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Blogs
The BalanceSheet(JamesSurowiecki)
http://www.
newyorker.com/online/blogs/jamessurowiecki
Beatthe Press(DeanBaker)
prospect.org/csnc/blogs/beat
http://www.
the_press
CalculatedRisk
http://www.calculatedriskblog.com/
TheConscienceof a Liberal(PaulKrugman)
http://krugman.blogs.nytimes.com/
GraspingRealitywith Both Hands(J. BradfordDeLong)
http://delong.typepad.com
Econbrowser(MenzieChinnand JamesHamilton)
htto://www.econbrowser.com/
Econlog(AnorldKling,BryanCaplan,and DavidHenderson)
http://econlog.econlib.org/
Economists'Forum(MartinWolfand guests)
http://blogs.ft
.com/economistsforum/
Economists'View(MarkThoma)
http://economistsview.typepad.com/
NAPAPTHMA
/ 34i}
Economix(/Vewyofk limes reportsrsand guest economists)
http://economix.blogs.nytimes.com/
ExecutiveSuite(JoeNocera)
http://execulivesuite.blogs.nytimss.com/
FreeExchange(TheEconomist)
reeexchange/
http://www.economist.com/blogs.f
(Steve
lnterfluidity
BandyWaldman)
http://www.interf
luidity.com/
EzraKlein
http://voices.washingtonpost.com/ezra-klein/
MakingSense(PaulSolman)
http://www.pbs.org/newshour/economy/makingsense/
GregMankiw
http://gregmankiw.blogspot.com/
MarginalRevolution(fyler Gowenand AlexTabarrok)
http://www.marginalrevolution.com/
NakedCapitalism(YvesSmithand others)
http://www.nakedcapitalism.com/
PlanetMoney
http://www.npr.org/blogs/money/
RealTimeEconomics(WallSteetJournal)
http://blogs.wsj.com/economics/
Rortybomb(MikeKonczal)
http://rortybomb.wordpress.com/
FelixSalmon
http://blogs.reuters.comfelix-salmon/
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36 / H TPANEZA
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38 / H TPANEZA
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40 i H TPANEZA
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42 I HTPANEZA
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Kotn onorstrsoponr6tqro.To vo pn vord(eootyro 6torondg,
yro npoygmx6g 6roxon6g,6nou og{verqnloo oou ro gdr.l,ror
ro r4l6gtovo, 0eopefuorroi,q 6v6er(r1.
Av nowog xtrm6pere,
or qJUXoI6yor
6ev0o e(vorerei yto vo oog or{oouv ror nd)rrcrq
n66rooog. Ere(vornou 6evpnopofv vq ow6qouvour6 rov 6orpu8p66evelvorrotr6 oropr6.Av 6evnpoltop6gouLrovrop6vo
pnpoord,
veXtlq
oqpo[ver0dvcrrog.
Err6q on6 ro opro6rr6nve0go,rrg npoohrigetgoreheX<iv
uqrnlriqfideUnq xorqv nloq oqv epyoofo,q GoldmanSachs
54 / H TPANEZA
Unope[vo eivqrnep{govn Koryro 6vo oK6pq6uvor6 TnqonUe(o:rnv nlnpoe6p4oq. An6 notr\iq nl,eup6q,ro veoiiopK64perqv 66porrovBperovtxrilv
puorrxdrvunrlro gporjpto1.rotd(er
peor6v6(dro oro B6qXoIMnpr(. Trlvntrrlporpop(o
npdnetvo
rq popd(eoor.Kord ro nopdderyporcovnporr6pov nou e[vor
npooq E[qqrov TqovAeKop5,oLrpone(ireqrqg Goldmanonoono0vouoqtrronrd on6 roug neL6regroug ntrrlpogopiag,
nou
0o gnopo0oovvo Xpqorpe0oouv
oe ouvo66lqouqdl ov rpnp6rov, ror dpo oe ol,6rl,4p4 rrlv erope(o (cogerrowou, Kororo
nprporo rdi,oqr4q Xpovrdg).Mdoooe ow6 rov 16o1roqg punou oXer((oworpe
orrx6rrlroqr<ovorxovogrrtiv6epyoor<irv,
ouyXcirveuonq
Kor
eqoyopdg
eroLpet6v,
evdpyeeg
n nlnpogo'Eneno
pio o[((etXpuo69r.
on6 6voye0pori 6vo6e[nvo,ro pd)roqrou "Circus",o 1lu0rr6gQG rou T(ov )e Kopd,perog6pet
r4v no)rwrprlni,4pogop(o.E(voLndwo on the make,eroruon6legor, n6v<oorn orqvrl, rond(owog ge onL4mfo Kd0eKoF
vo0pyLoenoyyellrcmrrlouvdvqo4. To "v6ripspo"aywe4Lercrpovu<ri6e00uvoq xot rqtregovrlr{q. Tr 0o or<egr6rovo T(opr(
:UdLk,o gegorogtitroxogrqq rorooron(og,yro 6l,o ourd;
i\Mo 6uvfi6 o4pe(orqq GoldmanSachs:exe[6nouro opyov6ypo;r1.rorrov owoyrovrcrdrv efvor pvrlgeio notrunlor6r4rog, q erorpe(oe(vornep(gov4 yro 1.uo
oprerd opr(6wro6o;14,
nou 6reurotr0ver
rr1ouvowenr{ Lrirll4onogdoerov.Auq n p6eo6oq epyoo(og,nopegntm6wog, Boq0dro np6r1voreMXrl
'Orovyivowor
vo Lo[o6popr]oouvnpoq r4v nofurrri.
unoupyo[
ror Boutrewdqq rorolopB6vouv ur!4Mg 06oetq,BpioKoworoe
yvom6 66o9o9.Otnpcir4v
r4g Goldmanl6pouvvo nof(ouvrov
qn6qrsrq,
p6)rorou 6rorrnrn,vo ouFprp6qouv
6rogoperrK6q
vo
drou<otivdrorprmd. H noLrrrl e(vor4 rdygrlrou 6uvmof , 6ncog
ror 4 otxovop(o.Iuvq0ropdvoror4 povomtrrl (<orj,ouro( ot
3. OITPANEZTE:KAAOTEPOI
/ 55
np6nv rpone(froq Kol6yrpor (dpouv ntiq vo oupprpdEowot.
Eivorp6oo oro yov[6r6rouq.
Aw{ 11voorponlo ouv66eror;,terov rp6no nou n rp6ne(o
lenoupyo0oe peXprr4v e[oo66qq oro Xpngonornpro,ro 1999:
ro regd)roto {rov xcnovep4g6vogerolrj rtov ato(ptov-6toxeptor6v -r<ovpartners-,oLonolotqtcv una00uvotge trlv npootootr1,6npoonopi(onLrciroug neprouofooe nepimoorl (r1pr<irv,
wov dvo rogpdrt on6 ro ev6eX6gevoK6p6n.H entXelprloq,4
onoio 4rov dl,\ore pro erep6ppu0pncrqtpe(o,Xpqoqronototit4 Booxf nr1oe ro [6to regdl\ororov ero(prov-6roXerprm6v
yq Xpqpcno66qoqg.YnefOuvoryroro neptouotoKq
rouq oroF
Ot ol'Xeio,owo( en6v6uov(ov6 ro KUptoU6poqrov Kep6<iv.
rivqrpo
orouq
veonpootrnXqpe(egrou ouorqpmoq d6rvov
906weq, or ono(or ono66lowov Svov1.uo06Xopq)t'6cpo on6
ereivovrou owoytovrogo0,Uernv eAn(6ovo xepbioouvK6noto
orryl-r4ro Kc0aor6grou partner.
Mero oUorqpo6goq ow6 11GoldmanSachs6evrirov nto
oe 06o11vo ypqporo6orqoet rrlv un6poyx4 ovdmuqn rqq: Tnv
mo e[oreptx6,
eq6nloon rou egnop(ou,ro dvorygoyporpe(tov
q Xpqporo66rrlo4pey6trovnetrottirv...EiXeovdyrrl on6 e[oreprrd reg6)roro.H etooyruyrimo Xprlgonorrlptoqg N6oq
Y6pr4q onordtreoetoropu<rifipogli ylo rnv euun6)rqm4rp[ppo. floyr6eugdvor
ovdgeoooe gLonop66ooqnou o6powcrvKot
rou xdp6oug,ot 189eroipotrqq enoxiq 6(orooov
oro 66)r<rlpo
q e(oo6oq
oprer6 npw rdvouvro pri;ro.EvdreiXenpoBtreg€e[
rrlv relewoio mrymo Xpqpcrnor{proyroro 1998,qvoB)ui0r;xe
Ui exeivrlrn Xpovrd,a[om(ogrqq ocrdOerogrov oyopdrvxot
rqq oXe66vXpeoron(ogrou repdooxonrro0Keeololou Long
TermCapital,nou o6enKeon6 TnvKewpxn Tpdn{o rov HnA,
rp6ne(eqrnq l-ou6tr:rprr.
