro pro 16oo gorponp60eop4 erOem4ovdmu[r1 11 eMyXouv ro rpr4pro en ,oy4g. H nuelo rov ovo-6u6pevrrrv oxovolluirv 64proupyei el6Mou pto unorcrqyop[o nournv ovoudEer N-l l: MnoyK^qwdq, Aiyunroq, lvdovnoiq, lpov, Ko-pdo, Me(m6, Nryqp(o, florLordv, Orfurm(veg, Toupr(o xot Brw6g.

Oe6q n 6r6poloq, eqopraror, o TErU O'NL\ 6ev )rogpdver un6-qrn rou rrq rptrrrdq: "H ofMnQn ourrl gnope( vo gndler 6vovrotrwepo rdogo, ow6 e[vor ro poOurepo riv4rp6 pou..

To vor3pepo entp6vouv. To 2010 ro oxoOdproro e0vrx6 npoi6vrnq K(voq fendpooe ere(vo rqg lonrrrv[og rot oL a(oytoy6g r4qdg4oov n[oo ereiveg rqg l-eppovfoq. l-1o]r0 npw ond rqv ovo-Kdtrurln rou troUnpo0 otxovol.roh6you rr1g, 4 Goldman SachsowdrrlgOlxe ro cpdmro 6uvogrx6 r4g xwe(rxqg ouroKporo-piog, rqg 6ewep4g mo e[r|g oxovoplog rou ntrovr1r4. Zripepo6Xer Oeoportxd onoreMopcno.

170 / H TPANEZA

A0o nporonotrirqpq rnq enev6umrlg tp6ne(oq 6xovov r4vK(vo ro v6o Elwopdwo: o T(ov O6pwov xot o Xdvpt [l6Aoov.O np6roq pnope( vo nep4goveUeror 6rt 6ptoe on6 ro pr166v

rov oorqrrr6 n6tro ev6g opyovto;.to0 nou {rov p6xpt exeiv4 t4ortyprl 6dotlog rng ogeprrovoBpetovucjg rou eo<oorpSgatog.E[dL\ou, 6rov Xrund rqv n6pro rrlg rpdne(oq, ro 2003, y(ve-

ror o np<inoq (6voq nou no[pvet 66po oe p(o on6 rtq nto gnpF

op6veg etrrnoprx6g opMq rqq K(vog.O 6etrrepog rirov neprgeperox6g 6teu0uvr4g, nprv Koro-

rfinofl ro 2000 Tnv xopugq. 'Orov yiverot np6e6poq rotyevr6gdreuOuvrrlq, o Xdvpr fl6l,oov Bp(orerot yto geydtro 6tomqporoorqv K(vo, ro 6uvogr6 rqg ono(og rou 6Xet y(vat 6;tpovq t66o.Aur6q o o(udepxqg rpone(fu4q, pe r4v on6rop4 oupneprgo-pd, rm6trope evortrr<o6drg rouq puoqprdl6etq rp6nouq Ue rouqono(ouq tretroupye( 11 np<ir1v xo1louvrortrq ourorpotop[o. f1t-or6q orrl orpor4yrxq rqq 64ptoupyioq 6uct0<ov, ouvbderot gt-

}lxd ge rrv6(oug ouvo66lgouq rou roOtirg Kot pe noltrtKo0qr€0voweg, npoxergdvou vo e6pordroar qv oltontqr(o rou.

Kord ro np6ro 6r6orrlpo 11 Goldman Sachs Boned rtg Ktve-(txdg erotp(eg vq er66oouv perol5g oq 6te0vrj oyopo, mLqHvo;r6veg nolrre(eq rup(rog, xot vo oqxtiroouv xeqdtroLo on6

[dvaq Xpqpcnoyop5g. E(vot en(or1q notr0 6poorrlpto mLg t6tto-rrxonorfoerq. :ro nepre6pro r<ov nqpq6ooroKtSv npopl0et<itvon6 nopopi unrlpeordrv oupporitrou, q erotpeio 64ptoupyel eu-rorpieg dgeoov enev60oetov, EeKrv<rlwoq ono rov XpnUa(rorn-pror6 ro96o. E[oogoJr((er dror rq oupgerop] rrlq oro rerpdtrotorrlq npoqg rrve(rr4q epnoprr4q rpdna(og, r4g IndustrialCommercial Bank of China, nou qno6etrvueror nol,6 enxep-6rig. l6pfer trIo xo|onpo{(o ge r4v erorpe(o peottelog Gao HuaSecurities, rrlv onolo 6roxerplqerot o opeptxov6g erolpoq, no-

11. O OIKO: TON BRICS i 171

pd ro yeyov6q 6rr e(vor petorg4g(o. H Goldman Sachs PrivateEquity, n ouymprrf Trlq yro enevdurrrd xegdtroro, Bp(oxat xt-v6(ouq ouverolpouq yro vo enev60oet orn eqppoKoBtopnxq-v(q, ornv ouroKrvnroBroprlXovlo, mtg rltrertptrdg ouoreu6q,orouq nproyoyo0q KCU oro 6todirruo. En(o49, 4 erorpefo t4gN6og Y6prrlg efvor 1opr1y6q ev6q business school nou Korop-ri(et ro peMowrrd oreMxn rnq... Goldman Sachs China.

Ere[ ndpo 6gtoq ro npdygoro 6ev e(vor nor6 ontr6. H t<u-

96pvnon Odtret vo npoorore0et lq rporr6g entXetpfoetg on6q Xepoyciyrlorlnou n6ve vo enrB6l.\ouvro q6vq oupe6powo.Ot opldq trorn6v rpmoJv yto rov eow6 rouq rogefq nou Oeto-po0wor mpor4ytrof - q evdpyeto, ro MME, ro opuxe(o Kqt otentrorvrov(eq, nou Oeorpo0wor er6rr6rqto t4g rp6ne(qq. Aw(-Oero, or rogeig nou e[vor ovotXro( oroug (5voug -ot xme{oXrlvptopfilXovieq r1 q uqrntrrl rrn/oloy[o- 6ev g6pvouv ro (6to uq,n-liq npopnee€q. E[di)\ou, or xov6veq rou not]yt6to0 qxcrtKo Uetq r6urrmonoqoerq -en[or1q notrtl enrrep6{g ropdog- oM6-(ouv ouveXdrg.

Orronoeernoerq aro e(oreprx6 rov rw6(tov urqr6<ov eMy-

xowor ouor4pd. To 6(rruorqg otxovoptx{q e[ouo(og nopop6-vouv o6rogovll. To rotrrouvtortr6 x6ppo rot 4 pu0ptmtnl opXrlernpoo<ono0wor or1 6to(rr1or1 17 ruve(trcirv tpone(tirv, nou ro

ono€egorLro touq owtnpooone0ouv To 80o/o Tov Kcnqodoeovorq Xtbpo pe rov geyoL'repo nl,q0uop6 qrov K6oUo. H 6to-gOopd, ro ruxl,tirporo rot ro 6dveto, nou ro ro0opf(ouv no]rt-rnd rpnqpro, e(vot evdrlprrd gorv6pevo. To 6tKq(opo rou snF

Xerpe[v Bpioreror oe e;rppuo16 ord6to.flop6 ro ;ro0po owd or1pd6to, q eropeio euqpepe( or4v Kvo.

Me rr1 drogopd 6n or ouyrpo0oetg ouggep6wov noMonhootd-(owor, edrowoq oe 6ort;rooio r4v oplxq xd\t] npoo(peo4 rtov rt-

172 I HTPANETA

veEK6v pueUtqrKdrv opXcirv. Tov lovoudpro rou 2008 n Goldman64;rooe0er pLo ovorpopd oXenxo pe rqv rrve(r4 oxovop(o, npo-phenowoq m6o4 rov rtgtirv rov peroXdrv oq X6po. Ereiq rqvenoXrl 11 eguxrl ouovop[o e(vor oe nfuipn dvgr1orl. Merd q 64po-obuoq rou eyypdgou, ro Xp4ponoqpro ndgrer on6rogo, 6ncogro e[Xe npoBMrla q erope(o. Fro rg opX6g, nou eiXov e[opyore[,11 Goldman enofp pe rn g<rmd, nporofuimoq pe ng 6uoolruleg npo-

BMqrerq rnq 6vo Kripo XpnFonornprororj novuo0.iAliloore, q ennponn etr6yxou rtov 6ro0eolprov rou rp&rouq

rcrrryope( roug ;prlpmrm6q rrlq orov rop6o rou nerpetroiou 6rrno0l.4oov o0vOero XcrlUoroorKovoprr6 npoi6wo oe eyltirpegentletpqoerg, .6xowoq 6tqpotrtK6q BMqetq".

'Erot, 4 erotpelo

nou dpoqrnpronoeiror orov Xdrpo rnq 4Aerrprxqg evdpyerogShenzhen Nanshan Power 6xooe rep6ono nood, orpo0 oy6po-oe on6 rqv rep6ooronxrj Ouyorpxrlr4q Goldman, rrlv J. Aron,oupB6)roro nopoytilyov l.roripou Xpuoori. Aqtrc6vowoq 6rL e[o-ncrrqo4xe ornv repbooxonrrq oyopd rov ougpotrofov pel o-wtxfg arnfulp<oo4q, ro [1ex(vo onoy6peuoe ong xle(r5g evep-yeror5q erorpe(eg nou eiXov epntrorei vo onontr4pdroouv ro

1pd1 rouq qrnv Goldman Sachs ror moug owoyrovroreg qg.To xtr(go e(vor reroprdvo.

Enronq, n enUn qg erope(og unSoq ni.qygo mo pmto r4gelouo(og, elor(ogrqq onoruplg6v4q enrefitxiq eqqyopdq, ro2005, on6 rov Kpcnrr6 nerpel,oir6 6p^o Cnooc (China NationalOffshore Oil Company) rnq 6p6ounq ogepxovrKlig erorpe(oqudpoyovov0pdrorv, rrlg Unocal. flopd rrq npooB6oerq rnq ornvOudoryrrov, 11 rp6ne(o 6ev pn6paoe vo unepnq6qoer lg owFmdoerg rqg xowqg yvcirl-r4q, oMd ror rov adreyp6vtov owr-npootirnov, nou 6yyr(ov;rd.\toro ro 6prorrlg [evogoBioq, npo-xerp6vou vo npolrrrprloer 4 ouvoMoyt] ourq. H Cnooc uno-

11. O OIKO:TON BRICS / 173

Xpe60nKe vo eyKorolsi{rer rnv npoondeero eqoyopdq, npoq

Ueyd^n Xopq rou ol.lrprKovrKo0 yfyowo Chevron Texaco, oono(oq nrlpe refuKd rov dl,ryxo rng Unocal.

T6troq, ro r6orpo ow6 unog6pat ndwo on6 rrlv oyytrooo-

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ei6poUn.Tnv dvor(q rou 2010 n v6o yn rng enoyyelfog rnq Goldman

Sachs e(vor o l6yoq yto rov onolo o T(rp O'Nr], ppioxeror yro6e0repq rpopd rdro on6 roug npoBotreig rnq 6qpoor6qroq.O moupog6pog r(l)v BRICS e[vor qovorr6g ono66q r4q Mdv-Toeorep l-rouvdrew, trlq opddog rov nor6Lrtirv rou 1p6vtov,rqq onoloq or neproo6repoL ldvor ono6o( e(vor AoL6reg. Aw1-ouXog elon[og rqg 6rpq[r1q rou yp6ouq, 11 e(unr1perr1o4 rouonofou onoppog6 ro o0vo].o rolv Letroupyrrciv Kep66v rnqopd6og, o T(tp O'Nrtr ro p6(et ;ra r4v opeprovtKi orroydverol-KI6tEep, rbrofirirprq rov "Red Devils". fro vo rrlv eqoyopdoer,oumrjvet 6vo rovodproroup on6 1p4polm6g, perol0 rovono(<dv xqr noL0 rw5(or peyrmdveg. ndeoq yro rov oelnrroU6,6rivo1-r4 ror lpqgo: owd alvot or<prftoq ro ouoromd nou Xperd-(owor yro vo SXeL 11 rmoplo Foq Uey6 n n6poon qro MME.

Ilpoxerp6vou vo onorr{oouv ro x6ogrlgo r4g oyy},rrr1qnp6ptep AryK, ot FxMr(ep dlouv Xpeor0e( p6Xpr rov trorp6. Ftovo rovtooouv ro rope(o, npoX<oporiv orrlv 6r6ooq ev6g opotr6-you rov lovoudpro rou 2010. Ie roqfdt rou qrnv K(vo, o T(rgO'Nt.l' Kcnoyydl eL 6496oro 14 ouvoL\oyq nou ro6o6rlyq0qre

174 / HTPANEZA

on6 Urq rpdneEo-oriUpou^o rnq quepKovrKrlq orKoy6veroq. Au-rn 6ptoq 6ev e(vor 6Lf,r1 on6 r4v Goldman Sachs, 11 onoiq nq-porotre(rov pdvr4 rqg vo no[[et oe log4l,orig t6voug! Awo( ei-vor or xiv6uvor r<or or oordOprpor nopdyowag rrlg douAerog ev6genLreqol\4q orrovogotr6you pdoo oe dvc ro(dvL o0yrpouoqgou;rgep6wulv.

Orov lexiv4oov rrlv ror6rcrr1o4 rou r6opou, odrlyori;revor on6peyohogov(o, oM6 xot on6 rqv mov6r4rd roug vo oogpo(vo-wor ng 0enr6q ouyrup[eg, 6xovov en[Oeo4 oe gro v6o Xrirpo-rlner-po. l-ro vo enmiXouv orn qofyKlq ow4 rov enrlerprloetov, 60onopdyoweq e(vor onopoirqror: 11 o<oon] onyg{ ror rup(oq otKcrrd^ n^or o0g;ro1or. Ere( ndpo, oqv nptir4v EIIA, rep6[(erexe(voq nou enev6 er orrg roMg oX6oerq Ue ro Kpspl(vo Koro onofog pnope[ vo rweirqr oe 6vo nolnrr6, vopu<d ror )\oyt-orrx6 ntro(oro pe omo€elg rov6veg. EnrXerprloerg ror notrnucie[vor qI nl6vbrro. Or neptoo6repor o]rrydpXeg rore(Xov xu-

Bepvryx6g 06oerg or4 6erqer(o rou '90, evdr ot notrtmo( t00-voweg dXouv ouyyd dpeoc oullg6powo mq prey6leg erorpe(eg,

lpqoLpronorcirwog rdnorouq org ov6pe(retro f ouorrlvowoq erot-pe(eg-gowdolrmo. 'On<og

ro 6e(yger ror 4 e(ogduoq rou ne-rpehoiroU y[yowo loukos, ro Kpep],(vo lerpoytiry4oa ptogrlXd-

vouq xor rpone(ireg.Er rtov npoygcrov, ro e0Opouoro oxo66prlpo nou npofl)r-

ee, ro 1992, on6 ro ouwplpproqg "oworpcrop(og noodlv rrovProordrv" 6ro0dret our6 oxprp6q nou yper6(eror n GoldmanSachs. Torpopep6 6uvogrr6 ov6mu(r1q, ot euxop(eq nou npo-ogdpowov on6 ro no(dpr r<ov rdt<omonor{oe<ov r4g enopiql-6lrol oro p6oorqq 6eroeriog rou '90, ot unonprlg6veq oE Ue-yolo po6p6 lprlprmrorrlpror6g o((eq Kqr ro elnr6oe6po enrxeF


pnUCntK6 xJ\(go 6ev gnopo0v nop6 vo npooetrxfoouv rqv Tpo-ne(o. IupB6l,oro xor ovo06oerq y[vowor owre[pevo 6tonpqy-

trrmefoetov rjoulo ror oro xpugd, x6rt nou rotptd(et oe pto erot-pe(o q ono(o roMepye[ 14 puortr6rqro. 'Ooo yro rov p<oor6

T0no, gopmorrnv eqouolo. :ro perol0, o otxovotrrotr6yoq oropr4g erotpefog, o TqrU O'Nd, entvoel rqv 6woto rov BRlCs, Ue-ro{ri rov ono(<ov 4 norp(6o tou Meydltou fl6rpou xtrr6let oq-powrni 06oq, or6go ror ov 6ev np6retrot oxptBtlg yro ovepX6-prav4 60vogr1. T6troq, ro nerp6troto, rupiopXrl 6poornpt6Tnrqorrl Pcoo(o ror Boorx6g po1tr6q ovdmu[qq, 6ev pnopefnopd vo

eqdqrer ro ev6roe6pov ev6g opyovtopo0 nou no(et 6vov onpo-wrx6 p6tro orrq oyoponolh4o[eq rou evepyetoro0 ropeo.

fl<rrq vo e(4yrlooupa r6re rrlv drorcrrl gt-ryq qg tolup6repr;grpdne(oq orov nlqvnrn on6 rn Proofo; Kcnopplv, n GoldmanSachs, dXowoq orpoprp6vo dlo ro ev6lqqdpov rrlg orrlv K(vo,6Xooe ro roroprr6 6voty1to rot npoond8noe vo eqqr oOei g6llg

Uerq ro 2006. nofu6Tepo, q etotpe(o 4rov dtqroKnKn: onoKrd6vo ypocpelo exnpoocirrqonq to 1998, rnv enoU6vn rnq pootKnq

orrovoprrrlg rp(oqg, xot Uerd nderet oe poKpd nep[o6o Xetpe-p(oq v6pr<4q. Arolouee( Uro pootKri ouycnpxrlro 2006 Kqt, ornouvdXero, 11 d6ero yo rq o0orooq gtoq rpdne(og ouppfiox6v,nou 6teup0veror ro 2008. Tov i6to Xp6vo y[vatot n oYopd rnqe;rnoprxqg rponeEoq Tinkov, Xrop[g onou6o[o onoreMolroro.flporrrrd, ot geyd.\eg ouvoltroy6g roOodr;yoriwot on6 ro Aov-d(vo ror rq N6o Y6pxr1, yeyov6g nou npooxpo0et qrov rontx6eevKrou6.

Ar.rrrl q o;reprrovtr4 eotoorpdgeto ono0opp0vet rouq geyd-

trouq rrlq pooLr4g ou<ovopioq vo ou;rper6oXouv qrn 6te00uv-on rnq Goldman qrn M6o1o. Erefuq 6ev K(nog6pvet ^otfldv no-16 vo ouyrporqoer pLo 6uvorrl xot moOep4 opo6o. i\Mo epn6-

176 / H TPANEZA

6ro e[vor 6tr q Goldman nptrrroorore( orrlv enruXrlp6v4 enr0e-nrq e[oyopd on6 rr1 1oJ\upoupyio Lakshmi Mittal rnq Arcelor,ro 2006, ropn i(owog rnv on6nerpo t4g Severstal -rou eovr-ro0 rupioplou rou 16truBo pe rqv unoornptqn rou KpePr(vou-vo nol(er rov ]reux6 rm6rr1. H e(ouo[o oOe(roug o]uy6pXeg vonpoXoprloouv oe trrey6leg e[oyop6g oro e(<oreprr6, yro vo ev-6uvogriloouv rrlv enrpporl rqg Xdrpog. l-ro rov Bhowrglp flo0-rtv, rl ouyx6veuon Arcelor-Mitial nrov K6^qgoq. O np6qv ou-woypcrrdpXqq qg KGB e(vot er6trqrLr6q.

Alhd 4 gr.l,ovrrlo Ue ro KpeUI[vo 0o o[uvOal 6rov or ovo-Iurdq rnq Goldman Sachs qvqKow<irvouv nep[rpovo rov Mdiorou 2008 6Tt n ptootKrl oyopd 0o ovdper rm6 20% gdoq orouqen6gevouq o116 gfveg. 'Opoq, ro16 tqv nepio6o our4 oup-po(ver ro ow(0ero: o XprllorrornpLox6g 6e(rr4q RTS r4g M6-oXog r<6ver pourrd xotd 80"/o... Bad luck. Fro vo rep6(oer Trgewun<iroerg, 4 Goldman Sachs ororXrlgot((er mov'Otreyr Nre-prndoxo, rov rodpo rou otrougwiou, np6e6po rrlg erope(oqRusAl. O ntrouor6rcpog dvoponog rqg Proo(og e(vor 0epg6qunoor4prrcn]g rou Blqwrgip floww. flpdrrlv 6eu0uvrrlq ev6q

Xumpiou rnq :tB4p(og ror nptbrlv Xp4gonor4q, 6Xer ouveror-prcre( orov rhd6o rou or\ouprv[ou Ue rouq nro entgove(g ol,r-y6pxeq rou Aov6(vou, rov P6pov Apnp6poprrq, rov 'EouyKev

Ipiwlep xor rov Birrop Bdroehgnepyr, gro ev6rogdpouoo 6u-vqlnj ndrorelo.

H rpdne(o un6oXeror orov Nreprndor<o orr, 1dp4 oro 6ircruoenppotjg t4g orqv Ou6oryrrov, 0o rov rdver enr0ugrp6 or4vAUeprKri. npdyporr, ro FBI onoppimet ouorrlpomd ng orrl-oetg rou yro pi(o ero66ou . Tov l.Irspm6oro rov qrolouOe( q grl-pr1 6rL eiXe epnhoxe( orov dypro n6)te;ro yro rov d\ey1o rouotroupw(ou orrl 6eKoer[o rou '90, perd qv rordppeuo4 rrlg lo-


pterxnq 'Evoonq. Thore 6pog 6ev y(veror. flopd nq nr6oergrqq Goldman Sachs qrnv KUB6pvnon Mnoug, o Mreprn6oro no-pop6ver persona non grata arrq HvoJudveq nolre(eq. 'EEq^ oq,o enrxerpnUariqq Xop(Eer noroyo6drg on6 rov roLvoripyro rouo0gproXo.

'Enero on6 rdoeq onoyorpe0oerg, 4 rpdne(o rpdyyer vo xpu-

erei Kot Xprloqonore[ ouxvd nq un4peoleg eyXcirprov enevdu-rLxtirv rpone(<irv nou dXouv notr0 xotrweprl np6opoorl or1 ogoi-po rng eqouo(qq. H Ptrroio, ro onorgL6ogoro rrlq ono(qq irqvreLrro onoyorpaulKd, nopopdver pdxpr oqpepo pro Xop6v4un60eo4. Iuppo(vouv owo KCU orrq Kolfrepeq orKoy6ve€q.

H eyxmdorooq ornv lv6[o [exMloe 6et^6 pe rn UeooLdpnonev6g r6urlnro0 XpngmroT4proxori ouftou, rou Kotak Mahindra,orov onoio n rp6ne(o e{e oupperopl. Err6g on6 nq nqpq6o-orox6g dpoorrlpt6rqreg ptog enev6wrrqq rp6ne(oq Kor rn pe-one(o, 11 Goldman eor[ooe oe 6vo enrXerprlgortK6 Kee6loro,ouverorpr(6gev4 pe orroyeveroxdq enrXerprloerq, or ono(eq e[-vor 11 xtvr;rqprog 60vopq oro ovo6u6pevo ow6 68voq. Trlv drpoTnq noyKooprono(4o4q, or erorpe(eq our6q dxouv Kov6veq noueorouq lEyoFe qenepoopdvoug xor or onoior Boo[(owor oe 6e-opofq o(Uoroq, Xop[q vo ]€inouv or 6X6peg roL or npo6oo(eg.

nopdl nAq, o MnIqvKq6w evrpyonoo(ro 6frruo enpporlg.O 6roprop6q -orn 06o11rou 6roXerpror4 qq Goldman-rou po-

ol^rd rou X6IuBo, rou Aorop( Mtr6)r, 0o np6ner vo evroxroerr4v ovogev6pevq e[dn)\oon.

Av Kor rl Goldman Sachs e(vor nopotloo oq ppo(rfudvrrq oyo-pd on6 ro 1994 Kor Rpoofld0r1oe, lopfg enmuxfo, vo [6per e6-oq or4v ronx4 oyopd eqoyopd(owog noMorjg w6nrouq Xpn-

174 I HTPANEZA

porror6q, d6<ooe ouotomtr6 pdpog orrlv ovo6u6pev4 6rjvop4rrlv enoX4 r4g etrrgdvro4q r<ov BRlCs, ro 2001. H 6nFroupy(q,ro 2002, rnq Goldman Sachs do Brasil Banco Multiplo, prog rp6-ne(oq nou Myerqr noyx6otruo, pe Bdo4 r4gro Ido f1dotro, np6-ner vo xo),omer 19 rpul.o6o[(eg qq.

Kcnd 14 6r6prerorou uuXporj [1oMgou, or Hv<op6veg nofurdeqxor 4 Ioprermj 'Evoon notrepo0oov dypro yro r4v xuptopX(orou Tp(rou K6ogou, 6ntoq rov 6l,eyov r6re. Ko0<irg rl Uo0prl{nerpog e(vor 6peoo ouv6e6ep6w1 pe rg ovo6u6peveq olKovo-pbq, 16p4 orouq n6poug oe opurrd ror u6poyovdvOpoxeg, 11rpdne(o n{ye ror exe[, npoxetg6vou vo roro]dper r<o(pteq €5-oerq. H Nrynp(o, 4 N6no Agptrf Kor n AyK6l,o, nLoforeq oenpcineq ()\eq, qnorel.otv m6Xo, 6n<oq pepordrvouv r<or np6-o9oro YeYovorcr.

Tov Mdpno rou 2010 o Olouo6yrouv Ayr6vyro op(orqreunoupy6q Otxovopr(oq or4 vdo rupdpqorl rqg Nty4p(oq, un6rov np6e6po l-ro0wlqK Tq6voeov. O O)rouo6yrouv AyKdvyKoelvor gro xo],4 enog4: 6rr100uve pro unqpeoio nopoX4g oup-

Boul,clv oe enev6urrx6 xeg6troro rrlg Goldman Sachs Inter-national. >oorn 6ro[o0r1oq! Tov Mdro rou 2010 o T(ro Mnoou6-vr, drorKnrnq rnq Kewpmrlq Tpdne(og rng N6rLog Agprr4q on6ro 1999 6oq ro 2009, y(veror 6e0vrig oriprpoutroq r;q GoldmanSachs. Aur6g o np<irr1v unoupy6g Epyoo(og rou Ndl,oov Mo-w6)ro e(vqt noll6g yv6prprog r4q rp6ne(oq, oqv onoio efierovet r4v nporcnx{ rou perd ng onou6Sg rou oro flovenrqrn-

Uro TE6pr(roouv.Tov Mdto rou 2010 ndwo, 11 Global Witness roroyy6ller roug

deolrof g ov6peoo oqv opepLrovx4 nerpel,oir,ci eropsio CobaltInternational Energy Kor oe xdnoeq notrtrr6g npooronLr6r4req

11. O OIKO:TON BRICS / 179

rnq AyK6loq. Kcrro ro ley6pevo ounlq rrlq yvcr.ror{q pperovr-

r4q ;rq ruBepqrtxfq opydv<oor1g, n Cobalt epnrore0rnKe rnvergerdMeuorl vd<ov ronooporrrrv, nou qq nopoltipqoe 11 eOvt-rrl erope(o nerpelo(tov, oe 6rjo unepyotrdpouq noweA<irq oyvco-orouq - erorpe(eq-gowdopcno, 6uvrlrrKo( qno66Kreq 0nomtovnpogrloeto.rv. 'O;uog,

1 Goldman Sachs e[vor gdroXog r4g Cobaltxot oullper6Xer oro 6rorrqrx6 rqg ouUBo0l,to.

Koroxepportop6v4 eovtxo, 00go evd4gtxrlg 6rog0op6g,q unoooXdpto Agptxrl 60oxotro npoog6peror yto ouvoL\oydgrou r0nou exeivou nou rdver ouv4€tog q rpdne(o, 6noq, ytq nct-pdderyUo, crrlv Euptinrl. Mnope[ 6pog vo nepngove0erot 6rtopydvooe trr(o on6lg ondveq olryX<ove6oetq-e[cyopdg oqv xtr(-poxo qq go0pqq rlne(pou. Aitrd roL oe or"rq rqv neplmolo4, otr10xo( rov6veg egopg6oqrov pe notr6 eupO nve0go.

Ko).tirq op[oore mo Opnoudor, ro np<irro opule(o Xpuoo0mnv l-r6vo. E[vor 4.30 ro npo(. To poy6vr xoreBo(ver ge tolti-qro p6oo orrl ottomi ror cro oxoro6r, perog6powog nevfwonep(nou gerolJ\opriXoug, trre ro np6oono ox6gr1 np4opdvoon6 rov 0nvo. To roqi6r oro dyxoro r4g y4q, nou rpor6 pept-

rd Mmd, go[veror crre]\e(oro xor orolror6 oro an(na6o - 1 600.Me dvo pnourd.l.L vep6 mo 16pt, rpoprirwog gn6req, ydwro rorrpdvog, ndwo otorqtro( trrdoo orrg neword0opaq rp6ppeg roug,ot petol,\top01ot npoXtopo0v oa oerpdq pdoo orov trop0pw0or<ov o1.ru6pd g<ololrdvolv orodrv, nou 6tro rot meve0ouv, rqtno(pvouv nq 06oerg rouq. Avo rperq, yovorrogdvor 11 ro0ro96-vor rovovu<o, 96oo oe orlpoyyeg 0goug ev6g perpou, ot dwpagrpuno0v rov ppdxo rou Xoi,o((o nou nepr6let ro rirptvo gd-

roltro. Or x0xj\or on6 rtg trdtrrneg nou 61ouv oro p6ton6 roug6ronepvorivro oro166r, 6noq ot npopole(g orLg nofu5g oonp6-goupeq rorv(eq.

180 / H TPANEZA

To rofroolro ow6, 6ror6oto Xttrr6perpo Bopero6urrrd r4qnproreJouooq, r4q Arpo, urqp(e yro xorp5 ro Boorx6 neprou-otox6 ororle(o rqq Ashanti GoldJields Company, nou r6pU0nKrsro Aov6(vo ro 1897. Tnv enox{ erefuq 4 Xpuori AKni (GoldCoast) rlrqv, Uo(( ge 14 Nono Agpmi, ro Xpuo<opuXeio rnq ppe-

rovxqg oworpcnopiog. Me qv rmdppeuoq t4g onoxroKpo-riog orq 6eroerio rou '60, ror nop6 14 6[vr1 nou 6rpepov or 610-Knpfqerq oveqoprno(og, 4 np64v onoxror4 etotpe(o ov0e(. To1986 o np6roq Agprov6g or4 6ref0uvoq prog erorpe(oq opu-

Xeiov rqq rlne(pou, o lop T(6vo, no[pver ro rLg6vr rqq Ashanti.Adro X.p6vro opy6repo o r6uorLronor4g6vog 6pd\oq efuor er-o4yp6vog mo Xpqgonmripro r4g N6og Y6prqq.

KoOtilg 6XeLndrler vo Oetopelror o(youp4 o[(o, 06gorr1g uno-

XcOpqoqqrou ntrqeoprogo0 nou 6Ev qnenel nMov notr0 r<6opo,xor roOtbq e(vor nrq p6vo gro ontrr] npcinrl 0)rq nou un6renormov ronew<orx6 v6po r4g npoorpopdg xor r4g firr1oqg, ro no-trfrtgo gerol,\o 6l.o ror rorporul,6. Or xep6oor6nor r4g N6ogY6pKng 6ev e[vor or g6vor nou dXouv drontor<iroer 6rr n ldpq,nrou rkpwou perdLl,ou 6Xet nro Oopndroer. Or rewptr6g tp6ne-(eg l6pouv rot ereiveq on6 unoloyrol.ro0g. 'Eror, qn6 ro 1996

legoprcirvowor ercnowd6eg r6voug Xpuoori. Irtg 7 Mofou 1999

n TpdfleEo rnq Ayyl(oq ovorowcirver tqv np60eorl r4g vo npo-

X<op{oet qrq6roKd oe ntotr4oetq dvo rou groori trov ono0egd-rov rrlg oe Xpuod. H rrgr] rou Xpuoof powd mo 260 Ue 270 60-tr6pro 11 ouyr<t6. fro rnv Ashanti, nou owtperorni(ar rcpdoneqorrovopLr6g 6uoxotr(eq, e(vor 4 Xopronr{ polr].

Av ror o 1puo6g e(voL xdl dyvtooro yro rouq gerotri,rrlpri-

Xouq rou Opnoudor, nou 6ev l6pouv ge n FordEer Uro pdB6oqroOopo0 1puoo0, 6ev ougpo(ver ro i6ro ror pe rrlv GoldmanSachs. O A6rw Mnlovxg5w lerlvrloe r4v ropdpo rou rog no-


L4r4g XpuooJ oqv J. Aron, nou rrlv onopp6grloe opy6repo q

rpdneEo. To 6e(irou Xdpr, o Pov Mndtep, elvor 6oo9 or4v ro-rooxeurl yprlpmoorrovotrrLrdrv npoi6wtov nou 6(vouv rr1 6uvo-r6qro orrq erotpeleq npdrtov u)r<irv vo npoorcrre6owoL on6rqv ocr60ero rov rtgdrv. EntnMov, ldpq orrlv e[oLpertxrl opd-6q rou Aov6(vou mov xi\d6o rtov opurcrdrv, q etope(o g4p(e-

ror yro rqv enmupi owrperdrnroq rov 6foKolov Koroorooeov.A(vowoq Bdo4 mrg ovqouXqnx6g npopMqrttq rov 6pnet-

prov ovotrwcirv r4q, q rp6ne(o ne(oer rnv Ashanti 6rL 4 rtgrlrou

lpuoori €o ouve{oer vo n6qrer. H Goldman Sachs nou}.o qrov

neldTn rnq, nou r4g 6Xer egnrorooUvq, nop6yroyo npoi6wqowrmdOpuoqg rou rw6rivou, yto vonpomoretnel on6 gto mti-oq rtov rtpdrv. Iro rdro xcrr<o, yrmi 6Xr;

Tov OrrrirBpro 6prog rou 1999 opKfi6q rewptxdg rpdne-(eq noy6vouv rqv n6^non Tou 807" Kor nqponov(l) r(l)v ono-eep6rov notr0rrgou UerdMou noyxoog(tog. O g6poq ytq rqrorvrovtrd npoBl(poro nou 0o nporoLorjwov orrlv Agptx4ror mr1 Pcoo(o on6 ro xtrefotgo Un ono6orrK6v opuxe(ov ou-w6treoe oe ;reydJ\o Boep6 orr] Lnqrq outjq qg on69oor1g. OtTtpdg oveBo(vouv l,oLn6v on6rogo. H Ashanti, rl onoio, yro vontrqptiroet roug nrortordg rr1g, npdner vo oyop6oet ntr5ov rov

1puo6 notr0 oxprpd ;rdotrl rov nopoyciryrov, 61at ro goXolpt

orov )rorp6. Or 4gdpeg ournq rnq ove(6prr1rqg erotpelog ei-vur Fo r . P, tF. ,vo\ .

Iro Aov6(vo, oro Todprepxqou< 19, 6vq un6poxo veoKlootK6rr(pro, or r00vowrq rou vorroqgplrovxo0 y[yowo orov rv\q6ortov opula[ov ovqouXodv notrrj. H Anglocold, q arotpe(o nououyrewpdlver ro 6ro06o19o oe 1pu06 rnq Anglo, ontoOoXtirp4-oe or4 6e0rep4 e6on noyKooU[oq. Mnpooro 6rov owoy(DvFoU6 rou Kovodd ror r4g Aumpotr(og, o 6prtrog npdnet vo pe-

1A2 / HTPANEZA

yol6oer yro vo en$r6oer. Me rnv ewofui rnq Anglo American

n Goldman Sachs opX((eL nq eX0ponpo[(eq. 'Enemo on6 pto

ofropv4p6veurq Xp4porrm4prorrl Udxrl, n Anglocold Kqr nAshanti ev6vowor ro 2004, yto vo 6rlproupyrioouv ro o6rogFLovfr4to vofpepo 6vo rou xtrd6ou.

flpopriOereg on6 qyopqntrltrnoleq nopdytrlytov npoi6wtovror nopoXrl unqpeordrv oupBorjtrou: yro dMrl p(o gopd 4Goldman Sachs rep6[(er oe 6]ro ro ropdr6. Kor 6ev efuor g6vo

ow6. Tov Mdplo rou 2009 6vo rep6oorontx6 ragdtroro e{o-yopdEer -ndvro Ue rn ouUBouln rng Goldman Sachs-ro gepi-

610 rnq Anglo American ornv Anglocold-Ashanti. l-iveror o 6eti-repog g6to1og. O oyopocrfq e[vor notrr6q yvdrprpoq qq

Goldman Sachs: o T(ov fl6Loov. flp6retrot yro rov dveponoeloLr(og rou onoiou 6nproupynenrcro oK6v6olo rov CDO, ou-rcirv rov 0nomov drtrov qrnv ropdtd rrlg orovogxrlg rp(oqqrou 2008. To Kcn' enovdlnqrrl or6nqpo e(vor retrLr6 ooreipeu-rq gMPo x5p6oug.

12. H porip4 Aeur6po

;- to roug dploweq rnq Goldman Sachs e(vor -16oo 6ioKol,oI vq owrmo0o0v oe dvo "Xr0nnUo" 600 Kor oe dvov Kopxo-p(o vo pre(veL oouyr<ivrpoq pnpoord mo oi;ro. Awd ro Met oK6pt Krfuvyrep, enxegolqg rou rogreLnnpfou Washington Mutual(WaMu), o oflo[oq 6r6Koqre rtg olSoetg rou pe rqv rpone(o ro2007. Aev egnLme0opot nrq rnv Golby [Goldman Sachs] oro06pro rov qoxek.rv [rcov enrorpotrtirv 6ovekov]. .Ot r0not elvoL 6(u-nvor, oM6 ro vo xdverg 6outredg po([ roug elvot oov vo t<oLu-pn6q pe xopXopbq".

O K ,wyrep e(vot mevolopqg6voq. H Washington Mutual

4rov 6ptoq notrr6g netr6rr1q rrlg Goldman Sachs, 4 ono(o npd-6ooe rqv egntorooUv4 rou nou}itirwog rou nor6ro on6 ro{t-r<6 evun6€nro 6dvero. :ro nlo(oro rng onoMoyt]g on6'ro Xpe6-ypogo nou ouv6dowor pe orivrpo, 4 ono[o onogoo(qrrlxe rovAeK6UBpro rou 2006, n Erorpe(o qeeoprdrverot dtorpmLrdtougr(rl,oug WaMu, motlqgorf(owog orrlv ror6ppeuofl toug, evdrouv6Xr(e 6prog vo roug nou)td mouq neldteg rnq. Tov :e-m5pBpro rou 2008 11 Washington Mutual xotoppSet rot np6-ner vq e0vrronor4Oe(, nprv lovonoutr4Oe( oe oupBofurrl ttp-tt]ornv JP Morgan Chase. Evcil or p6roXot ro dxqoqv 610, n

1A4 / HTPANEZA

Goldman Sachs erodnpqqe yewo(o nood on6 rrq ouvotr \cy6qour6c.

Or xor4yopieg qur6q nepdxowor oro dyypogo nou 619o-oieuoe n enrrponrl dpeuvogrqg opepmovrr4q l-epouoroq. np6-reLTor yro rrlv (6ro enmpon4 nou orrq 27 Anp iou 2010 6nop-ve roro06oerq enl 6wer<o ouveX6peveg drpeq on6 rouq eKnpo-o<6noug rqg Goldman Sachs, geptro( on6 roug ono(oug ffovnpcirlv une00uvor rou rprlgorog evun604rov 6cve(tov ror touqonolouq ogopo0oqv or r.oXUptopoi yro 6rnpooon[o.

H un60eor; onoro.lJmer yro dMrl p(o cpop6 lg ouyr<porl-oerq oupgep6wrovnou e[vor o0ggweq Ue rn ]€roupy(o or-rrrlqr4g rpdne(og. doror xot ov q piplog r4g 6(vet rdroirEpo B6poqorov oeBoop6 rov q0rrcirv rqv6vov. H enLrp6r4o4 6p<oq rovoyopon<o)\r1or<irv, lov onoiov ro mreJpo ouvlorotot ornv 6ooro 6uvcr6v yprlyop6rep4 npoypcrrono[4o4 rov ouvoMoyriv,nporeqr6vou 4 p[o vo oro)rou0e( rqv dl n, 6ev orprlver npdy-pon nepro<irpro yto dLl,eg or5gerq.

Met6 rnv eqoqdvroq rnq Washington Mutual, Tnq LehmanBrothers, Tnq Bear Stearns Kor rnq Countrywide, rootilg xor ge-td rtg o1lg ,ey6geveg e0vrronoqoerg r4q peyotrwepr;q oogo-trromfq rou x6ogou, r4g AlG, r<oL rrlg pperovrxrlq Royal Bankof Scotland, pro ep6r4o4 riOeror [erdOopo: florog ipov o p6-i,og rrlg Goldman Sachs oqv e(og6vroq f or4v e[ou6erdpo-orl T(t)v owoy(l)vror(i)v rnq;

H ouho(o o4rdrveror. 'EXer Xrunqoer xoL ro rpiro xou6orivr.

np6rq np6lq. Tnv flopooxeuf 12lerrregBpiou 2008 ro qr6-yeuUo, o A6rw Mrdrovrg6l np6net vo Bydter rivov )r6yo oroouv66pro :ul 6you AUeprKovdlv EOehowrilv, nou 6topyovtive-ror orn ouve6pror4 o(oouoo rou qevo6oxe(ou Hilton, orn N6o

12. H MAYPH AEYTEPA / 185

Y6pKn. O enKegolnq rnq Goldman Sachs 661eror gro xtrr1o4oro xrv4r6 rou on6 rov X6vpr l-16Loov, Tov unoupy6 Orovo;u-Kov, oLnonpoo6nog: "'Eho orrg d(r ro ondyeugo oro ypqge(ornq Fed. H Bpo6rd eo rpoBnqer',. O orrovoprr6g r6oprog eivorpdpoto 6vo Ueydlo Ko(dvr 6nou oLyoBpd(ouv 6ro66oetg, nr6-oerq Kor Kornyopieg. Irlpepo, 6;rolq. mo eocoreptx6 rrr.rv owo-rporopr6v nou xtru6tov((owor 4 Oepporpooio qn6 rov ovo-ppoolr6 rov oyoprirv oveBo(vet oro 0qrn. Kor 6tro oLrr6, un6 ro

Bl,Sppo rcov MME. Tr e(vor our6 nou enrlped(er ro KIiUo; OrnpoebprK6q eK^oy6q, nou €o yivouv oe fuy6tepo on6 6io p4-veq Kor or ono(eq, 6noq n6wo, eq6rnouv ro nvef[cro. "Aur6ro rr1)iegtov4poro )riyo npw on6 ro :qpBoToKoprqKo e(vqr n6-wo ro16 o4p66r. Mer o nopotrrlrrrnq rnq K&onS.

H oiqKeq,n qeKrvd rel,rKd orrq ernd nopd rdrqpro, orn Ur-ydi.q o(0ouoo ouor5Qetov 14g Ogoonovdrorrlg Tpone(oq Ano-0eporrov rqg N5og Y6prr;q, orov nptiro 6pogo rou ypovrrdvrouKrtp(ou rnq A(pneprt :rprr 33, ornv Kop6rd rrlq Fou6tr Irptr.Kogrd erxooopro €pullr6q npoo<onrr6rrpeq rou opeptrovrxo0

Xpnuoronroror Ko0 Kld6ou rooowor 4 gio 6intro orqv 6}\"f.4p6qo oe poprd oroni. O unoupy6q OKovoUrK6v, o Xdvpr n6l.-oov, ror o Trg fr6r6vep, 6eu0uvrrlq rqq Ogoonovdrorrlg Tpo-ne(oq Ano0egdrorv rqq Ndoq Ydprrlq, npoe6pe0ouv mrg 60oKopuq6q rou nopotrInl6ypoUuou rponeEro0. "H LehmanBrothers XcerqEeror 14 ouv6pogri oqq. np6ner vq Bpeire gro tr0-on, yrari n KuB6pwlon 6ev np6Kerror vo oog po404oer. Efuor 6r-x{ oog eu00v4 ov n Lehman 0o anrBuiloer f 61t" 6n}.drvet r<qrn-yop4gmrd o n6loov pe rn ppolni 9<ow1 rou.

Or Xprlgoroyopdq e(vor dretcrrig U6Xpr rI Aewdpo, o.\,l'do Xp6voq nr6(er. Bptox6pev4 oe o66lo6o on6 flg roLoooro(egon6leeq oe enev60oerq enrogol6v 6ove[ov, n rdroprn ope-

186 / H TPANEZA

prKo\nKi enavburflq rpdneEo 6ev gnope( vq owlfoer Kegd^orq.To np<oi rrlq l-lopooxeu4g 11 rordoroorl yro rr1 Lehman Xetpo-r6peue drpo ge r4v tipo. H JP Morgan Chase, poou<6q 6roge-oo)ropr;qg rtov ouvoLl,oyriv r1g Lehman, ndyrooe on6 ro ge-orlp6pr ro ro;.teLord 6ro0riorgo nou ovrixov or1 Lehman Kot roono(o rcneiXe oq eyy0qoq ev6g p6poug rrrrv 6ove(ov nou Xo-pnyiOqrov oqv xLovrogdwl rpdne(o. To 5trl,eqrgo 6ywe opuo-ooi6o Ue ro enlor1po x],eior1-ro rou Xprlpmrorqpiou rqg N6ogY6prqg, mLg 5 ro on6yeugo.

H Oudoryrcrov onoxleh rrlv nep(moo4 6L6orrro4g on6 ro rpd-tog. Tqv npoqyofpevn ep6oU66q o ufloupy6g Oxovolrx<irv dnpe-ne vo ouwpdler rouq 60o yfuovreg r4g olrepu<ovu<r1g oyopdq me-yoonxdrv 6oveitov, r4 Freddie Mac Kor rq Fannie Mae. Aev riOa-rot 06po yro gLo penoupnhxovtrrl ruBdpvrloq vo ro enovoldpel

O n6rw Mr ovKedw pp[oxerot oe orrelo nepgdMov. O f16],-oov, rprdwo 60o Xp6vro or4v Goldman Sachs, rqq onoiog gd-tuoro urqp[e np6e6poq on6 ro 1998 6oq ro 2006, e(vor o gd-wopoq rou roL o Trg FKdrbvap pto nofud yvtoptgio. Avdgeoomo Oqp(o owd qg qo'jyKl.oq rnq fou6l :rprr, nou eivor go-(ep6vo oe ouq r4v roneru] of€ouoo, pnopofpe vo 6o0ge xoroprero0g np64v 14q Goldman Sachs, nou eEqKoIoueo0v vo6Xouv pey6.\4 enpporl.

Aurn n rponeqKn o6el,96rrpo nou 64groupyq04re 6Xr orod6povo rtrrv novemorrlpi<rlv, oMd mrg pey6leq xprlpcraoqproregovogerpfoerg, 6rcrqpe( orpopernr<eq oX6oerg, nopdro 6r1p6ooUoxorp6porq ror ro 6oBeoro p(o4. Or nep(epyeg undplerq ou-ro0 rou Oqprorpoge(ou gord(ouv: goNtorpmeg, oegm6g, on6-ropor, euOelq rot o0up6oropor. H mgdogorpo alpha male (otyu-vo(reg efuor erel g6vo yro vo oepp(pow rov xog5 ri vo 6(vouv roprlv0pmo) 6ev e(vor np6ogoprlyto opOotroyrrdq onogdoerg.

12. H MAYPH AEYTEPA i 187

Aeweprl npdqn. M(q 6tdoqg4 eropeio yro no0^npo, 600 6u-vqtrro( oyopoor6q -n Barclays ror 4 Bank oJ America- Kqr r]unoonipt(4 rtov opXrirv: oro 1oprr6, q enLle(pqoq brdoooqqrrlq Lehman [exivrloe KqId. AI 6le(nouv 60o pootrd orotXe(o:o Xp6voq ror q rd\r1 06trr1o4 6o<ov epnMrowor.

H Lehman e(vor q reAewo(o 5woro rou A6tw Mntrovrgdw.Or oxovogrr6g ouvSneteq rqq lpeoroniog rrlg 0o rlrov yroexelvov oo4trroweg. Or otrovopo)\6yor rou, or ono(or Oeopo0-wor ot xd\0repor rrlg oyopdg, rov 6ropeBorovouv 6rr o ou-or4prr6g r(v6uvog proq rdroroq Xpeor<on(oq 0o rjrov nepropr-olrdvoq. T6trog, o Mdrovrgriw Ougaror rr1 6uo6peorrl rnleqo-vtxq ouvo1.utrfo pe rov NflK OoAw, enrKegotrnq rrlq LehmanBrothers, nou rov eiXe rotr6oer rov lo0^to rou 2008 nup Kqr Uo-vio evow(ov tou:

-A6tw, pou tr6ve 6rr q en(0eo1 rov repdooronrx6v rego-i,oi<ov xo0o6r1ye(rot ond rrlv Goldman Sachs.

- Nlr. 6ev (6p<l rlnore, r1pdp4oe.-W6garq! E66 ror xorp6 nupo6ore(re r4v en(Oeoq owdrv

r<ov oXpel<ov nou piyyouv rrlv rtp{ ;rou oro Xp4gmrorrlpro.O Ootrw xlefuer ro orouomd mo potrrporou npoS6pou rot

yevrKo0 6€u0uvrn, ogo0 tov 6Bproe xovovrxd. Trg rlgdpeg nounpo4ynoqrov rqq Kpionq rnq Lehman Brothers, o n6^oov (n-rrloe on6 rqv Goldman Sachs vo pon0ioer rnv erorpe(o, noupoULroEe. A .)\.6 o ltrlK OoIw opwleqre vo ovo(fer to BtBlio FeTouq loyoproqpo0g rou orov owoytovrqni rou.

Ir4 A(pnepn Irpr 33 n o0oKeqrn ouveX(eror. Kord rq 6Lop-Kero rnq Bpobrdq o n6loov onocpoo((ar vo ltop(oer roug rpo-ne([reg oe rpetg op66eq. O enrregotr4g rrlg Goldman Sachsgpow[(er vo nder ge rrlv op66o nou ovotrogp6ver vo ercng{oerro rofrrd 6ro06oruo rnq Lehman. E(vot xtrooxrl 11 rorrtrrl r4g

188 / H TPANEZA

cropeiqq 6rov np6rerot yto r4v oxovopm4 or4prl4 eropeurivnou Bp(orowor oe 60oro111 0dor1. Me rrlv np69oor1 6n rouqnop6xer Boiesro, r; erope(o 6ei;yer or4v oppl 5n od^er vq qyo-pdoeL oe 1og4)rrj rqf drhoug rov ono(ov 4 rq.q 51er KorpqKU-)rr1oer. H eleroo4 rov )royoproopdrv n]g 6[veL, ev to grro(0, rr16uvm6rrpo vo opndlet neh6reg.

Ereivo ro ppd6u nof(owor noMd nor)y[6ro orlv Ogoonov-6rorq Tpdne(o Ano0elrdr<ov rrlq N6qq Y6pKnq. H rp6n4o MerrillLynch efvor en[o4g oe 6uo1ep4 05oq. O unoupy6q Omovogr-r<irv rrlv noporpriver vo 6p0er oe enqgi Ue rnv Bank of Americayro rqv npoomx4 ouyXrilveuorlq. H un60eor; rtrslver ge on6-trtrrq puom6rpo, rqv KupLorn 14 Iemegppiou 2008, ro Ue-onlrdpr. :e ereiv4 rr1 9dor1, )rorn6v, Ko06q n Bank of America

frov noh0 onooXol4g6vq, 6ev 6peve nopd pio unogigro yrovo o<ioer TI| Lehman: 4 Bperovx4 Barclays. 'Orov q rupdpv4-o4 rou Aov6[vou opvefuot vo y[ver eyyu4rrlg otrtrlg qg oyopdq,ro npdygoro e(Xov ndper rov 6p6po rouq.

'Orov ent6(ore rqv 6vtoo4 r4g Merrill Lynch ge rrlv Bank ofAmerica, o ll6troov efie ouver6rlronor{oer 611 69r1ve rqv r0p1rnq Lehman oro 16pto r4g "dnLor4g Atrprcirvog"; M4nog prdoorou f(epe 6rr o op6)roy6g rou, o unoupy6g OLrovoprr<irv rqqBperoviog iUuorep Nrdpfuvyr, 6ev enp6rero vo 6eXre( vo "er-ooy6yeL rov opepLrovx6 ropr(vo" oro Hv<ogdvo Bool\eto, ro-16 rrlv drgpoorl rou retreurqiou; Aw6 eivor 6vo (4irr1go nou o(i(et vo reOe(, ro0drg yvrrlpi(oupe 6n o fl6l\oov, npdrrlv emego-Inq rnq Goldman Sachs, groorioe rov roropLr6 rrlg ow(notro,Tn Lehman.

