Goldman Sachs speaks for the first time in French.
June 16, 2010
Jacques-Olivier Charron just sent this tidbit to the French SSFA list. It’s an interview on the France 1 channel between journalist Jean-Pierre Elkabbach, and Yoel Zaoui speaking on behalf of Goldman in Europe for the first time in French. Jacques-Olivier notes that Zaoui visibly reads prepared notes to answer what appear to be a series of entirely preplanned questions.
The main message: Goldman embraces borderless regulation (not European regulation) and insists that it has followed all the rules.
Highlight: Elkabbach’s best attempt to break the script, fails. [2:55]
YZ – ‘…The vitality of finance, has, in a sense evolved faster than regulation. Which lead to excess. Yes, certainly.’
JPE – [Interjection] ‘So Angela Merkel and Nicolas Sarkozy are correct to demand more regulation, immediately.’
YZ – ‘…But we must be very careful not to throw the baby out with the bath water.’
JPE – [Dryly] ‘What does that mean?’
YZ – [Reading stiffly] ‘In periods of crisis we need scapegoats. And today the scapegoat is finance. But finance is not an illness. I would even say that finance is the vitamines of the world economy. We can not forget that it is because of finance and the distributive function [courroie de transmission] it plays that individuals, households, businesses, states have developed…’
JPE -[Piercingly] ‘That’s lovely. Very lyrical. It’s lovely. But it’s the excesses that are decried, when it goes badly. The dyfunctioning. That’s normal. And you know it.