Tn FederalReserve,xotrtq geydtreq
56 / H TPANEZA
Orouovoptr6gowdg ovoropdlergen6rpeqrov
orouqero(pouq
vo rcnoJ\dpouvoe noro po0;r6 e(vorenu<lv6uvovo gorpd(eoor
ro p(oxo ptog epnopxqg rpdne(og oe dr4p4 ovdmuEnpe dvov
pxp6 opr0p6ero(prov.M6tugerqloe qpepio,rp4g[(ouv]rom6v,
ge nolui peydtrqn}.eroqrne(q,un6p qg 6wo[4q oro XpnU<rnor4pro ge r4v eln6o ev6q...r(oxn6r.
flop6 qv eloo6o oro Xp4gmroqpLo,ro trrowritrorqq erorprx4goXdorlq6evrcropy{9nxe, 6X qn6 voqrqly(o, o \6 yto vq 610rqpqoe(q ouvoXnqg ropugr1g.I4gepo 400nepftouero(por(oe
n6vo on6 30.000epyoqop6vouq)
6rqeerouvow6 rov poyx6
rirtro. Mer[nore 6Uoq6evrov enr6su<rr0ouv,
oov vo rnovto nop6qg
go(veror
Aeye<irvqq
o4go
rnq npiq. Aev
o0re orqv pne( rdpro, 6nou undplar p6voq 6v6erlq:ManagingDirector,AeuoJv<rlv
gro ouwelgfo, pro KoeoIfppouloq. Or ero(por64puoupyo0v
onp6nerpooov(o,nou owe 06pupo rdverofre npooqtrw[(et.Or
rpon{ireg t4g vnireownoq UooEouvoe owo0q rouq odelgorig,
rouq 6r6ooK6^ougror roug peydl\ouq66ooK6^ouq,Koe6qo6nyo0wor vo "6ro6rioouv orov 16o;,rorqv otrfOetorrlg orodg".
Kdes 600 1p6vto, oro r5trog ev6g obuotinqrou owqyovF
o9o6, ro ManagingCommittee,11ercrdreorrr{enupomi nou
eMyXer14 Leroupylo rou opyovrogotl,end\6yerrouq vdoug
eto(pouq. H 6ro6rKoo(oenrl\oyrlgefuoren[now1ror yiveror reKl€rop6vcov
rov €updrv.Ere[vogrov ono(opofudooKono0vnpdnervo dXerr4v unoar{prlr1ev6qeroipou.Or dMor ero(pot,or
ono(orouv4orog6ev rov yvrop((ouv,yror( epy6(owor oe d^^q
qr{goro, nepvo6von6 r6orwo tr1v enoyydrgorrrl rou 6106pog4. To orlgowrx6repo rpr{pro nou op(ouv rrlv refuKi en.hoy4 elvor4 oroOep{ npoodleuorl orrlv epyoo[o, oLnep(ntroKeqKornqpqKw6uveupeveg
ev6pyeLeg,
11xcv6rrpo or4 6Lo(r4o4
ror 11prlov0ponrri 6pdorl. Ie 6vq 16oo obron6pooro o0oq-
3. OITPANEZIE: KMOTEPOI/ 57
vo xepoYoYnoouvTnv enruo, eKefuornou go enrxerprloouv
rponi { vo Bdlouv U6oo6ev6xouvKoU[onreqv6Tnrq.
H rp6ne(o eqqKo)roueei
vo xoupold rrlv xtr4povogrdtou
ogeprrovrroJnouprovrogori,o0ggrovopetov onoio4 oupneprgop6 ev6gtrnoL\rl^ou ornv rbt(r)rrKri
ror
rou (ro4,orouvrloeLeq
or povleqrou rov rnnpedEouvorn 6outrerdrou. f)g er rofrou:
exeivogo ono(oge(vorogg(pol,4g40rr4goqv npooonrxqrou
(turl-yro nop66erypo,ov 6XernoM6q rqoquEuyrK6q
ox6oerq6ev pnopei vo rmdXeruq4}r40dorl.Awr] efuorror 4 poorrrl opXr1r4q enul,oyqgrrov ero(ptov.Tdtroq,o np6e6pog xot yevtx6g
6eu0uvqg SXer6rro(o9oB6romoug 6roprolrorjg,
oMd ondvro
ro qoKei.
ed\eypdvor0o gorpooro0v6vogowoonr6 pn6OreuruXe(g
vouq,oe perol6g rup(rog-r<ot6Xroe lpfpcno-, rLqono(eq6ev
61ouv6rroiopo vo nou)rr]oouv6oo 0o rordXouvt4 06ononq.
?\Mtoqre,pnopo0vvo enev60oouvoro d\eup6 rou epyo66t4
roug, 6rov o reLewologouggerdXer
oe enrXerprloerq.
Orfltognptopdvotgopora;yrKo(rnq Fou6tr:rpr ooXoAo0worUero vo
ehogpo[vouv6oo y(veror14 gopotroyrr4roug 6ql,trlo4p6oto
re;yoopdrrov trre[oonqrnq gopotroyfog,onotrtirog v6grprcov.
fro vo 66oouv r6no mouq rotvo0pytouq,oprop6vorerol
por-6ro1etprm6g
noporo)\oriworvo onoloprloouv on6r4v enrXe(pnon,ogo0 dxouvri6r1onoxop[oer(yro plo 6eroe{o rmd
g6oov6po)ro og6trqowoti rou npovopLor<o0
ro0eor6roq. Or
perov6rqro,pno(vouvmo enretre[o.'Eror,
ro0tirg
un6Lonor,1.no
rux.l.ogope[xorvoripyroq
o6poq,onorpdnetorq onol[eoon. H
reyyoloyrr4 ov6mul4, nou e(votnotr0yprjyopqoro yprlpcnoorxovogxd,onore( ouvepl rllmrorq ovov6tooq.H prrp{q xI(goroq evoMoyj rou 6rorqmo0 npootonxof -ypolrpm6rrrvror
6roogd\[(er,owlOero,14 ouv6Xero.
Borl0cov-
58 / H TPAflEZA
Aurn n 6ro6rKoo[o,
Ko0drqpp(oKerororov owinobq rou vanonoyori, efuor ;rovo6rxr1.Boo((eror oqv eqris opxi: ov F6vouvnoh0 rotp6 or4 86or;roug,otrpone(fteg pou6r6(ouvrot
xdvouv)r60n.
'Enetro
on6 rqv noMr] 6oulrer6,ornprinlveroipot,oxovogr16 ovefdprrpor nro, gnopofv entr6loug vo npoygmonoqoouv
rtq npooonxdg toug gl\o6o([eq, vo ooXol40oriv6q]ro6f ge
r4v nofurrxrl,r4v novenror4gror{ 6r6oorotr(onou oXerl(erorpe
rrl (on rov rnrxetpnosov,Tn gAqv0ponio...
Optog6vor64groupyo0vrep6ooronrrd reg6)roro (hedge
funds)yro vo nepvo0vrqvdrporouq{ yrovo ntrow(oouvr<rd}.'E1ouv
tro.
nouLr]oer,evr(,) peroqf,ro peyol,wepopdpogrrov
geroXrovGoldmannou 660erov. Aurrl 11o966o rov npdrnvrnq
Goldmanonorehe(6vo roXup66(rruo orov r6opo r<ovenrXerpqoeov. Mio gopd rov 1p6vo ouvowroOworoq N5oY6prr1.
'EXouvgeprrdggop6g
l,6yo yro rqv nope(orqg enrla(pnoqSri
yro oprogdvoug6ropropo0g.Ff owo0q rouq veopo0gouwo[rorjloug, or ono(ore[vorox6p4yep&rorev6pyero,pto (torl 16ro on6 gorvtrt5qf oe yine6o rou yrotrg 6nou 0o yrunofv
wpdtB e(voronldrq o6rov6nrn.