Tpfun npdqn. "Aur6 {rov" 64},<iver o xdvpr n6loov uerd ro opFqm6 "6Xr" rou Aov6[vou. H Lehman ewdooeror oro xe<pd)\oto

12. H MAYPH AEYTEPA / I89

1 1 rou oueprKovrKo0 v6Uou yro nq moxef oetq. Tn AeLrr6po 15Iemegpp(ou, 57 Aem6 per6 ro peodvuXro, dtpo N6oq Y6pxqg,

4 m61euo4 e(vor eniorlgrl.E[ow\gevog on6 ro ouveX6lrevo {evtlXno, o A6tw Mn}rovr-

g6w enLorp6rper oro 6t4eptogd rou orn I6wpol nqpx l-ou6m.:Tnv e(oo6o pe rtg goppdpLveg nhoxeq, o eupop6q ro0 Xo-

poydrd r<drro qn6 ro roor6to tou. Ie )t'iyeg 6peg ol'6xtrr;poqo nlov4rrlg 0o SXer pdOet ro v5o. Kq06q oK6grtrql rnv qvoro-

popl rtov an6pev<ov rlpepcirv, o n6rw MnIovKgdw logvtxo t<u-pLe0erot on6 rp6;ro.

Irrlv Ou6oryrcrov, o T(opr( Mnoug eKgpd(et rnv "egntoro-o0vq rou onlv u<ov6rrpo owloroo4g ttov oyop<irv". O fl6]roovprtro yro dvo "uyr6g rpone(x6 oOorr1po".

O rcronowtol.t6g 6Uoq rnq Lehman Brothers npoKo}rei rovpeyotr0repo orrovogtr6 novrx6 noyroog(tog on6 t4v enopi qq

xp(or1q rou 1929. To lpqgmtcrrlpto oe 6)r,o tov K6qUo 6xouvnoper rrlv rorLo0oo t<ot 6ev Mve vo orotrronjoouv. To o0oqgondet vo erpoyef. Or rpone([reg nrore0ouv nog qpOe ro r5troqrou r6ogou. To oor efontrtbveror, 6e6otrr6vou 6l t<ove(q 6ev ne-p(;reve nop6;roro rcrroorpogq. K6tt owforotXo, oq foi (q, 0o

drov vo e[ogovr(6rov q Soci6te G6n6rale on6 14 gto ;t6po orrlvdl,l,r1. H ovcnopop'1 xot o novtr6q 6Xouv ontrtoOe( oe ol'6xlt4porov 16o1ro. H ouhofo nSgret.

To <p0tv6ntopo rou 2009, oe 6vo roqi6t rou mlv Opovr-goriprq, o n6rw MnlovKgdtv 0o owtrpo0ost rqv dnoqrn 6rtq mtiloq tou owoy<rrvrorq rou ppforetot or4 p(o rqg xptorlg.O Xprlporror{g ercrrpd 6rt q ogeptxovtr4 ruB5pv4or1, ov efieodroer rr1 Lehman, 6o Bpror6rov opyd 4 yprlyopo owtgdron4pe rdnoro 6ltrr1 rpdne(o nou 0q rw6fveue. "Oq Unopo0oe vq

4rov x6noro noh0 UeyolLnepn xot ot ouvdneeg, ov 6tv rn qrn-

190 / H TPANEZA

pt(e, flolti ooBop6repeq". Merogpd(ouue: Kol{irepo nou eu-ordorlre q Lehman, ror pdiloro Xopiq ro0uorep4oetg!

11o((owoq ow6 ro 6tnl6 norlglbr, 11 Goldman Sachs 6uoX6po-ve q g6oq anrlerpf oeov nou 4rov nel,6reg rrlg r<or pp(oKowov

oe r[v6uvo. Trg 6Xooe dtrl.rome or6po po0wepo, owl vq rtq

Bydher on6 14 6rjoKoln e6on, 6n<og efuoL rot o p6)roq qq rp6-neqoq-ouppori^ou. 'Eor(l) Kor ov n aropeio 6noL[e p6)ro oq 6t6-oooq r4q AlG, 6ev np6net vq Eqgdge 6rt ouv6Boi,e qrn Xpeo-ron(o rqq ror onor6proe orlpowxd o96l,4 on6 r4v otKovoptKnpo4€ero rou opepu<ovo0 rpopoLoyoupevou.

To ei6oge ornv Kpio4 rqg EM66oq rot rou eup6, Koe6q KCltor4v un60eo1 Abacus, 6Tt 11 Goldman Sachs 6ev K6vet rlnorero nopdvogo -yrmivo gneL oe r5totov r6no; lnp<rtypdvrl 6ptogon6 rrlv odr4or[o -rot q M[q qur{ xo06l,ou 6ev efvot Boptd-ror rrlv olo(ovefo qg, napvd rrlv r(rpwq ypol.t1.tti pe drogpt6Kop6rd. Or XpnUqrrordg rrlq crrg o(€ouoeq rov Xpngcrroyop6vsivor no(Kreq or ono(or ovorcrrefouv ouveX<ig rqv tpdnou)ronou rpo'roriv oro l6proroug, ovo(4rdrwog rov ouv6uoolr6 nou0o roug rpSpet ro r(orn6r.

H Goldman Sachs 6Enoe yrq rop6 rtg ouveX6peveg enttu-

X(eg qq 6rnpoorr;nfog. 'Onog rot orouq fletpordq r4q KapaliBt-

xfq, 4 nlor4 trr6ver ndwo oroOep4: 4 (toq eivot oytilvoq!Ot nolepoXope(g ouroi, nou 6ev 6tqtd(ouv vo Xrurqoouv 16-

r<o on6 rr1 96o4, nrore0ouv n<oq e(vor roupodpot rot 6xt nepo-r6q. Iqv npcypmLr6r4ro, roX0et ro owiOeto. An6 14 g(o nlteu-pd, orrlv urqpeo(orou ndtcrq qg, 1 Goldman Sachs voul.drvetro ropdpr, ye;ri(er to olrndpto, npootroppdvet to drqpo1lo, Xpn-ucno6ore( ro roq[6r. An6 rrlv dM4, peoonStroyo, ot 6xo( r4q net-pcrr6q enniOewor oro (610 ow6 ntro(o, To KcnqKl6pouv Kot ro

12, H I\,IAYPH AEYTEPA / 191

BuO(ouv. To vou6yro rrlq Bear Stearns e(vot 1.uo ond6e(r1 our4gqq 6tnpooton(oq rou lovof nou loporrqp[(er r4v erotpefo.

Tov M6pno rou 2007 n rpdne(o npoooe( 6vo XpnuqrooFrovo1.ux6 npoi6v nou ornp((srqr oe enrogotrrl oreyomrx6 66-veto. 'Evoq on6 rouq peyd^oug netrdreg rqq, rl Bear Stearns,oyopo(eL ro dvo rplro. Al]d Svov 1-rqvo opy6repo, enxolo0-

Uevn rnv on6rotrrq mtiroq r1g ogaprovtr{q oyopog orwqrov,

n Goldman npoerdonoe( rouq neAdreq r4g 6tt 0o dxouv ev6e-

lopdv<oq np6Bl,4po pe 66o oprorBo(o regdtroto rr1q... BearStearns er6Keug6vo oro evundoqxo 6dvero. H npoet6onofioqouq 6qproupye( entnMov rordntrq(r1, l.6ytrl rou 6rt 11 GoldmanSachs elvot uneri0uv4 yro 14 6roXe(proq rcov 6rio cwdrv rego-l,o(alv. Awd unoXpecirvowot vo ovqOecoprioouv rov npounol.o-yrop6 rouq, yeyov6q nou rdver roug enevdw6q vo to Bdtouvqrq n66rq ror o64yei mo xtrelorp6 rouq rqv ovotqr] rou 2008.

H Bear Stearns pno[vet r6re r<ot ourrl, pe rq oerpo qq, orom6Xompo rrov rep6oox6nov. Afyo npLv on6 14 Xpeoron(o,rov Mdro rou 2007, n XpnUorrornpror<ti etotpe(o e[oyopd(etot(yro puo pnourrd rf-r(l)U0 on6 Tnv JP Morgan, Ue rn Bonoero rouogoonovdroro0 rpdrouq. H Goldman Sachs K6p6roe oe dho roropntr6. H peroB(Boo4 ,,roErriirv" {ttrtov Tnq Bear Stearns rrlqon66oqe preydlo r6p6og xot onotrtrdX0qre on6 dvov owoytlt-vtorn no).rj 6poorrlpro orrq ouvol qy6q peotre[og rov enev-6wrxdrv xagotro(rov, nou ro 6Xerrdrpo rord rdnotovrp6no ono-x.Lerorrr6mro.

H Goldman Sachs Odher vo nrorefer noq eivot xoupoopoq,ro0<og Bor1Od ro rpdr4 4 ng rontr6g rotvtov(eq vo Xp4goro6o-nioouv ro xp64 roug. Iqv npoyl.totu<6t4ro, 6ptoq, elvot net-pqrng. Aq ndpoupe ro nopdderygo rou Nrou TEdpoel, KUPep-vrirqq rou ono(ou 6ev e(vor dMog on6 rov TEov K6pr(w, o onolog

192 I H TPANEZA

6r460uver4v Goldman Sachs on6 ro 1994 6oqro 1999. H sroFpeio elvqr, puord, o Boox6q rpone(ir4q or-rqg rqg no)we(oqnou ouvopeUer ge 14 Ndo Y6px4 ror 6Lolerp((eror ro Xpdog t4q.To 2008 n rpdne(o ouvrord moug n meq .rnq vo l,6Bouv toUd-rpq rouq yrq pro ev6eX6gav4 nofoq ntr4p<opdrv - 61r g6vooro Nrou TE6poel, ql d xor oe dMeg opepLrovrx6q nolfteieg.Evepydrwog oro 6vogo rou [6rou owori xpcnoug, n(oo on6 r4vni 6111 rou ro i6puuo ro 6uoenuei!

H nep(mrrlo4 rnq oogolrorrKng AIG onorundrver or6po ro-l,0rcpo rrq p6vrpeg ouyxpoOoerg oupgep6w<ov. To vo0gepo6vo r(l)v qUEprKovrr<iv oogol.rortxcirv, nou 61er 1 16.000 epyq-(opdvoug oe 130 Xdrpeq, 61ooe ro 607" rnq oq(qq rou pdoo oep[o rot povo6rx4 nu6po, olq 16 :errreuppiou 2008, 96oo orrlpreydtr4 ovoropoXq. O ruBepvrirqg r4q nol,Lreiog rnq N6oqY6pKnq, o NrdrBrw flfrepoov, 6iver ror' e[o(peo4 rnv d6erooqv oogol,rortrf vo ow)rrjoer regd.Loro on6 19 €uyorprxdgTnq, yro vq opeono6ioer Kor vo owrperon(oer rrq no),rj dpe-oeq Inqmp6eeoUeq oged,6g. Yn6 r4v n(eor1 rou unoupye[ouOtxovoprrt'v, n JP Morgan Chase ror n Goldman Sachs rrlqXopnyouv pro ev6rdpeo4 nior<ooq. Aev yivetor r(nore. O op-yqvrop6q Standard and Poor's KoreBd(er rnv oqrol\6y1oq nr-orolnmrKnq rrov6r4roq, BlSnowoq rn Ueydln rou dKeeonorrg oyopeq r(')v nro o0voer<ov nopdy<oy<ov npoi6wov. Aro-nrord)veror 6l n Xpngqro66Tnorl 96oo rou ene(yowoq epd-vou KoqriEer nolrl oxprBd.

H Kpion qurn oupnimer ge r4v ovoxo(v<oor1, on6 r4v GoldmanSachs, rov qnoreleopdr<rrvr4g rou rpirou rpqlqvou. l-lopd rrlvm6oq rou xoOopori rdp6ouq K&670yo ror 14 Bowrd rou xo-0opo0 rpone(xori npoi6wog, ro xarogdpver oXerrxd ro,ld. To


66wpo 6groq rptiper ro 66oo9: ;.uo Xpeoxon(or4q AIG 0o 4rovroroorpogrr4 yto r4v erorpe(o.

npdygcnr, n Goldman Sachs efuor 4 rpdne(o-o0ppoul,ogrr;g 6rmrrxr6 oogofuorrx{q. Kdpnoorq gop6q, o n6rw MnIovK-

96rv efie eletdoeL ro ev6eX6pevo vo onorrrloer tr;v AlG, npo-xerpdvou vo 6rogoponotqOoiv ror vo evroXu0o0vro i6to regd-Loro. Atid rd0e gopd 6rove n(oo, gnpom6 oqv on6xfuor1r<ov)royoproolr6v ror oro no)r0nAoxo rcrrooxe0oopo oro onolo ei

Xe eqefuX0e(nrq n oogduortxq erorpe[o trr5oo orqv xof poorouyryowtogori. O 0pulur6g yevr6g 6eu0uvrqg tr;q AlG, o M6prqFrpivpnepyx, o ono(og unoXpedr0rlra vo nqporrnOei ro 20056netro on6 nopdvopeg loyronxdq nporrrxdg, eivor en(or1g no-tu69 ndrcrrrlg r4q rpdne(oq. O Xpqpcrronrmtorrx6g xtr66og e[-vor nol0 ptrp6g. EldNtou, 4 Goldman Sachs errdtreoe dvo ;16-poq rov XpnUanornproK6v ewol6vrnq AIG Financial ProduclsCorp., qg Ouymprr{g pe ro otjv0rro KCU uqrnlo0 pioxou Xp4-poroorrovogrrd xorooreudoporo, nou e(vot eyroreorqg5vrloro nov6[vo. E[vor pdfuoro 6vog on6 rouq peyoJ\wepoug ne-)rfrreg r4q oe npoplOeeq on6 oyopono)rqo(eq.

flop6 rouq roXupotig oworig 6eo1rofg, 11 Goldman SachsororXq;.rdnoe, npdyporr, rord r4g AIG on6 ro 2007. Kpfuowoqovenoprelg ng eyyuqoatg (ro anroeo.lq evun6enKo 6dvero)nou roror604rov <oq ev5lupo r<ov lop4yo0pevov 6ove[ov, qrpdne(o 6ev orog6rqoe vo (rpd np6o0ereq ntrrlpogdg oe pe-rpqrd, nou entpoprivouv ro rope(o rnq. nopdMnlo, noi(er oroXpqgonor4pLo rm6 rqg AlG. Auorrlpoi ri 6roporrxoi, or ovo-Aw6g t4g geuirvouv ouor4gmrrd r4v onor(Unorl rnq. tnq 28Auyoforou 2008 Kdnoroq on6 oworjg xtrovi(er 6,n 6Xet ono-

;reiver on6 r4v epnroroo0wl r<ov oyopriv orrlv AlG, rKepdqo-wog ol.rgrBol[eg yro rnv mmtrnrrl r4q eepeyyu6rnro. H fou6l

194 / H TPANEZA

Irpn yvrop((et 6r n Goldman Sachs, og rp6ne(o-orippouloq,6Xet np6oBoo4 cro egnroreunrd 6e6op6vo r4g erorpeiog xotxuplrog oro e0poq r<ov ono],er6v r4q ndvo qro enroeolri 6d-vero. To np6BLrlpo e(vot 6n, rep6ooron<irwoq yro troyoproog6rrlg ror oe pdpog rou naldr4q r4g, owi vo g6ver ou66repn, nGoldman Sachs e(vqr oe 06o4 vo lerpoyrlrye( ng oyopdq. A6-y<o rou pdpoug r<oL r4q enrppo{q r4q, pnope( vo oropnd rrlvoUgrBolio.

:ro n^,q[oro ow6, oe peprrdq r1p6peg, o ]l0oBo]lop6q r4qAIG 0o (exwrloar. ALrq rn eopd 6U<oq 4 Goldman Sachs m6ve-ror oro (6ro r4g ro noLXy[6r. flpoB)i6nowog lq rmompogLr6qyto qv rpdne(o ouvdneteg rrlg Xpeoron[og rqq oogo]lorrr{q,or rep6oox6not Xrunorjv rcrrd pdr<ono Kor rnv Goldman. EnFnl.6ov, o Bperovrr6q erxoooprorrlg PricewaterhouseCoopersndy<ooe to enev6urrxd regd)roro nou efXe epnLoreure( mr1Lehman International pe 66poro Aov6['vo. flovrx6B]r.4to, to rep-6ooronrrd xegdtroto onoorjpouv go(r<d ro 6ro06oq.rd rouq noueiXov epnrorewe( oe dl ouq Xpnganoqproro0q npdrropeq, penp6r4 rrlv Goldman Sachs. H rp(o4 epnroroo0v4q enr6etvtirve-tot on6 cirpo oe drpo.

Av4ouXog yro rrlv onoroprl mdroq qg prropjg rou oro Xp4-pcmorrlpro, o A6Lw Mdrovr<gdw r<otre( errdrr<oq rov unoupy6Orovogu<rirv, rov X6vpt f16l,oov, oro rrun6 rou: "'Etreoq, XovK,r6ve rdrL".

lr4 96o4 ereiwl 51eL ro Xdpro rou 6e1r6vo. Ma to nou 6yweunoupy6q Orrovol.ur<<irv, yro vo Un 6t6oer ogopl.ni yLo enrrpGoatg evow(ov rqg "Kup6pvnorlq GoldmanD (n nopouo[q r6oovnp6rp tqg rpdn{oq pero[0 r<ov ougBo0],ov) , ufldypqqre Uro enForoful ge pdoq r4v ono[o rou onoyopeu6rov vo 61er mv onoro-64nore enogf ge rov npdr4v epyo66q rou. H qn6lurn uno-

12. H MAYPH AEYTEPA i ,I95

Kproiq! O n6loov oK6ereror 6rr n KprorU6rnrq rnq KotdorqonqoKup6ver rnv onqy6peuon ouri. Koe6q 66Xetot vo g rioetmov Mnl.ovxgdrv, nopoBtd(et ev yvdroet rou rtq 6eopetoetqrou. lrrg 17:ercrepBpiou 2008 o Mntrovxgdw xot o l16troov 0og ,rloouv ndwe gop6g...

O XovK n6troov Kqr o TrU TKdr6vep -o enxegduig rrlq Opo-onov6torfq Tpdne(qg Anoeegdrov rnq Ndqq Y6pKnq- oxe-6ro(ouvr6re pro ouv6vrqorl getov MnlqvKg6tvYto vo od)oouvrrlv AlG. Mto lpeoronlo rrlq ooeokonKnq erotpeiog 0o eiXeovunotr6yroreg ouv6neeg oqv oxovogtrf 6poor4pt6rnro. Avror orq o6oxerf4 our4 e(vot nop6weg Kqt dltrot rponeE(rsq,crrlv npoyporrr6rrpo ro ndwo y(vowqr KeKl€rop6vov rov eu-ptirv pero{0 rou unoupye(ou Orrovo;.lrdrv rot rrlq GoldmanSachs. Kor ere(, or ouyrpofostq oupeep6wov nollonlootd-(owoL. Mqnog vo opr(6rov rorvo0pyrog yevrr6g 6teu0uvr4gornv AIG; 'Evoq srev6g ouvepydr4q rou unoupyo0, o Kev l-oul\-oov (ror ow6q npt/:qv 14g Goldman Sachs!) ppioKer rnv rdl,eroI0on: rov Ew A[wt, npdrqv np6e6po ror yevrr6 6€ueuvrn rnqerorpe(oq Allstale. O o<oo169 dvOpronog. Kot entnMov, oupge-r6Xar toq ove(dprqroq 6Loletptm{g oto 6toxr5m6 ouppotitrtornq... Goldman Sachs. Efvor ovqn6qeurrrl 11 eOvtxonoinoq rnqAIG; Iro unoupyefo Oxovoprxrirv, o ffrov TE6oGp e[erd(et ro0dpro. E(vot nptlrlv erdrK6q oe edporo orrovol.ut<drv opyovtog<bvornv Goldman Sachs.

: q 17:errreUppfou 2008 ro Kpdroq onoKro ro 79% rou Ke-gotroiou rrlg AlG. H ouvol,l,oy4 y(verqt Ue rn Ueyolurepn pu-

orrr6rrlro. O l6yoq efvot 6tt o Frdt6vep ror o f16troov (eno0-)r4oov ro oupgdpowotou Arlpooiou, getorpdpowoq ndvo on660 6roeKoroUU0pro 6oh6pro oe dvo xovo6protoup orr<6 rpo-ne(<irv, yro vo 6<iroouv rq 6uvm6rrlro ornv qogoltortxq vo r4-

196 / H TPANEZA

pnoer rrq 6eope0oerq rnq ondvclwlrouq. H Goldman Sachs rqr

n Soci6t6 G6n6rale e(vor or Boorr6g 6rxororiXor. M6lrq d\euee-prilvowor ro Xprlgoro, 4 Goldman Sachs no(pvet, np6ygort, ro12,9 droeroroglrtipro 6o)r6pro nou rnq 6qeile n AlG. To np6-

Btr4po elvor 6rr q rp6neEo enoee],sftor ge dr4pq ono(41.rioor1( 1 00 oewq yrq 6vo 6ol6pro) , qwl vq engopuvee( Ue dvo pdpoqrr;g ontir)rerog, 6nrog y(veror ouwlOtoq oe ow6 ro ei6og r4g or-xovoprrrlg onipr[qq. :rnv npoypam6trpo, o opepmov6q go-pohoyo6pevoq do<ooe Urq erotpeiq oov rr1 AIG nou eiXe nro re-Leuiloer, xot per6 n Goldman Sachs 1o(i pe dMouq- 4p0e vondpet pap[6ro. H Ou6otyrrov nor6 6ev 66ooe enopKe(S eEnyn-oerq yf ow{ rrlvr6oo yewot66top4 on6gooq: vo ono(rlguiroerro (6pugo yro ro otlvol,o rtov oncol\erdrv rou .

Ko0drq gercnp6rqxe oe orrovoprn] X<rrpmepf , 11 Opoonov-6rorrl Tpdne(o rqq Ndoq Y6pKnq, o<pori 6dyr4re vo ndper o;geyy04o4 oprol.r6vo moLXe[o tou evepyrpu<o0 r<ov rponsE6v nounpoo6guyov oe Boq0eto, drpuBe yto 5lr g4veg ro orp$69 ne-preX6pevo rrlg 6rdoroo4q rqg AlG, oro 6vopo rrlg rep4q ove-

[opqo(og rqq. H qn6lum o6rogdveto.l-l<irg 6rrorohoye( 4 erope(o ro rp6goolro r<ov nrorriv rrlg ne-

trm6v; Ir4v npoypcrrx6qto, 6[dro oRg Aermdooeptq ApX6q,nou 61er 6rorqpriler 4 tpdne(o, undpler ror g(o 65ro14 n5pnrr1,ovenior;pq rot dypogl: or ouyrpo0oerq ouggep6wtov 6ev e[-vor ndwo xor t6oo ro169. 'Eror,

4 oougBor6qro perolf rpd-neEoq Kor neldTn, ow( vo Oeorpe(ror Kqro6xoor6o, owrgerco-n(eror 0enrd. E[voL dvberqn uyrotiq em0erx6rrpog, ov6pro1ro0.Aw( vo onog0youpe rrq ouyKpouorordg roromdoerq, oq rrq6toletprorofge npog 69eA6g gog: owrj e(vor 4 poorrq t6do.Inq neprm<iroerg owdg, o nehdrrlg y(verot owoyorvronig rovonoio pnopei vo y60ver rove(g Xrop(q r0qrerq. Ie Kd0e nepimo-


on, eKe(voq elvqr Urq 0nopEn ro i6to 6lunvrl xor ruvtxri 6oo ror

4 rpdne(o-origpoul,og, otn6 e(vor ro )rdr por(p.'Evo

6wuno yro rrlv rotr{ 6toruB5pvr1o4 tou ql4pmog evu-n6enKov oreyoorrr<irv 6ove(orv, ro onoio 6nUoo6frnKe drqvq 60vop4 r4g tp6ne(og ipov oro on6yer6 rqq, ro 2007, 6ro111-p0ooer: "H ewtg6rqro on6vowr orov neLdrn 6ev e(vor ndwoeOrol4 l6yrr: rtov nohudprOpr<ov dpoorrlptonirov UqS.. Aur6ro eo<oreptr6 6yyporpo e[4yei ncbg 4 Goldman Sachs XprloL-ponoe( nq n\pogopfeg rorv ne]rcn6v 16, r4v ex6vo nou ot [6ror61ouv yro tr1v oyopd, ro0c6q xor nq ewoMg roug oyopdg rorntirlrlo4g. Ie outd to 6e6ogrivo npooOrirer xor nl,rlporpopleqnou Bp[oxer on6 rrq rpdne(eq 6e6og6vrov, on6 dMo Xpngoro-ntortorrr6 r6priprmo ror on6 ro Xp4gmrorrlpro, nporeqdvou voonoKrnoer (urq notru r<ofui ex6vo rqg oyop6g, r; onolo e(vor ropt;ooir6 rtov nLqpogoprcirv nou ouyrewpdrOrlrov". Me Bdorlrq ni,qporpop(eg owdq, etrr1gO4oov or orpmryrxdg onogdoerq.

H drorfnoon ourn efuoL un66erygo ontr6rrpoq oL\6 xor er-LLrp(verog. H rpdne(o 6ev dXer oron6 vo ndet vo ouvovrrloer rr1Lehman Kor rnv Bear Stearns orov xoo1ro rrov vexpcirv.

13. Ayon4roi gilor...

5 rn N6o YdpKrl, q peyolwep4 Xp4goroyop6 rou x6opou,Z norc 6ev 0o e(vot 6nog nprv. H nr6xeuon rr;q LehmanBrothers Kor n eevLrono[4oq r4q oogofuonxrlg AIG o4Uovov ror5)roq proq enoXrlg govo6rrrlg mo oxovo;,ux6 Xpovu<6. Tu-g)r<opdvrl on6 rrlv nohmxrj npoogopdq rp04vo0 xprigfioq, urqoh6drqpq yevr6 Xp4gmror<irv 6rove eudtrortn tqv oyopd p6ooqrnv ono(o ouvol,)tdooowov pe gpevrlpn puep6. Mto nupolri-60 enrogo)rdlv oreyoonxdrv 6oveirrrv, rov subprimes, dplroe vorl,ov((eror, npoxol.cirwog to nto ewunoorcx6 rpoX on6 rqvenoXrl qg Meyd\q 'Yeeorlq. Ot olreprxovx6q rp6ne(eg, oM6xor or euponoir6g, rw6uve0ouv vo rmoppefoouv oov 16ptt-vor n0pyor. Kor, xoO<iq 4 l-ou6)r Erpn e(vor ro pop6perpo qg

ogepxovxqg orrovogiog, 11 rmorprlpvtorl rqg g5pver 14 Bo-Owepq 0geor1 rolv relewo(ov ep6opriwo 1p6vrov.

Kcr6 rr1 Xpuo{ 6eroedo, nou p6fug n6pooe, ev6oro yivowovovo6rcndqerq Kot otrgqove0oetg-e(oyopdg, rrg onoleg euvooO-oov ro 1o1.14)16 enr6rro xor q dA,lrergrl puOptoru<o0 nhoto(ou,6qgroupyiOrlrov ytydwtor 6grJ\ot r<or orrq 6tio dcupdg rou ArIo-wuo0. To evepyrpm6 rouq e[vot ro]roooro(o.

Yn6pXouv rperq rcrrr;yopieq r6pugmov. Kor' opxdq, or Kor-

2OO / H TPANEZA

v6g epnopu<69 rpdne(eg, nou ng Bp(oroupe oe rd0e peydi,o6p6go. Aurdg eivor or )rey6peveg rp6neEeq K(rrqe6oe(')v flou L€Froupyo0v pe 6(rruo roroorqp6rrov roL noi(ouv 6vov pdtro oup-

Bori)rou oe t6rdlreg ror oe erorpeleq. T5roreg e(vor 4 LCL (LeCr6dit Lyonnais) orn ToI (o Kor n Bank of America onq Hvo-g6veq f1o)rreieg.

:rn deLnepn Karnyoplo ewdooowor ro L6p0pmo nou ouv-6u6(ouv rtg 6poorr1pr6r4rcg r<ov rpone(drv xoto06oeov rotere(veq rov enevbwxdrv rpone(<irv. Tdroreq e[vqr n JP MorganKqr n BNP Paribas.

Trlv rpftq roqyopio onorehoriv ot ro€op6 enevdwrr6q rp6-neEeq, or ono(eq npooge0youv orrq oyop6q yro vo Xlrlgoro-dornoouv rrq 6pooqpr6r4t6g roug, e[re coq o0gpou]ror efte <ogenevbwdg: rdroro nopdderypo e(vor n Goldman Sachs.

Onoro ror vo e(vor ro pow6)ro, 4 crpor4yu<ri elvor 4 (6ro:

I ovdlqrpq rw60vou pe oron6 ro peyolwepo 69elog. H no-trtd drdr<proq , nou Xpovol,oye(ror on6 rq 6exoerio rou '30 , qvd-

Ueoq onq egnoprruiq ror orrq enevdwu<69 rp6na(eg 61eL lene-poorei. H v6o 6rolropronr4 ypol4rlrono0ereiroL ovdgeoo orouqyiyoweq -npoygorrxd notrurcnqornF<rro rtrrv XpnUoroorKovo-gxdrv- ror orrg gxpdq nopo6ooror<69 rpdna(eg roroOdoearv.H Goldman Sachs, 4 onolo 6eron]roo[ooe ro evepyqtrr6 qgon6 ro 1997 6oqro 2007, efuor ro qvo;rgroprffio vorigepo 5vogero(0 rruv yry6wr,rv. Ir4 ouv6lero 6)tog o r6ogog eno)9dtrj-erlKe: rpofleE[req, BLogriXovor, enev6wdg, gu<pol r<ot peydtror.

Km6 rr1 6r6preLo rqg po0p4g eB6op66og, ovdgeoo orrg 15 roronq 22 Iemepppaou 2008, nopd trg erri,qoerq yrcr ouroou-yxpdqo4 rov Xp4gmror4pror6v opXrfv ror r<ov ruBepvqoeov,o novr6q rupropXe[ orr; l-ou6tr lrpr. Or ovd\w6q eyrorotre[-

13. ATAnHTOT OrAOr... / 201

nouvrtq rpetq ̂ 6qetq: <<qYopdEo', (6tcnnp6", "nouldr". H p6vnnou 6Xouv nro oro or6go roug e(vo[ <peuoronot6'!

l-Lo rov A6rw MnlovKg6rv, rov ev6SKqro np6e6po r4gGoldman Sachs oro 140 xp6vro rrlg 6nop(4grrlq, q 6v6o[rlno-pafo garmp6nerot oe ne6(o p6xqq.

"nn6 rn q0on gou, elpot oyxdr6qg": ow6 ro ldtr por(B onp6e6poq roryevtr6q 6ouOuvr4q ro eflqvoJtogpdver oroug ou-vo;llr1r6q rou, nou nopeLo0vouv on6 ro ypoge(o rou rn 6po-porrxq ereivq nu6po rnq 16nq :rrnsupp(ou 2008. An6 19 n5-we enev6wr6q rpdneEeq nou r5ov rup(opXeg or4 l-ou6l :rptr,61ouv onope(ver p6vo 60o: n Goldman Sachs ror n MorganStanley. H Menill Lynch Kor q Bear Stearns a{oyopdorrlrov, evdr

n Lehman Bpforeror oa erxoodpton.A0o 4pdpeq opy6repo o X6vpr fl6loov Kqr o Mnev Mnep-

vdvrr, o np6e6poq rnq KewprKnq Tp6neEqq rov HnA, rqg Fed,eivor oro Koyxp6oo yro gto o0oreqrl pe 666ero extreyp6vougowrnpoodrnouq, roug nro opg66rouq oe oLrovoprr6 €6poro. H05or1 roug eivor r6ro(repo ovqouX4tni' rovouv )r6yo yto "no-royri6l rmdppauorl pey6)r<ov ror g41.no1r6vtov rponeqK6v tdpu-pdrt.rv" oe nep(m<oo4 nou 6ev y(veL rdrr. 'Eplerot o ApUqye6-6<irv. O fl6)roov (4rd treuKn eqouorob6rrlorlyro vo oyopdoerroro[rrd Xpe6ypogo ouvokx{q oqioq 700 6roexoropgup[cov: r1dtrreoq or.rrrl nopdUBoon rou rpdroug e(vor nprorogovtig orr;vrorop(o rtov Hvrog5vrov l1o]rtretcirv, rcre[oX{v ncnpidct rou QFIeleueeproUo0.

l-lopd 14 6rdo<oor1r4q AlG, or rfutror rqg Goldman Sachs xotTqq Morgan Stanley ouveXrlouv vo n6grouv. Or enevdwdg -enev-

6wrrd rerpdj\oro, ouwoqro6orrKo rol.nio ror geyd-treg neptou-o(eq- [egoprrrrvowor ro op6].oyo rcrrv erorpetdrv, xuplroq rtovrpone(tirv xor rrlq owoxtvlroBropqxoviqq, Kot enAdyouv Kpo-

202 I HTPANEZA

rrK6 op6l,oyq. flporerp6vou vo evroXfoouv14 peuor6rrFdrouqror vo geuiroouv rov 6ovetog6 roug, ro enev6wrrd regdloronoutro0v or<6;ro yp4yopdrepo ro Xpe6yporpo.

H rUXn rnq Goldman Sachs onooxolel nolf rov n6^oov.O unoupy6q Oxovogrdrv unrlper4oe qv rpdna(o, 6rov {rovnp6e6pog, Ieq Kor unnpero0oa rrlv norp[6o. i\]Jrome, 6rovoprlorqre unoupy6q, orrq 10 louL(ou 2006, nopouofqrou npod-6pou Mnouq, o n6rw Mntrovrgdw rirov o p6vog rpone(k4q no-pdrv orrlv rdt eni. Merq geyotrtnepq gumx6t4to, o unoupydg(r;rd on6 rov Aeux6 O(ro r4v dpon rnq onoy6peuoqq enxor-v<ov(og -nou o [6ro9 eiXe enrBdtrer orov eour6 rou- Ue rrlvGoldman. flp5neL vo rr1 po40rioouv ndorl Ouo(o vo Byer on6 14

Udyyevn. O 6reu0uvqq rou npoe6ptxori ypogefou, o T(6oouoMn6lrev -or<6pro dvoq np<ir1v rrlq Goldman-, no(pvet o;t6oorgqv d6ero on6 rov T(opr( Mnoug.

Iov rov orpor4y6 oro opXqye(o, o Trp l-xdL6vep, o enrre-

eo}'nq rnq OUoonov6roKnq TpdneEog qq N6oq Y6prr1g, ro 6!ver 6trq. M6oo oe ow6 ro o0vOero no(tr, o en6rrrrlg rrlq l-ou6trIrpLr n6(er oplrrd rrlv Goldman vo ev(l)ee( pe rn Citigroup, rd-rt nou po r6vove rr1 peuor6qrdrrlq. or nofurtKo( Kot ot oyop6q0o entrporofoov rq ouv5vrrro4, r'1 onolo 0o trenoupyo0oe ou-pntrr1p<oporrrd pero[0 pLog rpdne(oq Xop(q 6irruo ror ev6qrpone(xorj t6priporog nou 6dleror roro0doeLq r6ror6v.

O A6rw Mntrovnpdw, qrov ono(o dtr ?\,tome unoo1604rov r4v

4yeo(o rou og[\ou, elvot opvqlx6g oe our4 rq ouyXtiveuo4.H Citigroup, Koe6g e(vor erep6rc\qrq, 1peog5w1 rot oro 1eOtogrou yxpepoU, 6ev dXer npoomrr6q. H 6Mr1 I0o4 efuot q onop-p6q4o4 rqq Wachovia, rnq r6roprng ogepu<ovrr{g rpdne(og,pe B6oq ro evepyrpu<6 rr1g, nou efuqr oe 60oKotrn rot6orooq.Me 56po rn IdpLor orq B5peLo Kopol(vo, dXet yto np6e6po

13. ATAnHTOT OtAOt... / 203

dvov npcirr;vqg Goldman Sachs, o onofog e(vor ov0panoq roul-15troov. AMd 11 dpvnon rnq xporrxrlg pof eetoq, rrlv onoio ei-

Xe (qrrloer o MnIovKg6w l6yo rov Ueyd ov 6uoxoLuiv rqqWachovia, rover ro oXddro vo vouoynoer. Ot unepBotrtx6g npo-

euldqerq 6ev Xperd(owor.O np6edpog xor yevrx6q 6Leu0uvqq t4g Goldman owtpe-

roni(er ourrl rnv Kpion 6nolg o ronerdvroq nou ro n^.o[o rou6neoe oa r<oroty(6q. To rtiporo nou ondve novto oe ow6 Afuoox6po rot 0o ro Boutrr6{ouv. To nlo(o 6gtr4 6ev vouoye(, yto-

r( o lpovr6p4g elvor 6pnetpoq. 'EKIttoe rtq pnouKon6preq, po-

(e{re ro novrd ror noLe0et ge rq gouprorivo, pr6vog rou, crqydqupo. H eropaiorou, pe rrlv neno(Oqoq rnq nporrtdq rnq rotvr<irOowog nmp(o yro roug rep6oox6nouq nou orotXqpoti(ouvorqv mrilorl rr1g, onogovtogdvrl on6 rov x6opo, ro MME Kotrouq ovoLur6q, K^e[veror qrov eour6 Tnq oov oe KorogoYtonprv on6 rrlv rei.u<ri ovogftpqorl.

Ewultirq, o Mntrovxgdw 6av 0o gefver yro noLrj g6voq. O g[-

troq rou o X5vpr, o unoupy6q Otxovoprrtirv, 61et to gdnq rou 6e-xorSooepo. Ir4 ouvdXero trrno(ver orrl orr1v4 o P6r(w K6ev, oxordtr)rr1)roq ovoponoq. M6 To Klooudrou xooro0;tto, o np6e-

6poq rou 6rxqyoptro0 ypqqe(ou rng N6oq Y6prrlq Sullivan &

Cromwell goiverot 6voq ouvrlyopoq ge euyevtxo0q rp6nouq.ro86lou veupx6q, oure rov ovun6povoq- O ovOptonoq our6q,nou rleiro vfpcrro, oxo0et fpepo rot onow6 ndwo ;te rov (6to

rp6no, ouvo6e0owoq rrlv rd0e gp6on rou Ue 6vq novnp6 Xo-p6yetro. Aurdg o consigliere 6topopgtilvet ro opeptxovtrd ot-rovogtx6 ron(o: 6ev undplet un60eoq oq l-ou6l lrptr nou vo

;rqv nepvo on6 ourrl rrlv leloptorrl npooalntx6tqto pe r4v et6t-rdrqro rou corporate lawyer, 6noq Mve oqv Agepx{, o oflo[oqnrme0er neptoo6repo orrq oper6q rou ougBtBootrro0 nopd rqq

204 I HTPANEZA

ofyKpouonq. flpoygorrx6g g6yog, o P6r(rv K6ev unipEe Pd-poro oqv rop6r6 rorv rp(oerr;v nou oroLo0Orloov 4 guo r4v 6tr-trq roL rdpo[ov r4v uqrnln rpone(rni: Bear Stearns, Lehman,AlG. Av xor 6ev gopd r4v rqpewo rou 6txoorrlp(ou, ofre 6rq-Oerer 14 gcovrl rev6pou, xmdMqlrl yo oyopetioerg, o 6Kny6-poq K6ev 6xrr 6vo nopogouorrrlg6vo ropv6 6eu0rivoeov. 'E1et

en(o4g dgeorl rqr ouxini np6oBqon orrlv Opoonov6roni Tpd-ne(o rot oro unoupyelo OLrovotrn<irv, proq rot o Xdvpr n6loovelvor nofu6g rou g[\oq.

:rtq 21 :erneuppiou 2008, p6oo oe 6vo poptl rl(go, Ieqror efie 6p0er q ouw6l,ero rou r6ogou, q Goldman Sachs Kqtrl Stanley, Ue rn peooldBnon rou K6ev, noponofwor on6 ro ro-0eor6g rqg enev6urrrriq rpdne(oq ror yivoworrpone(rx6gholdings, 6nl,o6n rpqnrqx5g erope[eg ouggeroX<irv. O l6yoqr4g o,Uoyrlq ouriq e(vqr nolti Kplorpog, yror(rouq 6[veror qne-pr6pLor4 np6opoorl qro opooflovbroKd regd)roro oe nep(mro-on ooBopriv ropeLor<irv 6uoXeperdiv. Nq nou oL oyop6g (6moror yro )\(yo) 4pego0v. Ia owdMoypo, ro 6tio r6p6pcrro npd-ner vo daXrofv rov 6)reyXo rou rp6rouq. To r<otr6 v6o noro e[-vor; 'On ro rel,ewolo 6sv eo eivor enegBorrr6.

To "er6Lr6 voUrr6 xq0eor6q" rov enevbwtxdrv rpone(<irv nouyew404re on6 rov v6po Glass-Steagall, o onoioq eK66enKe orn6erqerfo rou '30, 6noqre vo roxfer on6 rrlv 4p6po erefur1. flrrp6ougn6poogo ev6q npdlnv 6€ue0vowornq Lehman: ,,Aw6 nou6r<ovov yro rnv Goldman Sachs o' epdg 0o ro eiXov opvr10e6,.flpdyprorr, 11 oxovol.urq eyy64o4 rou roOemtilroq holding enr-rp6ner or4v Goldman Sachs Kq orn Morgan Stanley vo 6oveFororjv xegdloro pe pr16evx6 16r<o -ewetrtirg ;.q6evx6-, yro vooyopdoouv og6troyo rou opepxovrKof Arlpoo(ou Ue o[66oon3o/o 6tog 4o/o. To Xprjgo nou Xopiynoe n xuB6pvrlol ro 6ove(e-

13. ATAnHTOIOtAOl... / 205

ror eKv6ou, Kor rlrpdne(o onoKotriqer Ko€op6 Kdp6oq. nolo enFru)gU6wl 6oul€r6, 6ncoq Mge.

Or 60o vdegrpone(x6g erorpe(eg ougperoXdrv np6nerrdrpovo Bpouv enev6ur6S. .flpdnet vo touq Bpetq ndorl ouo(q. tud-

le 6nou gnopeiq" ropqxouvd o fl6l.qov rov Mn)rovrg6w, nouro ororew6 rou plSgpo npo6(6et dyXog. A6ve gdl.rmo 6n xo-rd Bo0oq ow6 ro BMgpo rp0Bet ror6e^tqn. Oor6qo, eq Kpo-rqoer yepd ro0' dlrl rr; 6ropxero qg xp(o49. Or oordreq rpo-ne(ireg nou npoo6yytoe opv{Oqxov vo npoogdpouv por10ero.

Kdvowoq Uro rd\ewo(o npoondOero, o A6rw MnhovrgdLv orp6-

eeror npoq rov rou6pev Mndrper, rov ntrouor6repo dv6ponorov Hvrrlgdvtrlv fl olrerdlv.

Ot aX0po[ rou Mve 6rt elvor 6voq novrlp6q Kqr gttr66oqoqnetpor4g. Or 0oupoor6q rou 6rr e[vot 6vog oroupog6poq touetr€[eepou enrXerpe[v nou 6;roto[ rou 6ev un6pXouv nto or'1pe-po. O l-ou6pav Mndger e(vor dvoq Kpo(oog ge xouolr6 Xrori-gop, npoonorrlrrj og5trero, pro npoygonr4 r6roeuio orrq enF

lerpfoerq. 'Exnoe rrlv neprouo[o rou n6vo oe pro od\ri r6do: vo

oyopd(et unorrprlp6veg peroX5g ror vo neprgSvet vo ov6Bouv.Xtrrp(q r[nore rbto(repo yro oger4pio, (<irwoq ar4 gdorl rou

nouOevo -ornv Opdxo rnq Nepnpooxo , pe dvo nopouotoon-rd nou 6ev rov por1od r6rofuepo, o np6ebpog rrlq holdingBerkshire Hathaway e(vot, 0o Myope, o O6peor TKqUn -our6q

o eueunq oveponoKoq nou evoqpKooe o Top Xovxg orov rr-vqpmoypogo- rov otxovol-uxt,rv. K6rto on6 ro 6xopo nopou-otoorrx6 rou rp0Beror gro npoyporrrf gwdroo. {Do[veror Xo-trop6q, oMd eivor e(orperrxd opyov<orLr6g rot op0oLoyroqg.Idpgtovo ge rov proypdgo rou, rov P6r(ep Aoouwor6w, o Mn6-rper Xdpo[e rov 6p6po rou .1top[g rdnoro l.roytnj ror onp6or-rq oroug rotvorig ov€pornoug rc;grrq, o.\Ad Xdp4 oe 6vo ge[y-

206 / H TPANEZA

po ufloloyropo0, troym4g, unopovrlq xot ovdhuorlq, nou o p5-

oog enevdwrlq pnopei rd}r}'toro vo 1-r4r10e(,,.To yprqproro elvot ro ndOog rou on6 tqv enopi nou frov not-

6i. Aw6g 6prog o yrog ev6g peoinl ouvoi.\dygmoq rnq rolnqxowrovlog rorv rewprxtlv nolmer6v rqg Apeptxqq 6ev ougno-Oei 14 l-ou6l'. Irptr. H rolt 0repf rou riqoq nopogdvet 4 endv-6uor1rou, ro 1963, ornv American Express, nou eKdvrlrnv eno-

Xrl Bprox6rov oro Xehoq rou yrpepof. H ev6pyero our4 rou66tooe rq 6uvor6r4ro vo eronpdler gro unepol[o 20 6roeKo-rotrgup(ov 6otrop(rov. Mer6 q p6Mov mup'1 ent6poprj rou qrnv

enev6wrxt'l rp6ne(o Salomon Brothers, ro 1991, o Mnoeer eGvoL entguLorrx6q Ue ro XpnUoronror<r.rrtxd r6p6;roro. fiponpdvo ou1rper6Xer oe geydleg ogeptxovrx6g BroprlXovtx6g erotpe(eg

{ oro MME. "Or rotroir(6rei rep6((ouv gero 6uvmd d.l,oyo ror6Xr ge ro g69ro" 1-rog L6et.

O fou6pev e(vor 6voq netrdrqg pe rorop(o omv GoldmanSachs.'Orov qrov 6dro erdrv, o nmdpog rou rov rqpe go((rou

orq N6o Y6pr4. Exe[, o r0prog Mndger ro0 yv<irptoe, or4v 56poTnq Goldman Sachs, rov epuhK6 :[vrvei l-ou6wgnepyx. "Frorp(o rdropro, o Foudwgnepyr pou pr.\o0oe Leg xor 4pouv ew1-hKoq" eup6ror o enrxetp4pcrr(og nou nop6petve nror6q. o n6I-oov xoMr6pyqoe enrlerp4gomorjq 6eopo0q, 6rov ernpooto-norjoe r4v eropelo oro ltrdyo, pe ow6 rov 6v0pono rnq ne-pmdretoq, nou 6,r nrdver y(veror Xpuo6q. "Oeopci rov l-ou6pevg o prou. 'E1or egnrorooriwl or4 oog(o rou ror orrg ndwo ou-vsrdq on6\Uerq reu" ypdger o X6vpr fl6)roov oro onogvrlpo-veripord rou, On the Brink, nou er6604rovro 2010.

Iro Xopro, 4 enev6wxrlrpdne(o owonoxplverot mo 6lr xpr-qpto e[oyop6q rou nolueKCnoUUUproriXou: orlpovm6 geyeOog,onodederyg6vrl xov6r4ro vo rep6((eL noM6 Xpqgoro, trovo-

13. ATAnHTO| OrAOt... / 207

nornrrK6 noooor6 on66ooqq, grxp6 Xp6oq, KoIi d€ueuwrKrioprd6o ror eLrumrxrl otrovol.uxd ouvoMoy4. Irrg 24 lemeg-

Bp(ou 2008 n un6eeon 6xLeroe oe liyeg drpeq. O govrr;q rorvorrovo;uxciv enev6der 5 6roeKqroUpr0pro 6ol,6pro -16oo oxpr-

BrrSg- "oe pto [elrrlpLoq erotpe[o, q ono(o 6to06ret govo6trrlnoyx6opro nopouolo, enoprc] ror po01p6v4 oio 60oKotro 6rsu-Ouwrr1 opd6o, ro0<irg ror ro regd.Loro, orrovoprr6 Kor nveu-ponr<6, yto vo dler dpror4 on66ooq, 6ntoq ouv5Brl Kot oro no-peh06v" o0prporvo pe ro 6xo rou )r6yro.

flopd roug noLri euvoir<o0g 6poug nou eloog6trroe o Mnd-ger -o ono[og 6ev ovrlrer orov lrpor6 qg lorqpiog-, np6xer-ror yto 6vo g5yror4q orlpoo(oq pfvupo yro r4v onorordoroorlr4g eprnrorooriwlg 6Xr pr6vo on6vowr orrlv Goldman Sachs, ol-trd xot orrq rpone(tr6g o[[eq yevrrd. iq .l.oore, q rpdne(o npo-ogeriyer or4v oyopoyLo vo owl,4oer entnl,6ov regd.Loro 0qrouq5 6roexoroppup[rrrv 5o].op(rov, nou dvero 6[vowor. To Xpnpo-roqpto enrrporei tr1v ovoxolvoro4 otrrri, yeyov6q nou elrpe-poLcirveror on6 r4v on6ropq dvo6o rou r(rl,ou Goldman or4l-ou6l lrpn. To 6roeKorouufpro nou enev6ri0rl<ov or4v rpd-ne(o 6ivouv ;reydi,4 rrovono[4or; mov Mndger, o ono(og 0o eivor pr(o on6 ng eidXrmeg nqy6g peuoro6 rord q 6t6prero r4gKpionq.

Ago0 opvrio4re orrq 29 :erneUpp(ou 2008 ro oX66ro otro-vogtr4g drdoroo4q nou ero4y40qre ro unoupye(o OLxovogxcirvyto rqv e[oyop6 rov rodu<rirv Xpeoypdgtrrv, ro KoyrpSoo uro-Oere( pro rpononoqp6v4 er5op1. O vopro0Sr4g npoo06rer er-6rxd 6vov 6po yro vo nepLop[oer ro pn6voug nou 6fvowot oerp6ne(eq or ono[eg 661owor xpmu<r1 Boneerq. Evto l.lrroq0, ornMeyd},r1 Bperovlo or KporrK6q opX6g oul.rper5Xouv oro req6-Loto rpone(drv nou owtgeron((ouv np6Blqgo yto vo xdvouv

208 / H TPANEZA

dvo voxor0pego. Yn6 r4v nieoq rrlg Kewprrrlg Tpdne(oq rovHnA, o "Xovr" n6)roov rdooeror unSp qurnq rnq l0onq.

Irrg 13 OrroBp(ou o unoupy6g Oxovogrrrirv ouyroLe( rougnro o4powrroUq ogeprovo0g rpone(fueg orqv OudoryKrov.H 4pep4oro 6rcnqqn: n geprr{ eOvrxonoi4orl. Me e[o[peor1 rorbp0pcrro nou Bplorowor oe 60oxolq Odon (Citigroup, Bank ofAmerica), 11 l-ou6l, Irpr 6ev 06Ler ourq qv r46epov(o. Irip-grovo pe ereivouq nou, un6 rrlv xo0o6riyr1or1 rou MnJ\ovrg6rv,owrdooowor qro oxd6ro, 4 npooguyrl oe xpmxd regdloto0o np6net vo elvot npoorperrKn, 6n@q orq Bperovio. AMd orrpone((teg 6ev dXouv en oyri. Av opvq0oUv ro yprlporo rouxporouq, ereivo 0o onornjoer rrlv xegoJ\oror4 roug ovo6L6p-epoon.

'Ohor )rom6v unoypdgouv ove[opdrrr4, ogof 6ev 6Xouv 6tr-ln en^oyn. H Oudoryfiov 6ro95ret 125 6roeroroppripro 6otr6-pro yro vo ouUperdoler oro regdtroro rov ew6o peydhtuv rpo-ne(tirv ror 125 sntnl6ov, npoq 69etrog prxptbv r6pupdr<ov rr;qenop{og. H Goldman Sachs, oro nl.oloto our6, lopp6vet 10 6Foeroro1.r1.ulpro 6o^dpro. Koe6q or npoe6prK6q edtoy6q rouNoegpp(ou dr4ord(ouv, o n6loov, o ono(og yvtop[(er 6n ot Pe-nougnhrovof 0o rrg ldoouv, eqoogol[<er 6roKprrrd rqv uno-or4pt(q rou Mnopdr Ogndpo.

