Goldman Sachs banker sacked by Kaczynski to head new Warsaw office for bigger business
Saturday, 01 May 2010 14:11
A Goldman Sachs banker who was fired as Prime Minister by President Lech Kaczynski is set to head a new branch of the bank to be opened in Warsaw, according to the website of the Chamber of German and Polish Industry and Commerce.
Kazimierz Marcinkiewicz was made Prime Minister by President Lech Kaczynski following the following the victory of the Law and Justice party in the September 2005 in elections, but he was fired soon after and went to work for Goldman Sachs in London.
Just three weeks after the death of President Kaczynski is a mysterious plane crash in Smolensk on April 10th, Goldman Sachs has said it is seeking to open an office in Warsaw, to expand its business in the region, and Marcinkiewicz is set to be its chief.
Goldman Sachs is just the latest of the big banks to flood into Warsaw to take advantage of the changes in government policies following the sudden death of about 100 top Polish military and government officials, including the central bank governor Slawomir Skrzypek, in a plane crash that has many of the marks of being deliberate.
Skrzypek pursued a monetary policy that was at odds with the wishes of the bankers and the pr euro, pro IMF Polish Prime Minister Donald Tusk.
In a letter published posthumously in the Financial Times, Skrzypek argued for a weak Zloty to boost exports, employment and tax revenues.
High exchange rates, achieved via the euro, have destroyed exports, increased unemployment and reduced tax revenues, putting countries in debt, and under the control of the banks, around Europe.
Greece’s is currently face ten years of rule by the IMF, the banker controlled financial body, following a debt mountain engineered with the help of Goldman Sachs as well as Goldman Sachs bankers employed in government positions.
Petros Christodoulou is former Goldman Sachs employee and currently the chief Greek government debt officer.
To pay the interest on this engineered mountain of paper debt, Greeks are expected to give up their pensions, their salaries and see huge cuts in social services.
So much money is expected to be sucked out of the Greek economy into the banks pockets that some eonomists expect Greece to enter a death debt spiral from which it will never recover.
Only the reintroduction of a new currency, or the drachma, at a good exchange rate can rescue Greece, economists argue.
Goldman Sachs is also facing criminal charges in the USA for its role in the current financial crisis, engineered by subprime mortgages and an investigation for its role in the derivatives.
Goldman Sachs’ role in the Greek meltdown is not being investigated – or in the Polish plane crash.
But perhaps the time to start is now given the evidence that the crash was deliberate and that Goldman Sachs has a direct motive to remove Lech Kaczynski over his sacking of Marcinkiewicz?
Bloomberg reports on the bank’s plans to expan their business in Poland:Citigroup to Expand Polish Investment Bank Business (Update1)
April 21, 2010, 7:37 AM EDT
By Ambereen Choudhury and Gavin Finch
April 21 (Bloomberg) — Citigroup Inc. says it will expand its Warsaw-based investment-banking operations in Poland to take advantage of planned government asset sales.
The U.S. bank joins Goldman Sachs Group Inc., Credit Suisse Group AG and JPMorgan Chase & Co. in vying for advisory work for the government, which is preparing to sell stakes this year in its energy, insurance, chemical and phone companies to raise $10 billion to finance the widening budget deficit.
Poland’s government is urging banks to set up shop in Warsaw if they want business from the state. Citigroup, which is based in New York, bought a majority stake in Bank Handlowy SA, Poland’s biggest corporate bank, in 2001. Citigroup has about 5,800 employees in Poland.
The government plans this year to sell an additional 10 percent of PGE SA, the country’s biggest power producer. PZU SA, the state-owned insurer, may sell 8.1 billion zloty ($2.9 billion) of shares in an initial public offering next month, and the government also plans to sell more than 25 percent of utility Tauron Polska Energia SA in the first half of the year. The Warsaw bourse may also go public after the state dropped plans to sell the market operator to a competitor last year, according to the government.
Goldman Sachs, based in New York, is seeking to open a branch office in Warsaw. Credit Suisse of Zurich announced in January a plan to open a brokerage this year after shutting its Warsaw stock-dealing business in 2003.