Telsuro(oBoorK6rogtrr6rroro "otlorqpo Goldman":o 6lryXogrou pfoxou.Inq enev6wtrdqrp6ne(egdvoo6porote{oq
rov ouvol.\oydrv ond rrq urqpeo(eqdrXopi(et rr1 dLevdpyero
6oo4q rirlo;v q geoLrehq. l-ro vo prlv oqrnqnoerrovdvog novnp6gour6 ro "otvrr6refyoq,, ro06prooov6vonotr0ouorrlp6
orjorrl go xov6vorvenr4pr1or1q.
"'OXternlnEerqndvo on6 6Iq": ou(6 efuorto )rdtTgorip rqq
oyoponto)rqoioq
rful(ovornv GoldmanSachs.To KdpdnKoror
ondrtrereg
rou xo0ev6qetr6yXoworxo04pepw6.Oretreyrcr6q
rw60vou,ere[vornou 6ev orpdvouvrouq rep6oox6nouqvo Xo-
3. OtTPAnEZIE: KA OTEPOIi 59
po0v,6noq 0o Myoge Xopnol,oycirwcg,
61ouv6tro[opo p6ro
oneu0e(oq
oe r60e fnomn ouvoMoyrl.Ot*6eowotr6yoL,,61ouv
yto
np6opoorl moug to0voweq, vo onorponeln fiqpoKou{n
rrov onoyope0oeov 96o<orrr.rv0uyotptrdrv. E{opr<i.lwot6Mtoro votipeporpfo
me oneuOe(oq
on6 rov orxovogtx66euOuvrr1,
yto 14 6toiKqoq,Tnvn}rnunerjOuvoen(or1q
rou opyovrol.rori,
porpoprr4ror ro troytmripro.Iro owoBtoypogtK6rou BtBtr(o
L'Engrenage,
o zep6pKepB6I,np<irqv
Xprlpmtm4gqq Soci6t6
G6n6rale,pA6 yto q Xotrop6r4rortr:v 6to6tt<oottivnou rupropXe(orov n0pyo rr;q Nregdvg:"H rpdna(o poq eiXene(oet
oe r6roro Bo096yto rrlv nowo6uvogforr1g,6qre 6evXpeto(6yrovo Uoquno6e(etrov oeBootrt6rou
onotoutov vq enovdtrOeL
6{nore xovovrolto0ti yto vo poqrpoBnqetroourlYtqop5]reto".
flop6potoneprypqqn0o 4rov obtovdrlrrlyto rnv Goldman
Sachs.Aw(0eropre6,tt ouv6poweorrl Soci6t6G6n6rale,o entrou opeptrovrro0r6p0rqg ol0ouoog ouvotrtroyrirv
r<eqotrr1q
gorog pr .d ouveldrgorouq Xpnpotor6g rou, ot ono(ot(ouv
nou rouq eMyxouv.
mov [6tox6oproUeeKe(vouq
rou. To o0ornpoonoKdeeopyavroU6q
61error lq o6uvop(Eq
x6Betrouq enoyyetrparieqon6 rqv npoygonr6rlto, on6 rqv
xoOlpepwq(tod.H GoldmanSachs6evelvotp5vopto pqlovrl
nou nopdyerr6p6r1,e(votrot dvogrp6nog(to4g.Iro ptphiorou
Who RunsBritain?,o orop orrovoptr6qoXohooqg crroBBC,
yto o6rro. H 6K9poon"Big
o P6gneprfl6orov, gt\6 eu06<oq
Brother",npoocpttr(q
oro 7984rou OpYouetr,e(vorgdl,\.ovnto
rcr6Mr1trr1.H ooruv6geuorlqg oxdgrlg,11vdoy)rtitooo,rl nporepor6rqro rou ouMoyLro0 Svowt tov npoo<onxcirvnponprloeov: 6)rqow6 to ppforouperot e6dl.Or epyo(6pevotnopo'Evoq
np<irr1v
6eu0uvr4g
Kolou0o6wqroe 6,1 rqr ov rdvouv.
60 / H TPANEZA
oenyelror6Ttoe nporp6nouvvo qoq ornv Kqefi6pro-{orior,
ool6ro KrI.-, 6nou ol qyop6qeqoelotiwor peqlrerrpourq rdpro, ror 6roLgnopo0vvo etr6yXouvtr; 6tcnpogxri rooppon(qrov
yeugdtrov oou. Av nrlyo(vere ouygd oe 6vq on6 ro noMd oowounod6ro u1g Fou6l lrpr rl rnq Otur :rpr, 6voq6tcnpogol6yoq 0o 6p0eroe enrKorvovlopc(i ooq rot 0o oog npoocp6pet
rtg unrlpeofeg
rou, <irorevo gnefueorov oroor66p69o...
H puomondoeroeivoLgroporpd nop66oor1,nou KlnpovoprlOqrenpotpovtirgon6 ro o0orrlgo qq eropw4g oXdoqq.EUeuoo0v oe 6trouqrtg oper6qrrlq 6rorpmrx6r4rogrot tov g6po
qg g)ruop(oq,t6roirepooro oepor .6voKororo pnop tov qsvo6oXeicov.
Anoyoperieror
en(oqgvo pti,qoatqcrq yuvoixooou
yro r6notov gdratro.
Ev<irqro MovX6rovr1mo l-ou6or Ew rou nov6avouor enF
ruX[egrrovrpone(6v npoBdljtowotorouq 6to6p6gouqrouperp6 ndvo oe drogrlprorrrdqog(oeq,4 Tpdne(o6evxdvernot6
6roeliUron.T(nore6evnp6nervo pyernpogro 6(rr;,oe 6vovopyovrop6 nou opre(tot oe 6vov xot p6vo ernp6oornoero[po
(partne|...,6outrerdrou ono(oue(vorvo 1utrd6oo y(verori,ty6ro vo rAeioer6vo poweBo0porepo! Frodvov6rlprootoyp6<po,
'Ooov
(i rou e[vornp6x],r1oq.
ogopd rq 6rorpdvero,
n erqrpe(cl
p6lo
peydleq
oro
vo
eqolpa
rov
rng
ortg
orrovogu<dq
opreftor
oul.rcptov[eg
xor vo 64gooe0et ro onoreMogmd rrlq 4 ng peMreg r<ovorop ovotrwdrv rqg. Av rot n TpdneEo1o(peterrG
gnonq oro Xpqgonorrlpro,ot eroipot6(vouvrrg ouveweOfetg
pe ro oroyov6perporor onogeriyouvrov Ttlno 6ntoqo 6rdBooqv xopugq qnorcl€( emotrogro llBdvr. O,n goyerperjeroL
ogpdyroro guorr16.
Aurrl r; trmpe(oqg v(rr1gpe rd0e riprlgo, 6nou 6)roenrpdnowot, err6q on6 r4v onoruX[o,ow6 ro 06orpottov Xpqpo-
3. OITPANEZFE:KAAOTEPOI
/ 6,1
ToorKovoUrKov,
6nouoreecrrdq,
6noq Kororneonotol,6ev6Xouv
ovdyxqon6 oyo06 oto04gmo,6rlproupye(trlo voorpon(oneprqp6vnonqrot 6vo o[oOqgoovtxep6r4rog nou pe 6uoro)rio
rp0peror.Or croupog6porrrlq Goldmanonoretro0vrov orpo16 nou dvo eB6opo6ro(o
Bperovrr6nepro6tr6nopol.rolooepe
exe(vovrou Kp6pyouel:ooBopo(,xorq<pelq,
ol.\6 ndwo vtrrlrdq. "E(uqrqrd\6q6voqrpone(ftr1qnou rdverro ripyorou OeoJ":
o16;-roxor ov 4rov oore(o,n dnl(Donrou A6rw MntrovKg6rv,
rou Xp4poroorKovoovopeooarrq ou(4rqoergnep(rr1gr10xr1g
prro0 ronrotrLopof ror rrlq unon€5gew1g
onlrlm(og rtrrvrpone(n<irv,goprup6 ourq r4v 5nopo4nou 61er6notogvop[(et6tt
e[vor.o xotrr.rrepog
on6 5],oug".
'Eror,qrrq
13OKr<opp(ou
2009,rcrrd14 otioxe{4 pero(0r4g
BperovrrrlgxuB6pwlo4qrov Epyortrdrvrot rtov enrregoi,rjg
qro Aov6(vo,pe05po14
ro.rv0uycnptr6vrov Edvov16puUdr<ov
pri0grorlr<ov
pndvouq,o ernp6otonoqrnqGoldmanSachs916verro0uorep4g6vog-rcrn nou elvornro 0eog6g,ov 61rpovforor ougneprg6perororouq ouvq66leouqrou ge oydvero,)\eg
'Enopo4;
rqr e(voro o6roprproBrlrqrog
vrxrlrrlq.