Irrlv npoyl.rcrardrrpo, or 6pot nou dOeoov or np<riqv r0rivoweqrqq Goldman Sachs, or ono(d e(vor rtirpo emegoLr|q rou Lrnoup-ye(ou Otrovogxdrv, onoretroriv npoygmu<6 [eno0)r4gq rou 6n-p6orou Xp4gmog. To x6oroq rou 6oveLolr6vou lp4pmog e(votuneppolrKd XoUnI6, oltrd 4 o\eao eivot 6n np6ner n6or; 0u-olo vo vLtiroouv oog6leto oL oyop6q. Enu iov, or opoonov6ro-req op16q 6eope0owor vo g4v nopdgpouv orrl 6roXeipurl I mov6ropLop6 6eu0uwdrv mtg rp6ne(eq nou 661owor Boneerq. H

13. AfAnHTOt OtAOt... / 209

KuBepvnon Xpno$ono€( Lorn6v 64p6oto xprlgo yro vo ot6oetgto grpf ogo6o rpone(6v pe repdqnq nolrrrni 60vclgn: o KU-vrop6g rou oxe6(ou n6loov 0o pelver oqv rorop[o. :ro ono-

l.wqpovaUgcno rou, o tmoupy6q Ouovogxtilv nopo65leror efdl\-Lou 6u ro ou<ovopr6 ow6 rdlgoogo rou ro e(Xe o<pup(er oi6rog o fou6pev Mndger. Mro 6Loorrloq perolf gOttov, reLxd.

nop' 6tro our6, yro roug en6gevoug l.rfveq efvor Kol0repovo prlv ovogdper xove(q prnpomd orov A6rw Mnl.ovrgdw ro 05-go rqg e€vrronoiqorls. .Aw6 6ev 6npene vo y(vet', 6topopr0-perot. Enrp6vowoq orrlv ovdyr<4 vo undpXouv novdg yo rnv Kcr-14 6roXe[pror1, o np6edpoq roryevrx6g 6eu0uvrqqrr1q Goldmanrorodrrd(eL 6pgeoo rr1 6rdotrlo4 rtov npoBtr4polxcirv.

A(youq pfveq opy6repo 11 eropeio rou qvoxowttverro qno-

reMopcrrd rqg: r6pdn 5,2 6roeKaroggup(o 6oLopro yro ro nptir-ro rp(pqvo rou 2009. Tov lo0trro rou 2009 n Goldman Sachsenrmp6cper ro 10 droeKoropg0pto, nou rnq eixe 6qve(oer rounoupye(o Ouovogrr<iv, enou[rlgdvo pe no],ri uql4lo0q r6roug.O gopoloyo0pevog 6ev SXer l6yo vo noponovt6ror. Fror( qurn

4 lerpovo;r[o; H Goldman Sachs 6Xer evdeXop6vcog ouvo[o04-or1 6l np5ner vo 6e[[er oqgd6to roi,4g Od].qo4g oro unoupye[oOu<ovogrxrirv, drme vo grlv 6Xar r4v nopol.uxpri dto0eo4 vo r.l,ro-

[,er ro npdogoro nope]r06v rr1g. flpdyporr, or r0rivowdq qg

norilrloov geydJto nqr6ro geroX6v rqg 6rxrlg roug erorpe(og-nepinou 700 ermoppripro 6otr6pto-, 14 mryp{ pdfuoro nou rof6pupo 6eX6rov, ro0<irq rirov r6rc oe 66oxol,q 0dor1, UeydlnBo4€eLo on6 r4v opeprrovrr4 xuB6pqoq. fl6wo ourl q ontrr1-orlo nou opp6(er oe pro pnovov(o!

Aw6q ot neptndreeg dnlrl[ov p6poro rr1 94gr1rqg GoldmanSachs. Ol,eq or 6peuveq rou pdprenvyx entpeBorcirvouv ourqr4v on6Leto xripouq. H rp[o4 en6gepa dvo or<],qp6 Xninrlpo

210 I H TPANEZA

ornv erKdvo rng -6noq ror ornv erK6vq rrlq Morgan Stanley_,eqorriqg rnq oncirl,etoq 6rjo ororle(tov nou onorel.orjv x.l\,er6rd:rrlg epnroroo0vrlg r<or rrlg mo0ep6rrlrog.

"Aev 0q Snpene nor6 vo eftope ougper6oler oe ouvol o_y6g nou 4rov qvopg[BoAo xororpndeg, rot perovuitvouge yr,our6": qvogep6gevog orov p6)\o nou 6norqe n Goldman Sachsor4v xordppeuo4 rrlg AIG xot, oq ouv6xero, orn 6rdooon rnC,o A6rw Mnl,ovxg6tv ogoLoyelro "mea culpa" pe gror] r<op6ro.'OLor

exeivot nou nep(lrevov on6 ro Meyd)\o Agewrr6 pro ner_orrx4 ouyyvdrpr4 onoyoqre0r;rov.

Ie dvo np6yeupro nou opydvooe ro nepro6rK6 Fortune,o Mntrovrg6rv 6gqoe vo ewo4Oe( 6rt 0o nponpo0oe vo p4v e[_Xe 6exre( ro TARP (Troubled Asset Relief program) Kor rn ouu_peroX4 rou xpdrouq mo xeqdl\oto r4g rp6ne(og, nporetg6vouvo eixe rq Xdpto el,e0Oepo oe 06gmo oporBtriv Kor qrpornyFx4g. Auq 4 dMerqr4rqnelogpoo0wlq 11, pdMov, or_rq 11 dnop_on evoxlei. T4v (6ro mryprl 11 Citigroup 6treye 6n "XcooroJoeondporrr4 euyv<ogoo0v4" 6116 rpdroq ororrjpo.

H Goldman Sachs {\epe ntirg vo enogelneei on6 qur6 roef oupovo0 6cirpo rou A4goo(ou. Ilp<inov, n 6rdooon rnq AIGTnq d6ooe rn 6uvcn6r4ro vo noper nfoo ro .12,9 6toeKqrouurj_pto 6oLdpro oe nep[moor1 nou Xpeoronotioe. Aerireoov, roTALF Oerm Asset-Backed Securities Loan Facitity), 6voq UlXo-vropoq ornprqnq Ue ntorciroetg eyyurlpdveg on6 ype6ypogo nouerxe ornv Koroxn Tnq 4 erotpefo, enovdrpape qv rntrono(r1or1,evov rop{iq nolf npooo6og6po yro rr;v erorpe(o. Tpirov, orXpqporoyop6g 6Xouv oro eqnq ouverdnronorqoer 6n q ogo_onov6torq Kupdpvnon 6ev 0o ogrjoet rqv Goldman vq Korop_pedoer. "floto dl-1.4 erotpe(o {riper 6n 6ev 0o Knpf qer nord mcir-Xeuorf o,Tr Kor ov Kdvet;" ovqporarjvrot ot New york Times, o1u_

13. ATAnHTO| OtAOt... / 211

qcovo pe rouq oflo(ouq I Goldman elvor qn^ouoToTo Unepgo-l,tx6 peydi.r; yto vo undpqel ev6ex6pavo vo efogovrore6,. Eivorro nep(rp4po too big to fail.

AwLp6rtonog ge rtq xptrx6g our6g, o Mnlovxg6tv unoorn-p((er 6n o yryowroUdq 6ev e[vor ro np6Blqpo Kot dl 6voq yo-lol(og prxpdrv r6pupdrcov 0o 6L5rpeXe rouq (6roug rrv60vouqnou 6rorp6Xouv xot or trfuor yfyoweq. Aurd 6pog ro 04p(o, ro-e6q 6pouv oov l.rovon<illo, onoppuOg((ouv ro eleUespo nor-

n/[6r rou owoyovrolro0 xor ovep6(ouvro K6oq rov nopolcov.Av en[qnq r] ornprqn rou rpdrouq 0e<ope(rot 6e6ogdw1, oL re-l,eurolor 9pioKouv np6ogopo d6oeoq yro vo ovorxroUv nepLo-o6repo ge ro vo 1peoOo0v enrnl6ov, npoxerpdvou vo peyoi,trr-oouv ro xep6q, rtg ngdg oro Xpqporrordpro. xor dpo xor ropn6voug. E[vqr Kepdrop6vor on6 rdOe dnoqrl. Aev ouprBo(ver6uoq ro (610 ror pe rr: A4pr6oro.

Tdi.og, oqv npOpvrl rou ntro(ou, o A5tw, 6noq o xonerdvtoq,pnope( vo orevlEer ro vdo rpone(tx6 ronlo pe qpepr[o. H erot-pe(o rou e(vor rl xup(opXr1 orn Tou6L:rprr. H Morgan Stanley,

4 oMrl enevduflx( rp6ne(o nou en6(1oe, Snoqre vo e[vqr nroorrlv np6rn ypogpli. Tn Merrill Lynch Tnv Kordnre n Bank ofAmerica, gro erorpe(o Ue nro ouvrnpnnrrl xoutrro0po. H g6w1nou U6ver (t)q otrq0w6g owoy<ovtor4g elvor 4 JP Morgan. Apo,g6vo or 6uo rouq 6pervov.

Ko0ciq o A6rw MntrovKg6rv rnq qovd6aroe ro ocom6 6rotr16-rp4po, 11 rp6ne(o 5ytve p(o on6 rtg erotpe[eg pe q geyoAwe-pq entppo4 orrq HvoU6veq flol,ne[eg, rdn ow[ororlo pre r4vIBM ror 14 General Motors oro on6yero 14( 6d[oq rouq. Kpion;noto Kpion;

14. Goldman Sex

arning! H nposr6oflo(qoq ypdgerot ge paydto ypd;rpmo,6n<og mo noxdro r<ov rorydprov. Ir4 Fou6tr Irpr ono-

ge0youv -enroflprog oro effq- rov prooyuvrop6, tov pcnorog6ror rrlv o;rogoplo. M^oiiv yrq 6rogoperrr6rrpo. IXofud(ouv 14616o494 pqo4 oro 6pyo rou Io[[n\p Ttp@v o Aenvaioq (npdEnr6ropr4, orqwl tpir4): "To Xpuodrpr e(vot o euo[oO4rog 0e6gnou evtbverrq owiOero rorro onpc,.l;yet oro 9rtr6,. l-rcni, n[oo on6ro Xpngo eo Bporipe ere( rowd xot ro oe[.

O ldv Iogou4li6r1q, 6vog l-dtrIoq 35 fi6v, or6l,€Xoq rnq 6€-ovorig €uympx4q rnq Goldman Sachs oro Aov6[vo, onore]ref6vo r6roro ncpd6erytrro. Aw6q o yepdtog nd0og dwpog 0onpoocpdper ro too60vopo noo6 rou 1.uoo0 exmoggupiou euptircrrlv eporgdwl rou, gro ltropdro, npcirrlv escort girl, 28 er6v,npoxerp5vou vo eyKorole(qjer rov ori(uy6 qq Kor vo nqwpeu-re( rov (61o. Tpeld eporeupdvog, our4 4 r6roguto rtov egop-goolr6vtov l.ro04panrtirv onefief 6rr €o oworrovqoer ov rou op-vq€ei 4 rotr{ rou, q ono(o e(vor nowpepevrl ge 6vov ouwo(torilonopinou ep6ogriwo gr6v. Fro vo xpcrnloer ourrl r4v ef<oou(u-ytxrl oX6oq, o veop6g Xprlpmtoqg "6riyet,, r4v eptop6v4 tou

Ue 6<irpo, nou ro 6vo efvqt nro noltrreMq on6 ro dMo: dvo 6o-

214 / H TPANEZA

Xrul(6r Ue I€uKd 6rqgdwrq, Urq rodwo Chanel xonrovd pe Xpu-odq oLuo(6eg ror g(o 65otrrr1 pe 1owp6 loptovop(opmo.

To 2009 n ev l6yo KUp[o 66xfiorretrrdrrlvnp6roorlydpourou rnn6r4 r1q. 'Orov ro Mer orov o0(uy6 r4g, erelvoq one e(6rt 0q oKord)oer rov veop6 ow((4)ro. H v6o yuvo(ro opn6(errqv euxorp(o yro vo (qrqoer 6ro(riyro. "Mou efna 6n U6vet po(i

rou ytoro lpqporo, ro ono(o 6poq 6ev ;,rnope( vo ro ndper 6oo6ev rov nowpeUerqr,' eEnye( o onor4p5vog o0Euyoq orov 6t-roorn rou 6rrooqp(ou rou Clerkenwell & Shoreditch.

H rorop(o rou "Goldman Sex", 6ntog Bdgrroe o pperovx6q

T0noq rov l6v :otrrouflri6q, xdver rov y0po rou r6opou. To oe-vdpt6 rou 0up((er rnv rorv(qAwi0{x4 np6rao4, ornv ono[o o P6-gnepr Pdwgopw e(voL Srorgog vo bdroet gro neprouo(o yto vonep6oer truo v0;ro pe rrlv Nrdpr Moup.

MdXpr eraiv4 rr1 onypri owdg o perqtr erol,6yoq, o ono[ogn6pooe ror on6 rrlv BNP Paribas, efie pro oro6ro6pog(o pc€o-pir4. EiXe npooXOe( oe 6eu0uvrn ro 2007, retreurofo ot<otr( nptvon6 ere[vo rou nl,oLnou Kqr rnq 66lo9: ro ro0eortig rou ero[-pou-6Loxerptor{. 'Fhov

6porq muXoq. Aiyeq 4g6peg npw on6rrlv orpooprolx4 6(o6rKoo(o, pnpomd crqv opyrj Tnq Korvnqyvdr;r4g rot rov nofumdrv, oe owo0g roug r<orpo0g rrlq 0geonq,o n6rw MntrovKg6w elXa 6qp6oro ouonjoer oroug unol nlouqrou vo (odetlouv g.re 6torpru<6rqro rrg yewoleq onolop6q rouq.H drpo onome[ oegv6rpo ror 6rorpmr6r4to, enov6]rope o 6u-vordg dwpoq rqg l-ou6)r lrpn.

'Evog d.lL\og rpone(rrnq rnq Goldman Sachs, o ZKor Mrw,

elXe rrlv 6ro crruX(o. Aw6g o orop rov ouylove0oeov-e(oyo-ptirv -ro e(6oge r16q- efXe n6oet 00go r4g ypo1.r1.ror6orq rou,11 onoio rou efle xMqrer 3,3 eKqroUp0pro )\ipeq on6 rov rpone-

ErK6 rou Loyqproolr6, Xropig vo ro owAne0ri. Kcn6 rr; 6r6p-

14, GOLDMAN SEX / 215

K6to rrlq 6irqg, 4 unep6onrorl rrlq rup(og onoxdi,urle 6rt oMrw nrqv ep<oreugdvog Ue Urq 6rKny6po nou rnv e(Xe ouvo-vrnoat oro nloloro ;uoq ouyXtirveuorlq-eqqyopdq. Tnq eke yp6-qrer eporrKd ypol.lporo treq Kor nrov yu1jvoor6nor6o. H gon06S

rou yv6prEr npoeqv6q yrq rnv eqoou(uyrKn rou oX6oq, yeyo-v6g nou elqye( npogovrig yrmi o Mtw 6ioro(e vo rr1 porloetyto ro nood nou 6i.etnov xot vo grov6(er r4v ooruvop(o. Merdr4v erup4yopio o Mrw nopor{Oqxe.

Av ror noLti enrerxqg 6oov ogopd ttq ouyrpotioerq ougge-p6wrov, q Goldman Sachs, owf€sro, oe e6paro n€Knq 6ev ipovnord overnrq. H rpdne(o 6ev no(et pe rqv onrmlol Oeope(rornpoo6v n npooonrr4 (orlvo e(vor oroOeprl, ogori -6)ror ro yvto-pr(oupe- evog rpone(ir4q ewuXrop6voq orov ydgo rou ror pedvov toopponrlpdvo rp6no (orlq 6oule0er roi,trrepo. Or 6ou-l,edq e(vor ndv<rr on6 610. To or6lexoq rnq Goldman 6oul.ederpriXpr ror 6eKooKr6 o.rpeg rrlv r1g6po, dXowog p6vo pio npdpoyro qeKo0poon, ro Ioppmox0proxo, ror owd 6Xr ndwq. Tnv oFroyevetort'l (torl qv xmon(ver n Tpdneqo. To IoBBmox0prororuxo(vouv Brweoouv6roor6rlielq, peroKrvrioerq Kqr ouoK6qlrtq.To nordto npdner vq ro Kdvouv pcroq0 60o enrXep4gorxcirv "Xru-nqp6rtov". Or ncnepd6eq nou Xdvouv rq y6wnon rou releu-ro(ou rouq nor6ro0 6ev e[vor Aiyot. Kor, 6rov aivornopdweq, n6-}.t ro npdygoro 6ev e(vqr onl.6: 4 ori(uyog ev6g rpone(kq 6q-yoriwov 1.uo pdpo 6l o ou(uy6q tr;q, ov r<or nopov mov roKer6Tou rp(rou nor6ro0 rouq, qrov xoltr4pdvog mo xrqr6 rou, xi,e[-vowoq Ulo oupqov(o, nopo rg 6ropoprup(eq rtov voooK6golv!

Ae(nvo yeve0l,itov KCr. orKoyevetqK6q ytopr6g oKUpoivoworouv4Otoq rqvreLeurq(q qrrypn. 'Evoq

Xprlportonjg UoC eqlyl-oe yrcrrl To Uro6 Tou pn6voug rou 6rove cprepd: npoxerpdvouvo eivor nopdrv ornv en6rero rou yol.tou rou -rlyuvo(rorou 6av

216 / H TPANEZA

6vre1e dMo rot rov cnei\oe pe 6o(uyto-, opv40qre vo nerdletyro 14 M6o1o.

Or enruX(eg 6ptog, xmd rtg enttoy6g rou noupLrovrolroU,nou 61er egnorioer tr1v opepxovtni oxovogrci roulrrotipo, yi-

vowor 6rov undpXer (euy6pr. flop6 rrlv e[6ll[r1r4g rowrov[og,dvoq 6eu0uvrqq 0o np6neL vo elvor nowpep6vog, yto vo 5Xer oo-.

Bop6q elni6sq vq grdoer or4v ropugrj. H ori(uyoq e(vor nohri-rqro d\eovdrcrqgo, or6go ror nopopehqgdvrl, nou ouvo6eferrov orj(uy6 rqg oe 6)14 14 6oprero 116 ov66ou rou. Kqr, 6rovor p6)ror owrorpdgowor -npdygo ondvro-, o o0(uyog e(vor ovo-yxoolr6voq vo p6ver oro on[rr, vo opyov<irver rrlv oroyeveror{(or1, pe ro npooonrr6 rou onmo0, trlv wow6, tov r4noup6,trlv ro8op(orpro... Or o0(uyor ovohogpdvouv dvov unoorrlpr-rrLr6 p6tro, nou poo((eror oe 5vo ouor4p6 npor6roMo.

[16wrl4, ro povoplx6 nve0go efvor nop6v orov Ueydlo o[-Ko. To orKoyevaor6 neprpdMov rou npo66pou r<ot yevrrof

6eu0uvm [eper ndrg vo poo e0er. Efunoro0eror 6n 11 oJ(u-yog 6ev pnope( vo bouleUer +<or e6d) 6ev ouvowdpa roplo efo[-peorl-, or6go xoL orrlv nep(m<ooq 116 A6po, rrlg yuvo(rog rouMnhovrrpdl, nou elvor 6Lrqy6pog. Ereiv4 6ev 51er rov rorp6 vo

X6veror p6oo arqv nNiqn Kqr orn povo[r6, oro qpegrmu<d r<ororo otrxo6)r, 6nog ereiveq or Agepu<ovbeq nou gdvouv qro onGn Kor 6ev 6oule6ouv. H A6po 6('ver )rognepd 6eirwo, ro069 e(vorun6pperpo gdr66oqn, nou 6ev 6Xouv rinoTs vo (ntrdqrouv on6ro poorfurd ougn6oro. Or ppo6dq ow6q npoeroqrd(owor pe ge-ydtrr1 enrp6l,ero ror ouor4p6 npor6rotrf,o, X6pq orq Boqoetogtog mpmrdg oepB[6ptov, llerp Kqr onoubo[tov oeg. H flprir-q Kupior4g Goldman Sachs 6ev e(vot p6poro ereiv4 nou npo-roytovrore( orrg rou(iveq rr1g, ge ro yrydwro rluye(o Koi nq re-p6oreg eor(eg. Oqprog6vot opln6rroveq ror 6torooprp6g ooXo-

14. GOLDMAN SEX / 217

Lotiwot pe ro ndwo orov veoyor0rr6 ow6 n0pyo f orrlv 5nou-Irl rtrlv odtqv6nrov 6roor6oetov: ro 6nrnAo, ro ugdopmo, ornfvoKeq, or KdBeq, o rrlnog, rlnroivo KrI. Money is no object (roLegrd 6ev efvor np6BAnpo), 6n<r4 l.6ve ror or Apeprovo(.

Yndpler p5poro ror o Koggornq, q orogrpx6g, o yul.woorrlq'ro ye0gcno pe gl]reg -or4v ni,erov6rp6 roug, orJ(uyor ore]eXcilrnq Goldman-, ot enrox6rgerq qe yKq^epi, or B6^reg oro Koro-oqpmo ge roOoprqdvo powaBoJ oq Mdwroov Apevrou, orrlvMnow :rprr, oro Oopno0p lew-Ovopd, 6nou Eo6e0erq Xop(q vounol,oyi(etq. H orxoy6veto 6ev Boo(erqr ror nol,0 oro rpdroq.Or Mnl,ovrgdw n\p6vow ro rbronK6 oXotre(o r<ov nordufv, rouqytorpo0q, ng xhlrx6g, rnv qnoKoUrbi rov onopptl-rgdrrov, rovo6ny6 rnq fuUouElvog, rov nd\6ro rou ehKorn6pou rot, guord,rrlv oogdlero. Meroxlorlwot p6vo pe fupou((veg pe oxo0po r(d-

Uto - Bl6nouv rn N6o Y6pxr1, oMd ereivrl 6ev roug pMnet.

Or orj(uyor rrov r€uv6wtlv e(vor e(orpernd rowrovtr<rig. Or ro-wrv6repot eftor rou (euyopro0 npo6pXowor qn6 rov uqrnl6-tepo xrjxtro, rfr oov roug rnn6reg rqg lrpoyyul4g Tpon6(49dnlo6i. np6Keror yro nolLo0g ouvepydreq rou Mntrovxrpdw,moug ono(oug erelvoq 56tooe to Xpiopo, 6noq or Kov, or X6-Iep, or >poprq ror or Opocr. Aw6q o grxp6xoopog ;rdver orrgf6teg ouvorr(eg rou MovXcnov, oro Anrp lcr ldtw, orlv floprABevrou xor orqv fl6prrr4 Aeog6po, rmd npor(p4or1 pe ove-gn66rmr1 odo ro I6wpoL flopx, qv 6ooq npoolvou rou "BigApple., 6n@q l6ve rr1 Ndo Y6pr4 - e(vor un60eor1 KotvovrKo0q(drouq.

To ro.l,oxo[pro ro nepvo0v ndwo oro Aovyr A ow, pero[Urou Mnpn(ldpmov Kqr rou lor Xdgmov, 6nou 6).4 otrq q dr,i-Ko 6ro06rer Uro egoxrKli rqrorx(o. >u)yd(ouv oro nro eKleKrdcountry clubs, onUe(o ouvdvrnonq rtov nolueKorogpupro0X<ov.

214 I H TPANEZA

H n6po MnIovKgdw y(vetor peptr5g gop5g erveuprorrni.Ogopgn, pop9rog6vr1, KoUrIri, n yuvq(Kq ow{ gnope( vo gove[

onp6oerr4. 'Eror, qeonKooe ro xowoopnol.rd rou MoqXdrov6rov opw10qre, anudro0gevq rr1 06on qS, vo nepqrdver orrloerpd rqg yro vo pner oe pro g^ovop<onr{ eK6 \oon Yro rnv6peuvo xmd rou ropr(vou rqg g{rpoq. "Aev eo napqdvol or4oerpd go(( ge ov0ptirnoug nou loberiouv trry6repo on6 g6vo"

oOplroqe orouq rdpBepouq, nou 6ev r4v dgqvov vo nepdoetnptirr4 or4v nogn<ilbq rd\errl rou grlovepontKo0 KuKI6Ucnoq.

'Onog roL oe pro povopXlo, 11 owor<parop(o ounl 6xer rq re-leroupyrxd rotro o0pBold rr1g. Ot ou(uyorrov ouvepymril 6p-

Xowor ror nopdpXowor. Mnopo0v ypqyopo vo nepdoouv qn6

rrlv eutrr5vero orov onoxtret4r6. H nopogu<pr] 6oroX4 nopor4-pr1or1 nou 0o grdoer cro owrd rqq ou(riyou tou npoSdpou t<otyevrro0 6Leu0uvq pnope[ vo pfiar erafv4 nou rqv 6r<ove oe 6u-ogdvero. Av o orj(uyoq ayKqrolefrler rrlv Goldman 4 onotruee(,ot n6preg r4g outrfg ewoe(rot 6n dreivouv qrdoo4.

Or yuvo(req nou epyd(owor oe our6 rov Xdrpo rov erlerniv

Xoipouv, 6nog go[veror, rdroftep4g err(gr1o4q. :rnv npoypcrrr-16111ro, 6vog rdnoroq prooyuvrop6g undplat or6pr1. O oe[t-o1r6q eivot 0nou)roq mrq o[oouoeg ouvoltroydrv: ro oX6ho r<ovowpoiv ouvo6'rcp(Dv Yr.o ro oogortrd npoo6wo 6ev tre(nouv,evtf ro 6dXru),o oe nep(mtoorl 6rog<ovioq uQ<riveror nto yprg-yopo. Irov X<irpo rnq nopoxnq ougBoutr6v, q on6ropn ouUne-ptgop6 perd Biog rpfBeror rdror on6 rrlv en(goo4 euy5vetogKor Kqtrtiq ovorpogriq. H ouvri0eto rnq nopn, oro r6log rrlqqgdpog, 4 rou lap dancing club -6nou un6poXeg yugvdg un6p-

ferg, pe onorprX<og5vo pnrfvt, ytrtorpofv ;.te ro regdfu npoq rorcn<o, ndvor oe gro gndpo xprog(ou- neprO<opronoe[ x6ntog ttgrpone(lrrooeg ro Bpd6ro! O ox],4p69 owcyrovrog6g 6qgroup-

14, GOLDMAN SEX / 219

yel dvq rnteerK6 neprpd^ ov, flou 6ev npooqdperor ytq EEor6qKor grfuK6q oxdoerq.

OpropSveg nporcnxrig r4q erotpefog pnopo6v enlor1g vo ro-Oumep4oouv rqv ov6hfq rtov yuvorrdrv, rup[tog 6rov np6rer-ror yro rnv errloro o(tol,6y4oq, q ono(o eqqprqror on6 nol dmopo, 6wpeg ornv n^srov6Tqr6 roug. Iro Aov6ivo, or npo-olli$erq 6xouv brntrri rme0Ouvorl: eilrimrx4 yro rov Xcipo rnqnopoXtig ou;rpou)trbv ortq enrlerp4oerq, 6n<oq ro ono6exv0er qunepoxri rov onogoiro.rv r4q O[96p6nq Kor rou KolpnptrE, Ko-rd rrlv nopddoorlr4g no,l rdg oproroKporrKnq Ayyliog, Kqr lol-Kn onq oyopqnolno(rq. To nor6rd on6 ro

'Eoe{ nou on6rcr4oov

Ttg yv6oerqrouq ndvco orn 6ouLet6, enrgenxd roO<irg e(vot, ovo-nopdyouv oulyd rov oe(rop6 rrlg EpyorrKnq rdqnq, qn6 rrlvonofo ror npo6pXowqr. M6oo orn 6uo6rKn owf 6o9{, nou rrlpMnoupe oe ptxp6repo BoeH6 Kor qrn l-ou6l,Irpn, oryuvo(rege(vor rdntog gerdopeq, tr€q Kor Bp(oKowqr os no man's land.

Av 6ropdooupe r4v 6K0eon nou 64gooo&r4xe rov :em5p-

Bpto rou 2009 on6 rqv Entrponrl lo6rrlrog roL Av0ponrvov AFxor<opr6rolv-, 0o dronrordrooupe drr qro :in ro fiprp rtrrv yuvoFK6v oro rdloq rou Xp6vou (Boox6 ororXe(o r4q oporpiq rovepyoEoudvov mov xid6o) e(vor 79% Xopll6repo Kcnd Udoov6po on6 eKrfvo rov owprirv ouvod6)rgov rouq. H 6rornpnonour4g rqq 6toxpto4g pa B6o4 ro rpri,\o, nou 6ev y(veror eiKol.oow qrrrq, e(vor onordl,eopo rrlq o6rogdveroq oro llolpooUoqurov rov pn6vouq. Kord ouv6nero, or yuvoiKeq onorel.o0v

Uerov6rqrq oe rprlgoro nou qnogdpouv r6p6r1, 6n<oq or oyo-ponotrnoieq xot or ouyXovefosrq-eqoyop6q, ro;re(q orougonoiouq ouvowdle ro peyd\0repo Un6vouq. Awleerq, roley6pevo oo0ev6g gril,o ernpootoneiror Kqlfrepo oe ql4poronou 6ev rp6pvouv rdp64, 6ntoq a(vor ro vogx6, r<ov ovOpdrnworv

220 / H TPANEZA

n6pov, rnq snKorvov(oq, rnq 610[Knonq Kor, B6Boto, r4g ypop-prcneronig unoor4pr[rlq. Or rpqne(eg 6ntoq 11 Goldman Sachs6ev ro n6ve roid pe trg d6ereg p4rp6r4roq. Tov Mdplo rou2010 n :dp^or Xdvo, np<lqv un6l nloq rqg erotpefog mr1N5o Y6prr1, doupe rrlv rpdne(o cro 6xoonipto rou MovXdrov.H evdyouoo ror4yopo0oe r4v erorpeio 6r rrlv nepr0<oprono(r1oe,unoBd0groe rq 0don rnq ror rrlv on6l,uoe retrtrd ;rer6 q y5v-vrlon rou 6eLnepou nor6to0 rr1q.

Or yuvo(req 6ev eivqr or g6veq nou dpXowor owrp6roneq peour6 to epnd6ro. H neprnt!'reto rou T(r;r Kdpr 6eiXver rrg 6u-orotrleg nou ouvoworiv or gutranr6g gerov6r4reg npoxerp6vouvo oro0o0v oe 6vo neprpdll,ov treuK6v. An6potroq qrulotroy(oq

rou X6ppopw, pe roNj ovorpogq ror eu€09 Xoporqpog, 6eve(vor qnd ro nptirro profud Tnq enev6urtr{q rp6ne(og, otr\d6vog rotr6g nt.rl,rp4g ol.rol6yorv nou rov errrpo0v or netrdregtou. Aur6g o yiyowoq ge ro trem6 trroumdn, o onoiog privern6wo {pepog, 6xer douMqrer ornv Chase Manhattan, orn N6oY6prq ror opy6repo mo Aov6(vo, 6nou xor npooArlg0qre ro1990 qn6 mv Goldman Sachs International.

O T(r;r Kdpr e(vor Apepnov6g o.lJ\d... go0poq, xdrr nou npo-govc6q 6ev opSoer orov npoimdgev6 rou, rov T6pnr l-rovyr<, oonofoq xm61et 06o11 ero(pou. O reLewo(og rov 6Xer ndper on6rox6 pdn rqr rou xdver ouveX6g noparrlpioerq. 'Orqv o Kdpl6eeoe unoqrngr6Tnro yLo rq 05oq uneu0Ovou rrr:v Xprlgoronr-ororm<iv opyovrop<iv, U6hS qufli 6petva xevr1, o Ayytrog ro0ondrrrrloe 6rL 6vog Leur6g ouvdbdrgoq e(vot nro rordltrrl)roq,..ytod e[vor i6tog pe rouq ov0prirnouq r<ov onoi<ov roJ\Umoupertq 6poorqpt6qreq". O T6pnt l-tovyr ro0 rovet oog6q 6rt BpLoreroL erel yro vo noprorcver rq y)\dorpo efor[oq rou Xptirl.ro-

14. GOLDMAN SEX / 221

169 rou, 6Xr vro vq 60utrt0et: "=6petq KoId Ytq notov I6Yo nln-pd)veoor..-". Ie ere(vouq nou rou Mve vo npoo6Xet ro otrtoOti-

poro owd, to ogewr6 onqwd 6rt 6ev e(vot pmoton]q, ytor(

11 yuvo(xo rou e(vot... l-tontovd(o. H antOemrl ow4 oupnept-

gopd eXet oq onor6ltopo vo Ueto0e( ro npql tou rmd ro 600

rp[ro. To 1995 o TEIU K6pr pp(orerot 96oo oro ooK[ Ue rouq

onohug6vouq. Aev undpXet opgtpohlo yro exe[vov drt np6KeF

rot yto evdpyeto r<o0opd porotmtrrl.

Tnv 1n loul(ou 1997 n Goldman Sachs Kp[enKe 6voXr; yto

eulenKn 6tdKpton on6 roug 6roo169 rou Aov6[vou. "E0xogotq v(rr1 ow4 vo npotoOrloet oroug r6trnoug qq Goldman Sachs

ouvonreq epyooioq nou 0o Boq[Eowot neptoo6repo ornv too-

rtg(o" britraroe o T(g Kdpr, o ono(og ev r<o petof0 npoolngenKe

om Merrill Lynch.

"H Goldman Sachs eivor gto etotpaio noyr6ogtog xJ(poxog

[... ]. f'lp6net vo geivet no].unoAtttolrtxrl, pe notrtr6g e€vtx6rrlreq

H 6togopenr6qro e(vot 6voq Boorr6g poXl6q rnq divopnq

uqq": uerd rnv Koro6tKoortxrj on6qoo4, o npde6poq rqg

Goldman Sachs International, o flhep ld6epl'ow, XpqotponoEiqv [J]rrv1 our4 ylttlooo yto vo rov[oet 6rt ot e0vtx6rqteq nou

ernpooono0wot p6oo mo 6e0v6g rgrlgo e[vot 53. Tr q9nvet

vo ewon0e(; Pcrotordq, notot; EUdq; nor6.

EwuXtirg, perd rqv un60eor1 Kdpt, to npoygmo npox6pn-

oov, un6 rrlv n(eo1 qg 6lo rot UeYolttrepnq ongooioq nouqnorro0oov ot ovodu6peveg oyopdq, rou noyr6ogtou Xopo-rrrlpo rov orxovoptxtirv 6poorrlptornTov Kotrou 6wovou owo-

ytovrolroo rov tpone(drv oe 610 ro gdrrono, nporetg6vou vo

npooelK0oouv rouq rotr0rePoug

H rfXrl ttov o;rogutrogil'.tov deilyet en[or1g noto nrov n nopeio

222 I HTPA1EZA

oe 06poro 6rdKptonq. To :(rt, 6noq Kot n Tou6I >rptr, 6ev oKo-

lo0enoqv dyxorpo tqv e[dh[q qg rowtov(oq ovogoptro ge

rouq yr6r, nq treopieq xot roug rpovod(ouotr. 'Ooo neptoo6te-

po gLo entXe(pr1o4 dXet vootponio "opoevtKli", 16oo )rtyotapo

ov6xerot ovorxr6 onoxl.[vouoeg oupneptgopdg. M6oo oe quri

qv rerog6v4 or;l6ogotpo r<rrv vodrv rqq otKovop[oq, nou rrlyewo0v n 6(qrq yto xdp6og rot 4 Kotipoo rtr.rv pn6voug, 6ev gno'

pef vo enrxporqoer q ovop]. E(vot entnl,6ov Dtdxurn rl oioenon

611 4 eQouolo ouv66eror pe u1v oppevcon6rlro, nou 6ev rot-pr6(er ge ro orepe6runo Tr1g oltogulogtlioq.

Or enoyyelq.rcnxdq ox6oetq oqyd ordd)vowot xot oq ogo[-porou rdronKof. Tq "eKr6q v6puoq" oreMXq onoxtre(owot on6rrg ouvorrrrloerq ;re ou(riyoug oe eanm6pto, on6 ro IoBBcro-

x0proro yro yrolg ri yro ruv(yt pero[0 ouvo66trrpov, f or6poxor on6 ro oxoyeverord prndppnertou. Kot to 6frruo ol6oeovnou 6rlptoupye(rqr Fe our6 rov rp6no no((at, npo9ov6q, rovp6tro rou qnq npooyoycq.

Tdloq, opKero( Xprl;rcmm6g yx6t torv nol.ueOvtxdrv p6vouv

ouy3r6 goxprd on6 Xtlpeq rou Tp(rou K6opou nou e(vot e10pt-

xdq ondvowL ornv ouogu}roquhfo, 6noq, yto nopo6etygo, ot

X6peq rnq Eyy0q AvqroLnq q r4q unoooX6ptog Agptx4q. Au-

r6q 6goq o onoKlerop6g opy6repo onopo(vtt oe Bdpog roug.

Me rtq (6req uov6qteq, dvog oporpuh6gttrog 6Xet noh0 )rt-y6repeq nr€ov6rqreq vo ndpet pto 6eu0uwtrrl 06oq. Aw6 ro

ovop6(ouv pink plateau, q "yud.I,Lw1" opoQi 6n^o6n os poE

er6oXrl.fldwroq, 11 voorpon(o opX((at rot exe( vo otrl'6(et, Kcr n opo-

guhogrjt(o dpleror orYd orYd qro 9oq.Or peyd)req 6e0veig rpdne(eq, rup(tog ot opeptrovudg, 6p-

lroov vo glepr6pouvrouq v6oug tpone(fueg nou efuotYK6t. Ko-

14. GOLDMAN SD( / 223

rd ro nqp66eryUo rnq JP Morgan Kor rrlq Morgan Stanley, nGoldman Sachs 6npro0pynoe dvo eooreprK6 6tKruo, ro GALN(Gay And Lesbian Network).

H 6rogop€[K6rnro or4v epyooio 6yle xoOoprorrr6g no-p6yowog yro rqv ex6vo rou epyo66rr1. fleprm<ioeq oefrolrod,pmorolro6 ror ogogoB(og, 6orro ror pegovrogdvo, pnopeirdrpovo oror{oouv orp$6 mqv er6vo r@v erqper(6v. OL enrlep{-oerg goBoriwor pr]nog unoorotiv 6r<ir(erq { 6ouv ro 6vo1rd rougonq eqnuepioeq Yro xdnoro un60eor1 6r6xproqq - pro nolu rox{6rognpron. To oogotuonrd rope(o nou aMylouv ng eroLpelaqor onoieq efuor ero4ypdveg oro Xpnporrornpro opvo0wor voenev6Uouv oe enrlep{oetq pe 6oypmx6g Odoerq. O r6ogoqo^ d(eL Koe6q Kql n uqrnM rpon4Kn.

15. f4 r4q enoyyetrfog

11 v un6pXet go erope(o nou dler onode(eq mo n6poolro rou/-l Xp6vou, r4v xov6rrpo qg vo npooopp6(eror or4v enoxrlrnq,ourrl e(vot oiyoupo 11 owoxooropiq rnq Mflp6ouw :rprr 85.

H oonp6poupq qoroyporp(o p6q 6efger rivov q)tmr<o;r6vonipro pe nl,orioro Aeun] yeverddo ror entBlrprx6 ovdorrlgo, wu-p6vo ge puo rotropol-4r6v4 pewryr6ro. Kpcnd oro oprorep6 rou

X6pt 5vo BtBl,io, evdr ro 6ef( rou orrlp[(eror o6tdgopo ndvol oe5vo mpoyyul,6 rpon6(r, oro onolo 51ouv ronoOerrlOei 66o dI-Io prB^io, Ioyoprooprcirv ev6eXop6v<oq. To noprp6ro, runx6 rrlgenopjgrou, onorqlfmet 6vov 6v0ptono rrlq rd{r1q, ondporpo,6nroq noll.o( on6 rouq oupncnprdneg rou oq v6ro Fepgov(o.Oo[veror yd\dvroq. Bptor6poore qro 1900, r6ooepo Xp6vronotv on6 ro 0dvor6 rou.

I-ew404re arrq I AeKrpBplou 1821, ovopd(eror MdprouqFr6trwgov xor 5(4oe 6wovq rov 19o qr6vq. Aev q6xooe ro Ur-rp6 1opr6 rrlg Bouop(oq on6 ro ono(o rordyeror, ofre rq 6er-vd rolv EBpo(cov rrlq Kewprrqg Eupdrn4g, or ono(or npofiq-€orjoov vo [egtlyouv rord 6erd6eg Xtu66eq on6 ng 6ui(ergxot tr; 6umuX(o, oxol,ou0tiwoq 6vo np<irro x0po go(rxqg pre-rovdmeuo4q or4v Apeprxq - ouv6nero rnq ouvrnpnrrrcig owe-

225

226 / H TPANEZA

nqvdoroonq nou rarddtu(e rr1 Bouop[o ror r4v flproo(o. Owexor fdXooe ro gprrr6 rof(6r oro otrrndprorou ntrolou, 6nou rouq66rve 60vopn n strnl6o 611 0o 6Bproxov xcnog0yro orq v6o y4.Ere[ ndpo, Kor flol6 peroyevdorepo, ro dyotrUo rnq EMuee-p(oq 0o 6rorr1p0[er: "Ariore o' ep6vo roug grolorig oog xotroug xmcrpeypSvouq ooq>.

l-roq rcrqvorp6gou, 6dor<drog oro endyyelqro, o Mdprougl-r6)rwpov gerovoorerjer mrg Hvtop6veg nokTs[8q aro 27 Tou

Xp6vto. Me lg Bo,\iroeq rou nopogouor<opdveg ror QeM((o-wqq Aiyeq MEerq qro oyyhtx6, o perovdorqq nor6 pe ouyrlvr1or1 ro n66r rou orn yn nou 0o rou driroer rr1 6e0tep4 euxot-p[o. Xrop[g ouyyeveig, owe yvoprpirag, o veogepp6voq pyd(et ro(rogi rou oq gxpono)r4r4q qro Nrou TE6poei. H oorqp(o rouSpXetot X6pr1 orq yvoptp[o rou ge rqv Mn6pro, r6pr1 ev6q xo-opqpmonoro0 on6 rq Bouop(o, nou perovdoreuoe ror eKe[voqro 1848. Or 6uo rouq nowpe0owqr. To (euydpr eyKoe(qrarormq Oul,o6dhgero. O MdpKouq l-r6lwpov nepro6e0et orrg n6-trerq rov opuXe(ov rqg l-levoul,povfoq, pe ro rdpo rou, oq epno-prr6g owmp6oonog. H yuvo(ro rou rpmd 5vo ror6orngo pspo0Xo qg oetpdg. Ir1 ouvdXero q oxoydvero -ndwe nordrq 116-troq- geroxop((er cr4 Ndo Y6prr1. To 1869 o Mdproug l-x6l-wgov t<dver ro (erivrlpd rou orn Xpngqroyopd, M[q nol6 Bo-ptd yLo pro ;lrpr1 etotpe(o npoeq6g\onq onotr4oeov, nouoneu0uv6tqv orouq Koognpcnonoto0g, oroug rmooreuoordqev6up&rrov ror mouq KdrooKeuoor6g Eeppdrlrov et6tirv.

O po04teu6gevoq peoftqg oxone0et vo enorgdrrlOe( on6 rrlvrepdono oyopd npoel69l4or1g ouvoll,oygomtirv, 4 onoio 6q-

l"uoupyiOqre A6yo rov uqrnl6v enroK(ov nou oxol,otiOrloovrov n6treuo Bopelov rot Nor(tov peroqf rou 1861 Korrou 1865.H 616oo11 owtiv rtov egnopu<tirv ypeoypdgov 6iver rn 6uvqr6-

15. TH IH: ENATTEAIA: / 227

rnro orouq eppo(oug relv(teg, nou efvor eyxcneorqp6vor orqv6xpr; rou Mo\ryorqv, vo dovei(owor oneuOe[og, Xorp[q vo nep-vo0v on6lq rpdne(eq. O Mopxoug l-x6l,wpov gopdrolpo rlpi-r.l.rql,o, gdoo oro ono(o Bd(et rg ouvoMoygorrrdq, nou qfil ou-v5Xero noulloriwor mrg rpone(eg pe dvo ptrp6 xdp6og.

T1v enopj exeivrl, ov rot 4 Ageprxq yv<opi(er puo orrovoptrrl6Kpn[n, n ouvorK(q rng fou6A lrptr, 6nou e[vot eyroraorqp6-vq 4 enrXe(pqo4, 6ev yeprl(et ro gon. H Tp(vtrt Toeprq, 4 ronxrlerx.Lqo(o, e[vot ro nro qrnl6 Kr(pro. O ;rovo6rx6g oupovoq0ornq61er pdvo d[r op6rpoug. OL 6p6por 6ev SXouv owe xotr6 o66-mpt.rpo o0re roh6 9o opr6. l-1oL0 o0wopo, ot nOpyot [en4-do0v on6 14 y4 oov ro ;.rovtrdpto par6 tr; BpoXrl. Axolou0citwogrrlv orxovol.ur<rl 6xpr1[r1 nou npox6.l.eoe 4 roXeio Bropnxovo-noir1or1, or doutrerdg rou Mdpxoug n6ve notr0 xo.Lo. !e o4peionou vo np6ner vo npooldper 6vqv loytorq xoL 6vov xLqrrlpo.

Or Kol0repor gi}ot rov TK6lwUqv e[vor or Ioxg, Bouopofxor owof nou lp0ov ro 1848. H Aou[( l-r6trwpov, 4 1-uxp6teprlrdpq rou Moproug l-r6lwtrrov, nowpeirrqre rov ldgtouel tqKq.To t 882 o peoftnq ouverorp((eror pe rov younp6 rou, nou elvotl,oyrorrlg, rot 11 erorpe[o perovop6(eror oe Goldman and Sachs.To 1885 o X6vpr Tr6lwpov, 6vog on6rougrperq yrougrou M6p-rouq, pno(ver or4v enrle(p4oq, 4 onolo noipver crrl ouv6xeroro 6vogo Goldman Sachs & Co., rq orlprepLv4 6nl,obrl ovopo-ofo. H ypr]yopr1 eqdn,\(l)on rooe( r4v erope[o vo dtooXioet rovAtl.owx6, yro vo r6p0oet Urq Kolonpqqlq oro Aov6ivo trre pro

otrovoptr{ 6uvoore(o Eppoirov rqq Fepgoviog, roug K}rowpopr(e{ ou ror q nep(gnun rp6ne(o l(einwort-Benson, nou 6ev undp-

Xer mo). Ar1;uoupye( en(o4g gto 6Nt4 eropelo ge ouverqrpo (50-50)Tn Lehman Brothers, oro Movryx6gepr (Ai,opnotrro) ro 1844,ror owri erdrxeugdwl oqv npoel6cptrnon ouvqlloyUcntr6v.

22A I HTPANEZA

To 1896 o MdpKouq fK6IwUov no(pvet rq o0wo[i rou, ogn-vowoq rq r1v(o orov yLo tou Xdvpt t<ot orov yolrnp6 tou 16-grouel. Mxprl entle[pr1or1 xo06g eivor, n Goldman Sachs 6evovrlreL r4v enoari ereivrl orov poyrr6 rudto rtov geyd)rov eppoiL-x6v tpone(drv, 6vo veg6)rrrrgo nou 6grtolcv eupono(ot Uero-vdoreg, yeppovo[ xup[tog. H Kuhn Loeb yewdrqr ro 1867 Kot nSalomon Brothers ro 1910. H J. Aron t6pferot orn N5o OpAe-dvn ro 1898. :rnv oppi, 6treg er6xe0owot oro epn6pto oyoOdrv-popporroJ, ro96, ugoo1.r6rrov, r<or6ou, [4pcil gpofrov-, npwndpouv tov 6p6go rtov XpnUcrroorKovogrKd)v.

'OIot Wop[(owot

u6oo oe ow6 rov gxp6r<oo1.ro, orov onofo rove(g 6eto60et 96-vo 16pr; oe orxoyeveroKo0q 6eopofg 11 oe ydgo xot mov ono(oor onogooerg no(pvowot ouvowertxd.

:To rt\n rou 19ou or<irvo, ondvowr on6 ro 6rooropnrotrr6vor6p0goro rov EBpo(trlv nou ;runto0wot pero[rj toug, utptive-ror o nov[oxupog olrog Morgan Kqt ot oK6lou6o[ rou, t<oOto-onp6neL npoteordweg. O T(. fldpnow M6pyKov (1837-1913)

i6puoe cw6 nou ev6eXog6vrog un4p|s o UeyqJturepoq 6Ud'oqorr;v noyr6ogLo oxovogxrj rorop(o. "To 6votrro ow6 owtnpo-oroneJer yro r1v Apeprxr] 6,rr ror 4 otKoy6veto P6ro w yto rnvEupcirnrlrou 1gou or6vo" ypdget o 6qpooroypdqoq Pov To6p-voou mo ptBl,(o lhe House of Morgan. Me 0pdooq, nuygrl, dr-)16 r<ot por]0eLo on6 rdnotoug toXupo0q g0\ouq, entxttpnUq-r(eq xor nohLtrro0q, o novnp6q qur6g rulo6uirr4q orrlpi(et rr16rlpLoupy[o geyd],rov propr;Xovtxtirv rpoor. H General Electric,

n US Steel Kor n American Telephone & Telegraph owtnpoqo-ne0ouv rq guOrrq Ageprxri oMd rot ng uneppotr6q rr1q, ngrcnoXpqoerg tqg, toug o(t6rtpoug robber barons, rouq ")rnmo-pop6vouq", roreloplv np6tuno rov ono(orv e(vot o TE. ndp-now. H 60vogli rou or4p[(eror ndvco oe rpetg tpdne(eq: rrlv JP

15, TH TH> ENAT|EAIA: / 229

Morgan orn N6o Y6pxq, rq Morgan Grenfell oro nov6(vo Kor rnMorgan & Compagnie oro flop(ot. Aw6q o ntroriorog r6opoqgero[0 Eup<irqq ror Alrepxrlq e(vor 6vo peiypo on6 geydtreg or-Koy6ve€q Wasp White Anglo-Saxon Protestants: neuK6v Ayy^o-ooq6vov n poreorow6v) Tnq Av(rroNKiq AKrng rov Hvrop5vtovflohrer<irv, on6 l,6p6oug nou n6pooov np<irq qn6 ro 'lrov rorper6 on6 r4v Oqe6p6n 11 ro Koipnpft(, xootilg xot on6 yotro-(ooipmoug rrlg rlnerporxiq EupoJnnq.

O T(. fldpnow M6pyxov e(vor en(o4g owro4pk4g..., oroenine6o 6pog rov rowrovLrciv ouvovoorpogov. Mttr6 ovotXroyro 11 6uogoplo nou vt6€at on6 r1v nopouofo rtov eppo(<ov ou-vo6dtrqtov rou. O geyrmdvoq neprlgove0eror 6n efuor p6l,ogoe 6eroew6o Moxeq yro rq6wbuov, nq nro Klarqr6q rov Hvo-

Udvov nolrrer6v. Kop(o on6 owdg 6ev 6dXeror EBpo(ouq. Totrder eu96rrlq: "Mnope( vo rdverg boutredq pe rov onotov6rlno-re, rmronLoto 6purrg xdverg p6vo ov eloor r(6wlegov". Aw6q ooprororpdrqq, rord rov opeprrovrx6 rp6no, 6rov ovorp6perotmoug eppoioug owoyrovrmdq rou, Xpqorponoe(rq 9p6o4 .ou-

ro( or (6vor,,. Or KoeofuKo( 6ev e(vot oe roi,rireprl poipo. Awr-gercon((owog rov (6ro e(ocrporrog6, rmoge0youv onq 6po-orrlpr6rqreg nou pnopel vo riXer pro epnoprr4 rpdne(o. H U6-v4 "nonr4" enev6wrrrlrpdne(o elvor n Merrill Lynch, nou rnv(6puoe 5vo rphov66q Ko0ofuK6q

Tlnore 6ev qnorunrirveL ro],tnepo rq Op4oxewtrq ouq e10p6-rnro on6 Tn Udxrirov ordnpobp6uov, Urroq0 rou 1865 Kqr rou'1895, Kor rov 6treyXo rrlq ypquunq rou p6petou Etp4vrxo0(Northern Pacific)ro 1901. Mern goneerorou eBpoiou tpone(i-rr1 Kouv A6epn, o enr6pop6og'Ewouopw X6prpov (npoemo-vrnq) egoyop6(er xot ouyXtove0et rtg 60o pooxdg erorpebg nouefurqpero0vrtg vono6wrx6g nepro15g. Me q orrlpt[q ev6g oI-

230 I H TPANEZA

trou oroupog6pou rou nporeorovrxoO roncofuolroU, tou FouLfuoU PoKg6LEp, o5trer vo erolroprjoer xor orrl ypolrprl NorthernPacific, nou e(urqpere( 14 p6pero Kopoh[vo. O T(. fldpnowM6pyxov 6ev oulr<prove(, ror 11 Xpqtrrcmorrlptonj pdxrl [eond. OM6pyKov UqEefer Xpnporo on6 rrlv Ayytr(o, evdr o ow(notrog,o Kouv n6epn, oqrdrvet regdloro xup(tog on6 rr; Feppov[o rotrr1 l-oL)\,(o. To pmg releLdrver pe roonollo -or 60o op66eq gor-p6(owor 14 Northern-, otr)r6 yto nprirq rpopd rl nporoKooe-6p(o rrlg Morgan neprop(orqKe on6 pto eBpoir4 rpdne(o.

