Goldman Sachs and the World Bank
The Independent’s take on Zoellick as new World Bank kingpin:
By Leonard Doyle in Washington
Published: 31 May 2007
… Mr Zoellick, 53, is a senior executive of Goldman Sachs, who until recently was the deputy US Secretary of State. Before that he was the US trade representative, where he dealt abrasively with “globalisation nihilists,” as he described opponents of American trade policy towards the developing world.
… President Bush’s nomination of another Goldman Sachs senior executive is unsurprising given that the bank enjoys virtual revolving door access to the White House. Last year the Wall Street bank raised eyebrows when it handed its employees a $500m (Â£250m) bonus, or $623,400 for each one. The chief executive was given an extra $52m spending money.
At the World Bank he will have to quickly apply balm to the raw wounds caused by the forced removal of Mr Bush’s neoconservative ally Paul Wolfowitz. Those wounds were still in evidence as Mr Bush went out of his way to thank Mr Wolfowitz, while he lavished praise on Mr Zoellick’s record as a diplomat and trade negotiator. Mr Wolfowitz left under a cloud after pressing for a large compensation deal for his girlfriend Shaha Riza, who also worked at the bank. …
The World Bank nominee is formerly a deputy to Condoleezza Rice. He was a key diplomat in Washington’s China policies before joining Goldman Sachs as managing director and vice-chairman for international strategy.
The White House chief of staff is also a former Goldman Sachs executive.
The former United States treasury secretary is a former partner with Goldman Sachs.
The governor of New Jersey was co-head of Goldman Sachs with Mr Paulson until he left due to a power struggle.
The US Treasury Secretary was formerly Goldman Sachs’ chief executive. As a China expert for Goldman Sachs, he helped to manoeuvre the investment bank into pole position in China as the country joined the World Trade Organisation