OXr.An6trurr4
epnroroorjvqoe ere(vonou exnpoo<one(
xot o(o0r;goorqopnoloq oe 6,1 ror ov rdvar.
E(votrulo(o nou 11GoldmanSachselvoro peydtroqxep6rop5voqrrlq orrovoprnigrp(o4g;To vo0pepo5vonoyroop[tog
mov xj\d6odnLeqe6vo uovo6rK6dlrcruoefouo(oq96ooorouq
r0x.l,ougerelv<ov
nou rupepvo0vrov 16o1ro.E(vor5vognpoygmrr6q rm6g opdluqqnou evoverexefuouq
nou troUpdvouvlq
onogdoeq oqv Oudotyr<rov,
mo flopior,orrqBpu[6trleqf oro
'H
fler[vo. Kororo nov6(vo,oro x6wpo qwo0 rou verpe]rciporog nou ovo;rd(erorI[rr.
xot04pfporo
4.0npeur6q
pt KeQoIo[oT. 610 lerwo0vortg 18lqvouol-rornv TpdneEo
I p(ou2006.Tnvr1g6poexeivrloro eltKo6p6ptorou MncrrepoL,mo Aov6(vo,o peytor6vogtou 1dtruBoAorog( Mtr6tr KqIe[
tov A6rw Mnl.ovrgdw, o ono[oq5pnoweenloqgt4 orrygrl ere[yLoq N6oY6pr<q:
vn oro oepontrdvo
"A6tw,06trornv Goldman
yro poorr6 gou o0gBoutrooe pto ouvol-\oy( rnq MittalSteel".
Atn6 ro rqle<pdrvrlpoonoouwov((etetrogpdrgere(vovnou rltov
r6re ro vorjpspo600 rnq Goldman.Aeve(votoe 06oqvo l6pet
noroqorptp<ilqeivotow6q o lv66qorov X6po rrlg lotruBouprou Kld6ou.
y(oq,on6 roug tolup6repouqndwog Btopnxdvouq
6eve[voton6 rouq geEKeivnrnv enoxno evdtorpep6gevoq
ydtrougnel,crreqr4g tpdne(oq. H GoldmanSachs6notle 6vov
ro 2004,UeroqUTnqlspat'
6eurepe6owqp6lo oq ouyXdrvauo4,
rnq LNM Korrnq InternationalSteelGroup,q onolo d6tooerq
MittalSteel.
-Aor<o1r(,
preXopdvo oog equnnpcrnoouge.
-Oq ieelq vo 6€peuwioougergmpoqytxdq enri'oy6qxot
vo ovotr0oouperr1 6uvor6rrlro ul'ono(r1o4g
Utqqr6rotqq ouvolloyriq. Xperd(ogotdgeooq porl0et6ooq.
-'Ooo yprlyopo 06Mre.O m6Xoqnotoqelvot;
64 I H TPAIEZA
- H Arcelor.
-:uyW<irUn:ll<ig oxprptirgeinorero 6vogoowrig rnq eroF
peroq;
O n6rw MnIovKg6wrflregtove[ opeooq orov Plroopw Now,
rov ouvdpuouvrrlrou nov6lvou:"Aw6q o MIT6Ielvorev6rog6pouoonep(moor1.AMd notoqorpr96qe(vou".Orovohw6q
rnq qyopdq rou ldi,uBo m4v eropeio xw4ronororivrcuyrq vcr
driroouvro npoga,rou lv6of TnqXol,uBoupyfoq.
O orpcn6q rnq Goldman[ednfuivuror. Mo([ pe rov Ioprdp
Tcr(gn6rq, ouv6€uguvrnrnq yo^furng ouymprrnq, o Piroqpw
Now ouvow6 tov nev4woeldlpovo rotrooo6rou X6truBo,oqv
66pornqMittalSteel,orov 6p6opo6pogoev6gyudtrwou
rrrp(ou
oqv Mn6pxlei kou6op. H en(6poo4rou Pcn(oordv, rrlg norpl6oq owori rou lv6o0rnq Bperoviog,eivorepgovr1qoro ypogeio, ro0<irqorroiXore(voroe 6wovr1t6Xpo,ev<irXpuoog(rp<orronxd ror o0yypovorn(voreg6('vouvrp<oq
oro Xo)rqg ero66ou.
geO r6roKrnrnqeivorrbr6ppu€gog.Aw6q o Brog4Xovog,
pe
ooiou ovoorfpcnoq,
ouv40rop6vr1e[orepu<r1elrgdvro4 xot
6woq wbxq npogopd, 6ev npoonoee(vo gr1-rqOe(
ro oyyNrd
rnq Oqe6pbnq.Elvor6vogowo6qptorjpypoqperdno€q epnoprrdq onou66q Kqronow6 crrq epor{oerg lor<rovtrd,Xtopiq
6nopo4 ror gropro6peg. O povuir6rlgow6g rov utpxo;r(vrov
Oeope(rroveow6 rou enrleprlpcrr(oror 6Xtre;yrr6. O Xolupoq
-yep6 npdygo- ndwo rov yoipeue. H ouv6Xeroov4rer mov trr60o. H ouroxpmop(o MittalXr(eror ndv<ooe epyoordororo onoio
Bpioxowor oe rar4 rordoroo4, ouvneo.4r4g Avorofurng Eup<in4q,nou e(oyop6(owoton6 ruBepvnoorq,
ot onoleq1o[powqr nou rq qegopr<ivowor.Me 6poortKn pe(ooqrou r6oroug
rot neprrondg,e{uyrofuerrrq npoB)\4pcrmdgow6q enrXerp{oetq.
O peyror6voqow6q KorotKe(
oro nov6(voon6 ro 1995.O rpi
4. OHPEYTE:KA EHPAMATA/ 65
roq r ouol6repoqdvOponoqncyxoopirr4,perdrov Mn ,l-x6ng
ror rov l-ou6pevMn6ger, 61erSvovtepdmro nripyo oro Kdvoryrrov fldtroq Fxdpwevg -orr1v q}rio rov dLqercnogrupro0Xov-, ge Fropoppdpw4nroivoxoryrop6( yro rogrd erroooprd
oworivqro.
FroXdp4rov nor6uirvrou, o Aoxol.r(Mtrdtre[vot6tcre0eqr5voq yro noMd. N6ogror 9rl66o[oq, o Awirrq MtTd]\yLoqror
6rd6o16qtou, U6trrq30 erdiv,eivororrovoprr6g6eu0uvqg rot
np6e6pogrou og ou. Aw6q o vdoq)rom6v,muXro0Xogrou
fou6ptov :KouI, e(vornou 6onpofe rov nordporou vo enre'Onrog
€ei ornv Arcelor.
noMo( w6o(propnXovor,
o Mr6J\ nqnjp overpe0eror
vo r6varrqv eropaic rou 6uvoore(o.H r6pq
rou Bov(qo,ornv ono(q6rqveydgo nou 0tipr(eX[\ng xor gro
NfXreg oro ndton r(')v Bepoofu6v Korrou Bo-le-Brx6w, 6poorrlpronotefuotoro roww6 rou enoyyetrgoru<6neptpdtrJ\ov.
H np6roo4 nou 6yweqrqv GoldmanSachse[vorelxuorrxr].
'EXowog
<ogoger4pio 60o ogiLougnou d\)rrfroougdt4prirvowor ovogoprrdgero npoi6wo ror rq yeoypogtKnK6luqrn,ourr14 ootinep ouyXrirveuo40o 64proupyrloer6vo gopoOOrperg
gop6g peydtJrepo on6 rov npdrro owoyrrlvLm4,npoo6[6owoq rotvoripyto &6oroo4 oe Svov rororapponolr6vo rtrd6o
oe nl4pq ovoouyxp6rnorl. flpor[or<og, o Aorolri M[6)r xd)rsoe rnv Goldmanyro voqq (r1rr1oer
vo eivor11voOgepodvorpdne(o-o0prpou)r6q
rou. Me qn6furrnn(orn qrnv ovorep6rqr6
r4g, 11enrXeQ4or;
onel0dverorroug 6ewepouqp6trouq.
- Frcn(vq g4v r4q nporc(vouge pro grl,xri ouyx6veuoq; H
eptir4o4 rou P(roopw Now e(vorKoeopdrunxn. fl6erno)rtlg
rop6g on6 r6re nou o olKoqopvr6'rovvo ovol\dpeL6r1p6oeq
npoogopdgenr8enrqge[oyop6g.