H ogp6rpepo owri rou nporeorowtol.toti -4 Morgan, 11 Kid-der, n Peabody & Co. xor o TEoprq O. Mn6tKep, t6purns rnqCitigroup- opvefrol vo 6rqnpoyUcrreurel Fe rouq veogepg6vouq.O0gcrro ev6g npoypcrxoti onodretopo0, eKe(vot 6ev Unopo0vvo 6Xouv np6oBoo4 mrg peydleg pro;rrlXovtrdq Xpql.toro6orn-oerq -rnv ouroKrvnroptop4Xov(o, rov XOruBo rot to nrrp6troto-ror opro0wor oerope(q nroronervoriq, 6nog 4 6tovopj, 11 xltrroroDgowoupyio Kor o oyporodrorpogtr6q ro96o9. Aw6q e(vorror o ltirpoq orov onoio 4 Goldman Sachs 0o ppet rtg rcndlt-Lrlreq eurorp(eq. H erorpelo dler yro Boorxo0q ne]rdreg rrlq 16-noroug xonvoproprlldvoug roOdrg xor roug og ,ouq 6tovopqgSears Roebuck roL F.W. Woolworth Ue rrq Xounl6repag npeg,yro rouq ono(ouq er6i6er peroldq. Av Kor naptepovrlp5vo, toeppoir6 r6ptipmo ono6eLrvfowot t6roirepo rolor6po oe 06-pmo orrovogxdrv 6€uOernoeov, rcnd ro nopd6eLypot4g oyo-pono)rrloiog peroXciv r1 nptintr:v u)rtiv. Aqptoupyotiv pto ntorqnehore(q pero[ri tov v6tov orxovopr6v nopoy6w<ov, rupitogorov top6o rov urqpeo<irv nou p6)uq €eKv6. Aero60ouv orouqgeoUtKoriq enev6wdq, 6n<og e(vor ro oogduorm6 tolreio f rogrJ\ov0p<onrr6 r6p6poro, nou np6net vo enev60oouv ro onuo-wx6 regdJ\ord rouq.

15. TH TH: ENATTEAA: / 231

To 1890 n Goldman Sachs e(vor ro voripepo 6vo r4g npoe-

E6qInonS, ev<ir 6(r Xp6vro opy6repo drero60er oro New YorkStock Exchange (Xrr;p[g oor6oo vo erooX0e( oro Xp4pronor4-pro, ogoti a(vot npooomni erope(o): xdn nou yto rqv enoXrl exe(-vr1 orlpo(vat ovoyvrirprorl. O Mdproug l-K6trwpqv neOo(vet ro1904. H erorpe(o rn Xpovrr{ exefu4 orrygri 6Xer rperg Booxo0garoipouq xot rperq juniors. Kpm6 6vo roi.6 loprocputr6rto ne-)t ordrv, oMd e(oro^,ouee[ vq dxer o60vogo roo]royrop6, roOcogot 1pr1poro6om5g qg rrov6r4reg e(oprdrwor on6 rov ouv5-rorpo, rn Lehman Brothers.

Kcnd rov np6ro noyr6o;uo fi6i.epo or 60o ou<oy6veteq l-r6tr-wpov ror Iorg 6yd(owor. H npdn4 unoor4pi(etrq l-eppov[o rorrnv Auorpoouyyop[o, evti q bewepq toug Iugprdlouq. Ooupo-orrlq r4g ngrlorrrlq neroopX[,rg roL rou Nfuoe, o Xrivpr fxdtrwprov,et64povog orrl Bropqlovrrq Xpqgoro66r4o4, opve[ror ro 1915vo oupnp6let oe 6vo yol oBperovrK6 Kowonpornr6 66veto noueiXe evopXqorp<iroer o oyytr6e^oq olrog Morgan. 'Orov gno(verorov n6trego 4 Agepurl, rov Anp[].ro rou 1917, ro :fu rou Aov-6(vou pnoixor6pet q yepgov6rpri,4 Goldman Sachs. H Tpdne-(o r4g AyyLlog onoyopefer moug ouverolpougr4g, rouq Kl6w-

Bopr, rd0e ouvo.L\oyr1 oe [6vo v6propo ge rov "eX0p6".Tqv 4pr6po pd.Lrmo nou n Goldman Sachs ouprperdlet, on6

rov 96Bo r<ov owrnofvrrrv, omv 6x6 oo\r@v Libev Bonds yrq vo

Xp4goro6orr;0e[ o ogepmovr6g n6],epog, o Xdvpr l-r6Awgovnoporte[ror, nofpvowoq ro pep(6r6 rou on6 ro xegd],oro. H or-

1-roppoy(o our4 roilirpOr;re ge gro erogopd rrlg oxoydverog Iorg.Or 6rio roroptr6q orroydveeg 6ev np6remor vo ou1lgr.Luo0o0v.O X5vpr l-x6trwprov Kor o :oU:oKg 6ev 8o pr 4oouv nor5 nro.

Merd rnv ovoxropl, e^,\E(qrer Kt(polqfou, q rrotpe(o 0o pnerrdro on6 rq orrd rov peyd)tov. H Ageprr4 yvrop(er Uro orKovo-

232 I HTPArI.EZA

UKn Kor BropnxovrKn dvenon Xopiq nponyofpavo. H eugdpeto6p<og ounr1, nou dgoro(e ouivro, 0o odrlyrloer qv rpdne(o oro

XeL\og rou yxpegof. Meroq0 rov reuv6wrov r4g Goldman Sachse[vor ror o neptB6qroq Touqw0\ KerorvyKq, ro golden boy rnqenoplq. tuflt6g, loptogmu<dg, yewrlpdvoq orov N6ro rov Hvto-prdv<ov flofureLtov, efuor ofuoupoq yro rov eqLrr6 rou rqr r4v ljXrlrou. f'lp6renor yro 6vov on6 roug poorxo0q etofpoug, o onofogpd.lloro ewun<oord(er roug y0p<o rou. Tr roitrrdpyero, rr opxo-wrd, r leXtopror4 npooonrx6tqrol 'Evog npoypmrr6q 6ov6nq:pry6 nowel,6vt, yASro pa om6v en6v6uoq, on6 6nou (enq6o6vo pol6r rodnnq, donpo nouxdgroo pe ondotpro orov yroxd,nAoriq l,orgo6errlg roL r1p(rl,r4l,o. E(vor mo o(youpo 6vog rpo-ne(frqq pe gw6too nou oKrrvopole( mrq rotvrovrx6q rououvovocrpogdg ror 6efget 6n (dpet on6 Aoyorelg(o, roOcirqpnope( vo nepvo, 6rov 4 ou(ffio4 ro ennp6ner. on6 rouq xo-vovrol]o0g rou New York Stock Exchange crrov ToKBi\. Aw6g omuXro0loq qq NoptKiq:Xotuiqrou XdpBopw, ero(poq oe dvoon6 ro geyoLfrepo 6x4yoprxd ypogeior4g Ndoq Y6pKnq, nprv

1rneL oqv rp6ne(o, yivuror ror o rriptog peroX6q rqg.Kworigevoq ond rrlv oouyrpdr4r4 ororo6o((o rou rril,ouq

r4q deroerioq rou '30, o l-ouqwd\ Kdtorvyxq e(vor en(o4q ouy-yporpSog 6orrg(<ov oXenr6 pe "ro rdLog rrov orxovoprrdrv xti-rj\ov. Ia owd ergp6(et qv n(orn rou orn ouvepj qvdmuqn,

orrl Xtop(q 6pro ogOov(o, croug yewor66trrpouq ropno0g rqgorrovotrurrlg andrroo4q, qg tponeQnjq n(or4g, rou Xpnport-orqp[ou... Ev6 6nUroupyo0wot pe ouyXove0oetg xor e(oyopdqproprlXovrro( yiyoweq, or ronoOerrloerq oe geroX6q rdvouv nd-rclyo orouq qnorogrew6g. Kor o l-oudwr.l, Kmowyrg efuor 6oo9oqv 6x6ooq vdov petolrirv, ro ai6oq ow6 rov lpeoypdgrovnou 64groupyoriv eugop(o cro Xprlporror4pro.

15, TH TH: ENATTEAIA' / 233

Aw6g o rpone(kqq, ge ttg nol,l,6g yvropqrieg, 6Xet peydtr4

nforn mo enev6unr6 tpoor. E[vqr, eo Myope, ro owiororloev6g enev6wxo0 rego.\o(ou, rdrr oqv hedge fund, nou enev-6Jer mo Xprlponorqpro ro Xprlpcrro rov nel,mdrvrou. Yn6 r4vro€o64yr1or1 rou, 11 enev6wrrlrpdn{o, erdreugev4 r6re mouqepnoprxo0g r[rtroug, 6qptoupye( 6vo enev6unx6 rmoorefo-opo, rnv Goldman Sachs Trading Corporation (GSTC). ApXr<dro xegdloto 6Xet Xopnyneel onoKLerorrrd on6 14 trr56po eror-peio, or ero[porrqg onolog no(pvouvro 10% oe npooontx{ B6-on. To 90% nou p6ver nouhrdror 6nerro oro xow6. End\6ov, 4Goldman troppdver ro 20o/" rou rooopori x6p6oug rou rpomyro 6qo6o broxeipronq.

H npo6enqn oro Xprlpcrnorrlpro, qrrq 4 AeKeuFpiou 1928,rnq GSTC KaroMyer oe 0p(o1rBo: ge opXtrq np4 mo 104 6old-pro, q peropi oveBofuer oro 136,50 6o^6pro onq 2 OeBpouop(ou1929, flprv oKopeol6oer oro 222,50 6oldpro onq 7 Oeppouo-piou. H yv<iror1 xor 4 ne(po rou er66rr1, prog grrprig rpdne(ogqg enoplg 6nlo6n, 6ev efuor oprer5g yLo vo elqyqoouv ouqrrlv onoyel<oor1. :rnv npoypcrnK6Tnro, q eropelo qqvqy6po(e

6vo geydtro ropporr rov 6rrdrv r4g rkLrov, Xpqorponouirwog ro(6ro reg6troro t4g rpdne(og yro vo ovep6oet qv o(io qg, npwrouq noutrnoer qov6. :rrq 26 louL(ou o KarorvyKq 6nproupya( groyp4gmonrortorrr( erope(o, rr1 Shenandoah Corporalion, or rfu-LoLqg ono(og y(vowor ov6pnomor. O 6Kny6poq T(ov O6orepffrroulq (1888- 1959), o onoloq 6yrve unoupy6g Ef<oreprx<irv rounpo66pou Ai(evXdouep, eivor rivoq on6 roug 6roXepror6g. Tqvnpdr4 qp6po q gerotr4 6mtroordqer rnv oq(o rqq. T6re 6ngroup-yefuot ror gro 6erireprl erope[o, n Blue Ridge Corporation, onq20 Auyotqrou. To rerpdl,ord rrlg ovrlxer rcnd ro geyoJt?repo gd-poqrou orn Shenandoah. H Blue Ridge eqoyopd(er 66o qp6peg

234 | HTPAF.EZA

opy6repq Urq 6iln erorpe[o enev6 oeov rnq AurtKnq AKniq.Ereivrl el,eyXeL pro oerp6 on6 Xprlpcnonror<om6q erope[eg rotg(o rpdne(o, or onoleq pp(orowor ornv Koite6pvto. H xoOegloe(vor 4 6tp4 proq mel,e(rorqg nupopbqq enev60oe0rv, n(oo qn6

r4v onoio rpfperor rl npoororeur[r<( or<rd rqg GS. O r6opoq, oonoiog 6ev yvropl(er 6trov ow6 rov p4Xovrog6, nou ornp(crotndvo oe Xp6r1 (ro nepltpqpo ono#].eopo g6geuorlg), (rpd 6Ioror nopondvo, enev60owog lq oLrovo;l[eq rou.

O Xdprlog n0pyoq roropp6et lorpvtx6 6rov 11 Fou6)r Irpnntrr]rreror on6 6vov np<orogovrj ou<ovopu<6 oeroU6, orrq 24Orr<oppiou 1929. H Ueroxn rrlg eropeloq, 4 ono[q 6ev 6xer nrooprero0q n6poug yto vo ono(4grcioer roug ntoror6q rrlq, Kq-rporu)rd oro 1,75 6oldpro. Efvqt o66vmov vq oropornoet notruo6tonj ow(6poor;nou ldonooe ger6 q pofpq fl6pnrn. Eivor ro rdhog. H m6on rnq GSTC XVo 5Ltreupe vo nopoo0pet xotr4v Goldman, 11 ono(o ogefiet rqv entp(too{ qq onod\etorLrdorrlv eropoq regotroiou, r4v utrewo(o orryg4, on6 rqv otro-ydveto lorq. O K6rorvyxg, rmeorpogg6vog, Oe<opti0qre ovd-wrgoq xoL nepr€ropronoqoqre.

IXerrr6 trre exefu1 rrlv enox{, o Tqov lGve€ fKqlpnp6te (1908-

2006) 6ypoqre 6vo 6pyo ovogopdg ;.te rov rho H oLxovolttx4xp[o4 tou 7929.'Evo o].6xtr4po regd]roto, ro "Epnroreu6poorarnv Goldman Sachs", eivq ogreptop6vo oro voudyto ow6. AvdroBdooupe ow6 rov orrovollol6yo, on6 touq nto XoptogcrL-xofq r4q yevr6g rou, 0o 6ronrorciooupe 6rr ourd to enx(v6u-vo enev6wxd rpoor 96oo or4 Xpqgmtmqptorq eugopio rotorqv {dgpevq rep6ooron(o 5noLlov 6vov rewptr6 p6lo oroKpoX (A€v Unopelg vo p4v ewuntooromeig on6 q gowqoio nouenw6qoe ocrrrl rqv on6)rtrrq rpdl,o. Kor, ov ow6 qrov tp6)ro,0o npdnet vo rrlg ono6tirooupe ron ro npor6".

15 H TH: ENATTEAIA: / 235

Mdoo ornv erorpelo, o l-oudwtl Kdrowyr<g efie dvov npo-

orcrraudpevo, rov llvwei l-oudwpnepYK. Aur6q o nrroptrdg on6

ro Mnporixi,w;trqKe ornv Goldman ro 1907, qeKwowqg on6 ro

rehewofo or<o]'.(, oq Bor106q rou euptopoti. O no]' :oKq, 6voq

on6 rouq ytoug rou ouvt6pur4, np6oeqe rq ouvdneto, rn 6topq-

rx6rrno, r1v roncnooouvn rou Kot tqv euxo)lio nou eixe Ue rouq

opreuo0q. Tov no(pvet un6 tqv npomoo[o rou, tov npodyet oe

une0Ouvo rou rolu6poge(ou rotrou nlqptlvet vuXreptvd ;toO{-

ucnq yro vo rel€ronoqoer ro oyytrud rou rot vo xdoet otrq 14rpptXr4 npotreroprorrl npogopd rou Mnpo0KIw. AQo0 6Kove rn

04re(o rou oro Nowm6, o :ivrvei Fouorvpnepyx [ovopnotvetoqv eropeio og Xpqpmtorrlq opotr6ytov. X6pr1 oqv nol t'l 6ou-

trst6, orrq yvoprl.t[eq Kqt qro chutzpah -6rgpoon nou qro Y(wtgorlgo(vet .Opdooq,-, y[verot erolpoq ro 1927 Kqt 6el( 16pt lou

npo66pou l-oudwrtr Kcrrorvyrq, l,[yo npw on6 14 po0pr1 ndprrr4

rot tr1v rmdppeuoq r4g Goldman Sachs Trading Company.

Mero rq 00eMo q oroy6veto Ioxq qgnvet ro nedio el-e0€e-po yf oLn6 rov ouro6(6oKro Uero XofujBbwo r10Lr6, nou 61et ne-pooer on6 6tro ro enoyyd\pmo. Mnope( o yewofog undNtr;logvo 64pro0py4oe pto etx6vo 6Xt xot 16oo er6utrtrtor4 yto t4v ov-

op<rrnwq qupl rot rqv rowtov(o, o.I-Ld dlat Uo(dqret 6vov 0@016

0r1ooup6 on6 toropieq nou eqrou elvot noltn$eq. To otKovoUF

xo, ow6q o yewqp6voq nculqr4q, to 6po0e n6vo oro yxto6. To

vdo rou o0v01;to 0o o64yeir4v etopeio yto Xpdvto: "H Xetrdlvqnou onef6et ppo65tog". KoropXrlv, ro vdo ogewtr6 en$61-\et

rov "r<ov6vo l-oudwgnepyx": 6ivouue nporepotoTnrq orov ne-

trdrr1, 6ev prl6pe mq MME, ouvoi ooo6poore pe 40xr1 xot ewt-g6rpo. Mro v6o operrl gerd ro orovogtr6 oxdv6otro rou 1929,

nou oprop6vot ovd$ot 6t66oXo( rou 0o rrlv oyvoqoouv.Kqrd rn Mey6ln 'Yeeon ro Aqewu6 vLcir0et xot ere(vog tov

236 / H TPANEZA

owrqnumou6 Tnq nporeqrqwrKrlq KooeornKu(oq rdqnq, nou6ev unoltope( gnpomd oe r(nore. Iroug rpone(xofq r0drouqrov norprr(tov rov grovd(ouv ox6nrpo "l-oudlqrrqiv", yvoorn

ouvrioero rrov odrrlponuprlvrrdrv owrorlgrtirv ;.re r4v ono[o peri-vouv rdnorov nopononirwog ro 6vopd rou. flofud npornrq, d\-)16 ror o4pepwrl.

Aw(Oero ge rov nor6po rou, Svov owro4pir4 p6vo og npogrtq rotvrovx6q rou oX6oerg, o T(or M6pyrov (1867-19a3), oono(oq rov 6tq6dxrnxe ro 1913, 6etC/er [er60opo ro pfoogrou. ITtq 11 AeKeUpp(ou 1930 n Bank ot United States Kn-ptiooer mrirXeuo4. H nalore(o rnq r6roprqg rpdne(oq Koro-06oeov rrlg Ndog Y6pr4g e(vor r<upi<og eBpoirqg roroytoyrlg.flopd Ttq erxi,rloerg r4g Kewpxrlg TpdneEoq rov HnA Kqr rovopX6v qq notrFe[og r1q N6oq Y6prr1g, o T(or M6pyrov, q

rpdne(o rou onolou xrve( rq vrlporo mq ],tovrrq rpone(tr{oyopd, opve(ror vo ponerloer rov owoytovtor4 rou. H Xpeo-xonio ounj nporotre( novrr6 mouq roro06req. "Or ev l,6y<onrtrdreq e(vqr qntro( dvOponor, prrpo6gnopor lopig p6pgto-or1 xor Xo1-r4Ar;g rowtovx{q td(qq. Or 6reuofvoweg npo6pXo-wot r<ot erelvor qn6 ro (6ro neptpdllov" ypdger o TqoK M6p-yrov oe dvo ypdppo Trou oneu0Uveror orov antregotrrlq rqqMorgan Grenfell oro nov6ivo, yro vo 6trototroyqoer rr;v o6pd-vetd rou. Awleero, tr(youg g{veq nprv, un6 rrlv ro0o6riy4o4rou T(or M6pyrov, ro euun6hqmo nporropelo ouvoM6ypo-rog Kidder Peabody, npon0pyto rou Trporeorowrouorr, odr-OnKr rnv reheurqiq crrygq on6 ro voudyro. Kot, 6tov q

Goldman Sachs, oro onoropfgtopo rrlg xpioqg perd rqv xo-rdppeuoq rqg GSTC, 06l,er vo npooXtop(oerro 1932 qro NewYork Clearing House yro vo 6Xer npooroo(o, or Lo0voweg ou-ro0 rou ypoge(ou ouUqrngropof onoro0v Kor nrruxolvouv

15. TH TH: ENATTEAIA: i 237

rov bropropd ev6q nporeordwn oq enrKegotrnq rnq XpeoKo-nnu6vnq erorpeioq.

A4pooi<oq, o T(or M6pyrov qno6oKrgdEer 14 6(<o(4 rovEBpo(rov rqq l-epgov(og on6 rouq vo((. Kcn' r6[ov, 6ptrrg, oup-eovef Ue 6vo roOeotig nou, xord ro ],ey6gevd rou, nol,egdrov [6ro eX0p6 pe rqv Apepm{: rov ropouvrop6. Eivor 6v0ep-poq ono66g rrlq nol,trrxrlg rmeuvoopo0 on6vowr orov XirAep.H eflrxeipnon M6pyKov, oro novdivo Kup(rr4, euetrnrorel 6tt, 1d-prl oe ourn rn 6tor<ptrtx4 or4pr[4 rou Tpftou P6tX, 0o r4g e[o-elneei ro repdorro nor6ro yeppovrro0 Xpdouq nou 6Xer oro

X6pro rnq, ro ono[o quv66etor trre ng ono(r1pr<iroerg rou flpcir-rou floyroop[ou floMpou.

Atr\6, rup(og, ow6g o 6e[t6g penoug rlrov6q proe( rov 64-

trlorponr6 np6e6po Opoyxi,(vo Po0EBelr, nou erldlOqxe ro1932. O T<qK M6pyKov 6ev rou ouyxopel rq 06onto4 rou v6-

Uou Glass-Steagall rou 1934, nou 6roXorp((et nq tretroupyleqrqq egnoptrrlg rpdne(og on6 rKe(veq rnq enevdurrKiq. H ou-roxporopio Morgan npdner Srot vo X<r.rprcre[ oe rp(o 6roxprdpdprl: pro epnoprxq rpone(o, r4v JP Morgan ror 60o enrletprl-po x6g rpone(eq, Trl Morgan Stanley qrn N6o Y6pxq xor 14Morgan Grenfell oro nov6fuo. O T(ox Mdpyxov KoroKplver rnv.xi,ko rtov Eppqiov nou Bp(orowor n[oto qnd ro New Deal (roono(o ot ourrqpqnxoi enrrptrdg rou ro B6qnoqv "Jew Deab,).

O Fouowgnepyr efvot n6woq unoorr;pucnjq rou npod6pou.Xoeg rpov oro ni.eup6 rou no^:oKq Korrou Touow^ KdrorvyKq,ongepo e[vor mo ntreup6rou Po0(Betrt. O Ilvwei elvot on6 rougtriyoug unoorrlprKrdq rou Aeuro0 O(rou gdoo or4v rpone(rx4Kotv6rqro. l-(verqr o oKr66nq otrovo1ux6g rou o0gpoulog.

H nporeorowrrf eLlr 6ev e(vqt o0ooropq owro4pmxr], npdy-

Uo nou ei6oUe ge rov X6ptpov ror rov Porgdtrep. O roi,wepoq

238 / H TPANEZA

g[\oq rou l-oudwlrnepyr, o flo], Kdpnor, ovr]rer oe gio on6lgpeydJ\eg ou<oydveEq Wasp rnq Boor6v4g. 'Orov o yevrr6g ypol.r-gor6og r4q rdr<omfg MoXrlg ro0 enniOerqt enar6q t4v nporl-youp6v4 e(Xe ro.l,5oer rov g(tro rou rov l-oudwpnapyr yro 6e(-nvo-*Fvopfqere nol,J ro.ld 6n 6ev 6eX6goore Eppo(ouq orrlvrpone(opio,-, o Boorov6(oq nopone[ror rqv (6ro mrygri ond rr1MoXn. Tperq 6cKoer(eq opyorepo o l-ou6pev Mndrper, o pel,\covouveropog rrlg Goldman Sachs, 6rov goOo(ver 6rr 11Mo14 rouoqv OpdXo on6xhe€ rouq Eppolouq, 0o r6ver ro [6to, evril €oy(vet pr6l,oq rou country club Tnq ropo4)r(rtrrlg xow6rqrog.

Merd tr1v tonovrr4 en(Oeor1 oro Flepl Xdpgnop ro 1941 Korrrlv xrjpu[r1 rou noMpou, o Po0EBd\r ovo06rer qrov l-oudtv-pnepyr vo oum{oer gro enrponf propr1Xdv<ov ougBorjtrov. H06o11 our4 6iver 14 6uvor6r4ro orov enrre<potrrig r4g GoldmanSachs vo ouvdqUer ordpeoug 6eopo0g perqv ovepX6gev4 yevrdrov BLop4Xdvtov. O l-oudtvpnepyr po)uoro yvrop[(eror pe rovXdvpr Oopw B', o normo0g rou ono(ou, 6r1p6otog ufioornpr-Krnq rou owtor;grnolrof , e[Xe egnvefoer ro ypomd rou 466],-gou Xlrlep. A6y<o 9r.1,(oq { on6 o[oO4po evopig lrdL\ov xorro 6fo-, o X6vpt Oopw B' 0o epnroreure(, or4 ouv61ero, orovenrregotujg rrlg Goldman Sachs rn peyotrwep4 64p6oro npo-ogopd owoil,oyrig {r}rov orqv torop[o rcov Hv<opdvov flol,t-tetdrv. H ouvoli,oyr] npoq 69ehoq rnq Ford Motor Companyernvdooer r;v anev6wtx4 tpdne(o, q onoio rmdBo.\l,e p6Xprrore gey6).4 npoond0ero yro vo owrgetonloer roug owoyovr-ordq rnq, mrg npdreg 06oerg rou Xr nopdrw orov rog6o r4gnopopjg oupBoutrdrv onq enrlerprloerg.

O liwvei l-oudtv;.mepyr pnope( vo nopopdver nror6q, oi.ld6ro0dreL ror yep{ pvr1p4. 'Eror, 6rov o vorioplog Nrop)r6v,np<in1vnp6e6pog rou:uUBouXou rou f'ler6v ror dvoepUoq uno-

15. TH TH: ENATTEAIA: / 239

qrnprKriq rov clwronUrrrKd)v v6uov, o oEo(oq 6Uoq ro 1942nnye pe ro U6poq rov lupgdXtov, y[vetor 6arr6g orov Aeur6Oko rqr od\6ver ro 16pt yro vo Xoper{oer rov FoudrvUnepyK,erefuog rou 6(vet rqv rdpro rou ror rou Mer: "Op[ore, noL6[gou, n4yowe vq Uou Pperq 5vo ro[[,,. El6lr,ou, 6rov poOoivetyro rn bologov(o rou Ntroptrdv rov AsregBpto rrlq i6toq Xpovrdg,ovoiyer oopndvreq.

O dvOptonoq ow6g, nou 6ev Xop[(et rdqrovo, 6ev €q ouy-

Xrop{oer orov Po6(petrr rrlv o6pdverd rou ondvowr oro trop-r0pro rov Eppo(ov or4v xoreX6pevq Eup6nq. Av ror qrov n6-wo pe roug AqgoKpqrKo0q, ornp(Eer ro 1952 Kor ro 1956 rovpenoupntrxov6 unoqriero yro rrlv npoe6pio, rov Nroudn Ai-(evXdouep, rov eI€ueeporn rrlq Eupc6n4g, o onolog rov 6topi(er to1.r[o r4g ermpote(og rou. Mrrd rr1 vixrlrou ,,lke", o livweirov nei0er vo 6top(oer 6Uo enrxerpqpm(eg, nou e(vor 6rro[ roudvOp<onor, qrrq nlo ongowrx6q €6oetq rrlq ruB6pvqoqg: rounoupye[o Orrovotrlrcirv rot to unoupyeio Apuvoq. Enrorp6-qowoq orrq oyrdleq rtrrv Angorpmrrrilv ro 1960 Kor ro 1964,ronoOere( ror n6fu 6rrorig rou crtq ruBapv4oetg Kdvewr xorT(6voov. 'Onog o r<0proq Zoupw6v, orov Apyowoyapftr4 touMo)\rdpou, 1.u.Lo oe 6trr1 rou 14 (to4 oe np6(o Kot 6ev ro q6pet,

dror ror o norprdpXrlg r4q rpdne(og e(vor exe(vog nou anw6r1-oe r4v "ruB6pv4o4 l-x6trw;rov", q ono(o 0o ouveXloer vq ono-oXotre( rrlv enrxorp6rqro yro 6eroerieq.

'Eoq ro r6l,oq rnq (oqgrou, ro 1969, o >lvrvei Toudwpnepyr0o nopope(vet notrf onl6q orn (curi rou. Tro vo nder orn 6ou-)rerd rou rdOe pdpo, no(pvet ro gerp6. "Mo0ofverg 5vo oop6npdy;roro rond(owog roug enrB&req Kor nq 6rogrlploetq. flo-)rf rotrurepo on5 to vq xondq ro opSpro rou o6nyof rnq IF

Uou(ivqq" 6IeYe.

16. 0r doutrer6g eivor doutrerfq

yzn{p[e pto enoprl 6nou 11 Oprlore[o 4rov xuplopxn orn EonI r<rlv enrXerp4oeov, onq Hvorp6veq nolre(eq Kqt ornv Eu-

p6nn. O Plroopw Ifto, roOrlyqr{g OLrovogtr4g loropfog oroNew York Business School, e(vot ror4yoprlpcmr6q: "Itipepq,rrlv enoX4 r4g notrunotrrroptxrig xowrov(oq, ro xprrlpro ow6,ewuXrilg, 6ev rol0ouv nto". Yn6 Tnv eni6poon rnq noyKool.uo-noi4oqg ror rrlg 6Merql4q puOgromo0 ntroroiou, o nopdyowogow6q dnoqe vo onoreLe[ rup[opp o{io. To p6vo nou perp6

a[vot q trov6rrlro. Mtq qiOouoq ouvoltroytirv e(vor o nf pyoq

rnq Bqp6I (.. . 6nou 6grog 6l,ot ptl,otiv oyyhu<d!). 'Oi.o ovdyowotoro rp[muXo: buy, sell, hold. E(vqt 6vq "noyx6opto" Xropt6, ro-opono)r(nro Kor 6roouvoploK6. To XpqgorLorrlpro rqg N6ogY6pxrlg ouylove0r4re pe ro gey6l,o euponoir6 Xprlptcrnonl-pro Euronext, 6voq l-6L\oq e(vot entrego^r1q oro Xpnporrorn-pro rou Aov6(vou r<or 6vog lv66g 6reu0river rq Citigroup...

E6<ir rqr nok xorp6 6ev lperd(eror vo eioor nporeordvr4qyro vo rdverg ropdpo ornv JP Morgan { Eppoiog orrlv GoldmanSachs. H e10p6r4ro pero[0 ttov 60o Op4oxewtxtirv owtndl.tovnou ;rorpd(owov rnv qyy^oooqovrKn utlJnM tpone(tni p6Xpt

ror rr1 6eroer(o rou '60, Kuploq tr6y<o rrlg quroouyKpfrrnonq

242 I HTPANEZA

rov Koeofu.Kd)v qndvowr oro Xpnuo Kot rnq evowioorlq roulotrdp npog ro 6woro 6dveto, dXet o1e66v e[ogovrore(.

To clewoio npon0pyro rov ovno4prnK6v npoKarol4qreov,ro NewYork Stock Exchange, 6neoe orn 6exqsrfqrou '70, orovo np6e6poq ror yevtx6g 6ou0uvr4g Froq Aepi y(veror o nptir-roq EBpo(oq nou e(vot enu<egotrr1g oro Arorrrptr5 tupBoUltorou Xp4pcrnor4piou qg N6og Y6prqg. Av xor pero[0 r<ov elxooreoo6ptov nporr6prov ouvol,\dygmog nou un5ypotpov, ortg17 Moiou 1792, 14 "oupglsvlorou Buttonwood" -flp6KeFotyro

rov nl.6rovo xdro on6 rov ono(o eiyov tr1 ouv{eero vo ouve-6prd(ouv orn Fou6tr lrpm- umipXov r<or opreroi eppoior Xpq-pmrcrdq, ot uQrlMq edoerq rou 6rdonpou opyovtolro0 {rov yto

ere(vouq onp6oreq.flpogov<iq, o ro0r1y4r4g I[\o SXer 6irro. Tq []Vn rou ol o-

rlo0 owoy<ovrolrof e[vor orlpepo p6vo enrgoverord. Av undp-

Xouv o4gd6ro rou nopeh06wog oXenrd ge rr1 0p4ore[o, otnde(vot xupltoq nofurroprd. Iqv Goldman Sachs, Koe6voq nou €6-trer vo y(ver ero(poq-6roXeLproqg 11 ouvdropoq (partner) npdnetvo 61er 6vov "pop(vo", rcrr6 rrlv ro0epolp6v4 drgpooq, Svovero(po 64tro6{ nou eo rov Korqpri(at, 0o tov po406 orrlv e[6-Lr[r1 rou, eo rov npoorore0er. Ot Aerordooeprq BusinessPrinciples, nou KareuOrivouv rtq ouvoMoy6g, volrt(eq on py4rov

rcneuOe(ov on6lq Adxo Ewol6g. Kor n oqtoKpcn(o nou toXfet6Xer rLq p((eg rqg oqv nopeio rov eBpqiov perovoor6v, fep-

Lrovdrv opltrd, Avorohrroeuporno(cov ror Ptiroov or4 ouvSXeto.i$.r.4 6v6er[4 onLo0oldrp4oqg rou Oprlorewrro0 nopdyo-

wo e(vor ror ro yeyov6g 6rr q erorpe(o Odler vo eivor unepdvtornq 66veqnq ornv Eyyrig Avcnohrl, 6nog goprupd q nopouoiornq Goldman Sachs oro lopoQ\ Kor mtg povopXleq rounerpelo(ou orov K6Ino. An6 ro npdno nsrpetroiK6 ooK ro 1974,

16. O|AOY EtE: E|NA|AOY ETE: / 243

ro (6puUo 9onenoeng X6peq rou K6trnou vo ovoKuK^d)oouvrcrnerpobo^dprd rouq i vq ro en|60oouv oe oUepKovrK6 spno-prKd oK(vnro. Apy6repo o o4geprv6g np6ebpog xot yevtxdq

6reu0uvrr1q, o A6rw Mntrovrg6rv, 0o e(vot nporon6pog morohoprrd ouovo1ur6 ew6g qg rpdne(og.

To [610 ouupolvEr Kor ornv JP Morgan, qrnv ono(o ],iyo on-po6ro enprdrvouv on6 rrlv nofud nopd6oon. :Tnv S6pqrnq ornvflopx ABevrou, orov 6pogo 6nou Bp(oxowor or rponeEopleqarrfOetot q roropio rou o(rou: 6vq noh6 oexper6p, noprp6rorou ApXrlyo0, rou T(. ft6pnow, ondvro ptptr(o rot notrtdq pe-

roXdq rov qrdnpo6p6gtov onorivouv g6po rtp{g or4 Xpuotienoxi rnq erorpeioq.

Tqv owrorlptrrni ourrrl rdor1, oro enrxerpngorrr6 neptB6)r-Aov, rq ouvowdpe ror oqv Eupdrnn. :Tn l-ol iq, n ouUueroxnev6q rg4porog (,.rv rpone(rdrv (Soci6t6 G6n6rale, Banque del'lndochine, rpdne(o Worms...) orrlv owroqprnrrl nolrrxq touxo0eor6roq rou Btoi Kot ornv "qpetovonolr1oq" rov eBpoIK6vr6pupdrov ro 1941 6Xer oqpo66qrer Boerd rrq quvet6foerq. If-gepo ourrl 11 etrIerq,n epnoKeunKiq ovopjq dXer nro e(ocpovrmefon6rouq rrixtrougrnq eqouo(oq. :ro lfrt ornpoxmofujqretq nououvdvrqoe o liyrpouw Bdppnoupyr<, y6voq Uroq no,\rdq orxo-ydverog yeppovoeppofovrpon{ttdl, o ono(oq 6rdguye rov vo-(roir6, 61ouv nro eldrerg0ei. fldwcoq, roprd rpop6 lovoByo(-vouv crrlv enrgdvero rq nofu6 owovoKtroqrKd. l-ro nop66ery-po, orq 6eroerio rou '80,

UE ro oK6v6o^o (Guinness, MorganGrenfell), oro onoio e(Xov epdroxe( EBpo(or, el6ope mov 6e[t6T0no vq enovdpXowor ro mepe6runo. Tetrxo, fotog, orq l-e-veti4 vo undpXeL ox6pq 4 6t6rpLo4 garolf eppoixtirv xor npo-remowtxdrv rpone(drv. Mfntog eivor ro qnor6Leopo rnq ou-gnd0erog ev6g rpr]pcrrog rov w6nLov tpone(rtirv ytq rn vq(F

244 I HTPANEZA

onKi Trpuov(o, rl ono[o rouq efie npoorcndqrer pe rnv ou6e-rep6rnro; To 1997 n 6ropdp nou 6gepe owq6rorneq nq atr-

Bem6g rp6ne(eg, 6ro66Xouq rrov Ouyev6r<ov, pe ro floyx6opuoEppoir6 lupBo0fuo, oXemd pe ro g6po rtov loyoproopdrv oeodtrlp(o, Eqvovorqe Ttq nl,qy6g rou owto4pfitogori ev6g rgr;-pcrroq rou orKovoprro0 dtpertro0 xmeorrlp6vou.

Iflpepo oprol.r6vo yeyov6ro nou oKo].oJenoov rnv orKovo-prxrl rpio4 ror lg 6orrpooieq rnq Goldman Sachs e[vor opre-16 ev6ercm6 yto vo unoqlooroUUe rn 6uvoprr4 enrorpogq opr-opdv<ov npoxorolJiqetov ortg 1p4poroyop5g.

Aev pnopo0ge vo gowooro0pe 6vov rponeEkn "vo Kdverro6pyo rou Oeo0", 6no4 64Lrooe o Mnlt ovrrpriw oe pto ouv6weu{4oroug Sunday llmes - Kq[ ro perdvu,roe per6 nrrp6. Meydi,qyrdcpo ourrl 4 6r1)rtoo4, q onoio 6iver rr1 6uvcrrdrqro orov T0-no vo Eeedqret ro nofu6 gdwootrro ev6g 6inotrou Oeo0-Mopur.r-vd, rmd rqv owloror1r1 p{o4 rou Xprorof , nporet;.r6vou vo na-prypdrleL r4v neprouo[o nou 6ev onorcrrl0rlxe r(gro. Errl ouv6-

leto 0o 6droer 6pro 6n 6ev eiXe {nore ro onou6oio our4 q xou-p6wq Kor 6rr rirqv p6vo 6vo "ooreio".

H oX6on perolf Op4oreiog ror Xp4poroq e(vor nepiepyoqouv6uoop6q. "l-rm( Mve yto rrlv Goldman Sachs 6n eivor eBpoir-14 rpdne(o, evo.r 6ev tr6ve ro i6ro ror yro 14 Rothschild n rnLazard;" LSet dvog rpone((rr1g. To pdroyr qwr-Goldman, rqonofo 61ouv pey6tr4 n6pooq, 6toruncirvouv Svov tr6yo pe owr-o4trlnrx6q onoXprioerg.

To np6Bl,ngo efuor 6tr or rpurx6g owdg 6ev dpXowor p6voon6 rqv pni,oyr6o<porpo. Irlpefo ovogop6g yro 069cr1tr lrouoFr4q ql.l.d ror yro xotvrovu<d gorv6pevo, ro nepro6rK6 Rol/,ngStone 6rlgooieuoe rov lo0lro rou 2009 6vo pnprohrx6 6p0po,mo ono[o ov6]rue rov p6tro r4q Goldman Sachs o€ 6Leg oXe-

16. OIAOYAEIE' EINAI AOYAEIE: / 245

66v lq ouovoptt<6g rpioetg ro rehewoio oy66wo yp6vto- O

ouw6rcrrlq, o Mot T6tgnt' 6voq 6nuootoYpdqoq nou ooXoAeF

roL pe 6peuveg, neptyp6rpeL rrlv rp6ne(q oq "6vq 9opep6 Xro-

n66r-Bopnip nou 6xet ntoort oro nLordgro rou t4v ov0pton6-

r4ro r.or pougo ro Xpfpo nowo0 6nou to ppat" H neptYpoQn

owrl 0o lrnopo0oe vo Byer on6 6vov owtonU[K6 I(Bel o' eqro)

Kot qv n MEn "EBpo[oq' 6ev euqqvi(etot nou0ev6' To KeigEVo

rurtrocpope(, e{dl'l,ou, oe 6treg rrq torooetr(6eg rou Web' nou

6rorupnov[(ouv rrlv 0nqpEn ev6q tou6oto-ottrlvtorLro0 r{'reu6o-

dtKrtlou, to ono(o unor(Oerct 6rt xoteuO0vet ro opeptKctvtKo

XprlUqronto(@rtK6 i6PuPo'

A*Ogo Kot ot New York Times 6ev EeqDfYouv reletoq ono

our4 rrlv uorep(o. "Ot rpcne(kaq nou nllpov lprlporo oflo lo

rp6roq rot to tirovov or4 ouv6leto o6tov6qto pn6voug' ro0drg

uiuo v,o -o o,*O -oug ou;r96pov vot6(owot' e(vot i6tot pe erei-

voug nou o lrlooOq 66ttof'e on6 tov No6 rou Kup(ou" Aur6q

o oruplq nopotrl,r1^toF6q, nou 6nUoote0trlre orrlyvtootn "1n-

UepiOo rnq peVo}\Jrepqq eBpoirfg n6)rqq mov r6opo' oroi)n-

oe mov aordpo opOpoypogo, rov Mopiv Ntdouw' Tnv Kqrn-

yop(o yro 6rqpool owtoqpmtol'to0 To nop66o[o ourRq rnq

drolroXqq eivot 6rt q rp6ne(o-o0gBoutroq rou opOrou New York

Times 6ev e(vot dtrtrr1 on6 Tnv Goldman Sachs!

Tdtrog, ot ent06oetg optopdvov uqrn^'q tqropovov eupono[o,'

nohmrriv ro16 t<ov 6e0vdrv rep6ooK6nov npoKolouv Fto Ko-

noro 6uogop(o, 6rov tp6pvouv orov vou' Fe Ueroqopeq Kot uno-

voo0uevo, rtq rorqyopleq rolv ot<otewcitv yp6vtov evdwto orouq

ondrpt6eq Kor Koogonollreq entxetpnporieq'

H npooonx4 egnetp(o gou gou 66et(e 6rt ro Odpo rov 6e-

o;rtiv pero[ti otrovo;.r[oq xoL Oprloxeiog eloro]rou0e( vo eivot

euo(o0nro t6oo orq l-ou6tr Zrptt 6oo rot qro l(rt Ie 6vo 6p-

246 / HTPANEZA

opo oXenrd ge rrlv m<i1euor1 rqq Lehman Brothers, nou 6n-

UooreunlKe ofi1 Le Monde, orrq 8 Orr<rrppiou 2008, e*o qvo-gdpetrrg rcnrlyopbqtav Sunday Times, o0pgrovo gelg ono[eg

n JP Morgan e[Xe enrone0oer rrlv m6oq rqg Lehman. :e dvodrototogtivo re(gevo ;re rov rk)\o "'Evog no)l69 owoyrovrop6qpetoff nporeorowrr4q rp6ne(og ror eppoiKnq rpdneEoq,, oi-

Xo unevOug(oer rov owtorlpmo;.r6 rou o(rou Morgan rord rov19o or6vo ror Ttg enr€6oerq rou, pdXpr Kor rov Asorepo flo-yr<6o;uo fl6trego, evowiov rrrrv eppoir<irv rpone(dlv, 6nog qLehman. n Goldman Sachs xor n Salomon Brothers. H JP Mor-gan e[Xe owr6pdoer 6nog 6]ror erelvoL nou opvotiwuL vo 6ouvowtrertrrevxd ro nopele6vrouq: "Ftorl va qvopoxle0oupe no-trt6q torop(eg, Krjpte;,,. 'EKrore,

6ytvq persona non grataytornvJP Morgan. H prwlgrl e[oooeve(

Oporq, un6pXouv noMd npdygmo nou 0o d[r(e vo emo-eo8v. To 1948 n JP Morgan ougper6Xet oro opoBx6 pnoirord(xmd rou lopcflr, nporeqdvou vo 6Xer 69el,oq on6 ro nerpo-6oldpro. H np6rn rnq ouvoltroy4 oro eppoiK6 rpdroq 0o yi-vet p6vo ro 1996. Oo np6ner vo nepq6voupe doq ro 1984, 6oq6rou dvog eBpoiog 6tau€uvrrlg y(ver owrnp6e6poq rnq eroFpe[oq, ro vo0gepo 66o 6q],o6(. Iro Aov6ivo, n Morgan Grenfetl(d1et npooX<oprloer o{gepo orqv Deutsche Bank), n ono(q }dU-

Bove ro 70olo r(l)v eo66tov rrlg on6 ng govopXlag rou nerpe]ro(ouorov K6trno, 6ev e(Xa rcv5vov EBpo(o oro 6Le0v6q rU{Uq.

'Orov reilrd q Morgan Stanley -dMo nopoKld6( rnq eroFpe(og- 6top[(errov np6ro rrlg eBpo(o ero(po, rov Aro6rq Mndp-vopw, ro 1973, 6voq on6 rouq ouvoddtreouq rou one06er oedvov geydLo neldrrl rqg erorpe(og vo tov p<orrioer ov owri 11npooyroy4 rori 6rlproupyo6oe np6plrl go. "Ko06lou. n(oreuqnroq yv<op[(me 6n ror o 61169 gog np6e6pog xor yevrr6g 6eu-

16.OtAOY ETE: EtNAtAOY EtE / 247

8uvr4g e[vot Eppoioq" rou qnqwofv (epd. O enrxegofujq rqqGoldman Sachs, o I(vwei l-oudwpnepyx, ppqxe np6ogopo 56o-goq yro vo erptoveurel: "A, vqr; Irnv Goldman Sachs n6woEPpoiouq eftope!..

Tq nofu6 owovqKioortr6 6pXowor roptd gopd ornv enr-g6vero. Merd rrlv onoruXrlpdvrl rou npoond0ero vo ouvev6oetrov 6pr^6 rou Travelers Ua rnv JP Morgan, o :6wr fou6r,\ 6Lq-popt0perot: "H Morgan 6ev np6xetTor nor6 vo nou)rr1oei oeEppoio,. Aev q6xooe not6 rq 6uo6pemq neprndrer6 rou ro1982, 6rov eiXe pner entregotrng r4g Shearson AmericanExpress, ev6g on6 ro xdmpo rou xcneorrlpdvou Wasp. Yn(p-qe or6xoq owro4gmrrdlv enr0Soerov on6 rrlv no.trrd gpoupd,nou ypriyopo rov 6onpoqe npoq rnv 6qo6o. f'lto np6ogoro,o Adpr Orvx, o t6puqg rqq opeptrovrxrlq erorpe[oq 6roXe(prorlq6ro0eofuov BlackRock, ro rn0epoiooe rot ere(voq: 6rov prq-Ke orn First Boston, 6vo nporeorow6f "poyo(i", or eBpolor xotor ro0oArro( ;prlpcnror6q elXov neproprore( orqv cyopd ogo-troyuirv oxtv(rov, mov l,Lyftepo gr.\66oqo rou6o 6nl,o6n. AK6-

Uo Kcu ov rq yeyov6rq eivqr ouw1O<oq nro oriv0ero, To ox6hqowd 6efyouv 6rt to nofud owovodroorrr6 rotrd xporo0v.

'Orov np6xenor yro 6ou)\er6q, ro oupg6powo rrlq GoldmanSachs e(vor onpowrx6repo on6 ng p(eq rr1q. Ir4 deroerforou'80

n orloi 6eo1.ro[ ovdpeoo oqv rp6ne(o ror mov P6pneptMdqyouel oLn6 Uopruporiv. O\ rou 14 (or], ow6g o peyrm6-voq rou T0nou qp€a owtper<onog pa rq o1e66v onpox6trumrleX0p6rrlro rou pperovrro0 xcnecrrlgdvou npoq ro np6oorn6rou. H 6(rlJo ovoyv<irpronq rou perov6orq nou 6grooe orrlv ro-pug4 6ev opxofoeyro vo ovo(fouv o n6pragqg oyyturqg opr-ororparlog. Iro gdrro rrlq dtft o ve6nlowoq ow6g 6ev 6to0fret

24A I H TPANEZA

otirs K(rroy(')yri oGre rp6noug ofre rduj grig4. ALoermogpupr-o0Xog Eppo(og, unoorqprrrlq rtov Epyom6v, Bpetov6g urqro-og Ue E6vn rmoyoyri, nolfrqq n6wog rou r6o1rou, o qvxovo-

nofqrog ow6g rohooo6g, np6olopog ol)rd xot Kl€ror6q, 6npr-oripyloe pro roXuprl owoxpcnop(o orov x<6po rou Tfnou.

Iro r6)rq r4g 6eroer(og rou '80 o "Citizen Bob" e(vor enKe-golf q ev6g op0rou, rou Maxwell Communication Corporalion(MCC), ero4yp6vou oro Xpr;ponorf pro, pe rdrwepo ropgmrrou ro ouyrp6tqpo rov Bperovx<irv egrlgep(drov Mr'rror. To I[-n e(vot 60ontoro qndvqwr oe ow6 ro erep6xl,qro ofvoho, peq 6or6okir64 o0vOeoq ror rouq nep(ntroxoug troyoproogoOq,ro ono(o rLveftor y0po on6 rov [610 dvepoflo.

T6re eUgov(Eerqr o 'EpLr ldrvgnepyr, pooLr6g eroipoq rrlgGoldman Sachs Kor uneoeuvoq yro ro o0volo rov XcnUC[For4ptordrv ouvol,\oyrilv oro Aov6[vo. Av6geoo orov eKnc[pFo;r6vo opepxov6 rpone(kr1 ror oe ow6 rov enrxerprlgcnlo, nou6ev prnolver oe xo.Lo0nLo, undpXer X4ge(o. Acpo0 on5rrqoe tovopepxovx6 er6orrK6 oko MacMillan ro 1989, o P6unepr Mdl-youel 66xeror rnv npoogopd r4g Goldman Sachs vo npoo-04oer ro r5wpo [5vrov ytrrooo6v Berlitz orn B6pero AUeptKri,eylelpqgo nou gdpver rov xoprogdyo qur6 nro xowd orov:6wUnspyK.

Kor orrg 60o ow6g 6uvcn6g npooonLr6r4reg op6oouv ronor;y[6r ror 11 nowlpld, Kor vr60ouv 5fo ond ro vepd rouq 6rov

Bp(oxowor owrp6rronoL Ue rov ovognrop6 rou I[rr. O ldrv-

FnepyK, Eppoioq roL our6g, eivor yorpeup6vog on6 ro ropo-

X66oq nopele6vrou Md(youel, rou end(4oe on6 ro Ohorqf-rogc, roOdrq ror on6 rrlv unorrOdgewl dwo(ri rou orrq UUqrFxdg un4peoieq rou lopo4l,. Ir4v eyrerpqr6vq proypocp(o r4gGofdman Sachs, Ihe Paftnership, o Toop)\q 'E}rrg yp69er: "O

16. OTAOYAETEZ EtNAtAOY^E|E: / 249

Idrvpnepyr goLpo(6rov pe rov Mo(youeh ro ev6rorpdpov yroorr6inorc qeopo0oe ro loponl,,. En(oqg, or mevdg oX6oergrou M6(youetr, oro nopeh06v, UE Touq KoUouvror6g 6ewooo0-poug rrov Xropdrv qq Avoroln4g Eupdrnqq -rov X6veKep, rovTooouo6oxou xor rov Mnp6(veg- e(dmouv r4v nepdpyero rouveoiiopx6(ou rpona(ftn.

