Article Image
IPFS News Link • Central Banks/Banking

ECB Hires ex-Goldman Banker And Vatican Auditor As Watchdog

•, Tyler Durden

Now that Christine Lagarde (who had her share of run-ins with the French law especially her guilty conviction in 2016 over a €400MM payment to Bernard Tapie) has been picked to head Europe's central bank, the European Central Bank has hired Elizabeth McCaul, a former Goldman Sachs banker who later led an audit of the Vatican's scandal-ridden bank, as one of its top banking supervisors, the bank said last week.

She is one of three new ECB representatives on the Single Supervisory Board, which oversees the euro zone's 114 largest banks according to Reuters.

McCaul will join the ECB from Promontory Financial Group, a prominent US consultancy firm - famous Wall Street "revolving door" which sends financial execs into positions of power - which agreed to pay $15 million to New York's banking regulator in 2015 to settle accusations of whitewashing a report on Standard Chartered Bank