- l-ror(11Arcelor6ev06irerrov oppoprivo,onowd o Mn6l,,
66 / H TPANEZA
nou n qovri rou ovrnxe(oov noLeurKri
KpouyriUdoqorn UrKpri
qi8ouooouoKriqreov.
Edrirxot 6vov1p6vo o tv66genrlerp4gm(oqdrove ndvtoon6
pio gopd np6roorl-xup(cogxcndrq Etdpxeroev6q6e(nvouoro
nov6ivo,mrq 13 lovouopiou2006- mov np6e6po ror yevrr6
6teueuvrnrnq Arcelor,rov y6^^o l-rr NroM. H Arcelor,n ono(o
pero vo y!
oregr6rov vo xle(oerrov 6p6go mov enmOdgevo
vet ef(oou peydtr4,{rov r6rc ro vo0pepo6vorou X6},uponoyrooprlrogoe rf x],oepyoor<irv.
H Mittal6p<og,
np6r1 or nopoy6pevouqr6voug,TrlvoKolouee(Kmd n66oq.
- O5)r<o
vo 6qgroupyr;oopro erotpe(orou ;rdMowoq,noyx6ogrogxi,(proxog,
ouveX(eto Aor<o;r[
Mtt6L.
Yndpxer6rogov(o: ouvowenx6gydpog ri onp6ogevqen!
OeonKoreroBoln;Iro nl,oforoow6, o p6loq rou enev6wrroU
rpone(irr1e(voronogoormrx6g.Iro (er<ir4goe(vor6ropeool.opnr{S.'H,Kolurepo,
nou
"er6x6qoe otryXoveUoerq-egoyop6q",
por1Od
orofyeror roltrrapo. Aw6g o 6v0pornog
6vovantletpqpcr(o vo peyo.r,<iroer
rmon(vowoq dvovow[no],o,yro vo en<ogelnesl qn6 rrq orovog(eg xtr(1rorog,vo pe]rudroettqv owoytovrom6r4rd rou ror vo o(ronor4oertrlv en6v6uor;r<ovper6Xcov
tou. Av e(vorexe(voqo ennr06pevoq,
rov Boq0dvo erotgdoer
ro 6n)rorou. Av o ndrdrqg ugicroror r1v eniOeoq,o rpone((rnq-o0UBoul,oq
npdnervo Bperrp6no d;ruvoqyro vo 6roguL6[er rrlv ove[oprrlo(orou np6ro-.
'Onoro
xorov eivfl 116rpoorlrou oydrvo,ot npogqOereq
nou
0o eronpoX0o0von6 owo0g roug 6rorerprpdvouqernpoodrnouq rou noyr6ol.rtouxonmotrLopori
e(vorroLoooro(eq.Korro
Xpqpmror4pro rpdroiverot yf owdq ng gd1eg,nq onoieg rol,0mouv ro MMEpe r4v xo0o6qy4oqrtov geyoi,oropXopuirv
nou tld)S/ouvyro ofuoro.
4. OHPEYTE'KAIOHPAMATA
/ 67
'Orov grldpe yro rdnotov et6Lr6ortq 6nU6oeqnpoogop6q
eloyop6g Kororo nopooKnvrordXtunrlporooro Xpnpcrnqrn'Onoq
pro,6evMpe 6n 61etro 11016Xotrti96wo;
n XoluBoupyio, drorrot rlrpdna(o-o0gpoutrog
nopon6pnetornv ollnUe(o,
pto16114enx(v6uw1,
nou onoref Lem6rqro rot trov6rlro. Kot
orrlvr51uqour4, otrpone(ftegrdr6yepotrrlg Mnp6ouwlrpn
85 e(voron6 rouq rotrrirepouq.H ennuX(otqq entoerLr4g6qp6oroge[oyop6gon6 rn Mittalev6qoUltrouXo,rupoupYioq
rou
AouqepBo0pyou,
rnq Arcelor(ow6rqto nou npo6xuqeon6 t4
rnq tonovtKRq
ouyxoveuorlr4q Arbed rou nouqepBo0pYou,
y(vat
yoltuxrig
UsinoQ,0o
AceraliaKorrnq
;tdpoqrou ep0lou
rou o(rouGoldman.
Ie gro 6qpdoronpoogopd entOenr4qeloyopdq, 11egntorewLr6r4ro 6ev 61etr(gqgo. Olo 0o yfvouvge gumtr6rqro
oe dvovneproprog6vor0xtro,ro QG rou Aov6[vournq Mittal
Steel.To 6rorxr;rtrdoupBo,trto,pdhtoro,rnq Goldman6evei'Otro
H entXe[p4np6nervo e(votr<odtxonoqtrr6vo.
vot evrlgepo.
-rmox(o
v0[4 en!
ttov Oe<iv-,
on gorpri(eror"IX56roOlympus"
qrouq
yro
v[rq. To
Otrupntoro0gAy6veq Kotcr4 )triooo
onq
6voporou rto6txotir4g MittalSteeleivot"AprlS",o 0e6qrou
noM;rou ror rrlg yewot6tqroq,egobtoop6voqentnA6ov
lle ivo
xp6voqKqt6voono€[ond rov rotrrirepoX6lupq. H ArcelorBqgr[orrlxe "Ar].o9",o Ttrdvoqnou 6Xooeon6 rov A[o (rov BooF
vo Koupol,rdrou Ol0unou...),qn6 rov onolo rcrro6tx6ornKe
rov x6o1roorouq drgouqrou.
1,6or<ovf<lq
H GoldmanSachspyo(ertrorn6von6 ro govirtt4g rov 6oo:
rov l-ro6lZoou(.Atdorlpogyto rqv euprlpcrnr6r4torot rtq Ypnyopeq owt6pdoerqrou, o ouv6nu0uvr4qrqq rpone(oq ougpo0lov qro Aov6ivoe(vorro oordpt mtg ouyXtove0oetq
noveup<onoird.l-errurlgdvoq
orqv Ko(opntrdvKqKotUeYoloU6voq
68 / H TPANEZA
orn P6Un, Fe onou6dqoro HEC Kqroro StanfordBusiness
School,Uno[ver
ornvrpdnEqoro 1989,orn N6qY6pKn.
To (Xrunqgcrro"e[vorun60eo4yovr6ltov:o gey6.Logo6epg6qrou, o
Mdrxi,, e[oorel exeMl r4v enoX4ro [6Loendyydqo orov [reydtroowqyouqri TnqGoldman,rrl MorganStanley.:rov "UF
xp6 o6eprp6"yprrlordperrlv enFuXioewun<ooroxrirv
XprlpmrorrlprordrvouyXove0oetov:
rov HSBC-CCF,rov ltalenergieMontedison,
rov Pechiney-Alcan
KorrovAventis-Sanofi.
O enoyyeAgm(ogvrdr€et
yro on6trur4v(rr;,oov
r4v or6peorq enrOup(o
rouq oe)\qr6quqn)\of entn56ou.
Or 64p6oreqnpoorpopdgefvotn6legog lrop(gnopoXtopr;oerg,rcrd rov ono(oro 6tio orpm6ne6o -o Orlpeurrlgror ro 0{pogo- Xrunrofwot lprlorponotdrwognofurrxd,enrxowr,:vrord
xoroxovogrrd enrXeprlpcrro.Kor6evrqyo(vouv (un6luror orq
qyKdoro.l-0po on6 tov Zoou[,n GoldmanSachsouyrpore[gro
ogd6o rpofoqq rupltoqpetov flop-Yp:o[n6p, Bqorr6ero[po
r4g noprorwlqvogtxfg erorpe[ogCleary,Gottlieb,Steen&
Hamilton.Xpero(6rovnpdygmr 6voqeuponoioqvogrr6qouv6e6eU6voqga 6vo ogeprrovtr6ypocpelo,yro vo Kotrfqrer6X
Lry6tepegon6 errrdvogo0eo(eg:
oro Aou(egpo0pyo,qro Bdlyto, orn l-ol (o, ornv lonovlq,ornv OMqv6[o,or4v Eup<onoi'Evoorl
rq
xot orrg Hvrop6veqfloi,tTe(eg.Aeoogrlvourou oprogo0 rtov egnlex6pavovpu€ptortrtirvopXdrv,q ev6pyetoolrr4
ono6errvUeroL
eforperrrdnepi rorrl on6 vopucjqdteupdq.
yro unoor{pr[r1,
T6ooepLgegnoprx6grp6ne(eg xo.l.oriwoL
po4Orioouv
nporergdvouvo
crrl Xpqgoro66qoqrou eyleprlporoq: n Cr6ditSuisse,rl Citigroup,4 HSBCxot 11Soci6t6
G6n6rale.Ie owieeon perouq Ueyroroveq
0r1pew6q,
o nqKoU(
Mud)roxoOertoug tpone(ftaq.