Ir4 orrd rou ro0e6pLro0 voo0 rou Ay(ou nqflou, o :qrv-gnepyx alvot to xore(oXr1v oouro6rwep. To np6otono our6,nou 11pOe on6 oMo0, dxove eniOeorl orov vo6 Tou ruponoiKo0xonroLropo0. Mero ro prnryr pnqvyK -n 6I €rqrn pueprqrrKo0nl,oro(ou oro Iin e(vor nowelqq ro 1986- npdnet vo Xrun4oetqoro ypiyopo, vo Eoevr6oetq, vo onoppu0ploetq rouq 6L\ouq.[lporerp6vou vo xcrroXupriroer rrlv nporoKoOeOp[q rou, o >qtv-pnepyr, yeporog Eilo, 6ev oro[ord g enr06oerg. H GoldmanSachs, ;r(o on6 rtq nro oqroo6Bqqreq fiorpo(eq rov nqyK6oUrov

Xpngcnooxovogrr<iv, yvtoorrl yro rn o0veori rnq, y(veror o po-

otr6g 6overor4g rou yoi,o((o Md(youeh. O Idwpnepyr, nopo-oup!6voq, onoee0yer rouq eMyxouq Kor 6ev ewlpepcirver rouqovrordpouq rou yro ro riqroq rrrlv 6qve[ov nou 6(vowor orov rp[-Iorou. Ooo rl Boul.tp(o rou geyrordvo yepr((er ro rolre(o, nrpd-ne(o Kls[va ro Udrro ofo ovnouXrltr6 oqpd6ro rqq orKovopFx4q rplor1g nou oneAef rov 6pulo. O MCC efvor on6 eKe(vouqroug ooroOeig r(rLouq nou enupdner oroug rpone(ireg rep-6oor6nouq vo Kepd(oouv notr-\6 Xpqporo. :ro pneor o6trepMaxwell: The Outsider, o ToU Mndouep Kpfver 6rr "4 6wovr1 rr-vqrtr6r4ro rou oqprowu<oJ ouro0 netrdr4 yo4reue rov Idw-pnepyx. O M6qyoue^, guorKo, onoroioe vo I6Ber ow6Moy-

Uo yro rrq 6ou^e6q nou 66rve orov :6rvpnepyr, ouyrexpt;r6vo:orqpr(r1 orov rirl,o MMC".

'Opoq, ro g0rv6noporou 1991 o rlrtrog r6ver Boun6 xorro

250 / H TPANEZA

Xp6oq 6royK6verqr. O Mdqyouel6ev onon^rlp(ooe Uto n(or(|)-on nou rou 66enKe yro emd nUdpeq rov Mdpno rou 1991. :nqopxdq OKroBpiou n Goldman Sachs ogotpe( rov g6rdto on6rov ldlpnepyr ror ogfuyer rr1 mp69ryyo, r6Bowog otyd or-y6 rrlv niorolorl. :ro rdln OKroppiou, lrop(q vo npoer6onoul-oer rov neldrn r4q, qegopr6veror rouq rlrl,oug rou MCC, enr-roX0vowog ro xorpoxritrropo rrlq peroxnq rnq. :rrq 5 NoeU-pp(ou 1991, yro vo [eg0yer on6 ioug nrorrordq rou, Ue rp6rnTnv Goldman Sachs, o geyordvog tou T0nou n6gtar orq 0d-)roooo, 6rov ro yror rou, ro Lady Ghls/arne, nMer ovoryrd r<ovKovdpuov Nrlor<r1v.

M61pr ereiwl rn onypn o P6pnepr M6qyouoA 4rov ordprl6voq euun6trrlmog epyo66rqg orov Xdrpo rou T0nou. 'Evov gri-vo opy6repo 5ywe dv9ptonog groqr6g: gerd rov 0dvot6 roupoOo(voupe 6u e(Xe oropn[oer ro onoOe;lmmd regd.troro rtovouwofro6orxtirv rolre(tov ttov epyo(ogdv<ov or4 Mirror Group.KardXpnqn Kegolo(ttlv, Xp4gmrorrlproxd x6)rno: 11 onor6tru-q.,n rnq npqyporrr4g row6qrog rou onqredlvq Mdqyoue,\ rivor r<cnoorpogrx{ yro rn erign rnq rpdne(oq, 11 ono[o e*e npo-og6pet orov 6rmoro enrlerp4gm(o 6)111 r4v yrdgo ttov unrl-peot6v rqg. Kcnd 14 ouvq0eo tqg, 4 erope(o efie (qr4oer toogeU\6pevo on6 rov Mnogn rov {e0r4, evti, oe ow[Oerq nepl-nroorl, eq enrrdxuve 14 Xpeoronio rqq oworpcnop(oq. H ou-torrovio efuor 4 nLo netonxrl rot peofuonrr; eqnynon rou 8q-vdrou rou. O Md[youe]r yvrirprEe 6n efie eUnIoKe( oe Uro Ud)6eqoplnq 1og6v4 pe t4v Goldman Sachs, ornv onolo 6cped.e6nepo xp{pmo rqr ereivrl ro onomo0oe 6peoo.

H Goldman Sachs lnternational unrlple ro owrreipevo ptogdpeuvoq yro ev6el6pevouq un6yerouq lepropo0q oro Xprlgo-rtmr;pro npog 69elog rou verpod ptoprlldvou. O Idwlrnepyr

16. OIAOYAEIEE EINAI AOYAEIEZ / 251

efte nouluioer rtrouq rou MCC oe off-shore erope(aq pe 66poro Ag6revordw ror rrlv EAperio - urorpe(eq-gow6opcro ornvnpoypmrx6rrpo, nou eiXe 6q;uoupyrloet o M6qyouel onoKIEl-oru<6 yro vo or4p(er rrlv ng( rtov gerolrirv rou. Tefurd, 4 dpeu-vo 6ev 0o dXer ouv61eto.

Tov Anplho rou 1992 o l-rour(iv Odrg, o np6e6pog rotyevrr6q 6eu0uvrrlq rnq Goldman Sachs International, pou 6ti-)rove oXenrd ge rr;v un6eeon M6[youel,: "Aw(0ero on6 owdnou toXupi(erot gro gepi6o rou T0nou, 6ev unrlploga nord oorpcrqytr6q oUppou)\oq rou P6pnept Mdqyouel. Ot oX5oetqgog npov roOopd egnoprr5g..., r1 un60aor1 ow{ 6ev ogop6no-pd dvo no)rrj pxp6 roppdn rolv 6poor4prorrp<ov pog' efuot n6-wrrrq 6uodpeoro". Aw6 e(vot trorn6v 6)ro. flporeq6vou vo ono-g0yer pro 6qp6oro o1.rotroy(o r<or vo Kqrnyopneel yro ouvevoxnoe ondrn, n Goldman Sachs 0o 6epe( vo n\p6oet 254 eKo-ropprlpro 6oldpro -yewo(o noo4- orov erroOoptorrl rolv d$ ou-wofro6orxrilv rope(ov rov ouwo(Lotiyov rqq Mirror GroupNewspapers.

'Onorg ro pMnoupe xot orlgepo on6 ro ordv6dro nou 6ivouv rpogrl mrq rpmr6g, o rpopep6g o(rog riOdre m4v npoy-pmrr6rrpo ndwo vo nol(er pe rq gon6.

17. fro xo(fvo

I I porq npoq tov K(vduvo pp(oKet 66lo6o e66 rot no)rf rot-

l-l p6 oe dvo yv<oor6 nro gow6pevo rtov oyoptirv. 'E1et to d\-

)16roro 6vogo hedge funds Kol np6Ke[or Y]o ro enev6wtKd Ke-gdloro nou rovdrvouv tq 6e0v{ rep6ooron(o.

Ag pno0pe oe dvo rpevdxL rot og rdvoupe 6vo rof[6t oe ou-

16 ro o0unov, )req r<or nepqyoripoore oe 6vo loluyouwLov6qro0wro. Ot n6prcq tou ovo[youv yto vo rmepof pe eKe( 6nou

egeig Odhoupe, oro nol Moh rot orrg Moleq rou, stnv KIvYK

:rprr Fe rouq epn6poug r6p4g, orrlv T(dppl ItpF, nou efuor

o vo6g rou nouxdl.noou , or4 Pfu(ew ltpn pe ro peydl\o or po-

yo4d rnq. To or(q4 ttov opy6oXohov nou neptg5powot oqv

rt)rme(q nxowilt oyvooriv on e6dl, qrov 00)rqro our6 rqg no-

Iurt\eroq rot rrlq 6rorptttx6rpoq, X{und n xop6o qg eupol-

noinjq prop4Xov[og rqq evoMorcnn]g 6to1e{pto4g qq neptou-

oioq. Or peydleg neptouo(eg, 6nog rot to ouwoftoborm6 to-ge[o, npotqrorlv nro oprororpmx6g neptoldg rou rdwpou rou

nov6lvou -Mei96op, Mne]ryrpdrpro, Ndmopnpr(- 4 qg Iew

T(5rgg lrou6op pe rouq qorpogrcpo0q oupovol0oreq rou :i-

n ri rou K6vopt Fou6pe.

254 / H TPANEZA

Tr e(vqr ourd ro hedge funds nou ro Korqyy6l oupe ou-orqporrr6 oe xd0e otrovol-rLrrl rpiorl; E(vd 6vq orianrlpo nouenev60er ro Keg6loro rov nelcrr6v, npoog6pow6q rouq Uronpoy;rorrrd evol)rorrrni )r0or1 orrlv nopodootox( 6roXeiproqr<ov rpone(tirv. Or netrdreg quro[ eivor xup(04 0aopxo( enev-6ur6q -ouwo[ro6orx6 rolre(o, oogotrrorx6g erope(eq, gt.l'ov-eponKd r6p0Ucrro, novantor4pro...-, oL\d ror e0nopor r6rdneq.Xpqolrono6wog ouyxexpqreveg orpcnrryN6q, or eropebq owdg,rdr<oru<69 or4v ntrerov6r4r6 Touq, npoonoeorjv vo onoouv6d-oouv rrlv en[6oori roug on6 rr1 yevrr{ eldlllq tov oyoptirv. Tohedge funds ovo(rpofv porponp60eol.roug enav6w6g ror onor-ro0v yavLrd gro g[vrtrroug 6rdpreLo ronoOer4o4q. AroXep[(owot6roercnopg0pto, oJ$.6 owrnpoocone0ouv F6l,rq ro 2% rnq ou-voLrxqg noyr6ogroq recpoi,orono(4or1g. fro rov )r6yo ow6 pno-po0v r<d,lt,\rmo vo l.6ve 611 6av gnoporjv oe rolr[o nep(mrooqvo e(vor une0Ouvo yro 14 o4gepwrl rpio4.

Enrorpogrl orn :ew TE6Uq :rou6op. 'Onorog nepq6veL vo

Bptt rnv nlrKrprog6v4 orp6ogorpo r<ov oroouo<ilv ouvo.ltroy{q0qndOer oox. To hedge lund efvor 6vo yo]qvro trr6pog, oro ono(oor Xpqgmrordq roOowot 4ou1o gnpoord or4v o06w1 rouq, nou6efyar rrg ng6g mo Xp4gorLorrlpro. Aev goiveror vo undpXerxop(o 6woor1. Or 1p41.rmLmdg prl,oriv xovovx6, lrop(g nord vour.Utivouv rov r6vo ri vo Xprlorponororiv 1.no rtodtronorrlp6vrlytrtirooo. A6oKolo vo ro nrord{.rer roveig: 11 oxorcw{ n}.eupdrou geyyoprori KpUper 5vov K6oUo ql00pov.

FLovo npooe).x0oouv r6uireg xor Oeo1ru<o0g enev6w6g, ro-rogefyouv orrlv eqpdpooq on6 or6go oe or6po, orrq ouv-6rooK6rlaq enev6wtil Kor oe dropeooLop4rdg, 6no4 efuor otrpdne(eg ror or 6r4y6por. Kor 6ev flp6Kenot yto rovSvc <ppori-pro. Mro ontrn undL\4l,og oog uno66Xeror ornv e[oo6o. O0re

17. :TO KAZTNO / 255

eve0pro o0re petr6 o0re parp6: ro XoonK6 oOgnov r4g evotr-Lorrrrqq 6toxe(ptorlq goLd(er ge el,perrr{ rfuvtxrj. Av Kor Kqve(q6ev gopd ypoBdto, eivor Koeop6, ou66repo xor oroqldroro.

Ordooge oro rdpUo Kor 610r Kcrepoivouv. H 66po Ap itr*6rnq Goldman Sachs, orrl Ofur lrpr, 0o pnopo0oe vo e[vor n re-Lewo(o ordorl ournq rnq neprriyqorlg or4v xopdto rou Boor-tr€fou rnq KEpdooKonioq. npdyuoTt, yro notr o0q, n Tpdne(o, nonoio 6Xer ro 6x6 rrlq reg.0roro, 6ywe 6vo ondpowo Kq((vo roue0Kolou Xprlparoq, 6nou o Kpoundpnq porp6(er nq Kdpreg, evtirrow6Xpovo rouv6 To (6pro Kot nofEet evowiov ffelvov nou oror-

XnUcni(ouv. Kord tr1v orpool.rcnKrl 6rq6rKqo[q pnpoord orouqyepouoroordq, orrq 27 Anp (ou 2010, 5voq ond quro0g e[ovlmmor: "Mq our6 6rv elvor n fou6l:rpn, o^ 610noq B6yKoq!".

.Evog on6 roug leroupyo6qrnq nptore0ouoogrou r(6you ono-w6: "Toul,6xrorov, o' epdq un6pxouv rov6veq!". Oprog, xor o6voq rot o dMog xdvouv trd0og: or nofKreq rou Koq[vou oyonofvro ru1epd norlg(6ro, ro hedge tunds, oneXOdvowot 6p<oq trlv r0-

Xn. no rnv Goldman, yro nopdberypo, n bpoornpr6rnro onrn eivor orp$drg ro ow(Oero r4g rtiplq. Koe6q .6rqFd(er,, rnv oyo-p6, or enev6LnrKdg mporqyx6g nou egopgd(er npoq 6geloqrov nrtror6v rrlq ( yro (6rov 6cpel,og elvot noL0 pe],er4p6vag.flp6remot yro rqv reyyoyvroo(o rqg, yro rqv npoonO6pevrl qqio

rr1g. Mnopeiq errdvo vo e(vor trfuo nopmpoprlypdvrl, oMd orovtopSo ow6 11 rpdne(o 61er ro 1ror ror ro v0Xr rou oerorJ.

An6 14 g(o nleupd, n rpdnr(q treroupye( oq o0upouloqrtrrv xep6oor6ntov netrorov r4g, p6oto rqg lp4porror4proxqqnporr6peuoqg, to primary brokerage, 6nog Mge onl yl,tirooorov oxovoprrtirv. An6 r4v 6i.\q ntreupd, 4 i6ro q erorpe(o ro0gowoy<ov(erot enev60owog dpeoo oe hedge tunds.

flprirog rop6og lorn6v 4 peone(o. Mdoo npop4Oeuiv, q

256 / H TPANEZA

rponeEo 6ove[(et rn 6totKrFtKn rnq uno6oui qro hedge funds,nou 6ev 6roedrouv Kdrr 161010, tr6y<o rou ptrpof roug pey6-

8ouq. Opyovtirvet, lpqpotodore( rot errehei rtq ouvoltroY6qowdrv ralv leXorptcrdtv enev6wriv, ot ono(ot npoonoeoUv vq

enoqeAn0o6v on6 rtq ov<opd\(eg t4g oyopdq. Aewepeu6wtog,o geokqq gnope( vo roug 6oveioet geroX6g rot og6)royo. Ot

nelqreq dXouv en[o4g np6oBqon oe 5peuveg Kot ovo]'0oetqrrlq erorpe(oq. Kor o prime broker pnopei vo noilet 6vov p6tro

6ropaootroprlr4 ovdpeoo orouq ne}rdreg rrlq Kot orouq enev-

6ur6q, r6uineq ror Oeoptxo0q. Entnl6ov, ro hedge funds gno-po0v vo roro0drouv ro 6to06orp6 roug -peuo16 roL perol6g-

or4v rp6ne(o. "H Goldman Sachs eivqt onl'cirg o[en6poorr1.To cretrdXrl rrlg elvor onoretreoporLrd, 6lurwo rot 6Xouv ond-vrnon yro 6)ro, nporerpdvou vo trovonoqoouv rtq ov6YKeqooq": our6 e(vor ro trdn podp rou ropdo owoti, ove(oprrpogrou noroq e(vor o ouvop .qrfg. Mot6(et pe rn 6ouLeto rou

u6pouhrro6, nou 6Xet vo rdvet ge ppfoeq rot ool4veq. Xopiq6nl,o6i vo r[vqr rdrr ro (eXorptm6, e(vot notr0 enu<epd{q. To

hedge funds pnopo0v vo npoyporonototiv ordgq Kot ro Utodqn6 ro 6oo6o nou npodpXowot on6 XprlportorrlprqKiq ou-votr\oy6g ror on6 ro x6p6q ttov egnoprxtirv tpone(6v rou lirt

ol 6 Kor rnq fou6tr lrptr.Koh6 endyye\ro, rupioq 6rov o ontr6g u6poutrtx6g yiverot

rol,6q pr6oropog. Aur6q eavot o 6twepoq rop6og: 6vo gopepd

6(Kruo KepdooKonrr6v rerpoho(<ov, 6nou 4 Goldman 6Xet

oupgeropj, trq neproo6repeg <pop6q oq UetoqrnqK6q gtroxoq.

H 6poornpr6rnro our4 oXeri(etot 1.te rr1 6toXe(pto4 neptouoloq,nou e(vor tel.e(oq 6LoXtoprolr6vq on6 rr1 Xp4trrororrlptoKn Ue-otrelo, 11 ono(o un6yerot oro rp4Uo Uerox6v.

X6pq or4v ernl,rlrrrrr; yvtirorl xot epneLp(o r4g, 11 tpdne(o

17. :TO KAZTNO / 257

npoog6per oro Kegdlorq -ro drKdTng Kor r(l)v rp(rov- 6trn rnvyKdporov orpqrnyrKciv, on6 Tnv npoo6yyton nou ovoUd(erot<ouornucnrKn> -ro nper q nopT6-, 6nou or unoLoYror5q enF)\6youv q ronooerqoetg, 6o9 roug rord nopoyyetr[o ouv-6uoouo0q.

Iqv GS rpelo[vowor yl otrr4 rq 6poornpt6rnro rou hedgefund, nou rovdrver ro guotr6 r<or entnMov gdpvet nol,ti Xpqgo.H Kep6ooKon(o e(vor oro DNAr4g erope(og. Ax6go rot onq rpt-

Lov0pconrdg 14q 6pocr4pr6rryeg: Boieeto oe voooKopelo, oenovenrorqpro, oe vSoug nou owtperoni(ouv npoBl,rlgoto, oeopo0enrd nor6rd qg Agpuciq... l-to vo peyo.trciroet r4v on66o-oq rov ronooeljoaov rou l6p0prorog Goldman Sachs, ourrirotogefyer oe peydtro nooom6 oa rep6ooronLrd reqdlotol

H relgoyvcoo(o r4q orov ro;16o ow6 eivor unoberyportrri.An66eL[r1 e(vor 6rr noMol nou r6prouv hedge Junds npodplo-wor on6 r4v Goldman. EivoL puo npoypottxrl odeA<p6r4to xotorLq 60o 6X0eq rou Artrowrro0. Ago0 6rovov neptouolo, eyro-rdlerqrovrnv erotpe(o, yro vo 6ouMruouv yro troyoproop6 rougoe 6vov rog6o mov ono[o, ro0cirg 6ev undplouv ypogetoKpo-

rrxd egn66ro, ofre on66oorl loyoptoop<iv oroug per6Xoug rd-0e rp(pqvo, pnopofv etreO0epo vo ovom6louv r4v ou<ovogxtjrouq 64pLoupyx6qro. H enruX[o o64ye( ror n6.trr ornv enru-

X(o. Orov oro Broypogrrd roug undpXer r1 Goldman Sachs, 4dwtrqoq retpotro(tov y(veror euxoL6repo. Ot ev duvoget enev-6tndq yvropi(ouv 61 6Xouv vo rdvouv ge roug ro.l\.urepouq rnqoyopdg, or onolor [6pouv vo SroxerpfEowot roug xtv60voug,6roorpotri(owoq enrnl,6ov rrlv on66oor1.

O Nr6rprw T6nep ernpoorrrnelour4v orp$tilgt4v "GoldmanConnection". Me np6oono oupno04rrr6, Liyo yegdro, pe toqruxp6 pMUUq eKefvtov nou 5Xouv ndeog pero UqenpcnKd, qo-

258 i H TPANEZA

trorp6q ror ge oopr<rirdeq o169o, nou qo(veror 6rorgo vo xo-poi66qrer, o np6e6pog ror yevrx6g 6eu0uvqg rou opeprKovFxo0 hedge fund Appaloosa e(vot ro voripepo dvo pero[0 exe[-vtov nou py4rov rep6rop6vor ond rrlv Kp(qn. "nord 6ev dxqoqoKolou06woq ro dvonrr6 Uou".

'OJr oyy(er ow6g o vdog Kpo!

ooq on6 ro flkopnoupyr y(veror 1puo6gr, lertvdrwog on6 tognpo0w(rvo ylurn6 oro ypogelo rou nou ovonqprord 6pxerq.Aw6 ro orcilvro o0gBo)ro rou ov6prolro6 e(vor ro gul,orr6 rou,ro onofo 0o Xoi66qre. nprv on6 xdoe en6v6uo4. O T6nep nrlpero pomrqro rou nup6q or4v Goldman Sachs, qro oxtrnpd epn6-pro rov "junk bonds", rov odnr<ov o1.rotr6yrov 6q1,o64. Aur6 rooxotr€(o, nou 6rogopgriver r4v rp(o4 oXemd ge rq mo0ep6rrpoKor rnv nrorolnrnrxf rxov6r4ro rov enrXep{oeov rorrov Kpq-rdrv, 6r6dorowog en(o4q rrlv epp4ve(o rtov ouoXenogcirv 6u-vdgeov, e(vot ro xo).frepo nou un6p1er. Xdp4 oe owo0g rouggrolorig ouyyeveig rtov XpnUoroorKovoptr6v epyotre(ov, roono(o rjrov 11 er6rrdrqrd rou, o Tdnep K6pdroe RoMd ypripmoyro r4v rpdne(o xoOtirg roL yLo rov eow6 rou, nprv opX(oer vo60uI€oer qnoKi€roctxd yto troyoptoop6 rou.

'Evo d,\i.o nopd6erypo eivor o'Eprr MdrwLr, doog rtov ypq-

trroroorrovotrlrrcirv, Ue oo0yKprrn 6roio04oq yrq ro no€q ero[-pe[eg e[vot np6ogopeq yro enteerrKq e(oyopd. Aovodper ro 6t-16 rou hedge fund ro 2004, ltop[g Lbrofuepo oogq enev6wtrqorpcrrqyxrl. l-Lo vo y[verg netrarr1q, npdnet vo rou epnrorewe(q5 rKaroppJpto 6otr6proro p(vrpoup yro rouldlrmov n6we Xp6-vro. Ie l,iyoug grjveg o np6r1v Xpqporrcrfg orlr6ver 3 6roeKo-rogpripro 6otrdprq ror 6r<irlger netrdreg. l'kr.rq vo e(4yrlooupeow6 rov ev0ouooog6; l-ro dl\ pr(o gopd ro encyyd\pcnN6 pro-ypogrx6 no[(er rov p6tro rou: ro 1994 o Morwrx, oro 27 rou,dyrve o ve6repog ero(poq orqv rcropio qq Goldman Sachs.

17. rTO KAZINO / 259

Ynoplet roi,wapq eyy0r1o4 yro 14 ouv6leto on6 owrl rqv np6o-pq enuu{o;

To np6Bl,nUo e(vor 6Tt rl Goldman Sachs Xprlporror4prordgpreokqq owr[0eror ornv Goldman Sachs hedge fund. An6 11g(o, 6po orq peoftrlq yLo ro hedge lunds nou elvor ne],oreq rrlqror, on6 r4v dMr1, 6Xowog ro 6rrd rqg hedge lunds, owoyo-vi(eror opea.rrro roug i6toug r4g rouq netrdreg, ovo(qrtlwognept(rirqrouq enev6ur6q. H erorpeiq onowd 6t or ouvoMoy6qrrlq peoue[oq ror ere[veg rov hedge lunds elvot ewel6q 6tq-

Xarpropr6veg, 6n oe rop[o nepimolo4 or ntrqpogopleg nou ru-xi.ogopo0v on6 rq pfo peptd rou o6porou roiXou 6ev nepvo0von6 rqv oitrq. H pn rnpnon owoO rou xov6vo 0o qrov owo-rrov(o yro14 9qgr1r4g erope(og. Av un{p1e nopoBloorlrou ou-v6pou, ovon6geuKro eq Uoeeu6Tqv. H vopoeeoio ev€oppovetdrrore rrlv roroyyetrlo 6rov 6ev undpXet oeBoop6q r<ov rovd-vorv rqg ro.i.r;g orxovoprr4g ouprneprgopdg. EEdi ou, qv qrov

rop6o rtov hedge funds nopoBtoE6rov rl opXq rou etre0oepouowoyrovto1rori, or pu0ptonrdq opXdq 6ev 0o 6[oro(ov vo rt1-rtr.t-prloouv roug nopoBoreq. fldworg, or 6peuveg onq BpuqSl eq,6no4 xor orqv Ouooryrrov, yto rcndXpqor; 6eon6(ouoog e6onqpnopo0v vo entg6pouv norvdg, nou 0o BLdrlrouv ooBopo rnverx6vo ;uog erorpefog. H Microsoft r6rt l6peL. flod e(vot 6pcoqowdq or qopepdg dpeuveg nou unor(Oerot 6rt xdvouvrouq rpcl-ne([reg vo rp6pouv;

MdXpt xorrrg opX6q rqg deroerloq rou '90 n Goldman Sachs

rloeAe vo elvoL ev6perq. Mttro0oov yro q0rrl xor royupi(owov6n xpororjoov oe roOe neploroorl ro ldpro roug Koeop6. Hrp6ne(o {rov nepfgowl ytcrr( 9p6wr(e n6vco on6 610 yto rn6roq0tro{n rov ouggep6wtov rov netrmdrv qg. Ot enev60oetq,yro nopdberypro, mo hedge lunds onoyopefowov. K6wpo oro

260 / H IPANEZA

pedpo Kor nqpd rrq ndoerq r(l)v v6ov Kor ovun6uovov erq[pov,o TEov foudrvUnrpyK -o onofoq eqe rn 6€0euvon rou r6p6-

ucnoq on6 ro 1976 doq ro 1990- Kordgepe vo Kpornoer rrq6pooqpt6r4reg qg tpdne(og orouq 6fo owo0q roroprro0qrogeig, r4v nopoXrl oupBouhrilv ortg enrXepfoerg Kqr rn Xpn-pmror4prorf nporr6peuorl. 'Orov o 4fuxr<opdvog dwpog ono-ofperor, or 6Ld6o1o( rou opporiv ortg oyoponohqo[eg. O net-poolr6q e[vor peydtroq. H ogeprxovxrj oxovogr{ (<o{ (er r4venopl rqg onopp0Ogro4g on6 r60e dnoq4. f1outro0v, oyop6-

Eouv, owo^ dooouv r[rlouq oxe66v X<op(g ovomoMq. To Xpf -

po nor5 nptv 6ev efla xuxtrogopr]oer 16oo ypriyopo. Aev e(vor6uvor6v vo oyvorloouv ow6glq ovormmdferg, 6rov g6fuoro

4 rpdne(o 6ro06rer ro onopok4ro epyoLe(o yro vo 6pqorn-pronorqoei srq hedge funds, orrq oioouoeg ouvoijtoytiv 611-l,o611. Mnope( vo ofronoqoe|rqv xov6rpo broonopdgrou rw-60vou, roodlg ror rq go€4gotrx4 rot rc;yohoyrr; W6on rnq.An6 e6dr rot n6po, ro l6pugo nopouord(ar geydlrl on6duorlon6 rn pdon ogerqp(og rou ror efontrdlveror npog x60e ro-rerj0uvo4 or4 xep6ooxonmn oeo(po.

O rog6oq rrlq evoMorrrr{q 6ro1e(pro4q oro HvoJtrdvo Bo-o reto (hedge lunds xqr 6prl\or enrlerp4gmrrcirv ouppetoXdrv)(er gro enovooroon ro 2006. H Goldman Sachs npoo€elr6rero npriro rnq hedge Jund pe ro 6voFo Art (Absolute ReturnTrackeQ. H orxovogrf rrlg 60vogr1rr1g enrpdneL vo perdrver lqnpogf€ereq nou nArlpdrver o neldrng oworj rou KepbooKonFrori rerpoio(ou, to onoio orrlpi(eror oe 6vo poOqgmxd gowdro

nou onoio 6(ver rn 6uvqr6Tnrq vo orqeg((er rovelq roug 6e(-rcreq rov peydtrtov XpnUqroyop6v. Enn)r6ov, ro Art nop6ler rorpeum6rrpo, rq 6uvar6rqro 6rfiodn vo onooiperg rq ougperoploou r<o04gepwd r<qr 6X Kder rplUnvo. H Goldman Sachs 6ev 6r-

17. :TO I(AZ|NO / 261

ord(er vo eropd^er orov rou6q nou dvor qnoKlerqrrKd yto rovneldrn. Auni elvor n npdrn npdqn npo6oo(oq. Oo un6pqouvKqr dl^€c.

H nep(mtoorlrou T(ov l-l6troov eivot Xoporrqpronrrlr4g ori-yKpouonq ouggep6wtov. Onc.rg ro goprupd Kor ro oKdv6oloAbacus, o r6ptrrqgrou hedgefund Paulson & Co., orn N5oY6p-xq, elvor on6 roug peydrwepoug netrareq rnq Goldman Sachs.Kmdrouq prjveq npw on6 rrlv rpioq rou 2008, o Kep6ooK6noqr6p6roe noM6 Xpdpmo Xdpq oe po(rr6q ovorrcr6q nolnoerqrord rov tpone(drv. Or ouvotr\oydq ourdg ouv(mowor ornvn6lnon Ue npoeeogio r<or mqv ro0oprog6q l1r4 ev6g rfuLou

{ ev6g npoi6wog nou 6evro SXerg oqv xoropj oou, ge rqv etr-n(6o vo pnop6oarg vo ro oyopdoetq oe Xolrflr6repq npn, nptvro nopodrrloetq orrl ouggrov4p5v4 rtgrl. O l-l6loov ort)rciq ent-rdluve rqv m<iroq qg oyopdq orrwlrtov orrg Hvtopdveg flotrr-reieq. Tnv rolpnpq ror entrulqp6v4 our4 on6nerpo 14 ouv6-Kprvov ue rnv enlOeorl rou nor6po rov rep6ooxonrxdlv rerpo-)\o[<ov, rou T(opr( I6pog, o onolog 61.\ome rirov np6run6 rou,xor6 rrlq oraptrfvog, 14 po0pr1 Terdprn rou 1992.

Or Bperovrxdq rpdne(eg, xo0tirg 6ywov or6Xog rou fldhoov,e(oorpdJ\roov on6 14 puogrmxq toug oppj, rr1 Financial ServicesAuthority, onq 18 :enreFppfou 2008, rnv qnoy6peuon, p6xpt

q 16 lovouop(ou 2009, Tnq ovorrrrlq nritr4oqg, 4 onoio ono-retre[ onooroOeponor4lrd npornxq. To garpo ow6 ogopo0-oe rouq r(rLouq tov 32 Xpnucnonrqrorrrdrv eropetdrv nou frovetor;yp6veq oro Xprlpcrnor4pLo rou nov6lvou. :rnv Oudotyrrov,11 Goldman Sachs or4v opXrl npoondOrloa vo ownoX0e[ oe dvonop6poro gdrpo: ro yrydwro hedge fund, nou 6xet Kcnotrr;let voe(vor 11 rpdne(o, 6Xat peydtro xdpdog on6 ourq r4v Edqpevnxep6ooron(o, e(re arg oupper6Xov elre <oq dtopeoo]roBr1rrlg.

262 I HIPANEZA

M6vo ftov 11 6xri r4q ngrl opXi(eL vo xmpoxuhd oro Xpnpcrrt-orripro, 11 Goldman Sachs (r1rd vo oropordoouv ot ovotrr5gnrr;fioerq! Kdrr nou 6yrve refuKd on6 rn Securities and ExchangeCommission, orrq 19 :enregBpiou 2008. H on6goorl ouq, nouoeopd 799 Xpngorontmortxd t6p6poro, dnoqre vo to10eL on6rrg 8 OrrroBp[ou, 6rov 11 peydtrq orrovol-ux4 gn6po efie nepd-oer. H Goldman, rnq ono(og 11 rtpq mo pero[f qv6Kogqre, 6evdXer nro ovdyr4 owrl rrlv opoonov6ror4 npomoofo.

H ovdusrqn r(r)v dpqornprornrov 6ev neptop[(erot p6vo orohedge lunds, otrtrd ogopd ro orjvol,o r4g evoDrorcrLrrlg 6toXe(-pronq. To i6ro ouprBoiver rot ge roug o1.utrouq entXerpqporxdrvougperoXdrv, 6poorqpr6qro orrlv ono[o q EroLpe[o e(elixen-re notr0 ro rc)rewo(o Xp6vro, Xdpq orqv Goldman Sachs PrivateEquity, 6vo Eexopror6 qrjpo. O ropdog ow6g oultr6yet Xptil.tcnoon6 Oeopu<oUq enev6ur6q yro vo oyopdoet nordro geroxdrv

enrletprloaov, nporerg6vou vo ro qovonoulnoet Ue Uto une-po(io liyo Xp6vro opy6repo. Me rov rop6, o 6pLLoq ouv6ee-oe dvo Xoprogutrdr<to pe 6rogopono(4o4 tog npoq rtq eTrovu-

;rieg -g4grogdveg r1 6yvooreg- nou e(vot pev uyte(g ol,\d uno-np4gdveg. Apo tog gero{.rq9r6q gerolog 6(dr.o oe eltxeptxo0genev6ur6g. H o0yr<pouo4 ouggep6wtov efvct nporpovt]g- An6rr1 g(o nl,eupd, pe yewo(eq npopneereq, ot qvolur6g porlOotiv

rouq ogitroug eroLprrcirv oug;:atoXdrv vo ewon(oouv roug o16-

Xouq nou 51ouv ro peyd\0repo ev6rog6pov. An6 qv dM4,6g<oq, 4 rpdne(o egnMreroL orqv [6to 6poqrnptdTnrq, oe 6Ue-oo owoy<ovrog6 ga roug nehcneg rr1g.

To 2006, yronopdderyUq, n Goldman Sachs ouv66erot per4v

Carlyle, 5vo on6 ro peyolwepo enev6wxd regdtroto noyro-o;r(<og, ror ge 14 Ouyorprrq qg, q Riverstone, ytq vo By6trouvon6 ro Xpqpcrnorqpro -KoL vo rnv enovog6pouv orrl ogo(po qq

17. :TO KAZ|NO / 263

rdrolKiq erotpeloq- Ulq evepyerqrr] ogeprrovur; erorpe(o, r4vKinder Morgan. Or 6Meg erorpe[eg rou o;rftrou rrorprK6vougperoXtirv, nou rpov dgtog nd\meg r4g Goldman Sachs, 6ger-vov d[<o on6 ourll rq ouvo. \.oy4 pe onpord.Lumo rp6no. Itipt-

eovo He rnv owlMqrn rnq Goldman, ouq 4 ouvoL\oyq np6-ner vo rnq 6ciroet v1 Suvor6vlro vo nl,rlordoer rov y(yowo

Carlyle, o ono(og dler yepdq Bdoerq orov Xtirpo rorv per6ll.ovror roMepye( ror er<efuog en[o4g rrq oX6oarq ge notrrrxof q nou6Xouv peydtrq antppoi. An6 noMdg ondQetq, 4 Carlyle potd(erpe qv rpone(o. Ko0<iq onorel,e( 60vopq mov lcirpo rnq nolFnxqg, rou nerpel,o(ou xor rov elonl,tol-rdrv, 6to€6ret rqv (6to

orrypq o0orlpo entpporjg xor gqlovro;r6 Xprlporoomovoprr4qrep6ooroniog, xor 6Ao owd prdoo oe 6vo xL(po pumtx6rrpoq.f1dwrrrg, ro yeyov6q 6rr n Goldman Sachs Unopri vo BAinerroveour6 rrlq p6oo on6 rrlv ooplpro rqg Carlyle 6ev go(veror vorrlv natpd(et t6rolrepo.

f1op6 rrlvnpo6oo(o, q ntretov6r4ro rtrrv onox).etop6vorv on614 ouvoL\oyrj ourrl rpdrr;oe rrlv Goldman Sachs toq geoirr;.

"nopdrnv qlo(ove[o rrlg rorlq nollonMq ouyKpo0ottq oup-gep6wrrlv, rotogeriyo ndwo orrq unqpeo(eg rrlg 6Xr on6 6x(

;rou ent0ugio, oMd yrori 6ev 6X<o dM4 enur.oyrl, on6 14 mryprqnou 0dtr<l roug r<otrr.nepoug" rov((er 6vog nporoytovtoqg ou-rrlq qq neprn6reroq, nou 6ev dXer oK6Un Xov6qret rov onoKlet-op6 rou on5 rov gdretro Kinder Morgan.

H onoruXr;p6w1 enL0errr4 e[oyopd rou Bpetovu<o0 t<ovofuo06rog4p(oeov Mitchells & Butlers onoretref dvq 6e0repo nopd-6erypro otrqg rrlq ouyrpouorlq oupgepdwov. To 2006 n GoldmanSachs xmeu00vet rqv npoogopd ev6q rovo6prorou;r, oro ono(ooupger6Xet rot q rpdne(o, pre enrxegotr4g rov spyoloBo P6-pnepr To6vyKour(. O Pdr(ep Kop, o np6edpoq rou or6Xou, oyo-

264 / H TPANEZA

vofie( Unpoor6 oe ourn Tnv (exeprKrl Kor onpenn" npdqn. O0up5g rou e[vor rmovo4r6g. H Goldman efvor en[o49... o pe-o(Tnq rnq erorpsloq oepiou Centrica,mnv ono(q o Kop e(vornp6ebpoq, Kql rnq ooKo^aroprounXovfog Cadbury, cqv ono(oefuor 6€ueuvrrlq. Me rrlv oner\ri vo Xdoer ourdq rrg ovoe6oelq,

n Goldman Sachs eyrmo,l\elner, orpfvowog rov To6vyKourE oroprod rou 6p6gou.

I4pepo, X6p4 or4 gopep{ 66vog4 rpo0oqq nou 6roe5rer,xuploq ortq Hvop6veg nofure(eq, ro rp4go rou op ou entler-prlpmx6v ou l.rperoXdlv rnq Goldman efuor Kofuirepo onfuoU6voon6 rouq owoyrovror6g rou, yro vo oopdroer ng rotr6q 6ouAedq,opn6(owog rktroug nou lenou)rro0wor qn6 enev6w6g rougonoioug nv(youv ro Xp6r1- Err6g on6 rc dlreoo onot6lteogo nou61et n6vo oro r6p64, rootirg e(vor no)t0 npooo6oe6po, n 6po-orrlpr6rrpo ouq rovdrver ro Kovbffuo rou rool,oyropo0 ror 6(ver14 6uvcn6rrpo ou1.ryeroXr1g oq Mov6nolrl rov ouyx@ve0oetov-e{oyoprirv, roO<irg xor qq ouMoyjg ntrrlpogoprcirv oXemd pe

XNdbeg erope(eg ovdrov r6opo. Or n\pogopieq oureq eo oqro-noqOo0v yro lq 6rogopeq dlleq 6pooqpr6r4reg r4g rpdne(og.

Av ror ouM6youv Xprlpcno on6 rouq [6rouq anav6w6q, or6pAor anrlerpqporLrtirv ougperoltirv ror ro hedge funds 600-Leuov yro xotp6 pe 6rogopertr6 rp6no. Kdrtrr on6 rrlv niao4Tnq ouroKpqrop(oq, o 6to1ropro1.r6g ov6geoo mrg 6tio owdq6pooqpt6rqreg 6l,o roL unoXopei. Or np<inor (ovonou),o0v rrgerorpe[eg roug 6],o ror nto ypllyopo, evtir or 6efrepor enrler-poOv rdnoeg <popdg vo enmeOorlv oro xegdLoro entleprloeovnou e(vor eroqypdveg mo Xpqpmrorrlpro. Kor n Goldman Sachs,g(o ond ng .po0peg tp0neg" rqg noyx6oproq otrovo;r[og, r<ep-6i(er oe 6l,o ro ropdr6. H erope(o perorwefuoL pe r4v euKrvrl-o(o ev6q aloMgptou nou ogrlver on6vepo, otr)rd nor6 ogp6.

18. Irov x6ogo rou opyoU nerpeloiou

;7oreg ovo1]w1oerg... 'Orov onq 11 louliou 2008, Nyo np| qe-l\ondoer 4 orxovogrrj xpfuq, ro Bopdhr rou pnpew rrlg 86-peroq Od)\oooog 69tooe ro 147 6ol6prq, o Apr(o0v Moripn,er6x6g oro nerp6Aorq xor ge egnepio qrqv Goldman Sachs,e!4ye( 6rL 4 lgri ovepofver 6noq o 6e(rr4q oro rowp6v rrlqow)tfog, )r6yo r4g ou[r1pCv4g ffiqoqg rou nerpdto(ou orqvAo(o. H n(eo4 ow4 one eivo nporoMoer 6I erqrn. :rnvnpoy-pmrr6upo, 11 oyopd uglorcnor rrlv en(6poor1 rou repdonou6yrou peuoro0 nou pi;6tqxe on6 ro rep6ooxonmd reg6)totoorrg nptineg tleq.

O l6yoq rou AprEotiv Mo0pn eivor ypuo6q (go0poq) , 0o M-yoge. Apre( o ovoLunlg-pewfro vo o4xriroer ro gpri6r rou, vordver pro yxpqrdroo n vo npoBMrler 5vo yeono)\Lrm6 yeyov6q,yro vo ndper rprrxro r;rgri rou popetuod. M6tug o MoUpn npod-p E0e orrq 7 Mopriou 2008 pto peyolq ouqnon qg ng4g roupopefuo6 oro 200 6oh6pro, q npi tou dplroe vo lope0er! Oroyov(eg rov encyyeAgmr<iv rqg ev6pyerog Bpioxouv 6e(o6omov orrovopol6yo our6v nou Xoiper UeydInS err(pqor;q. Toroouvdpt rou lemeuppiou 20OB Kor ro oxovotrM6 nofuppoix6r0go nou orolouOei xoroppimouv n6w<oq rg rpogepdq npo-

266 / H TPANEZA

BMqrerq rou pdvrn: ro Unpew n6gret oro 33 6o^6pro rov Ae-K6gppro rou 2008, yro vo qovovdper oro 70-80 6oldpLo ptSoooro 2009.

O er6u<69 xpo0et rov rdr6rovo rou ruv66vou yro pe(toor1 rrlqnopoycoyrig oe noyx6opro driporo. Av or u;r6q r4g owl(og e(-vor flo),rj uqnMq, gro(et, rm6 rq yvcirgn rou, o opeprxov6g ou-roruvlrronlq, nou rcnovo)rdrver uneppohK6. MdJ\roro, yro voro ono6e(er 6pnpoKro, o AprEofv Mo0pr 61eL 611 6vo, oM6 60orltrerrprrd oworiv4ro. flotrU ouprpotrrx6!

O T(dgpr Kdpr 6ev ouppepi(eror ourrrlrrlv yxpfuLo. Ago0 ge-

tr6rr1oe e[ovultourd ro dyxoro rrlg ynq yro 6In rou rn (crn, o6lr,o9 6r6o4poq yroupori tou nerpeLoiou -rr1g urotpaioq rotow6g- 69rooe oro ow(0ero oupn6poo1.to, 6n 6flro6ti ,.ro ntrrou nerpe^o(ou", ro pdlrpoupqg noyr6optog nopoyroyng roupo0pou 1puoo0, opyei qK6Un. (Yndpxouv overpurd.Ltrewo ono-06pcno, neproptopdvo BdBoro, qll6 o6rd0ero, l.6yo gopol,o-yx<irv gpoypriv nou 6Xouv <oq oger4p(o efte rov e0vtrrop6 e!u rrlv npomoofo rou naptBdl,\owog. H noo6rqro rou nerpe-tro(ou nou nop6yeror e(orol.ouOe( vo ovon)r.qpdlveror,,.

Or ovdr6uveg ow6g owrnopo06oetg perolf rov 60o nro gq-

1,uo1.rdvrov et64p6vov rrlq np6qq 0149, nou eivqr qwtreiuevo

ouvoi.l oyiq neproo6repo ond rdOe d\Lo npo16v, defiyer oenorov po0p6 n Goldman Sachs elvor mo en[rewpo r4g orro-vopmrlg dpoorqpr6rrpog -xap6ooxonxo0 loporrqpo-rou pro0-pou ypuootl. Trq 6outredq ow6q, nou e(vor emoogpdyroro ;.ru-onr6, ro row6 6ev pnopei vortg yvtop((et. Ot ovohUoerg, pdoet

tov ono[tov no((owor 6toexoro1.4.r6pto dotrdpro, e[vot onoKler-ortrd yro rouq nehdreq rrlq: nol,ueevrKdq rou nerpetrqlou, 610-

Xerprordq neprouo(og, ouwolro6o rd rouelo n hedge funds.H nor6rqro rov epeuvdrv e(vor to6(ro ev6g peydhou novenr-

18.:TON KO:MO TOY APTOY NETPEAAIOY / 267

orng(ou. Err6g on6 roug ovol,ur5g, 4 ntr4pogoprr4, or rp6ne-(eq 6e6opdvrov Kor or rnlenrKowrov(eg e(vor en[or1g rpforp4qo4goo(og yt' ow6 ro repdcno epyoordoro r6e<iv.

nop6l nlo Ue rnv epeuvqrx4 6pooqpr6tqro, un6pler 5vodl.\o rp{po nou nop6ler oul.rBouMg oe evepyator6q arotpefeq:q0Enon Kego)\q[ou, ouylove0oetg-e[oyop6g, e[oo6oq oroXpqponorrlpro, r6rolxonoqoerq. H reygoyvroo(o r4q orrl 6po-orrlpr6qro owri e[vot ovoyvtoptog6vq. 'Orov o yoMoqUeprKo-vrx6q yiyowog arrg narpdroir6g unnpes(eq Schlumberger pd-

(er mo m6Xoorpo rov owoy(l)vrorrl rou Smith International,orp6geror npoq rnv Goldman Sachs yro vo euo6oeei q eqoyo-pd, nou 6ywe npdyucrrr rov OeBpou6pto rou 2010. H rp6n4opor1Od 6ror ro noyx6oluo vo0prepo dvo rou x.Ld6ou vo roXupo-not4oer rq 06o4 rou oq nyern, ge 6vov r0xtro epyoouirv 66xo

9op5g peyotr0repo on6 ereivov rou roroptrof owoyrovrorfrou, Tnq fiotpsloq Halliburton.

Td\oq, rlrpdne(o )renoupye( <rrg dpreoog enev6ur4q, efte p6-v4 rqg eire go(i pre 61,\oug, orov drd6o rov u6poyovov8pdKov.Ko06)tou opetr4rdo 6pocrrlpt6rrpo. O 6e(rrr1g Goldman SachsCommodities Index, nou nopoKolouoel rtg rtp6g rtov oy66woxUpuov nptinov utrtirv, oM6 pdoo orov ono(o ro nerpdtroro e(-vor unepqroeprop6vo, nopopdver oqga(o ovogop6q. Kordxeren[or1g, e66 rt exe(, pero(r1grd pep(6ro oe prrpdq nerpetroiKdqxor oe drufuor1pro.

Afl6 nerKnq \Eupdq, pdlptrtlpo 6tro ndve xohd. H GoldmanSachs 6po oq onl6q 6rogeool,opr5qq yro loyoproog6 tov ne-Lm6v r4g, npoog6pow6q roug 5peuvo rot oupBouMg, npo-rergdvou vo peyol,tiroouv Kor vo qvomux€o0v, ( roug Boq06vo enev60oouv. Or 6poor4pr6rrpeg owdq o6powor qnd)\uro

roug rov6veg r4g rdt4g 6roxupdpvqoqg.

268 / H TPANEZA

To npdygmo 6prog nepnMrowor, yrcr( nopdl,trqlo r; eror-pe[o eivorro nro roXup6 Xprlgoronrortorr6 (6pu;ro orov r<dogoorrq oyoponolqoleg rou evepyeroroU rop6o. Eire yro loyo-proop6 ev6q netrfrq e(re yro )royoptoop6 rou apyo66rq rou,o Xprlpmrorr]q oyopo(et xor nouhd nerpdtroro 6ntog 0o droveror pe geroXdg, ge [dvo vog(o1raro, pe og6]royo. H 6ou]rerd qu-

rf onotre( 6ro[o04oq, yepd vefpo Kor Xolfpbrvo XopoKrnpo.H 6roxe(pron r<ov gSoe<ov, nou npdner vo 6rmr1pr10oriv ri vo nou-IrlOoriv yprlyopo, elvor noAU 6uvogrr4.

O dleyXoq rou ruv60vou e[vor poorx6g. To nood nou gno!vouv oro noqg(6r e(vor rep6ono.

O Xprlgmroqg orov Xdrpo rou nerpeLo(ou [ertvd Lom6v r4vr1p6po rou nohri v<op(q, enotr4Oe0owoq, 96oo on6 ng noMdgo06veg rou, ng 06oerg rou xcrd ro dreioqro rrlq npoqyo0pevrlg

4g6poq, pfger pro ypr;yop4 gort6 mtg rq6g r4q qlercrpovtr4qoyopdq rrlg lryrono0prlq xor [eguMl(et rouq Financial Timesxot rr1 Wal/ Street Journal, xoOtirq ror rtg e{erdrreupdveg toro-oetrfbrq Platt's Kqr Energy Compass. flepvd 6tr4 rou rqv 4p6poxor, roprd gopd rot ro ppddu rou, oro r4Mg<ovo. To vo nou-trdq ror vo oyopd(erq Bop6l,ro pflpew e[vot otr6x.\4pq r5ygq. Oenoyyetrgor[oq npdner vo dXer Xdprogo oro poO4;ronrd, ev-voekoL. [lpdner en(or1g vo noi(er oro 6dpu)ro nto ofvOero Xcn-gmooxovopxd npoi6wo, 6nrog ro 6rouirpcno npoo(peorlg rordMo epyo.)eio npomooioq. AwiOero pe r4v 166o nou enxpcnei,q 6pooqpL6r4rdrou 6evneprop(erot oro vo xepdoorone(nd-v<o orrq UeMowtrSq rtp5q. O Xprlportorqg np6ner en(oqg vono(pvet odoetg "spread", vo ogrivet 64tro6{ neptotipto oogo-Le(oq gero[U rov 6rorpoperrrdrv noronirtov rou opyori nerpe-Lofou, peto(f r4g npqg rou nerpdro(ou ror rov dlJ\tov npoi6-w<ov rov udpoyovovOpdrrov. Mnopel vo ororXqporioer oro po-

18. :TON KOZMO TOY APTOY NETPEMIOY i 269

(ow (yro ro oepodr6vo), ev6 nopd)|\qlo eonpoororr0rror Uew(Eel,, Kor owo rooalfq. Ayopd, n6l,4or1, rorox0poorl, or1-goolo dXer 11 6rogopd... Aur6q e(vor o rov6vog rou not;ytdto0,ror or Xprlpmror6g rov yvtopf(ouv.

H Goldman Sachs pmjxe orq 6poorrlpr6r4rq rov cryopo-notr4or<ov orov evepyeror6 ropdo 6rov on6rcrqoe rq peomx4erorpe[o nptinov utr6v J. Aron ro 1981 . ME peydl€q enev60oerqoe ovOponrvo 6uvoprx6, or oyopontr.ltr4o(eg rov u6poyovov-0pdrcrrv ovomtlooowot roL ow<rytod(owor rg ovel6prrpeg eror-peleg oyoponotr4ordrv, on6 rrg ono(eq n nro drdonpn ovnreL qrov

otrreptxov6 entlepqgor(o MopK Prq. To 6rdorrlpo 1980-1990e(vor 4 Xpuorl enoXrlrqg nerpehoir4g xep6ooron(og, xo0drq oq-po6efrqre on6 ro oveporordBoopo r<ov rrp<irv ror rq peyd\r1qqrd0etq, Xoporcrrlprmrrd nou op6oouv moug Xpqpmtor6q.

IJprgolvo pe roug enxpr6q rnq, or oyoponolrlo(eq our6qouppol[Eouv rn ofyxpouorl oupgep6wov r4g Goldman Sachs,ro0tirq efvor rqv i6to orrypri ror rp[4q xor epntrer6geq. Xp4-orgonoe( roug 6rro09 r4g n6poug yro vo rep6ooxon{oer nd-vto ortq rtp6q rtov ubpoyovovOpdxtov. Apo, 11 6pooqpr6rqtoourq dpXeror oe owiOeorl pe ro oul.tg6powo rou netrdrq.

ljpgrovo ndwo pe exelvoug nou tqv rorqyoporiv, ro (6pu-

po e(vor on6 rouq x0ptouq uneu00vouq rnq (9o0oKoq" rou ne-rpd\ofou <og ronoodrrloqg, nou 6rlproupyrl€nKe ro 2008. AwFperoni(eL r4v oyopd pe 6vov rp6no ovr1Orxo, ev6 nopdM4troq yvtop(er e(otpenrd xotrd. Aqtrcirvowoq 6n ro nerpdloro 0o

{enepdoeL ro 200 6otr6pro ro Bop6h, 6nuroupye[ pto unep-95pprovorl mrg rtp6g, nou rqg enupdnet vo peucronorrloeL 06-oerg, etonpdrrowog 14 6togopd. Me )\(yo )r6yto, or npoPMqrerqorotrou0o0vrrlv [6ro xcreUOuvoq pelg oyoponohlofeg. "Av otrep6oox6nor dnorpvov 06o11 yro m<iror1 { yto dvo6o, 0o BM-

27O I HTPNIEZA

nore rrq nu6q vo KoreBofuouv Kor vo oveBo(vouv" l,6er o MdrKIMdcrepg, o ono(oq 6roxapaEcrot hedge funds Kqr Kdver 6pqe(oxpLrrr4 orrg enev6mrr6q rpdne(eg nou epnMrowor orrq oyo-ponotr4o(eg rou nerpetrolou. "O0oriv 6goq rrq rqr6q npog p[op6vo rcne60uvo4, npog r4v ropugrl". Me 6Mo l6yro, n auru-

X(o r4q Goldman Sachs rot, 6ewepeu6woq, rov rough-necks-rrov

"oxLnptirv" rtov nerpel,oir6v e'rorper6v- ror rrrlv trrel.cirvrou OflEK -rou opyovroirori tou lropdrv nou e(dyouv nerp5-Loro- efuor 4 6uoruX(o r<ov 6M<ov, r4q oworrqroprop4Xov(ogror rcov 6trl,rov Brogr116valv.

BdBoro, onoK^e(eror vo lpqotponoqoouv rrq ntrqpogop(egnou dlouv on6 rouq netrcneg rouq yro vo ovqm0qouv Kep6o-orontr6g 6poor4pr6rrpeg yro [6rov 6ge]rog. Aw6 0o rSov m6-rqgo oro p&no rov pu0gromdrv opldrv. Ot nehdreq, xoOrirg 0odrpwov 6l efoncrnienKqv, eo pnopo0oov vo (4r4oouv peyd-l€q ono(ngr6oelq. Or norvxdq 6r6[erq 6ev onoxtre(owor ov rl no-pdpooq egn(met oro o6(r4yo rqq yp4orponofioqq eUnroreu-lxdrv ntrqpogopuirv. Fro rov )r6yo ow6, pto orpcm6 6eowo-tr6yov nepvd on6 r6oxrvo, oe erxoomerpd<op4 Bdo4, rrg ou-vol,\oy6g r<ov oyoponotrqordrv orov Xtirpo r<ov npdnov uhdrv,pro oyopd nou, )r6y<o rqq 6rogop6q 6poq, 6ev xl\elver nor6.En(oqg, eMyXer ov or Xpqpcrnordq p otiv crouq ovohwdq, xorro owiorpogo. Tr y[verot 6pu4 trre roug npoimopdvouq rouq nouelvor 96]14 rrlq 6rotrorioog enuponfq, orqv ono(o no(pvoworor gey6i.eg orpcrr4ym6q onog6oerg; H rlgep{oo 6rmo[4 owotirou rovdr6Brou e(vor unolpetonrd 6Lorrqrtr4g 96o119 -eyro-

roorooerq, npootrrntr6, Ouycnpx5g- r<or orpoqyx4q, 6nl,o6nrorovo;r4 peroXdlv i UeVdIeq unoOdoetg nou pp(orowor oee[5h(rl n 6l €g nou np6renor vo dpoouv. H tremopepiq oqro-A6ynon r<ov 06oeorv oyopdg 6ev eivor enio4po oro np6ypog-

18.:TON KO:IVIO TOY APTOY NETPEMIOY / 271

po. EnmMov, ro K6wpo ev6rogdpowoq rov qvol,urtirv 6ro96-pet on6 exa(vo ro:v Xprlpmrordrv. O otrovogoh6yoq dxer Uro Uo-rpoouovol.uxrj owl\qqq r4g oyop6g, nou oqpl(eror ndvro ongpoor6g nopopdrpouqrqq npooqopdg xor rrlg (rjrqo4q. Or Xpn-pmtor6q, on6 r4v d.)\.1,r1, ev6tog6powot Kor yro rn prKpoorKo-vog[o: onoypog5g, mox, 6uvcndrqreg nopoyoy4g, perogo-pdq, (nrnon prog xor4yop(og npoi6wog x.trn.

To np6plnpo e(vor 6tt or rorrlyopfeq tarv trrev xoOtoq ror 11 ;r4nopo6oxri r<ov 6e eivot obfvmov vo ono6er10o0v ltopig rqv el6-Tqon rov 6etrrlov ouvoMoyrrtv, gro 6ou].erd nou npornr6 6evpnopeivo yiver. Apo, 6ev pnopo0ge vo (6poupe noroq dXer 6(xto.

Oprol.r6vot opr€po( e(vor onopoft4ror yro vo ouvet64ronou]-ooupe ro eripoq rcov oyoponcotrlourlv 6ro nerp{i},oro. Or ou-voMoydq owdq np6net vo owrnpooone0ouv ro dvo rpfto rrrlvewo.l\.trlv nou eKTeloUwot oro Nymex (New York MercantileExchange), ro Xp4pmrorrlpto rov nptirov utrdrv, 6nou 6tonpoy-

Uore0owor npoeeoprord ougp6trorq, 6vowt rou 15o/o'to 2002.To geydOrl qurd qenrpvoriv x68e gowoo(o. Km6 14 btdpr<etoKdnorov ouve6prooeov ro roj\orofpt rou 2008, owol,l\dXor1xovorrq oyopdq n6vor on6 150 eKoropptipro pop6ito, 6r1)ro6q ro 6r-nl6oro rnq noyr6oprog Koenpeprwlq (nrnonq oe nerp6l,oroeKe(vrl rnv enoxn. H repdooxon(o orov po0po 1puo6, evdr rlrovoe m6on Kor6 ro dewepo e[dgrlvo rou 2008 eqor[oq rnq rjge-oqg, npoBMnowoq rnv ov6Kouqrn, qeKfunoe dpunrspn ro 2009.H qn66oon rou ropSo owof ono6erKv0eror nep(rpovo on6 roxol.ooorofo npr;r oro r6loq rou Xp6vou nou nq(pvouv or Xpn-pmror6g or ono(or e(vor erdxeupSvot mrg oyoponrol4o(eq u6po-yovov0pdxrov pre npo0eolr(o. E(vot ot Booti.r66eg rov gn6vouq.

Ot XcnUonor6q rqq Goldman Sachs 6poqrnpronorofworonq 600 BqorK6q nfipe^oiK5q ayopdg. Or ouvo.l\)\oydq ogopo0v

272 I HTPANEZA

6)ro ro gdopo qq sUnop[oq (pe olrd\€x6peveg nerpe]roirdg eroL-pe[eg, oepoperorpopeig, eropeieg 4],errpxo0 pef pmog, oepfou,propr;Xovu<o0g Karovo^ordq... ), 6nlo6n oyopdq ror no)\4oerqnerpeho[ou nou ro]uimouv ouyxerptpSveg ovdyreg. To runrx6nopd6erypo ougperdxowoq qrrq Xprlpmoyop6q ow6q efvor ne-rpeloiK6q eroLpe(eg 6n<og 11 En<on, 11 Total { q BP. H nsrpeloi14 erope(o anr6i6eror oro guotr6 epn6pro yro rqv roi,4 6roXei-proq rtov n6pcov rqg r] yro rtq ovdyreg r<ov nehortirv rqq, e(renp6xeror yto opy6 nerp6)roto e(re yro pev(iv4, w(eL, go(ow 4vdgOo. E(vor nporrp6repo vo pnopef 11 erorpeio -ow[ vo 6tu)r(-oer ro otivo)\o rqq nopoy<oyiq rqq- vo npoprlOe0erot opy6 ne-rp$roro on6 14 6e0v4 oyopd yro l,6youq nor6rrpog rj ye<oypo-

9tx4q eyyfr4rog. np6ner vo eqou6erep6ver tg 6rorutrrdvoergrnq rqnq peroli r4g ewoArlq qyopdq i nrirl4orlg Kor rnq no-pd6oo4q. H Goldman Sachs xdvet ro (6ro, oyop6(owog on6 14guoxrl nopoy<oy4 yro 6xr1 rqg 1pqoq, nporertrrdvou vo rrlv rd-ver vo Kopnoqop4oer. Or u6poyovdvOporeq owo( onoenKefo-wor, nept;rdvowog rotrwepeg 4gepeg.

:Tn Xpnpcrnornproxrl oyopd rov oupBolq(tov peMowx4geKnlnpoonq orov top6o rou nerpeAoiou, or Xpqponordq rqqGoldman Sachs Xrrpi(owor etrovr6q nopoyoydq 4 erxovrrdgopr[o. [1p6raror yro runonot4g6vo npoSeolrLord oupp6],oro,nou ennp6nouv orouq quUUerexoweq vo oul.rgtovrioouv orj-gepo ndv<o oe pro nprl nop66ooqg pe pell,owxrl npooeogiopeyolwep4 f prp6rcpq. H rpdne(q anxewptivar 14 6pooq-pt6rrpd qg mg 6tlo peyolwepeg Xprl;rcrroyop6g rou r6o1.rou ,rrlg N6oq Y6prrlg Kor rou nov6(vou, 6nou e[vor eyrmeorrlgrivoe(er6rxeug6vo Xprlgmtmqpro. :rrq Hvop6veg flo)rne(eg, rovnp6ro rmovdttor4 u6poyovovopdr<ov orov nAowlrq, 4 Xpq-pcnoyopd ovogop6q alvor ro Nymex. flpdrrq euponoir{ Xprl-

18. :TON KO:MO TOYAPTOY NETPEMIOY / 273

porqyopd, K6wpo qyoponol,4ouirv or4v EyyJq Avorotrli KqtopXr;ye(o rov 6te0vc6v 0ol6oouov perogop6v, ro >[rl 6roedrer,

1dpr1 oro International Petroleum Exchange, ro dtrtro pey6tro

Xprlporrorrlpro orov rog6o r4g ev6pyeroq. :Tnv Ao[o, Tnv npo-roro€e6pio SXer 4 Iryrono0pq, unooKel[(owoq ro XovyK KovyKror ro T6rto.

'Elowoq ro Xprlpmonou Xpeto(eror, n Goldman Sachs Uno-pe[vo n6per notr0 KepdooKonrK5q e6oerq oe 6trougrougropelgrrlq oyopdq, pe rrlv npoomrr4 ev6q yprlyopou r6p6oug, ovo-l,oppdvowog B6Boro pey6l.o p[oro. Aur6 e[vor dtr\<oore ro dl-

eo Kor ro trrg6yo r4g 6outrer6g rou 1p4portor4.H Kep6ooKon[o, nou 16oo ror4yope[ror, e(vor dpoye 4 6Xr

une60uvr1yrorrl 6rorfpovo4 rrrlv npdrv; Kor6 yevLrf opoloy(o,ro ororX4poro ouldvouv u1 guottcj oordOeto rcov rtprirv roupro0pou Xpuoo0, 6rlptoupy<iwoq 6vo xl.ipo pey6.\49 opeBor6-r4roq yro 6trouq rougroge[q r4q nerpd\oiKnq Bropnxoviog, t<o-Odrq Ool,<irvouv rov op[(owo yrong enrlerp{oerq, ytoro rpdr4-nopoyoryo0q, yto rov xorovoi.orf. Av Kqr or ouvo,\Loy6g rcov

XpnporonrorolKrirv r6pupdrtov, 6rov ng BMnou ge feX<optord,Xdvowor or4 pr6(o rt;v netpo6ol,opicov, 6leq po(i onorro6voqpowu<6 Bdpoq. Ko0drq enr(Oewor 6tror go((, oL Xpqgortor6gor6qrowot ouv4Ooq pe rov (6ro rp6no, 5Xouv r4v [6ro egnet-pio roLro [6ro owovox].omxd. l-to tov l6yo our6, ot entrptr6geilowor vo undpfer 6vo ntroforo p00pLor1g r4q oyopdg rulvougpolq[<rlv gel owrr{g exn}r4ptoo4g mo nerp6loro. Tr;v <irpoTnq noyKooUrono(4o4q rov xwrloetov rov Keeq}ro(ov Ko[ 6e-6op6qgqg 60vounq rnq Goldman Sachs- pro on6nerpo pri0-

1uo4g gowo(er ndwtoq ouronrxrl.Tov AeKdpppro rou 2009, 6nerro on6 noMo0g btoroypofq,

n Commodrties Futures Trading Commission (CFTC), q ogepr-

274 I HTPANEZA

KovrKn entTponq yrq rrq qyopdq ue npoeeop(cr orov x6po rovnp6rov u^dlv, qvoKofuooe rnv ronoe6rnon nl,qg6v orov qpto-

p6 rt,rv oupBolo(ov peMowu<qg erntrfp<oor1q oe oXdo4 ge evep-yatord npoi6wo - nerpdtoro, pev(fuq, nerp6l,oto €6pgovo4gr<or guorr6 odpto- Fro rrlv ruBdpvtlo4 rrov A4got<portr6v, toLo10ov oJor4gor4q owoppriOproqg on6 ro XpqpononipLo rovnptintov ul,6v 6qrooe oro 6prd rou. Oeoniornxov v6or ntpto-pLol-rol, pe or6Xo r4v npomooio rou rorqvotrori. l-1dwroq,6eve(vot rot 16oo ouor4po(.

H CFTC 6rKqroloyri04re yLo ro Xoi.op6 owd p6rpo, )rayo-woq 6rt 6ev unrip[e 6e0v4q oqprl4, rup(tog on6 rr1 Meydtr4Bperov[o ror ro ANT, nou eo 66rvr r; 6uvor6rqro vo undpferpto nro od\r1p{ mdo4. To ANT d}J\ome efie onotrl.dlet rouqxep6oor6nouq on6 r66e euOJq yror4v err[vo(4 ralvrrprivroKotroKo[prrou 2008. EnrnMov, ro opeprrovrr6 unoupye[o Oro-vopu<drv gop6rov 6rr ot Xp4gmror6q rou nerpeLolou 0o 6geu-yov yro rlnr6repo xl,[poro, Lry6repo puOgtmtrd, 6noq 11 Etrpe-r(o, ro Nrougndr ( q Iryrono0p4. 'Ooo yro rov Boorr6 orou-pogdpo rou pu0prorrro6 nl,oro(ou, rov o;.eprov6 yprlpmtarf

M6[KI Mdorepq, o onolog ouvun5ypqqre pro BtTproLrr4 ovo-gopd olenrd pe rov p6l,o r4q rep6ooron[og orqv dvo6o ttovlporv qg pev(ivnq, our6q eyrmdtrerqe q gdlr;. O T0nog ono-rd.Lur{.re 6l ro enev6wLr6 rou req6},oro onore}.o0wov rup(<ogon6 of(eq oeponoprr<6v eroperdrv, ourorl4roBrop4Xovuirv roteropercirv odrr4g perogopdg, q ov6mu(4 rov onolov elvot dge-oo ouv6e6eU6vn ga q logqhl rtprj oro nerpdLoro.

Av Kor or rponr(fueq nopo6dXowor 6n o l-rdpt fK6votrep,o entregotrfg rqq CFTC, 6rq06rer r0poq, ooBop6r4ro Kot tKo-vdr4ro, noMo[rov rcr4yopo0v yLo r6tohepq gerqxF[pron npogTnv Goldman Sachs. H olui0ero e(vor 611 65Xr4xe Xop(g qv no-

18.:TON KO:I\,{O IOY APTOY NETPEMIOY / 275

poprKpli dvmoo4 ro enrlerpriporo r4q erorpe(oq: or xep6o-or6not gdpvouv peuor6rrpo, roL dpo 6tog6vero oe pro nlo-vrlrrxl; oyopd. H or<oprpio rou xtrd6ou r<ov udpoyovovOpdxrov(ovenoprefq enevdUoerq, nopoXrlpdvor ;160o6or nopoytoyrlg rorrporrrd govon<i)\ro erlrerd.\}euor1g ror nopoyoyrqg) e(vot pdi.-trov nro Blomrx( on6 rtg 6pooqpr6rqrdg roug.

Ot entxpm6q rou TKevol,ep toXupf(owot 6l elvor xqr ere[-vog g6Logr4g xuB5pvrlonq Goldman. O entregoi.(g rqg CFTC61e1, npdypor, 6outr6{er 18 Xp6vro ornv erotpefo, r<upfcog oqypr;ponorllg nou 69rooe orrlv rd[n rou ero[pou. Efvor npo-ororeu6pevog rou P6pnepr Po0pnrv, o onoioq rov rd)\eoe ro-wd'rou mo unoupye(o Oxovoprrcirv, on6 ro 1994 6oq ro 2000.Tov oKotroueei n gf ;r4 rou ono6o0 rrlq dMetrgqq pu0ptmtroUnl,qro(ou. 'Eror,

6inl,o orov Po0pnrv, o l-r6vo/tep xor6rprveorpo6p6 5vo oX66ro p0Bpro4g yro ro nop6yt:yo nronoftd npoi6-wo nou yewofv entrfu6uveq rep6oorontr6g qo0oreg. 'Hrov

un6p qg onatreuedpoonq rov nlerrpovu<rirv oyoponolnor6vmov ldrpo rrlq ev6pyerog, or onofeg 4rov uneU0uveq, perolrj6li.tov, xor yLo rnv ror6ppeuoq, ro 2001, Tnq Enron, rou Ue-yotrUrepou peoftq rou dtd6ou. KoOcilg nopouo(ooe ro nrmo-rtrd swaps toq .5vo o0gpotro r4g rotvorop(oq Kot rnq re)Io-troy(oq nou perog6prprrloe r4v opeprrovtrrl orrovop(o oe unep-60voun", 1q gqqipeoe on6 r60e 6treyxo, yeyov6q nou odriy4-oe orrlv xor6ppeuo4, ro 2008, oprop6vrov yrydwov rov Xpl-l.roroou<ovo;ltrdrv. K6ro on6 rtg ouvOr]reg our6g, 6ev ;roq rd-vet ew0nooq ro yeyov6g 6rro o16616 rou yro nepropLop6 rqqrepdooron(oq oro nerp6i,oro efvqr dveu ouo[og. O l-K6volepOeolpe( rov eour6 rou nepLoo6repo 6ron4r4 nop6 geroppu6-prorq. O penougntrrrov5g npoxdroX6q rou orn CFTC, o Porj-pnev T(69epr -dAJtoq dvoq np<ir4v Goldman!- unrlple ro 6e[(

276 I HTPANEZA

X6prrou floi, Mnpdgep, rou np<ilrou er6trof oneorotrp6vou rouTqopr( Mnouq oro lp6r -ro yep6to narp6troto- Fe rnv clTlo-oro)rri r4q ovoouyrp6qoqg rqg X<irpog, q ono(o 6ev 6yle p5-

Boro Ueroqo rou 2003 Kq. rou 2004.fldwtoq, yto rrq nptilreg 0treq, to 1.te[(ov yeyov6q rrov retreu-

ro(ov erdrv e(vor 11 oyop6 rqg owoll\oyt]q noooor6v 6toqet6aourou dv0poro, go nporcmri nou r60r1re oe egopl,roy{ oro nl'oloro rou [1p<oror6Mou rou Kt6To, Ue cr6Xo q pe(ooq rov ax-nogncirv rou 6ro[et6(ou rou dvOpoxo, uneU€uvou oe Ueyd o

BoeU6 yro ro gow6pevo rou "0eppornniou". H troyLr4 qg eivot r; e[r]q: oe rdOe erorpelo ovotroye( 6vo nooocr6 exnognqg.Av ro (enepdoer, np6ner vo oyopdoer n(mor4 p0nov on6 dtr-)r1 erorpafo, 11 ono[o, roodlg 6Xe trurp6tep4 ernopn4 on6 ere(-vn nou rnq ovoloye(, 6ro€6ret dvq nhe6voopo npoq n6tr4o4or4v oyopd. Aw6 gnopei vo egopgooral Ft btdeopouq rp6-nouq: oe Gpob, (on6 g6po oe pr6po), ge npoOeolr(o 4 ge ou-votr\oy6q rcnd Boflrlo4. H fllerov6Tnrq rov erotpetdrv nepvdon6 peod(oweg, tpdna(eq rot et6Lrofg geoftag. E(vot gto ro-vovu<r'1 oyopd np<ir<ov uldrv nou undplet {64 oe epBpuor4 pop-grj orrlv Eupdrnq ror nder vo yevv4Oe[ ror or4v Apeptn], pe ro6vouo cap and trade.

To 6roxriBeugo efuor repdmLo. I0Ugtovq Ue rnv KUp6pqonO;rndgo, g6vo orqv Apeprnj €o pyouv oe nletornptoop6 6466toermopgripto 6otr6pto nrar<ioeLq prin<ov to npooeXrl emd

Xp6vto, opr0p6g nou trrnope[ vo e(vot 60o rot rpetg gop6q pe-yotrwepog. To p6ye0og oe oflo otno0 rou v6ou 1pr;pcrnor4p(ourou dvoporo 0o gnopo0oe vo lenepdoet ro 1.000 btoeKoroU-p0pro 6ol6pro rov 1p6vo.

ouorxd, 4 Goldman Sachs 6ev 0o dg4ve voqg leqfyet 6voqr6rotoq av6eX6pevoq nomrotr6g. f'lo[(et rot xurrlronoe[ ro ro-

18. :TON KO:MO TOY APTOY NETPEMIOY / 277

trwepo guold r4g, npoxeq6vou vo entvorloouv v6o npoi6wo.l-ro rov onorotrreur4 , 4 oyopo r<ov prinov ouyrewp<irver 6tr o rontreoverrrlporo: pauor6rpo, oogdtreto, on66ooq xor q0u6 ror-6rKo. Or eeogrKoi enev6wdq 6Xouv dwovo evdrogdpov.

To 2005 o Xdvpr fl6Aoov, o onoiog roXup[(eror 6l pdXeroryto ro nep$61-\ov, 6qL6ver ntog "q eodrowtr4 6pooq 6ev trrno-pe( on6 g6v4 r4q vo tr0oet ro np6plnUo rnq KhpcnrKiq o.}rJ\q-ynq. Kot qnrd rpmrrdg enev60oetg oqv 6peuvo xot ornv ovd-nru[1. OpiKn! An6 r6re n rp6neEo unEpoonlError pe vfXto rorpe 66wro ro cap and trade. Aoyrr6 e[vor, roO<iq 4 gopeprl ou-rq xep6ooxonrxrl pq1ow1 gnqre orqv nptirq ypoppq rou oycir-vo rord rou gowo;r6vou rou "€epporqn[ou.. H Goldman rn6v-6uoe go(Lrd or4v ototuni ev6pyero, mo prowi(etr xot orrlv qLro-nl evdpyeto. H erorpelo nqpe pro peroqrngrKn oupperoXf oro

Xprlgortonipro owoMoydrv rou lrdyou, 6nou noufuo0wor orj-gepo ot nrordroeLg pJn<rlv. xoOtirq ror oe gro enrXe[pr1oq nouefer6rreJerot or4v ncbl4o4 rouq Xcop[g vo unotroy((oupe roenevdurtxd regd.l.oro nou npoo0o0wot on6 roug noi,to0q rrlgGoldman Sachs, or ono(or ronoOero0v ro ono0egortro rouqorq xo0opdq reygoi.oy(eq.

fro ro novrlpd nve0gmo nou unoor4p[(ouvng Oetopieg ou-vtogoo(oq, undpXet 16rr rqr6 n(oo on6 otrrrlrrl lopoUgevq rmo-p(o. Aw( vo enrBln0ei ontr6g 6vog oro0ep6g rpmx6g 6oo969ndvol or4 pdl.uvoq nou npoxol,e(ro 6toleidro rou dvOporo rorvo unoXpeo€orjv oL uneriOuvor vo nlqpdroouv, 6pleror ro capand trade vq gerqrp6qjer gro oyopd npdn<ov uhcirv oe dvq o0-orqpo ouMoyrlq rp6pou ond r6r<irreg.

Erpove(orqg r0X4g 4 rp6l,o rtov ov0pcirntov; Xperdoqre no-tr6q x6noq yro vo 6p0eL oro goq o notrurrUoq po0poq Xpuo6g.No 6ptrrg nou rtirpo ro Bop6ho y[vowor Xp4goroorxovoprrd

274 I H TPANEZA

npoi6wo Kor roqrdeUouv yrcr ro Booil€ro r(')v oKr6v. Or mor6-oerq pfn(')vro oKoloueo0v. "Tonooernoerq" Mva. O no Oow6v8o pnopoUoe rdN\rmo 6Ao ow6 vo'ro r6ver ptieo.

19. Tperg fvrpeq yro 6vov 0pdvo

adrpo nro e(vor ;r6vo rperg: 4 Goldman Sachs, q JP Morgan

I Kor n Barclays. Tperq rotroooto(eg gqXov5g, nou Byqxov on6r4v xp(o4 nro 6uvordq, rupropXofv or4v noyr6opro orxovog(o.llopd rov ou<ovoprr6 popoop6, ereiveg beiXvouv o41-repo npo-xtrqrrrd uyeig. flop6weq oe 6Aeg rrg 6poorrlpr6qrag, ot 6;u-l,or ouro( Boo ,e6ouv. Or dpXoweq nou rouq 6pu06vouv, oA6tw Mntrovr<g6Lv, o T(6111 Nrdrpov ror o Mnogn ltrdropow,onooXoAo0v ouveXciq rov TUno

MerolO rovrpuiv owdrv owpriv, ot ono(or Oecoporjvro n6-wo 6e6ogdvo, undpXer dyproq owoyrrrvtog6q, nou rovrp6qet,guorrd, 4 noyroogrono(4or1. H KoJpoq yro rqv np<irq 06o11oro n6wtou1r 6Xer lerwrloer. O ro06vog opnd(eL 6,rL pnope[.Byofuouvro polofpto, 6tro ro Xrunqpmo enrp6nowot, oe 6].egng ltipeg xqr oe rdOe e(6oug 6poor4pr6rqro. Mro gdX4 noupot6(er ga rqv 6nvooq. Kopgclverg ro BMgpo oou mov exep6,6toq 6rou ro pdrro rou opX(oouv vo Kle(vouv: "The other guyblinked", o 6.Ll.og Xogr/rooe ro BMgpo, 6ncoq 0o dl.eye ror oqprrrog rou you6orepv.

O A6rw, o TE6rUr Kor o MnoUn elvot npdno on6 6],o Agepr-rovo(. Kor6 ro dMo, owd ro rp(o pr5tr4 rou nro xl,etmori xi.opn

280 / H TPANEZA

rnq fou6l :rprr Kor rou >[rt efvot no)r0 drogopenrd. :e npon-yo0pevo regd)roro e[6oge rn 6ro6potrrr1 rou A6rw Mntrovrg6w,rou .nor6ro0 qn6 ro Mnpo0drw" nou 69rooe crrlv ropugn. Aq6orige rtirpo rouq 6rio yewo(ouq owoyrrlvror6q rou.

Odl,owog vo gerdroer rrlv o([o rou T(6ql Nr6rpov, rou enL-Keqolnq rnq JP Morgan, 6voq Enl6g0ovog ow[notr6q rou rov

Xoporr{proe gro p6po olq dvOpono pe grrp6 err6nrogo". H'l-ou6l :rprr dorooe oro y6)rro: o dvOponoq 6Xer topo(o ovd-crrlpo, e(vor r.114l,69 ror )rem6g. Aw6q o yrog xor eyyov6q rpo-ne(kq 6Xer dvo np6otono nou 6e(yger npooqveto ror rdnoro rof-poor1. Av xor ro opLmep6 rou gpti6r oqrdrveror ouXy6, 1 6rd-Oeo[ rou goiveror r<up[<og oro ptrsppo rou, nou e(vor 6,\.trore(rowov6, onw0qpop6)ro, Xopofgevo ror 6Ltrore noytop6vo. Ironpoqfr, o rpone(kr1q potd(et pe owo0q rouq euyeve(g rou 16ououivo nou (roypdgr(e o XolUndrv Kor or onolot rpdpowor orovnripyo rou Foulvo6op.

Kmdyerot on6 14 peyotroomrq etr\r;vxrj rd(q r4q Zg0p-vr1g, 4 onoio yro xp6vro ruproplotioe orrlv epnoprxrl n61,4 gero drolirn ror rnv rol.Lr6pyer6 rnq. nopo66qoq, o 6v0ponoqour6q 6ev drrlpov6p4oe roug e(euyevrogdvoug rp6nouq on6rq p((o rou owi or4v Avorolrl, ro qwi0ero.

l-ewrlpdvog oro Aovyr Arlow crrq 13 Mopr(ou 1956, our6qo 6uvor6g po0qrqg npoonoOef neptoo6tepo vo Xrunfoer no-pd vo yo4re0oer. Ynohoy(er orrl ypoOrd rou. O T(619r Nrdrgovefle to npov6gro trrLog e(openrqg p6pgtooqq. Oo ooXo\Oei ge

to oxovogtrd, orohouO<irwog 1.uo orxoyeveron] nopd6ooq. Kd-ver l,orn6v ofrrlorl srnv Goldman Sachs, 6nou rovno(pvouvyLovo rdver rrlv npornr4 rou. O Nrdq:ov 6poq nporqd vo 6ouMQeL6(nlo orov ldwr Fou6rtr, qilo rnq oroy6veroq ror Oprilo qq

opeprrovrrrig orxovogrr4g (tor1q, nou e(vor np6e6pog r4g

19. TPEI: ANTPE: TIA ENAN OPONO / 28I

Shearson Lehman Brothers. 'Orov o l-oudttr onotrrieroL, o Nrdt-pov rov orol,ouOe[ orov povoXrrd rou 6p6po. Enov6pXowor,

;ro((, orqv Kopugn rrlq Commercial Credit Corporation - noudyrve Primerica xot or4 ouvdXeto Travelers. To 1998 6uoq, pe-ro rq ouyX<iveuo4 pe rq Ciligroup, orrlv ono[o ouvdpqle qno-

gootmxd, o Nrorpov n6grer Otipo ouvtol-rooioq xor BpiorerorEogvrKd nrpreopronoqp6voq on6 rov [610 rov Tou6 , o ono(oq(4he0er rcirpo rrlv ovodrr4 rou nope(o. Tov M6prro rou 2000,no(pvowog r; peB6vg, o 6vepyog rpone(k4g oupBtB6(eror,6e16gevog 14 06o11 rou 6reu0uvrn ornv Bank One, gLo ronrxlegnoprr4 rpone(q oe nold roxri rordmoo4, 4 onoio 51er rqvd6porrlg oro lxoyo. Ilepx6mowog 6ondveg, o Nrdrpov, o(u-6rpKnq Kor oKInp6g, orfvet qv entlefpqo4 oro n66tornq. Tovlovouopro rou 2004 o "6roorirornq" nou^d ro iopupo orqv JPMorgan, 6nou rot ovotropBover 14 yevtxq 6re0€uvo4... 6vov Xp6-vo opydrcpo.

O govor(ep ow6q, pe rrlv Esxoprorn euguto, xtrrlpovogei6vov oiro Xop(g euelll(o, o ono(oq 6Xer enovonowe( ortg 6dg-veg ror orr;v Snopo{ rou. To oKdv6olo Enron rot ro onootl.rorqg "rporioroq" rtov erotpeuirv vdog tqSrohoy(og dXouv dtr)rooreonomoOeponotrloer pro erotpe(o nou Xdver 66o9o9.

To n6poo1.ro on6 rqv npotreroptoKi Bank One oq ogoQornq uqrnlnq rponeEKiq rnq Tou6l :rprr /lrov Urq repdonq np6-x.Lqoq yro rov T(6tgr Nrdrgov. H 6ro6popq tou orqv JP Morganefvor Oeoportr{. Yn6 rq 6e00uvori rou, ro oreldXq Kolo0wotvo eyroro.l,e(rlouv lg enoyyetrlronr6q rouq ouvrjOeteg, roOcirgxot ro unepBoLrx6 6[o6o ge ro ono(o enrBopfvouv rqv rpdne-

Eo. Me 6vo oxptBdg ror Ue€o6rk6 np6ypogl.ro -ev[oXuoq rourooAoyLopo0, onoguyi rou p(oxou, ge[<oo4 r4q 6r0eo4g orrlvoyopd evun60qrov 6ove(tov-, o veogepp6vog 6uvopdrvet rqv

2A2 I HTPANEZA

erorpe(o. Trlv enoX4 rou UnouF ot ovohw6g rov rorqyopoovyro 6tr\eupr1 Odppouq. Iro Xprlgortoqpro, o tftl.og e(vot uno-rovx6q ror or g6roXor yrpwrd(ouv. O T(619r Nr64rov 6ev uno-troy((et rfuore. Aev tou op6oouv rq nuporen/rluoro. Ttq unep-

BoMg orq 6ro1e(pror1 ng og{ver yrq rouq 6l ouq.O np6e6poq ror yevrr6g 6eu0uvrrlg l6pet vo t<wrlronorei to

oretr6X4 rou. Aav e(vqr 6v0ponoq r<ov 6ucr6<ov -otire nop6egotne 6lo6or-, oMd rtov opd6tov. flo(pvet roug t<p(otpouq go-

rdhoug n6vo rou. Fp4yopog mrg onorpdoetg rou ror go0rlgo-

116 puotr6, qoKoKol[(er rouq troyoproogo0q t4g erotpe(og 16-oo rotrd 6oo rove(q. A6yo r4q xordpno4g tou, o Ntdtpov ei-vot 6voq egnoprr6q rpone(kr1g tou notrto0 ropo0, rot 6X Xpn-gonor4g. Iuver6q roOdrq e[vor, 6ev epnLmeierot otxovol.ttt<dnpoidwo-Oo0gcnq nou ro enrv6qoov rdnoteq tdtoguieg mtgo(oouoeq ouvol.ltoydrv. H gr.l,ooog(o rou e(vqr onln: 6[vet orouqneldreg oupBouMg nou 0o egdppro(e roL o (6tog. Me Bdorlrrlvopxrl ourq, peuorono€( ro xoproguldrro creyomtrdrv 6o-ve(ov uqrnlo0 Krv66vou, rq subprimes, on6 rrg opX5grou 2007-oro €5go our6 owoyo.rv((eror oe 6topom6r4to r;v GoldmanSachs- rqr perdrver ro e0pog rtov oyoponoltr4oLrirv yto (6Lov

6getroq ror rq Xp4orpono(r1or1 rego.l.o(<ov rou r6ptiporog yto

rep6ooromoUq oxono0q -np6renoryf ow6 nou M;.e ouverr;6roxeipron.

O 6eu0uvqg ow6g 6ev olrrp$dtr\et nor6 yo rov eow6 rou.ASlerot ndwtog ror rdnoteg ougBouMg. Fto vo eltoopponr]oettr1v onouo(o 6e0vorig epnetp[og, o Mrdqov e[vot oupnp6e6poqqro nep(engo g6poup rou Nrop6g. Oo 6exrei gdtuoro -nln-

prirvowdg rov lpuodgr- ror rrg urqpeoieq rou npcir4v pperovo0

npoOunoupyo6 T6vr Mntrep, 6rov erelvog dgqoe rrlv Nrdouvwyr:rprr 10, ro 2007.

19. TPEI: ANTPE: NA ENAN OPONO / 28i}

Aev e(vot 1.rotrox6g 6v0p<onog. H opd6o rou Mer nog, 6roveuU6ver, e(qgqvi(owor on6 trrnpomdtou. Atn6q oy6voq xolrlqorxoy6veroq, nou rqye oe r6roru<6 oxotreio xor onorj6ooe qro

gqgtotrr6vo novenroqpro rou XdpBopw, trrnope[ vo lprloponoq-oer pto ytr<irooo XeLp6repq rot on6 nop(orou Mnpo0xtrw. Aev eine, dl,\oore, 6qg6oro mov B6rpo1.t l1dwr, rov enxerpolns rnqCitigroup: "K6qre nrq nq Uo^oxieq", Xrr.rp(q nor6 vo (rpfoat ouy-yv<irpr1; Ynoorrlptrr4g rov Aqporpcrrtxdrv, ouvdderor gr,tr md molxdyo pe 6vov on6touq 60o yepouoroordqrou lfuv6tg, xdnotovMnopdr< Opndgo, o ono(oq ovologBdvet rnv unoonipt[r] rou6rov opli(er r4v npoexloyx4 rou erorpcna(o yro rqv npoe6p(o.

'Orov 11 oxovoprni ropopj (eond orov ntrovnrn, ro 2008, n JPMorgan e(vor BdBoro oe €6oq toX0og, X6pn orn ooveon rouNrdtgov... xot orqv nohrnni rou 6ro(o04oq. Av ror ftov dyvto-oroq oro ogeprrovrr6 xow6 ror 66we rqv ew0noorl norg nor66ev 0o 6nor(e np<ino protr(, errwdooetot mo crepdopo rovom6pov.

An6 rov Mdpno rou 2008 -oe oop6wo oKr6 6peq!- n JPMorgan eloyopd(et yto 6vo Koggmr Qogi q Xp41jorroqptot<tlsrotpe(o Bear Stearns. H e[oyopd otrq, nou 6ywe geq po{0eto

rqq opoofiov6roKnq '(u96pvnonq, r4g encpdnet vo npoo06oetcro Xoproguhdrro rnq ro prime brokerage (rn XpnU(ntorqptoKnnporr6peuo4), notrti enmep6{ 6poor4prdrrpo nopofiq unnpE-o[oq, xor vo ovomrl(er rrq oyoponrolnoieq nporov ul6v.

Irrl ouv6Xero ro ntr6opo our6 ye ro rp0o o[po 6ev 6tor6(etvo enronerioer r4v mdrorl rrlq Lehman Brothers. Ftm( e[vot ere[-vog np6ypmt, xor 611 1 Goldman, nou 6(ver ro np6ro Oovooqro

Xr0nnUq orov NrLr Ool.w, roOtirg ndyooe ro 17 6tqeKcnogp0-pro 6ol6prorov 6to0eoi;,r<ov oe peuor6 rorrful,ougnou ovtjt<ouv

284 I H TPANEZA

qrnv erotpefq, n ofloio pp(oKfiqt oro Xel\oq rnq m6xeuonq, onq12 :erneppp(ou 2008 ro ppd6u, Kor Ko06g (rFd entntr6ov ou-orrlpdg alyufoerq, l,fuo npw on6 r4v 6vop(q rrlg erro06pror1q.

YnepBol,rK6q onor4oerg, 0o nouv rdnoroL. f1o[pvowog 16-noro on6oroo4, 0o Myope 6n ow6q 6ev qrov ror 1600 unep-

Bofur5g. -np5656or yro rnv npooroo(o rou oupg6powoq r<ovger6X<rrv pou" onow6 proviprog o ltrdrprov, p6vowoq ordpoXogonq xpntr6q.

Ev<rl 4 nlerov6r4Tcl rtov owcryovror<rlv rou pdXeror yto rrlvenrp(too4 rnq, orrq 25 :erneupp(ou 2008, o T(619r o KqroKnl-r4q no(pver 6,rt on6pewe on6 Svov 6Mo o[ro, r4v epnopur] rpd-ne(q Washington Mutual, nou 6Xer rr1p0[er mtirleuorl ger6 rLgro)\oooro(eg ondrle€q oro oreyoonK6 6dvaro. H oyopd rou ou-rq rou Xopi(at rq gfgq rou nupoopdor4 rrlg peyoltnepnq nup-roytoq rou oLtilvo.

'E1er ror eXopofq, B6Boto. Oprop6vor rov xorryopoOv ytoTtg erpqlerg 0upo6, rov onp6B^Errro lopornjpo rou, Tr1 1.ro-T01060[(0 rou, Trlv euOr(lo rou. 7\Mor 6ev ewuncooro(owot ror16oo on6 rrlv efunvd6o rou, unovorirwog 6tr e[voL ono(dewoq.O onoropog rp6noq rou, 6rov unepoonr(6rov ro pn6vouq, Uno-pe( ror vo rou 6rl\eroe rov 6p6go yro gro 05oq or4v ruB6pv4-or1, rdn nou, 6n<og go[veror, efie nep6oer on6 ro puotr6 rounpo56pou Opn6po. O TEdrUr Nr6rpov 6ev orevoXroptdror ro06-Iou, ogo0, owrog ri dMrog, ppioreror qrnv "ropugn rou 16-oprou", 6ntr;g Mve rot ot A;.regrovo(.

O Mnopn Nrdropow, o np6e6poq ror yevrr6g 6eu0uvrnq rnqBarclays Capital, pp(oreroL xor ow6q orrlv ropuqrl. Fewqg6vogro 1951, np6rlv Koo4ypqg 6roirqo4g entXarpfloeov oro llove-nror{pro rou Kovdrrrror, orpr6p<ooe 6}111 14 oro6ro6pog(o rou

19. TPEI: ANTPE: TIA ENAN OPONO / 285

oq rponeEirn orov roudo r(l)v ouo^6ytov, or4 Morgan Stanley,ornv Cr6di1 Suisse Kor orrlv BZW - rrlv eqipepn enev6wrrrlrpdne(o rrlg Barclays. To 1997 rov6vog 6ev eo erxe orotxnpo-r(oer oqv entrulio rnq Barclays Capital, nou XriornKe orcl ou-wpiu[to rnq BZW. ApXrxo, 4 Bar Cap elvqr dvqq o(rog peoo(ou

Ueydeouq, erdrKeuUdvoq orrlv oyopd Xpeoypdrprrlv. O Nrdroprow

16per vo opnd(et Ttq euKorp[eq: ro 2002, Uerd rn Xpeoxonfo rrlqEnron, qrpqroloye(rouq KqlUrepoug XpqgonorSg rou Aov6i-vou on6 rov opeprrovrr6 yfyowo rrlg evdpyeroq, npoxetg6vouvo l.ovooptmei or(q qyoponolnoieq np<irrt.lv ul,tilv. fldwrog,

;r6Xpt rrlv ou<ovol.urri Kp[on, ro g0Lv6nopo rou 2008, rl enev-6urrKll rponeEo rnq Barclays gwo(oe(.

H on6mqoq rorv ogepu<ovrro.rv dpoor4ptorflrarv r4g verpqqLehman Brothers oMd(er oprorrrd 14 protpoord. Kor6 ro pro0-po :opporoK0proKo orrq 14 ror ortq 15 :emsUppiou 2008, rlBarclays Capital gpfoKeror 5vo Bri;ro npw on6 rnv on6rr4o4rorv .uyr6v" bpoornprornrov rnq Lehman mrg HflA. To B6ro6ptoq rnq Bperovrx1q KUB6pqonq obnye[ rn Lehman Brothersoe XpeoKonlo.

ApSo<oq perd, rord rq peumonornon, I Barclays no(pvet 06-on yro vo ooptiroer 6,r on6pewe on6 14 Lehman Brothers, oenotr6 Xog4tr4 ng4, on6vowr on6 rov exroOoprorq. Kord ng re-treuro[eq dronpoyprore0oerg yro 6r6ocoo4, nou 6ev euobtiro4-xov, pnopeoe vo eferooer npooercnrdro neptouotor<d qq mot-

1eio... H peyd,r.q Bperovucl tpdna{o onoderxv0eror 1puo4 eu-r<otp(o pe ow[rrpo 1,75 droeroroppripro 6oLdpto. Kor p6vo q

d6po'rr1q Lehman, orqv rop6rd rou MovxdTov, ono6exvderqt

4 ronoOdr4oq rou ouivo orov rop6o rov oKtvriTov!H on6Krnon rnq Lehman Brothers-USA ouvdud(er ro 6uvo-

ro o4geio rrlg releuro(og -oyoponrrrtr4o(eq perolti:v t<ot ouy-

286 / H TPANEZA

Xovefoerq-eqoyop6q orrq Hvou6veq nohreleq- Ue rKelvo rnqBarclays Capital, 6nLo6n lg oyop6q ogol6yov, f6varv vogr-opdrorv ror npdrrtov u)r<irv. flovaurul6g nou rpfqoe rq 6ou-LeL6 rou, ro npoo<onrr6 r4q Lehman unepqrnei(et rov oonipor4g. H 6o94 r4g 6e60uvor1g oplor4re or4 orryprl. Tov lqvoud-pro rou 2009 n dwogn eixe oloKlnpoge(.

Korroog6vrl pe rrlv owoyrov(mprd Tnq, n JP Morgan npo-onoOei vo ropn (oet rr1 ouyXriveuo4 Lehman-Barclays. To oX6-6ro rrlq Bperovu<riq e[oyopdq o60nKe rnv re],ewo(o ortypq,

X6pn orn 6ropeooldpqorl rqq Kewpuciq Tpdne(oq rov HflA,ortq 22 :emeuppiou 2008, nopd r4v erorporeio orq nqpo-orcivro nou e[Xa opyovrioeL o T(5rpr Nrdrpov. To enero66ro ou-16 0o rdver or6po geyoi,0reprlrrlv eX0p6rrlro perolf rov 6rioowpdrv, or ono(ot eivoL oov 6rjo rpor66e .or nou nopcrgo-veUouv ro oU;ro, o 6vog xowd mov 6,1\-l.ov.

X6p4 or4v o[o0r1o4 rrlq ooon]g ortygrig xor orrlv enrlrovrlrou Mnopn Nrdroprow, 11 Barclays 6ywe dtor 6vo on6 ro orlpo-wx6rapo lpqgmonrmorrd t6pritrroro mov r6otrro. Oerx4 ovo-rpon4 yro rrlv rpdne(o owri, 4 onoio efvor x],r1pov6pog grognop66oo4g 6rio otcirvrrlv roL nopondv<o. To 6UpInUq Ue rovtreur6 oer6 gryoupdpet xot nd.ll ovdgeoo moug roXuporig oed\ovnrtKti xtrlpoKo.

O Mnopn Nrdropow n6ru1e rnv nfuipn onorordcroorl rrlgBarclays, avtir o T(5rpL Nrdttrrov drove, on6 r4v nl,eupd rou, 16-noLo trdOr1. Irrg 18 lemepppiou"2008, rperg qp6peg patd r4vnr6on Tnq Lehman Brothers, ro rqMrp<ovo rou npo66pou rotyevrKo0 6€u0uwn rnq JP Morgan Xrun6. Ir4v 6tr1,4 drpn qqypogUnq, o unoupy6g Orxovoprrtirv XSvpr n6loov, nol.6 ro-poygdvog: "T(6rUr, oe noporohri, rdve rdrt... Ay6pooe n1Morgan Stanley... EivoL oro 1ei\oq tou yrpegoti".


Mrxprj roroprxri unev06poq. H Ueyoln 6eeon rnq 6eroeriogrou '30 Kor o v6poq Glass-Steagall rou 1934, nou rntBdM€r rov6roXtopro1.r6 perofO r<rlv 6poorrlprorqrolv egnoprx4g Kor enev-6wxqg rpdn{og, onder rov olro Morgan oe roppdno. Mro op6-6o 6eu0uwtilv nou 61ouv onooXrmef, un6 qv xo0o6qynon rou(6rou rou ytou rou TE. nr6pnow M6pyxov, trovooper Uro enev-6wtrr1 rpdne(o ge ro 6vopro Morgan Stanley. H oyyfuKn euyo-rprq, 11 Morgan Grenfell, qnoox(srot an[o4q. 'Exowoq unoprpocre( oe pto ouvq0tog6vq rpdne(o, q JP Morgan gwo(oe(yto

6eroer(eg orrl p6oq rrlg rcndro[qq rov rpone(tirv. E[oyopd(o-woq rn Morgan Stanley, 6noq rou ro (qr4oe o Xdvpr f16Loov,o TE6rUr NrdrUov 0o 66we rnv nofud orcrwopoXo or4 guotr{ eno>vu;r(o. Mto r6roro rM1or1 0o [ovo66eve roug rp(rouq rnq oxo-vogrcjq otruoi6oq p6oo oro n6poogq rou Xl6vou. "The Houseof Morgan" 0o [ovoyewr6rov on6 ng ordXreq rou.

C)o16oo, 6nemo on6 rdnoreg cipeg neprouMoyqg, o Nrdr-pov onopp(merr4v np6rooq rou unoupyo0 Orrovol.rtxt.rv. Errt-pd 6r ;uo r5roro ouyXrirveuorl 0o e(vor dvq pnep6epdvo roro-ore0ooyo ge gnotrcirprmo ono6dr xt onorel. H Morgan Stanleyeo ot,reei relxo on6 rqv mdrleuorl, Xdprl oe pro eroqopd ro-ntovtr<drv KeoqLql@v.

Teturd, o Xdvpt f16),oov e[onor4Oqre oe pey6lto Bo096 oXe-lrd ge r4v npootomr6rrpo rou glf,ou rou. O unoupy6g ntore0et6rt o Nt6rpov BMnet rov equr6 rou <oq d[ro 6rd6oXo rou T(.fldpnow M6pyxov. 'looq o rotrowd0Xog ow6g rpona(kqg vopq ouyxwe(ror on6 p6troug ge toroptx6 Bdpog. I0pg<ovcl Uerov6qpooroyp6go Nrqe MqK Nrdvotrw, ouyypogdo lloq eyKe-rptpevrlq Btoypog[oq rou T(drp Mrdtltov, The Last Man Standing(O rel,ewoloq 6p0rog 6v0ptonoq), o rpqneqirnq nor6 6ev ev-6rog6penKe yrq Kdn r6roto. "Aev dxer ouvqroOrlpcnLopoJq. E(-

288 / H TPANEZA

vor 5vo n^.6ouq Ue Kp6o o(tlo, Xop(q ouvqroenuorrKn g6pnonrn orrypn nou nqipver onocpdoerg. Aev 6Xer unripperpo ey6 Kor6ev efuot opol.torroqg". 4n1e6**o, 6xer npqKnK6 Uuotr6. Kd-n nou goprupd enloqg 6n e(vor ouyrporrlpdvoq.

'Evog Euponofog -{K6po Kor Bperov6q- 6ev pnope( vo Bd-trer to n66r rou or4 Fou6L Irpn lrop(g vo y(ver m61og yro64A4r4pui6r1 oX6l,ro. Eivor ro r(pqpo yto to 06ppoq rou. "A,rl Barclays... Auro( or y66preq nou dpnoqov rn Lehmanyro6voKoUUdrr rlop(". To onoropJg<opo e(vor n fidon rou [6rou rouXdvpr fldhoov, nou 6ev 6roro(er vo xoroxepouvriroer rov ove-nr€0g4ro. Ere[vog nou 4tov unoupy6q OLrovoprdrvrou npo6-6pou Mfiouq on6 ro 2006 6oq ro 2009, oqr6ver ro Xdprcr orovoupov6 ror L6ar ge onorponLoop6 6rqv qrofet ro 5vogo qgpperovrxrlq rpdne(og: "Mro onelpo on6 oprp(areq...".