T6l,o9,orporohoyrjOrlregto er6u<69
oe 06gcnoentxowrov(oq,
4. EHPEYTE:KAIOHPAMATA
/ 69
UeUsyq^nenpn crn XpnUarqyopdrou nqprorof, n Av Ms6,
np6e6poqKqrropfrpro rou npoKrope(oulmage7. np6nv ouvepydrprorou qt}ral€feepou AMv MqwMv, 6rov 4rov mo
vrdrOer
row6 mov Mttdtr,
unoupyeioBtoprlXoviog,
er tp0oerog
o onoioqexnpooorne(
rov rUno ereivorou entletpqpmionou
npodpXeroron6 ng ovo6u6peveg
Xtipeq.
To notrEurK6entTe^€ioouyrporrlorlre trorn6v.
"flporqyovrornq e(vorn Goldman,'Met e{opXrlqo Mr6)r.
Mero BMgopo pro6drermo,ro np6otonoov6rgpomo,o Tro6tr
Zoouf6evMet I6[q. Tt dMo vo rdverg6rov or6nowotn6grouv
o 6vogn(oo on6 rov dlj\ov; Aw(OeroUenq oyoponolloieg r[rl,<ov,6nou 6evun6pXouvovooroMg,orr;vrpdne(o-o0gpoulo
ow6 nou perp6efvor11oXdorlepnroroo0vqgpetov nd\arn. To
un6)rornodyrerwor rel.Lrd mo vo ror6xetqnq PootK6gyvcioetg
To orlgoww6repoa[votot
noMon^.oorooporjxor ogo(peor1g.
Lemo(letptopo[.
2006:Uern ougpouLnqg GoldmanSachs,
25 lovouqp[ou
orov TKtNTol6ytq vorou nporeivet
o Aorop( Mn6.l,rqtregtrrve[
q olryXdrveuoq
rtov 60o og tov.Ito 16)ro9qq ou(frr1onq,nou
rlrov o0wogrl o,AJ\d
euyevrxrl,
o tehewo[oqopveiroLyto or6go
Uioeopd.
Orexeponpoqieq
leriv4oov 60o rlpdpeqopy6repooro Aov6(vo,6rov o w6tr6q69 oq ovorowtiler 6r1poo(oq6rt 61etrrlv
np60eoqvo e[oyopdoerrnv Arcelor.Tqvnporyoup5v4r4g en[Oeoqg4 peroXrlrou Oqpdgorogn6qrer.O 6ptloq 6evdXetrot
peydlrl n6poo4 oe dvoXp4pcrror4pronou rov unortg6. Ot rep6oox6norenr(0eworoq peroXrjrrlg on6 ro 2005.
'Ogcoq,
11np<irr4npoogopd qg Mittalqgnvetrtq oYop6q6F
morrrx5g. H lopqtrri rrgr; ror ro yeyov6g6n peydlo ptdpoqrou
owFigou nou npoog6p0qremouq ;rer61ouqrojtfmerot on6
70 / H TPANEZA
Xopri, 6nl,o6n FeroX6S,6ev Kp[enKovrKovonornrKd.EnrnMov,
n entKparnonrnq orKoy6verqqMndl, oe 6vov 6;.ulo KcrroxtrrpF
o;r6vo or4v Ol.l,ov6[o Koroqrotroyrlpdvoqro Aov6ivo owu[Oeror moug rov6veq6rop0qq 6roKuB5pv4o4g.
Afuowoqr4v ew0nor4 6n 6ev6qproupye(
dpeorlunepol(o,4 64p6otonpoogopd
(exivqoa6oX4go.Meowonenoio4on,n Arcelornpoooe[{ovd
rrlv npoogopd.
Tnv enrrr06Uevn6evrr1oupno0orivr6toirepo orqv on5vowL
6X0nrnq M6yXnq,ong r6ooeprq X<irpeg
nou egnh6xoworor4
'Exowqq
ouvotrl'oyti.
mev6g oX6oergpe r4v Arcelor,ro AouEepBo0pyonopordooercr onogoormrr6 pe r4v nl,eup6rou
oguvop6vou.Meprr6qrlgSpegperdr4v ovoyyatr(o
r4q enr6pog4g,ro Meydl,oAour6ro uro0ere(eoneuopdvoproeuponoiKn
odr;y[ooXerLr6perLq6r1p6oeqnpoogop6g,nou ev6uvogcirver
'Oooyro
ro o;ruwrxd p6oo qq erorpe[og-or6Xou.
rov y6l-\o
unoupy6Otxovo;.r[og,
rov Tep( Mnper6v,on6 ro roww6 np6prepto unorp(o[evogop(oq-<np6oronorou Zor Itpdr<,6r1trdrvat
qpevnqyro rov np6nv flp6e6pornq FranceTelecom-6rr ourn
4 enrOerrrrleqoyopd05retorn l-o.\.1,(o
"6vq npdph4goypopgom4g rou r6opou rov enrXetp{oeorv..
:ro EeKivnpo,
n Goldmanpnope(vo unotroy[(erornv unooniprfiq rou lirr, nou errr;rdrrlv oowodrwep Mittal,Koe6q
roLrqq pperovrrqgxuB6pvr1o4g.
O BrogriXovog
unrlple npdyUortyewor66opoq Uero Epyorr6 K6ptgo.O nprrlOunoupy6q
T6vrMnl,epro0 ro owon66ooe, euvo<irwog
ro enn6rro mrg
pni,or.
rou
npdrrlv
ooprenrori
Kor6
rov6vo,
11ennpon(
ldlpeg
rov Bpuqeli6v 6eveivoropvqrLnioe pro oyop6 nou ev6uvog6ver rr1 Brop4lovLrrl Eup<ilnq.H Botrov(oror q lonov(o xporofv ou6erep6r4ro.Koro ZoKlpdx, o ono(oqerorpd(ereni
oKeqrnornv lv6(o,(4rd on6 rov unoupy6vo xcnepdoerrouq
4. EHPEYTE:KAIOHPAMATA
/ 71
r6vouq.H drpoonore( qpegio.H FoLl,io,q ono(o6evefuotgdroXog,ogfvet ro npdypmo vo n6pouvrov 6pogorouq.
Inq opXdgOeppouop(ou4 en(oeoqqq MittalQoavcrotvo Unv
npoxopd, 6tqv o FK NroM, o ono[og mo q ivqt-toeixe Xqpoq Mittal"6pt\o lv66v" Kotrnv npoogopo rnq <Uerqrcnlp(oer
[ror6qrop66]reg",xdvetnto 6Kbnlnrnv nept9p6v4o[rou' 6qldrvowoq6rt 1 Arcelorrpttopret"6porpo"ev6 q Mittal,,Kol6vtq".
O NtoM, oq YvriotoqFdlr'oq, [dXooe 6n orq l-ou6]rIrpm
epyd(owor noL\d ov<irrepooreMXq pe roroyoyri on6 rtg ltirpeqrnq lv6rKiqXepoov4oou.EntnMov,o onl6g rp6nog (or1g
6xet
rou NroM, o ono(oqEetoE6vo6top6ptolrooro Aepotroud,
rot o gto06grou e[voton6
proefolrri rcnotKloqrn AouvK6pKn
roug Xog4)r6tapougovdpeoo crrq orel6)n rov erotpet6v pe
npordre( ro pet6logorov AyytroXqgntrnKeeqlotono(4or1,
oof6vtov. Ereivot 0oup6(ouv UeYtordveqKot toxupouq'rov
ono(ov n oy6nn yto r4v nohwdtretorot ro peyotre(o6toyx<irvet
ro 6rrd roug npt;r6rov Kleiveto Xp6voq.
r6ptogrou eowo0 tou, o Mtrdl 6ql'6Iuyrpor4gdvog t<oL
Kotttirpo 6pXetotn ortYverg6vo6r to ldyto owdrov Ol'(Bouv.
tou
Ot entOdoerq
gri nou ro nep(rpqpo6(rruo avepyonote(rot.