H JP Morgan B).ener en[o4q pe ro16 Udrt rnv eroBolrl oro 6r-16 rrlq 66orpog ev6g owoy<rrvron] nou 6rqe6rer ra (610 nLeove-rcrrlpcno pe eraivq: pto enev6unr4 rpdne(o nou rr1 crrlpi(er puoepnoprrrl rpdne(o, 6uvoprKli 6ref euvon, 6vov roronl4rcrrr6roohoyrop6 r<ot pto roropm4 re)C/oyvoo(q. Tou T(6rpr Nrdtgovrou op6oer vq deqvrr <norpr6rnq>. H np6Klnon rnq ouro-rporoprxqg 6Jvop4g orrlv nol,td qg onorrlo e(vor nooupovriq.H npoondOero vo on<o040e( oGri 11 UeronrKn en(6eon evqwlovev6g roropxori gqpe[ou r4g oorep6eooqq 6ev eivor nro e6po

U6vo npooonrKnq nrrp(oq.O T(6tgt Ntdrpov n4pe ror ere(vog nofui Boprd r4v e(ovo-

yroorrrq e0vrxonof4o4 rou o[xou rou on6 ro opepxovK6 Kpd-roq. O 6veponoq our6q, 1600 oryoupoq yro rov p6lo rou ortgeqeli(erq, eq6loBe rov efovoyr<oo1l6 tou vo deXreirrlv xpmxfpo4Oero, 6cro ror ov ro uyuig i6puU6 rou 6ev rnv elxe ovdyKn,oq gro npoyUoruci ronefvoo4. Ar6pro ror ov 6ev r]rov onopo(-


rqro, eKe(voq 6Kove l.eg Kor n Kcrr6lqlq ourq rou roipto(e on6-Iuro. Tn 6uoop6oretd rou rnv 6pyqEe Kar' r6iov.

Aw(oero, q Barclays l69uye on6 r4v wporq rrlg peptnigeOvxonoiqoqg nou efXe brcndqsr o Bperov6g np<oOunoupy6qTK6pwov Mnp6ouv. Aw[ vo nepdoet orrgv oogd.trero r4q xpo-rrnig 60vopr1g -6nog 11 Royal Bank of Scotland, 11 RBS rot 4Lloyds Banking Group-, n Barclays roroge0yet oe 6fo Kport-rd enev6wrxd reedloro rnq Eyy0q AvoroArlg, yro vo ovo6rop-Opciroer ro rerpdlor6 r4q. Kdrtrl on6 npoypottrd on(oreureqouvOr1req...

fto vo npooelKfoet ro xegd)\oro rruv X<opcirv rou K6)rnou,rou Apnou Nrdgnr ror rou Kordp (ge oog4 xl(oq npoq rn eol-Loxpcrr[o), 4 Barclays oneuo0vsror oe 6fo yuvolreq rr;q np6rnqypol.rp{q: rqv Agdwo lrdp}rr xor r4v Nroidvo T(5vrwq, or ono(egdXouv enogdg urlrl)rori enrnS6ou geoo mtg npLyrtnLr6q otroy6-veeg rov epp6rov. flopd rov grooyuvrol.r6 xot qv ouorrlp6rrporoug, or nl,orjoror rou K6lnou ev0ouot6or4rov ge lq 60o ou-rdq oyyhfdeq enrlerprlpor(eg, or ono(eq e(vor rprll6fuWeg Kor Uegrov6g ytrux6g oov Kopogdtreq Quality Street.

flopd q veopf r4q n}rK(q, n Agowo IrdBhr dXet geydLrl

egnep(o oe enrXeprlpcrnrdq 6pooqpr6qteg oqv Eyytig Avo-rotr4. Arpoti ono06ooeonrr:g 6n<og ouyypoveg ytr6ooeq oro Ko(-gnpn(, ovo[yer 6vo poboro eonm6pro mo Nrougdprer, yv<oor6yro qv errpogrj Kqeop6orpov olt6yov. H netrme(o r4g efuor r1ogp6rpepo rov r6rorcqrtirv otr6ytov rof pooq, (erl<irwog on6Tn 6uvoore(o Mqrrorip rou l.frougnor. H oxoy6vero otrq g6p-ver rrlv enrXeprlgcnio oe enog4 pe rov riKlo rou poottrtd rnq lop6ov(oq, o ono(og 06lel vq npooelK0oeL [6voug anev6w5g.

H Ap6wo ovol,opBdver, orq ouv6Xero, rqv e{oyopd on6 roNroupndr -r1 ono(o 6ev ndruXe-rou no6oogopxori opftou A!

290 / H TPANEZA

pepnou}\ Tov :enr6Uppro rou 2008 opyov6ver, Fe enrrux(cr cru-q q gopd, r4v cyopd on6 rov oetXrl Movoorip rou i\pnou Mr6-gnr rrlg Mdwoaqrap :[rr, rnq 6lAnq Uey6lnq op66oq r4gflp6pep Aryr. H oX6or1 qg, ro 2003, Ue rov npiyKmo Av6p6o,pxp6tepo yro r4q Boo roooq ElrodBer qg Ayyliog ror en(rr-po exnp6oono rou eltorepxof epnop(ou rrlq Bperovrqq, TnS 6iveL rr1 6uvm6r4ro vo yeploet r4v or(6wo r4g pe or6pgqro rnqEyyfq Avoro^nq.

Oq npoq rnv Nroidvo T(6vrwg, or oX6oeq rrlg ge ro Kordpnepvorjv on6 rov o6(uy6 rr1g, rov P6r(ep TEdvKwq, o ono(og61er ovotrdBer r4v eu0dvrl qg neproXrjq yro rnv Barclays Capital.O Eroro6(oq ow6g nl.orinoe X6p4 cr4v eL6rr6u1r6 rou orrlcpopo6ro<puyri, 4 onofo 6(ver rr1 6uvor6ulro mq pey6,l,eg ne-prouoiag vo ntrqptirvouv )uy6repouq g6poq, pe on6irurrl 6goqvoprg6rrlro- Me ro naporoorixfu "q ourorporerpoTou gnrr(vr",l,6yco rnq nl.eroqrnrpxrlq ougperopis rqq or Uro crqLpelo trre po-yLo, n Nroidvo 6ngroupye( qlrlr4 oXdorl pe q oO(uyo rou oei1rlXolrdw, npo66pou rou rpcmroti enev6unxof rope(ou rou eUFp6rou yro ro o6pro.

Err6g on6 ro .Xrfnrlpo" rqg rerpol,oroKr]g ovo6rdp0p<oo4qqg Barclays rrlv rehewolo onypq, 4 6Lobpogq rtov 6tio yuvor-rrilv e(vor notrrl 6rogoperx{. H AUdwq :rdptrr ernpootone( ronofu6 pperovu6 Xp4po, rov r6opo nou ooXolsirot pe ro d)r.o-yo, 14 6rorputr6r4ro nou e(vor ouvugoolrev4 pe rrlv nopd6oo4 .H Ntoidvo T(6vrwq ouppol,(er qv enqowl tou oowodrwep.E(vor perovdorpro on6 rq Bow(o, nou 6grooe ndp<proX4 or4Bperov(o ro 1993. E[vqr ouro6rlproripyrprl.

Or ep<onrdg oX6oetq dywov enrXerpfoerq uqr \of enm66ou.To 6rooKe6oonK6 efuor 6rr q Barclays odler vo epnv6erot on6r4v ouorrlp{ r1ou<rj rrov t6pwtirvnlq, rov 180 or6vq, rov Koud-

, 'I9. TPEE ANTPE: NA ENAN OPONO / 291

KepoJv! H Oprlorewxf ourrrl o;rd6o orouq x6trnouq rou npore-orowropori, pe r4v ouorqp4 40rx4, 6rogoponoteftor og npogrqv onouoio 66y;rcnoq, rrl onou6or6rpo nou ono6(6er oro AytoIlveUpro ror rrrq npoq rr1 pon4 rrlq vo oul.rperdlet oro rowd. flo-p6l\qlo, 4 enev6wrxrl rp6ne(o npo<oOei dvq rweUpo npooto-ntrfg eropeiog ge to6ntrroug eto(poug,'ro ono(o gord(er, xmdneplepyorp6no, pe erelvo nou ruproplei orrlv Goldman Sachs,nptv erooX0e( mo Xpqponor4pro ro 1999, Kor ro ono(o 6xer lq

Bdoergrou orrlv xup(opXr1 06oq nou rcnSler ro ouMoyx6 6vo-wr rou cnoprxoti, orrlv opr(6wro epopX(o ror orrlv ogoo(roor1orn 6oul,er6.

O n6l,egog perol0 trov rptdrv 6uv6petov rqg noyKooUro-no(qo4q nou 96)119 ovo6004rov npogqvderot odrr1p6q.

20. No pi[ouge r4v Goldman ( d1l;

/ I- voq opxny6q np6ner n6wo vo e[vor norrlrrlq. flpdner(( E uo prL6 oro 6vopo r<ov Oetiv, r<ov weupcnrrrv ror rrlqrluXrlq r<ov vexpdrv. 6leye pe gttroooqrr4 6r60eo4 o LoX(og Ar-p6tw, 4pt;og rou puOLorop4gcnog L'adieu au roiTou nrep re-wep96p. Ir4 (ouyxtro rou B6pveo, o rpel,6q pro0og6poq ge royrpi(o pcnro efie gndler dvo Boo0tero mo p6rpo rou. O A6twMntrovrrp6w (oroq 6ev dXer rdroto qrlo6o[(o. Owoq enxego-trrig oe xdrr nou gord(er trre notrunh6ropo Xron66r, npoonoOe(vo ul,onoqoer ro oXd6o rou: vo y(vet o Booll,rdg qg oxovotrr(oq.Al.\d ow6q nou no0Ld(eror pe rrlv rorop(o yvrup(er 6rt ro 6vet-po yro pey6)reg oworpcrop(eg SXouv ndwo xor6l oq.

An6 rnv m6o4 rqq Lehman Brothers, oRq 15 :enreUpp(ou2008, n 6rKn rou quroKporopio efvot oro p6n rou ruxtrdrvo.flo16 q nepflgovq rpdne(o 6ev 66Xrr1re 16oo Xrurqgcrro. Xpo-vrd 6n(l)q ro 2009 gor<dpt vo prlv (ovo6p0er, nop6 to eloper-xd onoreMolroro r4q erorpe(og. Ofre rqL ro 2010, ro06q eGvor yepdro epn66ro ror 6uorol.[eg, e(vor ro]\0repo. O np6e-6pog Opndgo qvoxo(vooe rnv nro grl,66oqn geropp60gro4on6 rqv enoXrl r4q Meydlnq 'Yqeonq, pe np60eoq vq nepro-pioet ro p6ye0oq rtov Xpqporonrortonrdrv L6putrrdrov Kqr rov

294 | H IPAqEZA

Kep6ooKonKd)v rouq dpoornptor/Fov. Ot pueUtorK6q opx6qKrwlroTloro6wor Yro vq uerd)oouv To neptedlpto etrtYu6v our6vr(l)v nolrj roxup6v npo66pov KCrr yevK6v 6€ueuw6v. Ot floIF

rrKoi -6^ov r(l)v rdosov qveqotp6roq- utooero6v, Fe rn oDtpd

rouq, rnv opYn rnq Korvnq Yvd'pnq, KcnoYYdl).owqq ut troiKi-qnKo rp6no nq tat cats, nou eeopotiwol ufle0euveq Ytq rrl XeFp6repn 0eeorl ofl6 rq 6eroer[o rou '30. Ie 6te0v6g enine6o, ro

G20 -o 6U oq nou ernpooone( rtq neptoo6repo ptop4Xovo-

noqp6veq 16peq ror to peyolwepo ovo6u6pevo 6evn- ovq-

rowrivet, perd ro rpoXrou :emepppfou rou 2008, 6rt eq eYKq-

roorrloer g6vq.roug puOgtonxo0g prlXovtopotlq nporeq6vou vo

epno6roroUv or oyop6g vo (ovonopouv rov 6 EYXo Kqt vo enF

B6trouv rov 6ypLo v6go rouq.Avdgeoo ortq nproroBouh[eq nou oroxe0ouv orn pelri(,)on

rqg 6rogdveroq rou ouor4pcnoq xor oqv ondlretql4 trr;v nopaK-

Klforov rou nopele6woq, epgovf(owot, 90pbr1v g(y6qv, 4 ent-

Bolr] 96pou eni tov rpone(tx6v ouvolhoytirv xowq ouvol6oet,

4 6qproupy[o rqvovrmtrod r0roroiou or4v ttr]ronoir1o4, 4 pal-

doorl rrlq vopoOeoioq oXerLr6 pe r4v on66ooq rrov ntor6oeov,q enLBo)tr1 puoprorrrot nl,otolou orq Kep6ooKonKd reg6).oto

Kor orouq ogi\oug entletprlportr<irv ou;.rgeto1til, 4 ewcrrtro-no(qo4 rov eoorepxtirv ehiyXov roL 4 ev6uvdp<rto4 'rou ANT...

llor6 [ov6! Otovd(ouv on6 6]eg nq pepdg. Ftm(, ov xot to

trowp6 rpone(rxori ollrotoq nou npo6],eyov xdnoto 6uooltovonverlpmo 6ev 5ywe, to ronio 6Xet oMd(et p(trd. Ot rp6ne(egge(rrloov rov 6overog6 toug - Tn yeveotoupY6 oriq rov ent-

ogoidrv ouvotrtroydrv. To pn6voug oe peuor6 -o169o g(o npo-

rpomj yro xep6ooron(o- ouppxvtirvowot. Tq XpnporootKovo-pxd npoi6wo nou npore(vowot orouq nd\6req qnlonoto0wot.

Ot oyoponor)r4oieq yto [6tov 6gdrog nou entrp6nouv orouq

20. NA PI=OYME THN GOLDMAN'H OXI: / 295

enevdurtKoiq rpone((req vo KepdooKonioouv oTrq crYopdq Ue6rrd roug Xplipqrq nepropf(owor. To Bdpoq UeroKrve(ror Korn6Lr mrg unrlpeoieg npog rov neidrrl, rov peydlo on6wo Kq-Td To rpel6 ourd Xc6vro rou orKovoprKori prnoup. Mro v6o ye-vrd 6reu0uwtirv lovooxe6r6(er rov Xdprn rou enrrel.eiou rqq or-rovoglog, eqqogo\i(owqq rnv olr,oyri epoup6q rov "6lre6-wov' Tnq fou6^. :rprr Kor rou I(n, nou 6neoov oe 6uop6vero.Bp4re o ro06voq rn e6on rou. flpooropwd, roul6Xrorov.

To rpofpo on6 ro orxovogrr6 roouvdgr rou lemeprBp(ourou 2008 eq(veror vo eqopK[ornKe, o16go xor ov undpxouv Ue-rcroerouo(. H rmop(o rqg l-ou6tr :rprr eqoKotrou€el vo ru]rd perqv roX0r4ro rou ticker, rnq Kop66^qq rov XpnUorrornprqK6vrtpdrv. Ito Uouoe(o rnq opeprxovx4g oxovog(oq, nou Bpfore-ror (rrrlv "066 rou Tefioug" (Wall Street), eKrfesror n qoro-ypog(o ev6q onrttod rrn p5o4 prog neLor3(oq, pnpocrd oroonofo undpxet Uro repdoflo nwor(6o: "Kor6oxeror,'. O {rtroSrnq t/yal/ Sfreet Journal r\c, 16nq :enreppp(ou 2008, Tnv eno-p6vq r4g rordppeuo4q rqq Lehman Brothers, 6yrve 5rOepo po-([ pero nporooSlrdo rou 1929Korrou 1987. To subpnmes Kor6.N\o credit crunch (on6ropr; oUonooq r4g n(ortooqq) pn{xovorn B(BIo, oro Concise Ortord English Dictionnary.

f'lp6remor, 6poye, yro 6I n U(o 66wlo4 r4q orrovopm4g rmo-p[og pero{0 noMdrv dMov nou yv6proe o x6opoq; To leqx6,6nrog 6lor yvtop((oupe, e(vor g6vo n eq@reprKn 6q.,n. H rpo-

Brlygdwl rouprfvo e(vor noponlovnrmi. 'Orov Urooovo(yer, qto-

r((eror erelvo nou ;r6ltLq npw oprogqrv6rclv. To no]r.Ld orrlvx66Xet ge[vet Kard ro r]prou 6p6ro ror rivo dl.l,o ur.,Lrdlveror, ono-Ko,/\'frnowoq 6vo orxovogLr6 ron[o oe drrlpq peroBo].4 , nLo oriv-eero, nro 60qKolo voro rorovo{oerq, Kor dpo duwlrrKd nto enr-K[v6uvo.

296 / H TPANEZA

flpdrq 6ton[orolorl: gro v6o r6lq orrlv noyr6ogto oLrovo-

;r[o opli(er oro6rord vo eyroOlororot. An6 rqv rp[o4 BYiKe Utooo0nep LLyr, nto eripoorrl on6 nor6. Aiyor npo0loweg, o6tdl'-trorror rot rpoXeiq: n Goldman Sachs, n JP Morgan, n Barclays,

n Cr6dit Suisse ror 4 Deutsche Bank. flpoygonrd noluKcrro-on]gmo rou Xp4trrorog, nou npoorpdpouv 6)rq t4v yrdpo r<ovun4peouiv, e[root r6ooeprg rilpeq ro etKoo[erpdcopo roL mLgn6we qne[poug. Mro 6ewepq rorqyoplo onoelefuot on6 rouq6roorrl06weg tou notrtppoirori rtipotog. E6tit pp[oroupe 16-norsq rpdne(eg yolhrdg, ronovtx6g, yeppovxdq, rovo6tx6g,oumpdrtov6g ror orov6wcBx6g, ortq ono(eq np6net vo npo-o06ooupe ror pro opd6o vaoetooX€5wrov on6 rg ovo6u6peveg

Xcirpeg. 'Ooo yro rouq 6lloug, rouq poptd tpouponog6voug

nou ovrirouv or4v rpirrl rcrrrlyop(o, ovoyrdor4xov vo nepto-p(oouv oqpowrd ro eripoq rtov bpooqptorftov rouq, eyKo-rotre(nowog ouygd 14 6e0v4 ovdmuqn, yto vq entKewporeo0vorrlv eyltirpto oyopd. H nepigqprl rogf "oe 6io 50v4> Yto rnvono[o p[\4oe, rov 19o or6vq, o Bperov6g npoOunoupy6g Mn6-w(ogw Nrropod)rr oro pu0rm6pqgd rou Sybll toLpLo(et r6lstqoro vdo oxovoprK6 6s6op6vo: "AUo d0v4 nou petolti toug 6evundpXer owe oXdon ofre ougnd0ero Kot ro onolo 6ev xupep-vrirwot pe rouq (6rouq v6;rouq [...]. To 600 ow6 60w1 e(vot otnl,otiotot t<ot ot rptoXo[".

An6 ow6 ro lovogo[poopro qg rpdnouloq yewrlOqre, oeoprop6vouq xld6oug 6poorqpt6rqtoq, 5vo o}uyon6lto, Uto6e6o1.revr1 rcndmooq npoyl.tcnov, orry ono(o on6 t4 o0yrpouorlouggep6wtov enogetroUwor p6vo 6oor ov4xouv or4v nprilrrlrcrrlyop(o. To notlv[6r rou owoyrovropo0 orove[, 4 ng4 rtovnopel6pevov un4peordrv oul6vetot,4 6uvor6r4ro en oytjgrrDv nel.mdrv uet<irverot.

20. NA PI=OYME THN GOLDIIAN'H OXI: / 297

Koe6q eveoppfvowor vo 6ove[(owor grnv6 Xpnpo, ro p6-In rou olryonol(ou owori pnopo0v {ou1o vo nofpvouv peyd-lo p[oro, nporergdvou vo oul4oouv ro r6p64, nq np6q oroXp4gcnror{pro r<ot... to nep[g4po pn6vouq. Fvop((ouv 5n oenep(mcoorl v6oq gaydhqg rpfoqq ro AnU6oro 0o eivor n6woexe( yLo vo rouq pydl,er on6 rr1 60oxo),r1 0do4.

'Eror etrnl(ouv,

routrdXrorov. H on(oretnn ov6rogrpq owdrv rov rdpupdtrlv e[-vor enlor;g ro onorfreolro rrlg dvOr1or1g rcov oyoponolnor6v,toro[repo rqg repbooroniog ndvo mrq np6req 6)reg, rog6oqnou rov<over 6^ouq touq un6trotnoug. An6 qv 6tr\q ntreupd, orouvoMoy6g rov nopdyrrlycov npor6wov n6vto oe oyop6q noue[vor opyovtop6veq or4 p6o4 r4q rorvrlg ouvo[veo4g nrlpov lo-vd r4v ovodrcl rouq nope[o, pSoo 6gtog oe 6vo nLoloro o6ro-gdverog. Anog6ver vo puOgroro0v, 6ror <6cre vo neproprorofvoL 6uwlnro( r(v6uvor yro ro oxovogx6 o0or4po. T6roro nep[-m<ooq e[vot, yro nopd6erygo, ro credit default swaps (CDS),nou enrp6nouv ortg rp6ne(eg xoL oe dMouq ou;rper6lowag voxotrO{-rouv roug 6uvqnro0g rw6rivouq oroug ono(ouq erri0e-wot, roOrirg epd\6rowot oa r6noeq oyop6g. Evrir ro subprimes61ouv roropperJoer, ro CDS nopopdvouv ordgo ror origepoe(orperr16 enrr(v6uvo.

'Ooo yto ro Xp6og, gerog6p0qre on6 rov r6rom6 rog6o ororpar4. No, AoLn6v, nou rtilpo pp(oxowor owrg6rono, oXe66vnowoti , ge q peyd\ tprjno rolv 6qp6onov oxovogruirv, 4 onoio64proupyrl04re on6 14 6rdo<oor1 rou ouonlgoroq. H eKrignontr1g rrov6rqrog r<,rv enrXerp4oetov - dpo ror rolv rpone(<irv- r<o-06q ror rorv rpmclv vo onontrqpdroouv ro Xpd4 roug, nop6 rorepdorro eLlelpgm6 rouq, eqoKotrou0el vo elvoL 6ou].er6 rrovo(nov olroi6yqorlg.

Kooe entpdpoug 6peuvo onoxd\rjmer rnv eurol,[o pe rrlv

298 i H TPANEZA

ono(o oprotl6vor rponeEfueq Xerpoyriryloov, lrop(g noMofg ev-6oroolroUq, ng oyopdg. Teroro nep(mtoo4 e(vor q ovogopd, nou6rlpooefr4re orrq 1 1 Mopriou 2010, rou Awov Bolofroq, rouegnerpoyvrilgovo mov ono(o qv60eoe 4 ogeprxovLnj Axoroo0-v4 vo peAet4oeL rtg or(eg rcrdppeuonq rnq enev6wuciq rpd-neEqq Lehman Brothers. To Syypogo rmoyy5tr)rer r4v npoogu-ytl rqq rp6ne(og cr4v oyopd Repo (Repurchasing Market- n6-Inon Kor Enovoyopd T[r^ov); yro vo Kpilljer ro rep6orLo Xp6ogrnq. H Kardxpnon rou Repo -1ro ouvoltrcyi nou anrp6net orouqe;.rni.erogdvoug vo Xerp[(owor rotrwepo rrlv roO4gepruj rouqpeuor6cpo- efuor noveiro)rq. MdXpr crLygfq 6ev 6Xer 6pogo-l,oyr10e( rop[o orlgowu<ri peropp609rorl rou ouoqparog.

AMo nop66o[o, pero[i r6oov d.Ut<ov, r4g np6ogoqq rpi-oqq: or rp6ne(eg Boienoov rrq ruBepwloarg... vo otiroouv'rtqrpdne(eg. Irrlv npoyl.rorrr6rrpo, ro otxovo;ltr6 roouvdgt 66er-qe 6n e(vdr Uev eu6lqxeg olJ\d ror 6r noi(ouv rpiol.ro p6Lo, po4-

e6woq rnv rpmrrrl elouo[o vo otioer ro r6prjporo nou ppi

orowot oe 6forolrl 06oq. To nopo6eiypcnoro onoio 6efyouvrov opgdfuo trtirpo nou ouv66et ro rporog pe ro Lep6 r6pcno rrlqu{r1Niq rpone(rniq e(vor dgOovo. H Morgan Stanley, rl MerrillLynch xor q Goldman Sachs o6enrov ro g0l6n<opo rou 2008

X6pq or4v endgBoo4 rou unoupye(ou Oxovo;lx<ilv r<ov Hvrrl-

Udvov noltter6v. Tour6Xpovo, or [6eq ow6g etorpe(eg qrovnopo6oeg oe 6l,eq rrg ev6pyereg orrovoprfg or{prlrlq rov ou-vo66leov rouq.

H Goldman Sachs nopelXe ouppou)\6q oro unoupye(o Ot-rovoprrcirv r4g Bperov(og yro r4v eevrKonohqn rou oreycrqrFro0 roper-rqp(ou Northern Rock, nou o6nyorjwov oe m<ir1eu-or1. Korr1004ve en(or1q 1do<o rou unoupyod Otxovol.udrv XovxIl6hoov, rou nptil4v npoS6pou r4q, xot rou mevoJ rou ouvep-

20. NA PI=OYME THN GOLDMAN 'H OXI: / 299

ydrn Nl^ KooKdpr, 6LLou nptirlv rr;g erotpafog- ro peyoAwe-po oX66ro rpone(Kiq 6rqooonq orrlv rmopfo r<ov Hvrollrivtovf lol,rercirv.

H Morgan Stanley, qn6 rnv ntreupd rqq, Sotooe ng oreyo-orrxdq rpdne(eq Freddie Mac xot Fannie Mae, npoog6powognopdL\flro Bo40eto or4v npdlrrl oogduorx4 mov 16o1ro, rqvAlG. EiXs p6Io-KIEt6f ong eovtxonotrloerq rou oyytrtxoo roge[ouunoOqnirv Bradford & Bingley ror qq ro)rov6rfg Glitnir Bank,ror 6xleroe rq ouyX6veuoq perolri r(l)v BprrovrK6v Lloyds KotHBOS.

Iro nl,eup6 r4g BNP Paribas, 11 Menill Lynch nopefie oup-

BouMq orn yo^fur4 ruBdpqorl oXenrd pe rov rp6Kelo Dexia.Aurrrl 4 dro;uooq peroq0 KpcnKiq 6rivounq Kqr eroK6v qrqv

nopopl ougBoul,civ oe enLXerpr]oerg el4ye(ror rup(tog on6 rqv6Nterqq reyyoyv<ooloq rov uqrnl6v orel€X6v rou 6nU6orou ro-gdo xor rcov nohnrr<drv oe 069oro Xprlporootr<ovogx4q reXvr-rr1g. Or ovdrroror undM4tror rou rpdroug 1.rord(ouv oprerd peroug rpone((reg: (6ro 6r60eo4 yro opo6tr4 6ou)reLd, i6ro 6u-onrorfq ondvqwt orov Tfno, i6ro eppov4 ge 14 puonr6r4ro.Fto exe(voug nou nop5Xouv orxovoprr6q un4peo(eg, pro 16rorooxeon lre rnv Kpormn eqouo(o ro0q 6ive( Tn 6uvar6Tnro vo 6n-gtoupyfoouv deopofq orrlv rop6r6rrlg rpmtnig prlXovrlq, nouev6eXog6voq onoporiv Xpr]orgor. I1e66v nowori orov 16o9o,or xuBepwloerg, 6nog ror or peydleg enrleprloerq, e6louv vqdlouv 6[dto rouq roug rojtfrepouq rpone(lreq, roug onolouq0eopoJv ef orperrrd enn46eroug.

Aurn e[vot rot r; enLx(vbuvq onygrl: 6rov 6nlo6n or nqpq-r<w6uveup6veg ougneprcpopSg qunvo0v r<or Xdverot ro pdrpo.E66 ror peprxofg piveq 6l,o rot neproo6repo oxo0yeror 4 6no-qrrl 6t eo np6ner vo onopovro0otlv or 6poorqpr6rqreq rnq enev-

3OO / H TPANEZA

6wxqg rp6ne(og -ouyyd xep6ooxonxdg xor noporw6uveup6-veg- on6 ere(veq -nro nopo6ooroKSg xor rowr,.rvxd oredkgeq-r4g epnopxrlg rpdne(og. A6xo Xp6vro perd tr1v rmdpyrlof rou,

n 1660 ev6q v6ou v6pou Glass-Steagall lovoyewdror. Or vo-orqlyoa rnq voUo0eo(og ouqg, nou 6Lolrirpr(e ng 600 6poorn-pr6rqreg, onorro0v unoor4prrrdq.

:rn Meydln Bperovio r1 (6ro onoy6peuorl (oXuoe yro noh0rorp6. ALld q nlipnq dl er'.lrn pu0pronro0 ntroroiou qro l[rr,6tov 6ytve to gey6)ro pnryr UnovyK ro 1986, d6ooe rq 6uvo-1614ro oa geydtro r6p0poro, eyXdrpro Kor q6vo, vo e(oyop6-oouv rrq erorpe(eq nporr6peuoqg, yto vo npoog6pouv ox6propeyol,wepq yrdgo oLrovo;rx<irv urqpeorcirv. Irrq Hv<opdveq f1o-)rtreieg 11 onebue6poon 6ywe oro6ro16, o6ny6woq ro 1999orrlv xmopyrlorl rou v6gou qn6 rov Mn^ K iwov.

Tro rouq enrrptr6g rouq, ro p6ye8oq rrrlv Aey6gevo;v no-yr6ogtorv rpone(c0v e(vor dvog orlpowtr6g nopdyowog ou-orrlgro6 rw66vou oe nepimtoorl o0ernolq EnrnMov, ro 0r1p[oowd 6to05touv, I6yo r4g 6rogopenr6r4roq r(Dv 6poornpro-riptov, 6vo e[openrd notrfrrpo dreov6rrrlgo oro 069o rqq nln-pog6pqo4g. Oeopqnxd, 6ev gnope( rove[g vo nep6oer on6 rqv6Mq geptd rou "ItvtxoU TeiXouq", nou on6 14 p[o 61et rtq ouy-

Xovetioerq-efoyopdq rot on6 rqv dMrl rnv dKdoon rftIov. npq-rmd, 6prr4, ro refiog e[vor 6ronepor6. Irrlv npoyl.rom6r4ro,ot erotpe(eg ow5g, nou ooptirvouv rq ndwo, eivot 66opteq qqo0yrpouoqq oupgep6w<ov. Tdrewo(o rp[m6 oX6],ro, efioouo4powrx6: q rpone(tni otrryopXio ouonep<irvarot 6rov np6-Kerror yrq rnv unepdonroq rov ouggep6wtov rr1g.

'Evog xoworipyrog v6gog 0o rlrov onl,rirq ovegdpgooroq,onowo0v or unooqptrr5g r4g oqpeprnlg rdl4g npoygfrtov.H XcnpcnoorKovogrf reygrni 06traroe ro ne6(o, npoo06rouv,

20. NA Pl=OYl\.4E THN GOLDMAN 'H OXlr / 301

ouvd6owoq nq 6poonlpr6Tnreq ^rovrKnq Ue ofvefiq 60UnU6-vo npoi6wo. Or enrXerp{oerg np5ner vq oneueuv0oriv mo rprl-

Uo qyopqnolnouov qg rpdne(dg rouq, yrq vq npoeulox0ofvon6lq 6rorupdvoerq rov rrptiv rrov np6rov ul,6v Kqr rov E6-vtov vogLopdrov. E[dMou, ov onau00vowoL oe 6vo p6vo (6pu-go, or netrcrreq pnopo0v vo nerfxouv geloor1 oro noo5 rtov npo-

Un€er6v. T4v enopi rqq noyxooptonoiqorlg or y(yoweg ouroi0o efvor ro.\frepo onl,rop6vor ge regd^orq yro vo qwtoroeo0v

oe 6vo evbeX6gevo noNppoix6 r<fgo. npdypo , n Kordppeuorlr<ov 60o Ouporov -ougB6l@v nro rnq Kpionq-, rnq NorthernRock Kor rnq Lehman Brothers, 6ev erXe ox6on pe our6 nou tr6-pre noyr6opro rpdne(o. H np6rrlqrov gto eprnopLrrlrpone(o er-6treup6wl oqv oyopd evun6enKov 6qvelov Kor n 6eJrepn Uroro€opd enev6wrrf rpdne(o.

H entorpogrq oe pLo v6o ex6op( rou v6pou Glass-Steagall np-6e trotn6v oro npoorqvro, or6go ror ov xovefg 6ev gorv6rov voOdtreL vo rr1 6popoloynoer. MdXpr nou eprgov(orqxe o nro 6v-eeppoq ono66q rou v6pou, o Berepdvoq f'lol, B6l,rep. llp6qvnp6edpoq rnq Kewpu<qg Tpdne(og rrrlv Hvtrlp6vov noltrer6von6 ro 1979 6tog ro 1987, enrKeeolrig rou lupBoul[ou yro rnvOrxovol.ur<f Av6xogrp4 rou npo66pou Mnopox Ogn6go, eivotorlpepo o eprweuoqg rou oXe6[ou rpone(rr4g preroppUepronq,nou e{oyyri},01re oflq 22 lovouop(ou 20 10 Kor ro ono(o dppe-oo epnv6erot on6 rov v6po our6, nou 0eope[ror orn Tou6lIrptr nopoXrlgdvoq.'OUoq, [eo41604re oproBpow(o dropop-tupuirv nou 6uog4porjv ro oXd6ro.

O nol B6^.Kep e(vor 6voq noLri (owov6q oydowdpnq, UroenrBl,qlrci Uopqi rirlouq 66o trr6rpov, euriv4rog, nopd ro 1 10rd.d rou, ror pnope[vq owd[el ororx6 orouq c6pouq rou rov p6-l,o rou voripepo 5vo eX0porj, nou ro rpone(rr6 ldprnr rori ono-

302 / H TPANEZA

d(6er. H 6ro6pogrl quro0 rou np64v rpone((r4 r4q ChaseManhattan, nou iFov er6x6g oe vopLolromd 86pcro rot o onofoqroreiXe utp4Mg 06oerg oro unoupyeio Orxovogr<iv, un6 6rd-rpopeq ruBepvrloerg, e(vor ewunrooroxrj. Kord rr1 yv<irpr1 rou,

4 fnopl4 rpone(<i} "too big to fail" e(vor o o6rivol-rog rp[rogrnq d\uoa6oq rou oriylcovou ronttotrtopo0. fltorefer noq otopepxovrr6q rpdne(eq onolqUBdvouv orlpepo pro rmdmoo4npoy.rdnov o6troro)r6ypq: efuor o(youpeq 6tt pnoporiv vo uno-)roy((ouv orrl cr{pr[4 rou rparouq 6,r ror ov ouppel.

Or g ,or rou B6lxep er0er6(ouv r4v ovr6rorcler6 rou . Aev 611-trrlloe onofuiroq ooBop6 6n q nro Xpqorp4 enLv6r1o4 rnq rpo-n4rKnq prognxovioq rm6 q 6r6prero rov rpr6wo c)rewoirover<irv rirov oL ow6pouq rogerordg g41ov6g (ATM); H I6U'!nrnq l-ou6l trpn nor6 6ev Odgntooe ow6v rov ltopiq 6noporl dv-optono pe rov od\6 rp6no (orjg. To no0po, nou 6ev )re[nouv no-rd on6 ro cr6go rou , efuor rdnoro qr4vd yxpevowt6. Kor o 86)r-rep p6vo unorprqg 6ev eivor. Me rn Boer6 pn6oo rpov4 rouMer 6uvmd or.n6 nou or<5greror xot vop((erg 6rt e[vor o dyroqFe6pyrog rq orryg4 nou n6er vo rororpondroer rov 6p6ro rrrrvrpone(mdrv.

Kmd rov npdno Xp6vo qq npoe6p(oq Opndpo, ro dmporou eiXe [eOoprdoer. Tov np6ro l6yo e[1ov 6fo nol.rrxo( nouqrov rowd mov rf x),o rtov rpone(rrtiv A6pnL: o unoupy6q Ot-rovoprxdrv T[po0r Fr<dt6vep ror o poor6g orlgpou)roq rou neu-roti O(rou A6pevg Idpepg -np64v unoupy5g Orrovoprr6vrqgr<uBdpvqoqg Kliwov, xor 6po ow6gnou 60oqerov v6po Glass-Sleagallro 1999. O Opn6go, nporeq.evou vo fovondperrrlv xo-rdoroorl oro xdpro rou 6nerq qn6 6rogopeg nofurx6q qvono-

6159, ouw6ooeror pe flg on6rlerg rou B6trxep: vo Xrurqoer touqroro0g ror rouq onp6oerroug nou 6ro0drouv loproguhdxro.

20. NA PI:OYME THN GOLDMAN'H OXI: / 303

floro ro oXd6r6 rou yroro d\o(oro p00gronq; Apor6wero, ro-Otlq or6Xo 61et vonepropioatro p6yeeoq rov rdpuUqrov Kqr rrqrep6ooronx6g rouq 6poorrlprdrryeg. To oX66ro 0o onoyope0erong xcro0em6g rp6ne(eg vo rm6Xouv, vo enev6riouv q vo oq-pf(ouv omovopxd hedge lunds n outhoug emlepr;pcntxdrv ou1.r-peroX<irv. Or ouvoMcy6g yro (6rov 6qeloq nepropl(owor.

Ie 6vo r6roro ntroloro, n Goldman Sachs eo Bpsed Ueroq0og0pog xor drlrovog. Oq rpdne(o qugperox6v oripepq, 6xeryro 6ftru oogotre[og ro rporog. Xper6oqre vo 6qproupy4oer<oq ow6ltroygo yro rr1 po{Oero owrl pto 1.uxp{ egnopmi rpd-ne(o ge d6po rr1 l-rofro, 11 onoio 6dlerot rcrro0doerg, 6rqxerp(-(eror loyopLoolro0g xor 6(ver nrordrserq. Egorr[oq ouro0 rouxooeortinog oro ono(o un6xenor, o .Kov6voq rou B6)rxep" eorqv ovoyxdoer vo eyrmotrelQer nol0 npooo6og6peq 6poorn-pr6rqreg, nou r4g ennpdnouv vo ev6uvoptiroer rov rooloytol.r6r4q, vo ndper ovoOdoerq yto nopoXr; ouppou)\rirv oe enrXerpf-oerg 4 vo rpogo6or4oer ng Xprlgorror4pror6q r4g 6poor4pr6-rnreq. Or oyoponotrlo(eq yro [6rov 6<peloq owrnpootoneUouvorlgepo ro 10% rov eo66tov r4g rpdne(og, 5vo on6 ro geyo-lfrepo noooor6 orn l-ou6tr :rptr. To vo ogqoer rqv ounp6trorrlq Kewprr{g Tpdne<oq, vo eyr<ord\e(rf ar ro xo0emtirg r4qrpdne(og ougperoX<irv rqr vo qnoKnioeL lovd rrlv eleuOep(qrwnoeov e(vor ror ow6 noportv6uveug6vo. Ie nolrrm6 en[ne-6o, r; entorpogri oro xoOemtiq nou (oXue nprv on6 rov Ie-m6prBpro rou 2008 eo eetopotlvrov npooBoln npoq rov Mno-pdx Opn6po, xor xcn' andrrooq npog qv rowr1yvrir1.r4. Kmr 16-roro 0o eiXe enbrlg owirruno mo r6moq r4g yprlgcro66rnonq:

n "Kdlurln" Tou ogoonovbroro0 ouorrlpmog onooepcrolv ro-0qouXd(er, 9uoxd, rrg oyop6g.

lleprlr6vowog 14 geMowrxrj geropprS0pro4, or nporpondq

304 / H TPANEZA

yrq Kqre6dgrorl rnq Goldman Sachs noltrqn}\oord(owor. O or-Kovogol6yoq Noupr6l Pougnrv( -6voq on6 roug eldXrorougnou npodBLeqrov r4v orxovoprr4 rpio4- ev<iver rq g<ovti rou peeKs[vouq nou 06louv vq reler6voupe pro ror rolri Ue rnv no-woduvou(q ourof rou Uouo0e.

'Elowog ouvoioonor] rou Krv-60vou, o A6rw Mnhovrg6w enovol,ogpdver pe Kdee euKorpio6n 6vog yoi ollog prxp6v r6pupr6rcrrv, nou 0o rlrov onord]reo1.roTnq drdonoonq r<ov dpocqpLot(rtov, 0o odrpele rouq l6touqxw60voug pe gto Xotigro Ueyd;\ov r6pup6rov. To emXe(pr;po6ev elvor Kor 1600 nsrorrK6: q rrr6xeuon rov ogeptrovx<iv ro-UEurnp[ov orrq op15g tqg 6eroer(og rou '90 6ev 66er[e 611 4eoorepuq Kor6ppeuorl ercnowddrov trrLrptirv rpone(drv gnope(vo equyrdver ro o0ornpo; Aw(oero, 6oo peyofuirepo eivor ror6pf pcno, 16oo neproo6repoug ruv6rivoug nopouord(ouv.

fldwtoq, nog6 rtg ovorpondg ow6q, n Goldman Sachs vrd)-OeL oprerd Oopoxtolrdvrl yro vo nepdoer U6oq on6 ro govond-rl Ue ro oyKdero. flpooopp6or4re mo rolorlpyro orrovopx6ronlo. Tq Un6vouq 6ivowor rup[rog oe Ue-rox6q, ror 6vo rop-

UAn Kparefuor npog 69e,ltoq rou gr.l,ov0p<onrrori r6p0pcnog qgeroLpelog. To pn6vouq rou npod6pou perdr04re ox6nqq oe oX6-on pe eKeivo rov oUo^6yov rou, yro vo pr1 yiveror m6xoq KpFnKnq. T6Ioq, ouor6erlKe go eoorcprrl enFponn, n BusinessStandards Committee ew6q rnq erorpelog, yro vo elerd(er o1o-troomd 6leq lg lplpmLorrlprordg dpooqpr6rrpeg org onolegour4 e1rntr6xeroL.

fleproo6cpo on6 nor5, o n6rw MnIqvKe6Lv 6XeL ouver6rl-ronoqoer 6r e(vor rpiolro yro qv Goldman Sachs vo ogogoLri-oer ro 6i6oyuo rng geydrwep4g orrovol.urcjq noyrdogLog rpLo4g on6 ro 1929. Aev 6xer d^tr4 enrl,oyrl. l-varpl(er 6n npdnerxovelg vo npooopp6(eroL orrg ouveXeig oLl,oy5g, brogopemd

20. NA PI=OYME THN GOLDMAN'H OXI: / 305

0q rfiolnEet n "Otuggdvr1 prp6po ptoq veKpnq oLnoKporop[oq",6ntoq 6)reye o tr6p6oq B0povqq yro rnv hoA(o. :ro roxudpoUe(orqq yenovrdg 6nou rlrov und$)roq o ncrdpoq rou MntrovKgdrv,6vo our6goro Unxdvngo 51er ndpet 14 86oq rou yrto6 6nounoufuorjwov ro ypol4rm6oqpo. To )ukero 6nou rnlyorve 6rdrer-oe ro 2007. To 6x4yoprr6 ypoge(o 6nou ooril,eue Xpeor6nq-oe ro 1998. floM6g entovupfeg yvoardrv rpone(6v nou poo[-

Ieuov orn Fou6)r Irptr 6rov prnlre orqv Goldman Sachs po6-

hoqov o0rov6peq: n Lehman, n Salomon Brothers, rl DrexelBurnham, n Lambert, yro vo ovogdpoupe g6vo lq nro yvroor6g.

O Xp6voq enwoe(. Avdpeoo orrlv nqltd, 464 Xogdvn roop-pon(o ror mov v6o 16o1ro nou dpXeror, ot nol.rj pey6i.eg ow6grpdne(eq np6ner vo npoooppooroOv. fldwrrlg, q GoldmanSachs, ov ror ntr4ytogdv4, nopolr6ver fuowdpr.

Iu1tn6Pooltu

(vor tpone([teq ror Xpq;rcrrLor6g, ql'\6 rqt 6tKnYopol' et-

6rigoveq or4v reXvoloYio n ornv entKow(l)vio' YpqFp(rretq

ri "peuun

6q. nwo0q touq youq ror rtq K6peq rou Qor6qro0q

Bhdnet n gdpo noh0 ondvtq Arotrou0o0v to (6to 6vttpo: vq

drow(oouv, p6Boro, d\)r6 ror vo grrd(ouv tr1v t6qvtKrl oKovo-

prKn noNre[o.Eivor tow6lpovo o966o nohLrrnig nieoqq' 6(Kruo qI n}ro-

pori8etoq, ptc guporowov(o oe otroyevetord drlgoro H no-

pe(o p6Xpt rrlv ropuqri eivor poxptd rot opy(' Kqt eqellooerot

oro6tor6. Pu0pi(ouv rtq 6to9op6g toug 6torpcud' porptd on6

ro BMpgmo rtov 6lr\ov, Kor lre oK^np6rpo' ov lpet6(eroL H

en0royr] tov nLqtdtv qnotte( peydhl oXotroartr6rrlto' Agou

ryK(nq}\€atlouv rov No6' 6toxcreriouv rLq 6uv6getq touq oe uqn-

tro0c orono0q: rpmrrd )remoupyrlporo' rp0rov0p<onx4 6pooq'

6e0ve(q opyovtolroi rl, oup6, noventonlpto'

Ot entxprrcg r4q rorqyopo0v rrlv Goldman Sachs 6n /ret-

roupyei oov pooov(o. Ot rponeEfueq rnq e(vot ot o6el9o(' 6F

6dor<oloL rot peydlot 6t66oKo^ot' roodlq npooptoljoq rouq eF

vor vo .6tq66oouv orov 16o1ro tqv oh(Oero rnq orodq"'

Aw6c e[vqr npogovcirq o ]r6yoq nou oro unoouve(6qro nol-

307

308 / H TPANEZA

kirv q oworpmoplo -nou e(vor row6Xpovo o6orrlgo enppor]qxor pqlovri rcrrooreuflg gn6vouq- ouvd6eror ge 6vov rpopo-rrx6 0p0)r.o. Wantedl H M[4 0o gnoporioa vo ypogref pe ge-y6Lo yp6ppmo n6vto orov oupov6 Tnq OudqryKrov.

To mea culparou npo66pou rrlq rpdne(oq, rou n6rw Mnlov-rg6rv, ro eroropgtipro rov 6otrop(ov nou npoog6powot ytoq^ovep(onrKoog oronoUq, 4 enove(6roo4 6l\<rlv rov 6pooq-ptorrlrtov 11 o neproptop6g rrr;v pn6vouq: t[nore qn6 6trq ourd6ev pnopel vo perprdoet ourrl14 yevrxeug5wl onoorpogn. nupxord po0lrloq evowlov r4g gpr'finq, qg notonf g, rnq Kqro-drroogdvrlg UuXrlq rnq orxovo;r(og. H arx6vo qq dler Kqrono-wrore( t6oo nou ornv errioto ovogopd rrlq ourdq or "enr06-oerqD qnore}\o0v nMov "6vov v5o nopdyowo p(oxou" yto rtq6ouledq rnq. Frm( 16oo Ufooq: frm(, re],rrd, otrrn q enrOerr-xdrrpo, nou dxove rrjv nro ro1up4 ror nro €oupooq anev6wt-xq rp6ne(o rou r6olrou 6vo e[6og nopio;

KoropX4v, pe ouq rqv unoqio np6rl4or1g, ondoroo4g rorol,o(oveiog nou npordre( 6uoop6orero, 4 rpdne(o ourn Byn-xe on6 rqv rpopepn Kp(on roXup6rep4 qn6 nord. <Dowo(6pro-

ore rr ew0n<ooq nporotre(ror on6 our4 q 0eolromq entrulio,rupiroq ov yvropl(oupe oe noro oqpe(o 4 rpdne(o enoge],(Oq-re on6 rqv mdrXeuon rov qwovovtorriv rrlq 11 rqv e0vrronolqor1dtrtrrov. Kor o np6e6poq ror yevrr6q 6eu0uvrqg 6ev e(ne nor66vo "euxoprmrrr. oro rpdrog Kor orouq oUtptKovo0g gopotro-youp6vouq nou rr1 Bo{Or1oov.

'EneLro, yrorouq enxpneg r4g, q rrorpe(o qurn e(vot n "qno-p66errq 6qrn rou rontrotrropori". ArdonUoq Xoporrqprolr6q,rov onolo on66ooe o dMore 9perqv6q np<o0unoupy6q'Ewouqpw Xre orov xopXop(o rrov enr0ertr6v efoyop6v, TovTdrvr P6oulowq. Or Xprlpmror6g nou 6ev SXouv rep6 xor 6oro

:YMNEPA:MATA / 309

rqpov rrlv elouo(o. KoL or ouyxpofoerg ou1rgep6w<ov eivot o0p-qureq pe ro o0orrlpo our6.

i{trl\.oore, ow6 ro oJgBol,o rqg enev6wu<{q rpone(og 6evdro0drer ofre 6lrruo rorom4gottov o0re yrto6, pero onoio 0ognopo0oe ro rorv6 vo rrlv rqur(oer. l-Lo rov ro0q;lepw6 ov-ep(l)no, n 6poccrlpr6rrlro rrlg Goldman Sachs efvot 5vo oivty-po nou yewd (4fuo, 96Bo rot 6t69opeq gowoot6oetq, tv6 rlnpoyporrr6rqro eXer 6rdgopeq muX6g.

fldwrog, rlTpdneEo 6ev oKolo0enoe rouq Kov6vsqrou noFy3rt6rorj gerd r4v e(oo66r4g oro Xp4pononjpto ro 1999. Apvn-0r1xe rtq unoXpeooerq nou our6 to yeyov6g ouvendyetot: 6to-rpovero xor enrowrrrv(o pe roug per6xoug, roug ovoLwiq KotToMME. H erorps(q ouvdXroe vo 6po pe q payolweprl puortx6-

r4ro, 6nalq dMore, 6rov [o1ue ro roOemrig rrlq t6ttr.mKnq erot-peioq xot or ero(por-droXerpLmdq 4rov trr6vot roug. H 6e0€uv-or1 oupneprg6pOrlre og rbrorrqrqg rot 61t oq Kdnotoq otnvunrlpeo(o rov ;rer6Xrrrv, pe 6,Tt our6 onpolvet.

i\Mn otr(o ;r(oouq -ror neproo6repo tremf on6 rtg 6.\treq-yrorqv erorpe(o ourq, nou tbp004rero 1869 on6 dvov Bouop6eBpo(o 66oKolo, e(vot optolrdveg cpop6q rot rdnoLog owtonUFrtop6g. M6Xpr ro 1945 unipxt dvo e(6oq pmotonxqg 6tdt<pt-orlg orrl l-ou6l Irpm gero[0 eppoirov rot nporemowtrtrrv rpo-ne(drv. Inq pr6peg poq 11 Goldman Sachs 6ev efvoL nMov pto

eBpoir<rj rpdne(o, 6nroq ror q JP Morgan 6EV Ko^l€pyeirq npo-remowrx6q qq p((eq. l-to r4v rotv4 yvtipq, 6;toq, rq Kqro-oxeuooporo rqq gowoo(og 61ouv 6t6prero.

fldpo on6 nq evmdoarq owdq, 6ev pnopo0pe vo Urlv qvqyv(l)-

p[ooupe r6ooepo 6e6op6vo. Kor' opX6g, 6vo ougn5poopo yro

ro onoio rove(q 6ev p d: roto rr1 dtdpxero qq rp(or1g, q ou-

310 / H TPANEZA

ToKpqrop(o ouv6xoe vq p(xver peuqr6 ornv noyK6ourcr orKo-voutKn pnxovn, K&fl nou onerpeqre Kor Tn 6tKn rnq eoorepKnKardppeuon, Kor Korq ouv6nero qnoeefxenKr Urq oK6UCr 9o-0wepq rp(or1.

AeOrepo o4geio: n EtrLd6o evopxnorpooe oLrovopLr6 re-

lv6oporo ro onoio efvoL uner.i0uvo yto r4v xp[or1 rou eupdr.H Goldman 6ev rlrov nopd dvoq errd\earrlg - e[orpemd np6-euuoq BdBoro, oM6 ndwtog ercreleonlg. Apoornproq; AnUFoupyx6g; Iiyoupo. 'O;r<og, ro eMrlvx6 xpdroq 6norpve ng ono-gdoetg. Enio4g, or netrdreg nou oy6pooov on6 erelvq ro o6nronpoi6wo trov oreyomxriv 6ove(tov pe ro 6vopo Abacus 6ev

{rov oO<iro nor6td, oMd unoqroog6vot enev6ur6q, or onofot660erov opd6eg er6rrcirv mov6q vo oqroloynoouv exe(vo nourouq npoogepqv.