Frr NroM ror rtov qKoloti€ov rou 60t[qv opxeto0qY6l,\ouq
epyo6dreg.Kupfoqrov Opovqou6flw6, o ono(ogp6l'tg66torou og(trourou orovytorou. O Bper6vogntore0et
oerq K}rer6r6
nog dXetnoAJtdrow6 orlge(ope ow6 tov 1v66,q anoyyehpmttou ono(ouUot6(etnolti pe rn 6tKnrou. O tdpur{ 6todpotrrq
dvo6e!
rnq rqq PPRovofuerqtornv Av Me6.Mo([opyovdrvouv
nvo,nou rou 6(vetr4v euroLp(ovo ouvovrrloetr4v ogp6rpepo
roreorrlp6vou.fl poorpdpowdq
rou yotrfurorlentXetprlgortro0
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72 I HTPANEZA
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mtq o969 ourogow[eg,oro I6Yto
ro yegdro p(ooq.Iov vo gr1ou;tpo(vetr(noc, 6ivetvo0gepo,
gto ou6teurpll(er rq oqpoo(o ev6q6ove[ou,ovogopcptivet
qrnv
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1'IOi H TPANEZA
po aKefunKove(q6ev owdogBovorqv rnv d\rl0w4 npooonx6r4ro rou A6rw Mntrovrgdw.
Oo16oo, o dvOptonogow6g, lrop(g vo ldver r4v enog4 ge
r4v npoypmtx6rrpo,6noq unoorqp[(ouvorenxpn6qrou, 6rqOdretnve0go.Touopdoer,yronopd6erypo,11roropio,oMdr4v
oydn4 rou our4 r4v xpfBeLnioo on6 pro dLl,4 oydn4 -ono)rtirog otrqOrnjror ourq-, ro Xpr]po.Av xordXerng 6ouhedg orqv
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;r5vorou BtBtrioro 6Xetxi.er6tog6voor4v wouhdno. M6oomo
oepo r6vo, 6nou 6)rorot entpdregxorpo0wor,ro govo6u<6
grordrr e(vortr1q6tr{g rou 06o119.
ovol.rgdvo
Mero[0 60o geoqpBpwrirv,o rpone(irng, nopd rqv nieo4 r4g 6ou)\erdg,6ev
ooXo)re(rorpe rdnotov g6reho, oltr6 ofre ror BMner rdnoro
rollo. AroB6(ergro proypog(o.H rpoyLrrl goipo x6nonovov0p6nov, ro 6pdporo rou nopele6woq, nou efvorepnortol.r6vo pero 6q\rqpro r4g ouvopoo[og, onordro0v ro rorogriyro
owo0 rou )rdrprl row pey6)rrrlvgolirv. TrqXeporepeqorrypdq
r4g orxovopr4g rp[ong rou 2008,6rov raleiooe 6voqpopoe6vroqouoKdqreov,
r6noroqveop6qouvepydrrlgnou efie e(ogio
wtrqOe(on6 rqv roUpoo4 rou Mer: "Aev 0o owdqo d\
'EXowoq
uroro p6po".
orov vou rou rq Suoiottov ol.reprrovdrv
orpmror6v rord r4v on6pooqrrlg Noppov6(og,orrg 6 louv!
ou 1944,o np6e6pogrou onowd: "To nqpd\6re'yro gowoore[te of provo Bpror6oomovmqv Ogdlo Mnmg!".*
E(vorndwoq noh0 rdr6g oro euguoloyrjporo Kororn 6ngroupyioewuntiroeov.Aw6 to Xdprog6rou edlnoe vq oqro* :.r.U. OUdXqMnrq irov n xo6rxrlovol.roo(oev6qon6 rouq nCweoryrdto0qon6fuoqgorq Nop[qv6{o,orov ono(oorqpeplKquKCq
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7. TOATOPIANO
TOMNPOYKAIN
/ 111
norrfoer6Tov6nlooe orouq SundayTimes- yro vq ro uerovl6oerUerdnrKpd:"Aeve(Uqrnqpd dvogrpone(kr1gnou r6vet
ro 6pyorou Oeorj".Iro SyXprol.ro
eq6eul o rou ev06rouro0
dxovovdvonoprpdro nou Ou;ri(er
rov poorJ\rd'HALo.
pp[orouv
Optoprdvor
6114 uo(porou rpone(fu4Oupi(etr4v
rpoyo6(o rou Ioqnnp Koprolovdq.Antr4or(o,oytiloq yro rnv
rcrrd rcov
e{ouoio, birruo enrppofq, el6yeporlrcovnh4pei<ov
toXupcirv...
E6tirdXoupero ndwo, err6g on6 rqv rordtrq(qrou
6pyou,nou elvoto 0ovmog.O Kopro)rovdq
6Xerror exe(vogpop0 podLopo,Aunrlpdv49rov4,nrxpiooro np6oono.
AJ\trdr dv0ptonoqe(votorrlv npoypcrnx6rrpoo A6tw Mntrowg6w;
llp6retroLyto Urqrunxi neplmoor1qUeprKovKrlq
Korvovrr4g ov6ll[49. Elvor4 rmop(oev6goyoptof nou pey6]rooeoro
nou
npooorto rrlq N6oqY6prr1q."To not6(qn6 ro Mnpo0x.l\.Lv
qxotre(o",
nfye oe 6rlpdoro
dnoq rou opdoervo owoouoqveqendpqoe
ror.
dAoro epn66roge ne(o1ro.
O n6rw MnlovKe6wyevwlorlxero 1954oro Mnpovq,oe grq
enoXf 6nouro 100%rirov )reuro(ror (o0oovoppovtrdor on6yovot perovoorov on6 rqv hotr(o,Tnv lp^qv6(q Korrnv Avqronou
l,tx{ Eup6nr1.H otroydvetoroue(voreppoir4gxoroyroy4q,
ytr(ro.roe
on6 ro noyrp6p crq P<oo(o
oro r6trr1rou19ouot6vo
ror 6pocrqpLonoq04reoqv rmooxeu4 6rorpovev6ugdrtov,
'YqenprvKoroorpoeelotxovopxorlv nep(o6orrlg Meyd}\nq
onqrou 1929.O nm6pogrou, o I64roup,e(vorundtr\qlog oro
:ro6roKo, or
roXu6pope[o.H pqr6po tou r(vqr peoeq.,rov(or.
f'loproprovof xorot poOporeyxoO[orowororo MnpofKfuv,yeyov6gnou duiryger
roug treuxo0q.Or yoveiqrou, p6llg pnop6oouv,og4vouvow6 ro ropp6rt rqg notrtdgN6oqY6pKnq,nou
6Xet6torqpfoerr4v xi,fpororrlq rotv6r4rog,rot gerorotrrl(ouv
112 I HTPANEZA
oe UroKolnrepn ouvorKfooro MnpofKj\rv.O pu<p6g
A6rw nr1yo(veroro ThomasJeffersonHighSchool,6vonoli ro16 oXoIs[o. Ot l6qerq"6toxon6q"rot "IogFotor0ptoKo,'6xouv6toypqeel qn6 ro lrq^6ylo ouro0 rou Ue^rrnpo0 eqipou, o
ono(oq(er Udoqqro npoorqreurrK6neprpdMovrrlg ou<oydverog.l-rovo pyd.r.er
ro Xopr(ul,(rr
rou, ro oy6prnouLd row6Kroo66oq orouq oy6veq rov FrdvKrq,
rnq SpuhKrlqoudbqq
gnri(gno)trou Mnpov[.
O ncr6pog 51eLgeyo)regqtlo6oq(eq yro rov po0nrn our6,
nou PyrlKenp6roq ro 1971Kqr6rdpooerov onoxorpfirqrnpro
)r6yor<ordrrlv tetreq onovop(qrov onotrwrlp(crlv.
:rq 17rou
pe
gro
unorpoglo
rodn4,
o
Lognp6q
ow6g
vdog
orrlv
Xp6vro,
pnofveroro Xoppopw yro vo onou66oettorop(o.O A6rw e(vqr
o npcinoqor4v orroy6veronou r60eror oro novenrorrlgroro
66povo.Ir4 ouv6leronolpvermu{o vogx4g.
T6[4, opoq rp(o4 ror r0X4: 6rqv re;\etd)oer
rr1vopu<4oXotrf rou XdpBopw,o A6rw Mntrovrgerv6Xergnpooro rou dvo
Lolrnp6g6Mov.-erwd on6 14 06o46rrqy6pouer6rrorioe cpopoloyrKdeSUqrooro vopr6 ypogeio Donovan,Leisure,Newton & lrvine(DLN& D. E[voryr' ow6v 6,n roLrirepo.M6oooe
5vo nepLBdMovnou eugfqeroyytrrKnMoXq, ot KoUrl6qypqpgoreignepnoro0v6rorpntr6 rot orrq 4 ro on6yeuUoqKprp6q
oeppQouvrodrror gnror6ro -rodr oe 90tr\o, nopordrtir, ror
6Xroe goKe^oKr!