Tp(ro o4ge(o: n npoontroon arnv ofroxporio, 4 erntrqrcnnitrov6t4ro opobrrqq 6oul€rdq Kor n voorponlo trlq ouNtoyLrqg6lproupyiog, nou 6fuer 14 6uvot6r4ro vo eMylerot ro un6p-gerpo eyc6, onorc)roriv noh0 orlgovnxd dreoverrrlgcro, rq ono(qe[qyoUv qv oniorer-rq enru{o rqg Goldman Sachs.

T6)ro9, reropro rqr reA€urqio oupndpoogo: or orpo(eq ro-rqyop(eg gnopo0v peprr6g gop6g vo onoBoriv otor(peg. l-rm(,retrLrd, nopondpnouv oe ow6 nou npoygonrd ougBo[vet. fltiqvo elr;yiooupe 6Logopenrd 6rr, nopd ro oKdv6otrq, ro olr-oOr1pmo, ng ouyxpo6oerq ouggep6wtov ror otrrr; r4v ovun6-gopr; 6nopoq, or netrdreq rqg nop6pawov ntmoi; Or 6veponorrrlg Goldman, ov ror ow4 14 orryp4 6rlgroupyoriv onoorpogri,6ev norjouv vo e(vor perolf rov rotrfreprrlv ror efunv6repov.No yrm[, npogovrilg, our4 rqv enoX4 r4g opepor6Tnroq nouoxo)to0or1oe Tr1v rpiorl, 11 rpdne(o pe q geyotrwepl enrpporjorov r6opo 6ror4pe( ro r6pog r4g.

:YMNEPA:IT/ATA / 311

Ie x60e 6pyo lofuyotrvnoro6 ni'nou x6norog 40ono6q 0onpdnet vo evoopx6ver ro nvefpo rou xoro0. nop6 rn 0dlnoirnS, n Goldman Sachs orlpsponogordver pe aTlq(oTcnr lftopeBdltep, tov xor6 rrlq rorvfoq O ndlelrog tol;v dmpuv. Av 11Goldman Sachs 6ev urnlpXe, 0o dnpene vo rrlv emvo{ooupe.

1 .

1. Goldman Sachs: 0r op16g poq

To oul.rg6pov rtov ndrmdrv pog elvor ro np6nmo peLqp6

Uoq. H egnrtp[o 6efyer 6rr, ov ot netrdreg pog e[vor eulopr-orrlgdvor, rdre xor 11 6114 poq ennuXio eivor 6roogotuopriq .To nl€ovrfiqpcrrd pog e(vor q netrcrrelo pog, ro xegdtror6poq Kqr n gngn Uqq. Ir4v nep[mororl nou rdnoro on6 ro60o nprilro XoOe(, ro rel.ewolo e(vor notrti btloxotro vo lo-voKep6nee[.E[goore nepfgovor yro rnv not6r4ro rqq epyoo(oq gog.Kor e(gome onogoorop5vor vo eipoore dptmot oe 6,n ovo-tropBdvoupe. Av r<or gnopo0pe vo epnLoxoripe oe 6vo eu-p0 ror o4gowrr6 gdo1ro 6pooqprorrlrtrlv, epe(g nponp6-

Ue, orrlv nep(mroo4 nou €o npdner vo 6rotr6qouue, voelpome dprorot nopd gey6)rot.A(vouge r6tofuepo B6poq orn bnUroupyrx6rpo xor orrl 9o-woo(o oe 6,n xor ov xdvouge. Ar6go xot ov ovoyvrop((oupe6rt 11 nofu6 Ueeoboq pnope( rdnoeg gop6q vo elvor q ro-Awep4, npoonoOo0pe ndwo vo pp(orouge )rior1 npooop-poog6v4 oro npoptr4gcno rtov netrmtiv Uoq, Kor eiUoore ne-p4govor nou etooydloge rowo0pyteg nporm6g ror te;yt-x6g, o ono(eg o{gepo 61ouv roOep<oOef orov x]d6o poq-Koropdl ouUe r6rolrepq npoon60ero vo ewon(coupe xot

4.

316 / H TPANEZA

vo npool6BouFe ro Kor6l nlo np6oono y.o rnv Kdeeepyooiq. Av r<or or 6poorrlpr6qrdg uqq unoloyi(owor oe6toermoglr0pro 6ol6pro, en 6you;re ro ;16)111 rou npo-oonrro0 pog 6vo npog 6vo. Ie gro enrXe[pqoq nopop]gunrlpeordrv yvropl(oupe 6rr lopiq ro KolrJrepo np6o<onq6ev gnopotige vo e(goore 4 xdrwep4 erorpe(o.flpoogdpoupe oroug unotr[rfrouq Uoq rn 6uvor6r4ro voe[e]rrX0oriv yp4yop6repo on6 onou6rlnore outori. Ogei-Iouue onj\d)q vo ppori;.re oe noro pfrpo or rotrfrepor un6tr-)rr1)ro[ goq pnopo0v vo ovotrdpouv rrlv euO0vq roug. H efd-)u[q efoprcnor p6vo on6 rrlv xov6rqro, rrlv on66oor1 rorrn ouUpoM oqv enruX(o rlg entleip4oqg, lropig 6roxp[-oerq o;errr6 Ue rn gufui, ro Xptirgo, 14 Op4orewLr4 ne-no(Oqoq, ro cpril,o rot r4v rmoytoy4.A(voupe pdpog mrlv ol.rodrxrl epyoo(o oe orrdnnore Kd-voupe. Ar6po xot ov 4 npooonxf 6rlgroupyx6rrpo n6woev€opp0veror, yvrop(ouUe 6n rq onoreMopcno nou npo6p-

Xowor on6 pro ogd6o elvor ounlOoq Kqfuirepo on6 ro o0-voho rov enrpdpouq. Aev undpXer o' epdg 06o11 yro ereivouq nou P6Eouvro 6m6rouq ouggdpowo ndv<o on6 ere[-vo r4q erorpe[oq xor rov ne]rcn6v.To r<6p6r1 pog e(vor 6vo on6 ro drer6r6 rrlq enru{og pog.Iuyrpmo0v ro regdltord goq ror rpcnoriv rouq rd\tire-pouq [...] unol ntrouq pog. Efvor ouvnoerd pog vo gorpo-(6troore yewoddoporo rep6q ge exe(vouq ttau $o(qq-oov orrl 6qproupyio toug. H ono6onr6rqto e(vot oqpowt-rr1 yro ro p6Mov pog.H oupperopj tov epyo(ogdvov Foq ornv eropelo roL 46wooq r<ov npoono0erdlv rouq eivor no)r0 geyotrwepeq

on6 ere(veq nou ouvrl0oq ouvowdpe oe dMeq eropeieq.

7.

9.

10 .

NAPAPTHMA / 317

flrore0oupe nrr4 e(vor p(o on6 rtg Boou<69 ouvrm<loeq 14qentrux(oq gog.

flrore0ouge 6n ro pdye06g pog efvot 6vo n]reov6rcrr1po, roono(o npoono8o0pe vo 6rorrlp{ooupe ndoq Ouo[o. 06-)roupe vo 6Xouga 6vq rdToto eKr6nropo, rirme vo pnopo0-pe vo ovotrdpoupre ro preyotrrirepo oX66ro tou onotou6ti-nore netrdr4 poq, oMd vo eigoore oprerd pLrpol, yro vo 6to-qpo0pe r4v ewLp6rqro, 14 gd,rx4 oX6oq, xoO<iq rot ronve0go otr\4treyyri4g ror ogoo(rrlor1g, ororle(o mo ono(omex6;.roore r6roirepo rqr qnorelel 6vov on6 toug nopd-yowrq rnq enrruxioq poq.flpoonogoripe ouveXtirq vo npoBMrlouUe nq euperdBMreqovdyxeq rov nehcn<iv gog ror vo ovomrjloupe v6eg unr;-peo(eq nou vo owonorp(vowot ortg ovdyreg ow6g. l-vor-p((oupe 6tr o r6opoq r4q orrovogiog e(vor ovrlouloq rot6n q o6pdvero o6qyei or4v elog6vroq.AeX6goore ouorqgormo egnrorewxdg ntrqpogopieq p5-

oo on6 rq ox6on Uqq Ue rouq nehdreq. To vo nopoptd-ooupe rrlv eXep00ero 4 vo lpqotponotrloouge rLg epnt-mewrr6q nlqpogop(eq ga ovdpprocro 11 enrn6loto tp6nop6q e[vor o6rov6qro.O KI66oq goq elvot eforpelxo owoyrrlvrot(Koq Kot npo-onoOo0pre vo 6reup0vouge rtg oX6oetq gog ge touq neLo-req prog. C)o16oo, e[poore 6wr;ror owoyovror6q Kot 6tv 6u-ogrlpofpe nor5 dDreg erope(eg.H oKepor6Tnro Kqr q rtgrdrqro ppiorowor oqv rop6tdqqenrXe(pqofq pog. I-1poo6oro0ge on6 roug unoMfl,oug poq

vo efvor dpepmor on6 40rx4g on6qreoq oe ort6r]nore xd-vouv, efue np6xenor yro rnv enqyye\tortxrl roug (rrl4 e[re

Yro rnv npooonrKn.

1 1 .

'12.

t \ t -

14.

2. Xpovotrriyro 14g orxovoprr{g xpio4g

2007

8 Oeppouopiou flp<irrr1 npoer6onolqo4 rrlq rpiorlq rrrrvsubprimes. H pperovLxrlrp6ne(o HSBC ovororvrirver 6rt r1q0Enon rtov oveq6glnrov noo6v on6 ogepu<ovtrd oreyo-orxo dovero eo neprop(oer ro r6p6og rr;g Kord 10,5 6ros-rmopg0pro 6oLdpro.

2 AnptAiou H New Century, 4 votipepo 6tio qq niorrrlor;g yroxoroxfo orrq Hvtop6veg flo,l\ne(eq, r4p6ooer m<b1euo4.

17 louAiou O 6e[Krnq Dow Jonesrou Xp4gcntorqpiou r4g NSogY6px4q grdver orrq 14.000 Uov66eq, ro uqrn^6repo onUs(ooqv roropio. Tqv enog6wl o o(rog ogo).6y4oqg Standard& Poor's Xqpnl6ver rov po0p6 nepinou 500 opo)royrortirvex66oeov nou poo[(owot oe nLorriloerq subprimes.

18 louliou H Bear Stearns, gio on6 rqg no.Lr6tepeg rpdne(aqr4q Fou6)r lrpr, ovorowtirver r4v mdrXeuor; 6rio ex r<ovxep6ooxontrdrv rqq regdro[<ov.

31 loulfou H yeppovtrrl rpdne(o KfW unoxce6veror vo po4-O4oet enery6worg rnv IKB Deutsche Industriebank. Tnv eno-U5vn ro yepuovrK6 Kpdrog ovoroLv6ver 6rr Xopnye( 3,5 6Foermogp0pro auptir yo rr1 6tdotoorl.

3 1 9

320 I HTPANEZA

6 Auyoforou H BelyLrrl rp6neEo Fortis evtirverqt ge rr1 RoyalBank of Scotland ror r4v Banco Santander yro rnv enreerFrrl e(oyopd rqg ABN Amro. Or6vowog ro noo6 rov 71,1broeroroptrrup(tov eup6, e(vor q peyolweprl e[oyopd oqvoxovogrrq roropiq. H Barclays nopore(ror.

9 Auyooorou H BN P Paribas qvqKowtirver ro ndyto;.ro rov rptdtvoporBoitrlv regol,o(rov nou nepdlouv subprimes. AKoIoueeInoyr6opog novrrdg. H vogropmrrrl oyopd g rox6peror.H Eupronoir4 KewpLr4 Tpdne(o owt6pd nol,0 ypriyopo xorpilver orrlv oyopo 94,8 6roeKaropU0pro eup<i oe peuor6.

1 7 Auyooorou H Kewpxrl Tpdne(o rqq Apepr4g Xo1]flrriver roenn6rt6 rrlg on6 ro 6,25"/" oro 5,75%, yto np6q cpopd on6rov lorivro rou 2006. Efuo( n opxli Urqq oetpdg on6 geuioerq.

22 Auyo0orou >uwovropdvrl 6p6o4 rcov rewprrdrv rpone(drvApeprrrlq, Eup6n4g Kor Meydlnq Bperov[oq, nou rp6p-vouv oro vopro;.rorrx6 oforrlpo 330 droeKoroUuripro oepeuoTo.

23 Auyo0orou H Bank of America enev66er 2 6tosroropg0pro6o)r6pro oqv Countrywide Financial, ro oueplKqvrK6 vorl-pepo 6vo r<ov evun60qx<ov 6oveltov.

14 :elrfeFppiou luvtomrog6g oro yxto6 rqq Northern Rock,gLoq o4powrrqg rpdne(og r4g B6perog Ayy)riog, r1 ono(oonomo0eponor(0r1xe on6 r4v onoorpdyyrorl rqq 6rorpo-ne(xriq oyopdq. Or opX6q onog6oroov vorqg 6droouv6rrorcreg Xpqgmo6orioerq, ql d or rcnqOdoerq 6ev e(voreyyu4p6veq nopd p6Xpr ro noo6 rtov 2.000 trrptirv, xot otnel,oreg goBo0wor. H xpmtrrl nopdlrBoo4 6ev rcnoporivetvo molrcqoer r4v ot1-roppoylo rrov ono0egmtrdrv r4g.

29 OKroppiou nopoftqor; rou Ir6vtrei O'N, npo66pou xor ye-vrxoo 6euouvrq r4g opeprrovrrrlg enev6urtrrlq rpdne(oq

NAPAPTHMA / 321

Merrill Lynch, Fcrd rnv ovoKolvoon rnq on6tr€roq 2,24 6Foeroropgupi<ov 6olopiov.

4 Noepppiou nopoiqon rou Toopl,g flprvg, npori6pou ror ye-vxori 6eu0uvq rrlq Citigroup.

2008

8 lovouopiou flopotr4orl rou T(6rpq K6Lv, npod6pou xor yevr-roU 6eu0uvr4 qg Bear Stearns.

24 lovouopiou H Soci6t6 G6n6rale onorotrtlmet 6rt dvog ov6-wrl.rog Xp4gcrnorr;q, o Zep6p Keppdtr, r4v 6rove vo 16oer4,9 droexmopgtipro eupdr, evcir 11 rp(or1 rrrrv subprimes 26roermogpripro.

1 1 oeppouopiou H Kewpmi Tpdne(o r4q Apepxqq ovorow<ir-ver 6Tt or qnd,Ie€q nou ouv66owor Ue rq subprimes eo grd-oouv ro 400 6roercropgripro 6ol6pro ow[ yrq 50 6roeKo-ropgripro, 6noq eiXe npoplregOei npw on6 dvov Xp6vo.

17 Oeppouopiou H pperovrKri ruBdpvrloq eovrronoe( 14Northern Rock.

12 Mopriou Or ont0)recq nou ouvddowor gero subprimes errr-

U6wqr qro 2.000 6roercnogp0pro 6oldpro.14 Mopriou H Bear Stearns 6xer np5p\yo peum6rrpoq. H Ks-

wptr4 Tpdne(o rov HnA opyov6ver rn 6r6ooon. H JPMorgan 6dXeror 6vq 6dveto 30 6roeKoroUpupiov ror r4vrpmx4 eyyf4oq yro vo eloyopdoer rqv Bear Stearns.

14 Anp iou O Mopoel Oon6I, o ono(oq eiXe rdver rqv eApen-r4 rpdne(o U BS pio on6 rq peyc0req r4g Fou6)r Irpr, oge[-l€t vo nopornoe(. H UBS 6xooe nep[nou 8 6roeKarouufptoeup6 oro ro06vo on6 ro 60o npo4yofgevo rpipr;vo.

322 I H TPANEZA

2 Anp \iou H Lehman Brothers npooge( Uro oiqnon Kego^o(ou4 6roeKqroUUupfov 6o^qp(ov.

9 louviou H Lehman Brothers qvoKolrirver onrril,eeq 2,8 6roe-Korogpup(ov 6otropiov ro 6e0repo rpfpr1vo. O PftoopwOolw, o np6e6pog, (r1rd on6 rov yevrx6 rou 6nu0uvrn,rov T(o l-rpdyropt, vo noporrlOe[.

1n loutriou H Bank of America eqoyopdEer rnv CountrywideFinancial yro 2,5 Sroer<oro1.rg0pro 6otrdpro.

30 louliou O np6e6poq T(opr( Mnoug 0eon(,(er 6vo oX66ro 616-oroo4g r4g oyopdq oKrvnrov |jqrouq 300 broeK(fropUUpfov6o^opiov.

26 Auyouorou H FDIC (Federal Deposit Insurance Corporation),

4 ono(o eyyudror ro ono05poro 8.600 opepu<ovrxdrv rpo-ne(<irv, 64proorefeL gro po0pr1 l(orq 1 17 r6pupdrtrrv nouowrper<on[(ouv ooBopd orrovogrrd npoBl,4poro.

31 Auyooc'rou :Tn feppov(o, n oogofuonrq Allianz nouL6 rnvDresdner Bank ornv Commerzbank.

4 :erIIeFppfou llpotrrorlorlrrlq o0[qor1q rerpotroiou rnq Natixis,r4g rorv4g 0uyorprrrlg rou Topteur4plou Kor rnq noiKnqTpdneEoq, 4 ono(o eiXe ntr4yei oe geydho Bo096 on6 rrlvKp[on rov subprimes.

7 :errrepppiou H Kewprr4 TpdneEo r<llv HnA ovoyrd(eroL voeyyu4oe( ro Xp6oq rnq Fannie Mae Kor rnq Freddie Mac,0qrouq 100 6roeKcnoUuuplov 6olqpiov q rooegfo. Irrlv ou-o[o, np6retrot yro eevrKono[non.

9 Ierrrepppiou H JP Morgan Enrd Ueyohwepeq eyyu{oerg on6Tn Lehman Brothers yrq vq rn 6ove((er oe r;peprloro Bdor1.

10 lenrepppiou H Lehman Brothers qvoxorvrirver onrirtrereq0qrouq 3,9 6toermoppuplcov yro ro rpfto tp(g4vo Kot nq-poXopei ro rprlpo rqg droxe(prorlg peroliv. H rdtoprq rpd-

NAPAPTHMA / 323

ne(o rnq fou6tr:rpr 6ev Bp(oKet ntq Xpngcno66rnon on6rnv oYopo.

14 :srrepppiou H pperovrxq rpdneEo Barclays tivqt 6rotpq vooyopdoerrq Lehman Brothers. Znrd pro xpcmq eyy04oq,6n<oq ror 4 JP Morgan orrlv nepimtrroq qq Bear Stearns.H KewptKri Tpdne(o ror ro unoupye(o Orrovol.uxdrv op-vo0wor. Kmd ouv6nero, n Lehman Brothersrqv Kuptor4 roppo6u r4p0ooat m61euorl

15 >ErneFppiou H Lehman Brothers, Xtop(g Bofoeto on6 rrlvKewprrrl Tpdne(ol To on(oreuro qur6 vdo npord\ei novt-x6 oe noyr6opro xhfporo, nou lenepvd oe e0pog exelvovrnq gnq Auyoforou 2007. Or KewpKdq rpdn{eg lopr;yo0vpauor6, Xtop(g vo rmop0drvouv vo ro0qouldoouvrtg oyo-p6g. Kove(g nro 6av e6ler vo oyopdoer, ofre vo 6oveioet.Or Xpnpqnqrnpror<o( 6e(rreq xcrporuloriv, n 6tcnpone(Fx( oyopo pntrordper. H EuponoiKn Kewpu<ti Tp6ne(o Xo-p4ye[ 100 6roeroropgripto eup6 oe 60o r;g6peg orLg eu-ptonoix6g oyop6g.

16 :errteuppiou H oorpotrrortrf AlG, nou xo^fmer rouq rtv-66vouq unepqgeplog rov nrortioe@v eKqrowddov t6pu-prdrov ov6 rov x6ogo, e(vor Xtrrp(g peuor6. Ernpdrwoq 6rte(vor 6voq (orrx6q nopdyowoq yrq ro orrovoptr6 o0orq-po, 11 Kewprrci Tpdne(o rqq Xopnye( 85 6toaxmopp0ptodo^dprq Ue ow6 ^oypo ro 79,9% rou Keeq,\qiou rnq.

18 :rmepppiou :uwovrog6vq 6pdo4 rqg Kewpxrlq Tpdne(qqrtov HFIA, rrlg BCE, rnq TpdneEoq rng AyyXoq rot tov re-wprrcirv rpone(tlv rou Kqvo66 Kot rnq E^perioq. H .ovoF

Xrrl n6l4on" onoyope0etot npootoptvd oro Xpnpcrnorn-pro rou nov6lvou rqr rm6nw orn Tou6tr :Tptr, yto vq qu-

yxpcrrq€e( 4 m6oq rtov rrptirv.

324 / H TPANEZA

19 :elrfrpBpiou O unoupy6g Orxovoprr6v Xdvpr fl6loov ovo-rorvtirver 6vo nldvo 700 6roeKqropgupf<ov 6otropfrov, yrovo efoyopdoet on6 rg rpdne(eg ro rofrrd roug 66vero.

21 :emeFppiou H Kewpu<ri Tpdneqo rov HnA flqpqxopef roroeemtig r4g rpdne(oq Korqedoeov qrnv Goldman SachsKot orn Morgan Stanley, yro vorouq 66oer np6o9oon ornvrpmrrrl Bof0ero.

24 :EnreFppiou H Goldman Sachs 66Xeror ro 5 6roerorogg0-prq 6oldprorou epu}'Ko0 EnEV6uri Fou6pev Mndger, rd-1 nou r4g 6[ver 14 6uvor6r4ro vo owArioer dl q 5.

25 :erfteFppiou H Washington Mutual, ro peyqlurepo ouepr-xovx6 rogteurrlpro, Knp0ooer nr6x6uon. To 6roe6orpd rnqovo,l\.oppdvowor cn6 rrlv JP Morgan, q ono(o ylveror 6rot

n [p6Tn rp6n4o K(rroeSosov rov HnA.28 :errepppiou To B6)ryro, 4 OIJ\ov6(o xor ro Aou[egpo0pyo

porpoqowor ro 6ro06orpo rqg Fortis, n onoiq eivqr mo

Xenoq rnq mc6Xeuo4g, ror 6ivouv 1 1,2 6roeroroprgriptoe uocil.

29 :smepppiou To opeptrovtr6 KoyxpSoo onopp(merro oXd-6Lo fl6Aqov. O 6e0crr1q Dow Jones Kdvsr Pourrd Kord 7%.

2 OKrurppiou To Hv<og6vo Boo0rero eOvrronoeiro ropdo uno-€nK6v Bradford & Bingley Kor ropqx(l)pe[ oprou6veq Uero-Xdq ornv Banco Santander. :Tn feppovio, r1 Hypo RealEstate nolpver 35 dtoercnopgripro eup6 on6 6vq rponr(FK6 Kovo6prorouU. H Wells Fargo eqoyopd(er 14 Wachovia,rrlv reroprrl ourprKovrKrl rpdneqo. Hyql oBolyrKn Dexian6grer oro Xp4porrorfipto: flopiot, Bpu[fl.r,eq Kor nou-

[egpotipyo r4g Xopnyo6v poieerq U$ouq 6,4 droeKorog-

Uup(ov eup6. O np6e6poq nep Prodp Kor o yevLr6g 5eu-ouvr4q Ar,6i Md,ip nopotro0wqt.

NAPAPTHMA / 325

3 Orroppiou To oXd6to fl6troov, nou 6Xer 6topopgo0e( oe oXd-6ro xord rqg rp[or1g, uroOerelror ond rov T(oprE Mnouq.

5 OKroppiou H yeppovLr4 rp6ne(o Hypo Real Estate ocienKeon6 ro xpdroq oro nopd n6we.

6 Orroppiou To Xpqporro(prq yv@p((ouv roroprKri nr6on,nou eo eqoKolou04oer yro g6peg. Iro llop(or, o Cac 40 Xd-ver ro 9% ereivrl 14 AewSpo.

8 OKToBpiou Iuwovropr6vq mdror; rov entror(tov oe Euptirnqror B6peto Aprepu<ri. O TK6pwov Mnp6ouv ovor<owriver 6vooX66ro mqpr[4qrt.rv Bperovrxtirv rpqneEd)v, nou 0qro qKo-

louOrloouv ror dileq X6peq. H yo^ rKn ruBdpvrloq 64prou-pye[ 6vov Unxovrog6 yto vo 6roXetprore( rn ou pperoxn rouKporouq mrq rpdne(eq.

9 OKroPpiou To 6torpone(Lr6 en[6rLo Euribor rprg4vou 916-ver oe ogoq 5,39%, yeyov6q nou 6eiXVEr rnv quorpofo 6u-onror(o r<ov rponeE6v. H lolovdfq eevrKonoref nq rpeLqrpdne(5q r4g ror (4rd oLrovol-ux4 Bo40ero on6 rq Prrlo(o.:Tnv lonov(o, n qogofuofrKri Yamato Life Insurance Kn-p0ooer mtileuoq.

10 Or(toFpiou N6o rmopu<{ mciron rov XpnuonornproK6v 6eFl(t6v.

11 Oxroppiou To G7 noipveL p6rpo yro vo ro0qouxdoer rouqroroO5req rot vo (egnl,ordper ng nrorc6oerg.

12 OKroppiou EntruX4p6wl oivodoq Kopueriq rnq E6vnq roueuptir, nou uto0ere[ rel\rxo 1.uo ouwovrop5vr; npoodyyro4.

13 OKroppiou H Mey6trn Bperov[o ovodropep6vet ro Uerox-K6 Keed^oro rnq Royal Bank ofScotland,rnq HBOS KqrrnqLloyds Banking Group, oufdvowdq ro rord 37 6roeKq-roglr0pro Llpeg, 6r[o6( 46 6roexoroprp0pro eupdr. H Fep-

l.rovio urooereiSvo nldvo 500 6rorKcnop;rupi<ov suprl (on6

326 / H TPANEZA

ro ono(o ro 400 oe eYYunoetq). H lrql(o entrpdnet rrl Ue-rcnponn 40 broeK(noUpup(ov Xp6ouq oe KpcnKd oU6IoYo.To Xprlgmrorrlpro ovd rov r6opo, roO4ou1oop5vo, rdvouv

di,go r<ord 10% ror neptoo6repo.15 OKroppfou N6o mdroq rov Xp4pmroqptox<iv 6etrrriv.16 OKrurppiou H BCE Xolop6vet rouq Kov6veq ovoxpngoro-

66qor1q yro rq rp6ne(eg. H Elper(q enrrp6net qrnv UBSvo 6rlyroupy4oet pto v6o erotpeio ;.r on6qxton KI66ou, Ytqvo rono0enioer ro rolrrd r4g 6to06otpo.

19 OKr@ppiou Tq yoLl,rrd rol.ueurrlpro ovoyxd(owot vo ro.l.tj-qrouv qn6Le€q 690 ercnopgup[<ov eupdr on6 xp4gorLmq-pLordq ouvol.\oydq. O np6e6pog Ioptr Mdt6 Kot o Yevr6q6teu0uvr4q Nxol,6 Mepew6h nopomofwot.

20 Orrorppiou H yoMrKli ruB6pvtlo4 6(vet 10,5 6toeKCnoUU0-pro yLo ori[r1or1 rou trreroXtro0 reqotro(ou oe 6gt geY6)req

rpdne(eg, pe owdMoygo ;.uo of [r1oq rcnd 3%4% rnq npo-

ogopdq roug oe ntmdroetq.22 OKroppiou Ot 16peq rou K6^nou ornp(ouv ro tpone(r6

- ^ ' , ^ ^ ' , ' - . , nr v v \ v v v r r t F v .

23 Orrorppiou Zrrl l-oll(o, o Pev6 P[K6I 6topiEerot 6toueoo-IoBrprjg nior<oor1q. O Ntro)rd lopro([ ovorowdrvet rq 6q-proupy(o ev6q orporrlytro6 enev6wtxo0 xegotro(ou, ro

onoio 0q ovo6topOprirvet ro peroXtr6 xegdtroto ro;v ent-

xerpnoeov.24 Oxroppiou To ANT nop6Xet drrorro 66vetq qrnv lotrov-

6(0. Oo oKolou0rjoouv 4 Ourpov(o, ro noKtordv, rl

Apyswrvn, q Ouyyop(o. Aerorpeig lirpeg qq Aflo Avo-rol,{q onogooi(ouv vo dqgtoupylioouv 6vo rotv6 ro-pe[o owoLl,oy4g ouvoMdygoroq ytc vo owtpertltnloouvrnv Kpion.

NAPAPTHIVIA / 327

28 OKro,ppiou To B6tryro ouverog6pet Ue 3,5 6toDKoroUU0ptoeupdr orqv eroLpefo rpone(rrdrv ooeo.\ioeov KBC.

3 Noepppiou H Barclays opve(rot vo xororp0yet mo Bperovtr6rpdrog, nponpdrwoq to rportrd enev6uttxd to;.re[o touK6trnou.

4 NoeFppiou O Mnopdr Opndgo exi.eyerot np6edpogrtov Hvto-

U6vov no}lrer6v.9 NoeFBpiou H Kivq urooere( 6vo repdmro o166to ovdrogqqq

0qrouq 461 droexoropgup[tov eupol. To BRICS (BpoEtI(o,P<ooio, lv6(o, K[vo) uto0ero0v ;uo xotv4 0don, ev6qrtt rouG20 mrq 15 Noepppiou orrlv Oudotyrcrov.

10 NoeFppiou H xporrr4 Borloetoqq AIG ou{6vetot on6 ro 85oro 152 SroeKorol-rp0pto 6otropto.

15 NoeFppaou lroug G20, oqv OudoLyrrov, oupper6louv xpd-q on6 6leg ng rlne(poug, nou ernpooonoOv 6tro ;ro(iro85% rou noyr5opLou orogdptmou eyXcilptou npoi6woq.T60qrov ot Bdoetq yto 6vo lp4poroou<ovoptt<6 pu0ptortKo

nloloro.23 NoeFppiou To opeptrovtrd unoupyeio Ou<ovoptrtiv ouvet-

oq6per pe 20 droeKoropUipro dotropto oro reg6troto rqqCitigroup.

26 Noepppiou O 2oo6 Movoudtr Mnop6(o nopouotd(et dvonldvo euponoirnq ovdKopqrrlq Uqrouq 200 6toeroroppu-ol('.)v euo6.

28 NoeFppiou EevtKonoinon rou 58% rnq Royal Bank ofScotland.

11 Aer(eUppiou O Mn6pvopw M6tworp, np6qv np6e6poq rouNasdaq, oultropB6verot orrl N6o Ydpx4. Yne[o[peoe 506roerorogpr0pto doldpto (65 6toeKorogpr0pro go(i pre rouqt6xouq) on6 Xd.rd6eg enev6ur6q mrlv Apeptxrq Kot os 610

NAPAPTHMA / 327

28 Orrorppiou To B6tryro ouverogdper Ur 3,5 drorxmoppuiproeupd ornv erorpe(o rponeQxdrv oogo,l,(oeov KBC.

3 Noepppiou H Barclays opveiror vo xorog0yet oro BperovrK6rpdrog, npolpdrwoq ro xponr6 enev6wxd rogefo rouK6trnou.

4 Nocpppiou O MnopdK OUndUo eKMyfiot np6ebpoqrov Hvo-u{iv(l)v no},[er6v.

9 NoepBpiou H Kivo uro0erei dvo repdcrro oy66ro ovdroprf4q0qrouq 461 droexorotr4rup[olv eupdr. To BRICS (Bpoq^io,PtDo[o, lv6(q, K[vo) uto0aro6v Fro Kcivn 0dor1, ev6tlar rouG20 onq 15 NoeUppiou onlv OudoryKrov.

10 NoeUppiou H Kporrrrl Boqoerorrlq AIG ouqdveror ofl6 ro 85oro 152 droeKoroUg0pro 6olopro.

15 NoeUppiou :rouq G20, ornv Oudotyrrov, ou1.qer61ouv xpo-rr; ond 6l,eq rtq qrre(pouq, nou ernpoo<ono0v dAo go(iro85% rou noyK6optou oKo8dprorou eylrrlprou npoi6woq.T604xov or Bdoerq yro 6vo Xprlgorootxovol.ux6 puOgrmtrdni.q(oto.

23 NoepPpiou To ogeprKovrK6 ufloupye[o Orxovoprrov ouver-oe6per pe 20 broeKoropu0prq dolqprq oro xegdi,oto rqqCitigroup.

26 Noepppiou O 2oo6 MovoudL Mnop6(o nopouord(er 6vonLdvo euponoirrlq ovdxogtyrlg 0qroug 200 6roermopgu-p(ov eupdr.

28 NoeFppiou EevrKono[non rou 58% rnq Royal Bank ofScotland.

1 I AeKepppiou O Mn6pvopw Mdrwog, np<i4v np6edpoq rouNasdaq, ouMogBdverot or4 N5o Y6prr1. Yneqo(peoe 506roeKorogp0pro 6oAdpro (65 6roeKaropp0pro FoE( Ue rouqr6rouq) on6 Xdlddeq anev6ur6q or4v Apeprxr] xqr oe di.o

328 / H TPANEZA

rov K6oUo. Eivot 4 geyol,wep4 on6rr1 oe nupog(6o oqvroroo[o.

16 AeKeFppiou H KewprKn Tp6neqo rov H[lA 6ropop<prbver topootr6 rrlg enn6rto, oe dvo erjpog 6rorugdvoeov perolf

rou 00/6 Kqr rou 0,2570. Mro roroplKn m6o4.19 Aexepppiou H General Motors Kot 11 Chrysler )rol.tpdvouv 6vo

drcrorcro xpom6 66veto Ut[.roug 17,5 6roeKcnouuupitov 6o-trooirov.

31 AeKeFppiou :ro r6^oq owo0 rou nohf 60oro)rou Xp6vouo Dow Jones Kover 0ourr6 qro 33,8%.

328 / H TPANEZA

rov K6oUo. E(vor 4 geydrweprl on6rrl oe nupog(6o or4vroroolo.

16 AeKeFppiou H Kewptr4 Tpdne(o rrov HI]A 6ropopg<iver ropqorK6 Tnq enn6rro, oe 6vo eripog drorugdvoeov perolU

rou 0o/5 K rou 0,25%. Mrq rqropx4 m6o4.19 Aexepppiou H General Motors Kor 4 Chrysler Aogpdvouv 6vo

drcrorcro rpmrr6 6dveto Utpouq 17,5 dtoercnoggupirov 6o-tropkov.

31 AeKepppiou :ro r6loq ouro0 tou no)r0 d0orohou Xp6vouo Dow Jones Kover Bouflo qro 33,8%.

3. fhrooofpro

Kewprxig rpdne(eg. Or rewptr6g tpdne(eg SXouv 6)reg rrlvi6to onooroluj: rr1 6toogdfuorl qg oroOep6rrpog rou vo-p(opmog. flopeppoivouv crrg oyopdq yro vo ennpedoouvng lp6g rou ouvoL\6ypmog, efue 6peoo (oyop6 ror n6-l,4or1 fivrov vogrolr&r<ov) efte Spgeoo, drogopgrilvowoq roenfte6o r<ov ennoxl<ov, 6r^o6ti rnq ogorp4q rcrlv ppolu-

np60eqltov rono0ernoetov nou npoygmonorotiwor oroe0vx6 v6;.uopo. Or nopepBdoerg oq voprol.ronrq oyop6,p6orrr rrov enrori<ov, erqpe6(ouv 6geoo rrlv roperor{ ro-16orooq rov tpone(<irv.

Collateralized debt obllgations (CDO). O oVopoorng rou CDOnhqpcirver oog6)rrorpo orov n<rlh4r4, o ono(og, evtir ey-yudror rq ouvol,)\oyr1, 6ev 61er r4v unoypdtoorl vo r4v xo-tr0qrer Ue qnoosu(rrtrd reg6)roro.

Credit default swaps (CDS). Iugp6)roro oogd.l.rorlg ev6g

XpSouq, ro ono(o eyyudrwor orov nrmonl 6rr eo ono(n-gurloe(, ox6go xor ov o oge ,61119 oouvcrre( vo ro onontr4-pdroeL. Ko0oiq ouv6mowor rupioq gero(0 Xpngoronr-qrtormtlv opyovrolrriv, npoog6pouv moug enev6wdq rq6uvm6rrpo vo nepropioouv roug ruv6rivouq nou npo6p-

Xowor on6 op6hoyo - rpcnrd 4 r6r<onrd. Av xor Oe<opqn-

330 / H TPANEZA

Kd npooprop6q rouq e(vqr vs npoorcneUouv on6 Uro oe6-rnon n&popnq, 6ywov epyotreic repbooKonioq - n ev6e-

X6pev4 o6uvo;r(o ntr4p<o1.nig on6 pro enrxe[pnqn n 6vq Kpd-roq mo prcno rov Xprlporoyopdlv 6rlptoupye( unepol(o.An6 ro yeyov6q ow6 npor0mouv orpobg rcncordoerg, ro-06q ro noo6 nou rotr0merqr on6 ro CDS {enepv6 ou;96,6nog or4v nep[m<ooq rrov eMqvrxrilv opro].6yrov, to noo6rou Xpdoug. Aw6 nporotre( rrwioerg novtrori qnq Xpngq-royopdq, unoXpe<ivowog 6ror ro rpdrog { r4v enrXe[pr1o4vo 6overoro0v pe enolOdorepouq 6poug.

Oyrlor enrlerp4pofl x6v oupyeroltiv (private equity). Ayo-pd(ouv norero geroXtbv pr1 eroqypdv<ov oro XprlpmroniproenLlepqoetov, ge qv e}.rr6o vo ro Eovonouhjoouv )rfuo Xp6-vro opy6repo, pe pro unepo([o nou vcl owrqrorxe[ oro 6Fntrdoro 4 ror oro rpmtrdoro rqq oplxdq rono€ernonq.

Euwolro6onxd ro;reio: ELonp6rrouv rrg etogop6q rov pr-o0tortirv ror rrg enev60ouv nporetg6vou vo Xprlgoro6on]-oouv rrq ouwdferg rouq, Bdr'nrirvowoq rl qwrKoerm6woq

rrg rono0erqoarg rouq pa ovoKorovopSq. Meptr6q gop6genev6fouv dvo pdpoq rouq oe Kep6ooronrrd regd.Loro ytovo oul4oouv Ttq ono66oerq.

Kporx6 enev6wrxd royeio. Kpmrro[ opyovtopoinou 6nproup-yoriwor yro vo rono0ernoouv rq nlaov6(owo Xp4porrxd6roe6ortlo rnq Xdlpqq n ono(o ouvqorrrq nopdyer npcinegotreq. flpoepX6pevo on6 rr1 Pooiq, rrlv K(vo, rq Nopprly(oror lq Xrirpeg rou K6lnou, or n6por roug npo6plowor ru-p(roq on6 ro pdwo rov ubpoyovqv0pdKov.

Kegdloro <yineg. Kep6ooronxd recpdtroto er6uaup6vo orqvoyopd nrcr<orx<irv ridr<ov, ro ono(o e€qyopd(ouv op6loyu

4 nop6ytoyo nroromd npoi6wo erotpardrv nou owrperto-

NAPAPTHMA / 331

n[(ouv 6uoKoXeq 11 e(vor oe mdrXeuo4. Ano(rlpttirvowot pd-

oo rrlq peuorono(qo4q rorv peroX<irv i on6 rnv ovo6top-y6vtoo4 rqg erorpe(og.

Hedge lund. E(vor dvo opotBoio rerpdloto nou enev60et rtq Ko-

ro€6oetq r<ov nel,mdrv -xup(tog Oeogrdrv enev6wtirv (ou-

wo[,ro6olx6 roge(o, oogofuorrx6q erqtpeieq, gttrqv0po-

nLrd t6p0poro, noventoqgto...), ro0drg rot e0nopov t6tio-

rcirv-, npoorp6powdq roug evoMorcrtrdq ronoeernoetq,

ow( yro tqv nopodootorrl 6to1e(pton. M6oo notui o0v6e-

r<ov mporqyrr<irv rono06r4oqq, ot stotpeieq our6q qro-

1e0ouv oe gro on66ooq onoouv6e6ep6vq on6'r4 ouvolt-

rr; e[6lt[q rov oyoptilv. To hedge funds ovo(1ro6v go-

Kponp6eeopo0q enev6w6g xot enpdltrouv yevrrd pto gi

vL1-rou g 6rdpreto rono06Tnonq.EKr6q rootroyropo6. O tooloyrog6g rorv rpone(drv 6ev e(vot

nl,6ov 4 goroypogtrrl onetr6vtorl Tnq nsptouoioq rouq.

H 6Alerqrn pu€ptqrKo0 ntrqtolou rot q re;yotroytxrl np6o-

6oq 66ooqv orouq XpnUcrontorortKo0q opYovtopoUq nol-

Mq 6uvm6rnreq roworog(oq oe oX5oq pe r;v nlorrrrorl rot

Tn Xpnparontoromrl oog6.\roq, anrpdnowdg touq rou-

t6Xpovo vo [egriyouv on6 roug d\ootrofg xov6veq nou

entBoN\er 11 "oppri qq ouvqprprdrrpoq", oXenrd pe rqv

onor[pqo4 rtov t6(<ov rerpdroiov roug. H rmdtq[r1 rpov vo

64puoupyq0e( pto Xprlpmontororuf go0oxo nou [69uyeon6 roOe 6treyxo.

Xopriy4o4 peuot6r4rog. 'Orov ot tpdne(eg 6ev gnopofv -4

6ev 06trouv- vo npopo0v oe qUotpo(ouq 6ovetopo0g, orp6-qowot npoq rnv Ktwpmn Tpdne(q. Exeiv4 t6ta roug Xo-pnyai Bpoxunp6eeqpo 66veto (on6 g(o qg6po dtoq rpetggriveg), pe owdl).oypo ntfioT|.Ko0q r[r^ouq.

332 / HTPANEZA

Ayopti ouvoM6Ylroros. H oyopd ouvoLldygmog e(vor o Xr6-pog 6nou yfvowor oyopon<otrr1oieg lSvrov voprolrdrov, roonoio npodpXowor on6 e;.moprrrig xor XpqpcrnorrlprordgouvoLl oy6g. H lp4 rolv vo1.uo1.rdrov onordre( owxe(gevo6ronpoypdreuo4g pe pdorl r4v npoogopd ror rr1 (rjr4o4.ApXKd or ouvoitrcydg oyopdq xor n6l4o4g ldv<rrv vopr-og6rov Xpno[Ueuov rup(<rlg or4 pri€gro4 rrrrv etoqyoy6vrot rtov eloy<oy<irv. Irlpepo 61ouv egoppoy4, ro16 r0pro )16-yo, oe Krvnoerq XoproguloK(ou, dpeoeg enev6rioerg rorKepoooKonrK6q oyopon<o)qo(eg vogrou6r@v (arbitrages).

Arorpofle(rKd oyop6. Kd0e gopd nou Uro rp6neqo 6qve[Eer1.000 eup6, p6(er <oq on6eeUo oe 6vov ̂ oyoproou6 rnqKewprr{g Tpdne(og dvo noooor6 t4g n(m<oor1g nou 1o-pqy1oe, ouwlOorc,ro 2o/o,6flro64 20 eupdr. Av gro rpdne-(o 6ev 6Xat oprer6 on60epo yro vo 6oveloer, Unopef vo6qverqrei ro ono€6goro 0116 dl eq rpdne(eq. To 6dvetoour6 gero(d rpone(6v Lopp6vouv Xdrpo ew6q r4q 6ro-rpone(rqg oyopdg.

Noytolrorxli oyop6. H voprogorrr4 oyopd e(vor o Xdrpog ou-vdvrrlorlg r4g npooqop6q Kor rnq qnrnorls ppoXunp60e-ogrov xego),o(tov. Alver rrl 6uvor6rrpo rono06r4o4q rouni,eovdogcnog paum6r4roq ror 6roxe(pro4g rov ropero-Kd)v droeeoiUov. To regdi.oro ronoeeroowor 11 ro 6ovei(owor ge Bdo4 pro drdpxero, nou pnope( vo lerwd on6 pfoqp6po xor vo gr6ver rouq 666eKo Uriveg g6ltgoug.

Iupp6loro peMowrxf g exnlriporo4g. flopSlouv epyote(o xd-Iu\U4q Kqr npoorooioq on6 nq 6roKupdvoerg rov rq.rilv rovnp6rov ul6v, Tov voprogfrov, rov enuox[rov... H opXr]Uroq ouvol oynq un6 npoOeopio e(vor 4 or6trou€q: ouvd-meror 6vo ougp6loro oyopdq i n6lno1q, 4 brxor<irprorog

NAPAPTHMA / 333

oyop6q i n6Mqnq, nou npopMner 6rt n nop66oon Kot nn)rnpoUti eo l6pouv X6pq oe Uro psroYev6otepn ngepo-grlvio, oM6 ge rouq 6poug nou oupg<ovo0woL o{pepo.H noo6r4ro rou npoi6wog, 11 4prepogrlv(o rot o t6nogr4gerrdleo4q ro0drg ror or rq6g dlouv ro0optorei rn orrYlqrou drero(pcrroq rqg oupgcovlog.

Subprime. :rrq Hvop6veq flotrtteieg: evun60qro oreYqortKd66vero nou 6[vowqr qn6 XpnuorontorortKd t6p0pmo oevoxoxupr6 Xouqho0 etoo6riparog X<rrp(g vo e(rrd(erot r1

6uvm6tqto onodrq ptrrgiq rouq.Tdonoinon: H 6ro6rxoo(q rord tqv onolo 6vo Xpngoronr-

ororrr6 i6pupo gerorpdnet 6vo nqxdro 6oveltov (oreYq-qnx<iv, rmovoltortxdlv...) oe egnope0oqoug r(r)roug, pe

oron6 vo perogepee( oe Kdnorov rpfuo o rlv6uvoq gq ono-nlqpc,rpf g rqq opXrx{g nioroo4q.

4. Tr on6yuov;

Joshua Bolten. O np6r1v 6au0uvrrlq vogrdrv unoOdoeov rqgGoldman Sachs oro nov6(vo on6 ro 1994 6oq ro 1999, Ue-rd 6eueuvqgtou ypoge[ourou T(oprq Mflouq qn6 ro 20066oq rc 2009, e(vor of gepo xo0ryffiq mo flovenror4pro touf1pivmov, 6nou 6r66oxet puoptonni oxovopx4 nol\trucj,opoonov6ror6 npoOnotroyrog6 rot 6e0v6q epn6pro. Eivoroupnp6e6poq rou r6prigcroq Clinton-Bush yto tqv Anr'1.

Lord Browne. O np6r1v yevtr6g 6€u0uvrnq rnq BP, erolpoq-6roXetprorjq rou oueprKovrKo6 op0rou enrxerprlgorrrrbvoupgerolirv Riverstone, e(vor np6e6pog tou 6roxqnrofoupBoullou rnq Tate Gallery.

ndrpoq xproroaoflou. O np6r1v xp4gonoqq rnq GoldmanSachs sro nov6(vo, votlpepo 66o r4g Eovrxflq Tpdne(ogrnq El 66oq, eivor unarjOuvog rrlg 6roXe(proqg rou eMrl-vxo6 xpdoug.

Abby Cohen. Eivor np6e6pog rou Global Markets Institute, rounopoqprpqpiou oyop<iv rqg Goldman Sachs.

John Corzlne. Ago0 dxooe orrg extroydq rou 2010, aKloydq yrqpro 6ewep4 04c(o oro Ntou T(epooi, o npdrrlv entrego-Inq rnq Goldman Sachs 6eu06ver rrlv erorpe(o peoue(ogMF Global.

335

336 / H TPANEZA

Alistair Darling. ApKsrdq qop6q unoupy6q un6 rov T6u Mnl€pror unoupy6g Orrovogtruiv un6 rov l-x6pwov Mnpdouv,owrrcrroordO4xe on6 rov ouvrqprpr6 T(opr('Oopnopv,perd r4v 4rro r<ov Epymrrdrv orrq poul€urrK6q aKloy6qrnq 6nq Moiou 2010.

Stephen Friedman. :uUnp6e6poqrrlg Goldman Sachs on6 ro1990 6oq ro 1994 Kor np6e6poqrnq OFooflov6ror4g Tp6-neqoq Anoeeudr(|)v rrlg N6oq Y6prrlq on6 ro 2008 d<oq ro2009, eivor 6rgu0uvrrlgrou Iugpouhiou yLo 14 Ae0vrl fl\-poq6plon orov Aeu16 O(ro.

Richard Fuld. flpri4v np6e6pog ror yevr6g 6eu0uvrrlg rrlqLehman Brothers, 6poorr;pronorekor orov ;lrirpo r<ov ogor-po(<ov regoholtov utl4]ro0 rrv66vou.

Reuben Jeftery. O 6eu0uvrrlq rou nqprorvo0 ypqqeiou rnqGoldman Sachs on6 ro 1997 6oq ro 2001, np6e6pog oqouvdXerorr;g Commodity Futures Trading Commission qn6

ro 2005 6(|)q ro 2007, eivor Koenynrng mo K6wpo Aeovdrvxor Irporrlyr<irv Melsrd)v rou novemm4g(ou T(opr(rdouv(HnA).

Neef Kashkari. flp<64v rrlg Goldman Sachs qn6 ro 2002 6,ac,ro 2009, 6eu0uvrqg rou TARP, rou olediou rpone(rr;g6r6otoo4g r4g rupdpvnonq Mnouq, grqre oro opoltoyrox6olro$oio regdJtoro PIMCO ro 2008.

Jacques Mayoux. flpr64v 6e0v4g ofFpouloq rnq GoldmanSachs, 6xer ogrepooe( drcroc or4v n6)q 6nou eivor 6{-

Uqpxoq, oro lppdr, orqv nepropi Zp6w.Stanley O'Neal. nprriqv np6e6pog t4q Merrill Lynch, efuor 6€u-

0uvqq orqv nopoytoyq droul.rwiou roL ouveli(er vo ev6ro-g6peror on6 neptooorepo f )rry6cpo 1lorpr6 yro rqv rpo-ne(m4 BrogrlXov[o.

NAPAPTHMA / 337

Henry Paulson: 'Orov dgrloe rq 06oq rou unoupyot OtKovo-grK6v, 6ypoqre ro onopwlpove0gord tou, 6(vowog no-p6$Io ;roO{gcno oro floventoqgto TEovq XdnKtvq (HnA).

Chuck Prince. Merd rqv ovoldrpqor] rou on6 rq Citigroup, Unn-re orrlv erorpe(o ouUBorilov Albright Stonebridge.

Romano Prodi. Agof onoo0p04re on6 rqv notrtrtxf , 6t6doxetAeove(q Ynoodoerq oro floventonlgto Mnp6ouv (HflA) rotougger6Xer orrlv enrporq t<ov Hvtogdvtov E0vdrv yto rq 6to-qpnol qq erpnvnq ornv AgplKn.

Robert Rubin. :ugnp6e6pog r;q Goldman Sachs on6 ro 1990

doq ro 1992, unoupy6q Orovoptnilv rou npo66pou MnK)riwov on6 ro 1995 dtoq ro 1999, eyKqr6letQe retrtKd rrlCitigroup, roocig unrlp[e 6vog on6 roug uneueovouq rouvouoYiou.

Alan Schwarz. O np<irqv entregoltiq r4q Bear Stearns t(vqtnp6edpoq ror yevtx6g 6teu0uvrrlg rnq GuggenheimPartners.

John Thain. flp6rlv enrrerpoi,qq rnq Merrill Lynch xot tou NewYork Stock Exchange, np6nv oxovopu6q 6ou8uvrnq rnqGoldman Sachs, nrjpe orrl ouv6leto to 4v(o rnq ClT, rpd-neEoq eqerbrKeupdvrlg orrg gu<popeoo(eg entXeprloetq nouppiorowor oe roOecrdrg 6xoonr4q exro0dptoqq.

John Thornton, l6pumq rnq Goldman Sachs International, np6e-6poq rnq GS rrlq Aoioq, e[vot p6Aog rou 6€0voUq ouU-

Boultlou rou rpcnrof enev6urLrorj ro;.tefou China Invest-ment Corporation.

John Weinberg. n6eqve ro 2006.Sidney Weinberg. neeove ro 1969.

Η Τράπεζα. Πώς η Goldman Sachs κυβερνά τον κόσμο

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