Aur6 ro flep(g nuo oyyfuKnqKou'.lrdrrfrog
e(votoor6oo ono'EneLro
r4tr6.
on6 gronep(o6o6onpr4g,rov dorettrqvoro noq
yro
Awqebq,
vo Bor;€qoer
ro ororiwrorou X6)rtyouwvo geuiroouvtoug g6pouqrouq, Kooroloyrirwogto 6grogyrorrq urqpeolegroug 6oo y(verorneproo6repo.Me owo0g roug dn]r,r1orougepyo66reg,o voprx6gpcg 6ev51eroXe66vxo€6)rou1p6-
7. TOAfOPtAnOTO MnPOYM|N/ 113
vo yrq vq Xope(Tnv Kdug6pvro,trrelg ronoOeo(eg
nou Oug[(ouv ng 6rogqpr(oetq
rou Mdtrprnopo,
trrerrq on6poweqnopoLlegror ro xopfroronou {.rd;3rouv
rov t6ovrr6orj(uvo.
flo0 r<orno' (eorderyro l,fuooro Aoq B6yxog.:ro Ko([vo,
o A6rw Mntrovrgdtvpnopefvo Xope(ro nqr]y[6r,r6rofrepqro
black-jack,6nou 6l,otot no(rcrag
e[vorowqrdronotper1v...rpdneEo.Or ovogvnoeLq
nowog on5 ro rdooepooutd Xpdvtoouvoqrf<owor
oe p(o ;r6voM(4: 6oul,etd.To ovepX6gevo
oordpt
gopo6roguyqqroLelrorvo y(vererofpogor4 voprxrl
rnq vOUtUnq
erorpe(o.
ElouOevurgdvog
6poq on6 ro nqyorvdi.ogero[0 Ndogy6pKnqKornoq AwEetreg,
ofuoupoggorvopevtrdyrorov eoLn6rou,
oMd eU0rrroqxord Bo0og,6ev owdXetdMo. 'E1owog,pd,l.roro, oppqBovroore(q A6po, 6rx4y6poorn Ndoy6pKn,€6ler
vo (4oet rrdl,og.Oo droxereUoer
rn po0qprorxrlrou oKdqrnKqr
TnvovolurrKnrou xov6r4ro oe 6voetrxuonx6endyyelUo:eo
yiverXpngorrornq.flpog geyd.l.r1
onoyorjreuo4rrlg pdl ouooq
ou(0yourou, I onoio e(Xegowomef 6rt 0q nowpeu6rov6vov
ouver66rKny6po,ovo(4rd epyoofooe rdnorogrlgtogdvor6p0Ucno-Uerqq0rrrrvono(covelvorxor q GoldmanSachs-,oMo
'Evoyporpe(o
enruX[o.
efpeonq epyooiog,dvog"11uvnXcopig
y6q Keeol6v", 6n0.4fuiveor Ageprxovo(,
rou Bpiorerpuo6oul,eton<ol,4r4voptogdrrovr<orpdp6tovXpuoorjcrqv J. Aron,Uto
prrpq erorpefo;reore(ognptbrov uA6v. n6rw npoolngen"O
re enerdr;4 6ref0uvo4erntrro0oe6n or 6x4y6pot 6ouAe6ouv
oKlnpq Kqre(vorenrnL6ovoe 06o4vo eqnyoOvorouqneLdreq
ro vdo Xp4pmoorrovo;.uxd
epyoi,e(oxor ng orporqyrx6grov
guUdTor
o0veerovronoeernoeovD,
o uneriouvog
npooNiryerrlv.
E, 61rxorepnoprr6gowrnp6oanoq!Av Kqrro Ko.l'6v6urouor!
vorndwo on6 Xpuod,q A6po x,i,o(er
xot o66peror6rov uoOo(-
114 i H TPANEZA
rou oq rynopKo0owrnpoo6Tlourou noveryror4v np6otrnqrn
Lriruou uerdLtrou.
H perdpooqe(vor60oKoln. :rn vopx{ erope(o DLN& ltitov
6l.oroqv rpiXo,lropiq rnv nopogrKprirqtr(6ot6p6ro mo 6onpo
roloprm6 nourdgroo,Xrop(qgowoXrep6qypo96req,X@piqtyoq
0upo0.Aw[Oero,11J. Arone(vorro x],ouBinou rpmd xtreto1.ev4
'Evoq
6)111
rqv rpdtrorrovoyopono\otdrv.
Xprlpcnoqg 6evpnopef vo elvordtorpftLr6q. Frovo nerolet qv ro]rwep4 ngn, entrp6nowor 6troro Xrurqporo. l-leproo6repoUerpdn 66vo1.qrou
loporqpo nopd oryvtiroerq.Ie groon(orer-rqgooop(oon6 ouptrroXrdxoLBptotdg,lehopuyyrd(eoor6trr1qv qpepo vo nepvdg
'Orov
o veorot vo (ovonepvdq ewoMg oyopdg t<otntbtr4oqg.
geppr6voq,
ouvq0rop6vog
on6 ro ouorqp6 epopXrlp6voneprypogeiov,
06tretvo pdOetnotog0o ei
BdI ov rov 6rKnyopxrirv
voro rlr)roqrou , o npoiordpav6grou rou 64trciletpetp6no npooBtrqm6: "Av ro eeq,gnopof pe vo oe MUe popKnolq".
Kcr6 yevrxr]6rnl,r1(r1,o A6LwMntrovrg5w pnoivetoro ouyrerprg6vord\oJnL, ror ro xcnogdpver.
"O A6tw ntov er rn'Hrov
ypfyoportq oroor6g
ror 6noLpve
rrLr6g.
npooyer<op6voq
'Hlepo
6r rpov o r<ohwepoqon6 6l.ouq poqDMet
onorpdoerg.
6voqnoj\r6gouvd6etr96grou.
Ogcoq,
rov Om6Bprorou 1981,n GoldmanSachsqnoKrd
TnvJ. Aron.Meerdx6rq'romo egnopx6Xpe6ypqqq,oro op6oe entletprloetg,
)royorov 64gov ror oqv nopop] oupBoutrtilv
pnolvet
Kqtqrnv qyoponotrlrpogaoofeqrup[arg,11rpdneEo
op66o ettr4oionprinov ul,riv. On6Xyet61t ;t6vopto 6prnetp4
qI d ror gLoOuycnpxqoro Aov6[6xeup6vrovXpqprmrqrciv,
vo, ere[ 6nou opi(eror 4 rqlri rou Xpuoof rot torv per6itrc'.rv.To
ptrp6 our6 oXrillo 0o e[voLto agotrr{pto yto rrlv noyx6otrrto
eqdnl,oonrnq rpdne(qq.
7. TOATOP|AnO
TO t nPOYMIN/ 115
Ewopero[ti, r] 6wo[rl rcov"UrKponolnr6v. oe pto eropeio
notr0ouornpn,KqteutroKorou lepo0Nqo0,ouvow6nol 6q6uorohieq.To np<irod\4€uwx6 np6oolnonou np6netvo XpnoF
gonoto,v oro el4q -ro "e1re(9"
rqg preYotr€t6rqroq-,
ow( Ytqrov
evx6, 6uorole0eLourodqrouq ono6o0qrou cno$Kropofnou oqpdrvouvro ndwo. Enrrtr6ov,perd rrlv dvo6orov nprirv oq 6exoeriqrou '80, nou npoxtr4O4reon6 rov n6trepolpdv-lpdr,o
Xpuo6qrcnpoxutrdrot g6vetoeXop4trdenlnedonpog(qplortrrv
xep6oor6nov. T6re 6yrvovUo(Kdqonol,ioerq.
vo pr4ve(votovdpeoooe
O A6tw MnAovrgdrvrororpdpveL
nou 0o npdnervoro po(e0ouv.O eplop6gr4g Goldman
erefuouq
Sachse(voryro ere(vovOe[o6drpo.flpdygorr,4 rpdne(o, npoxetp6vouvo Bdlerro(q or4v rorvofpyto9uyorprx4tr1g,mdtrver
rov povo6rr6ldvo ero(po,rov MopKBfvKelpov,6vqvOMovbd
pe ov6rgpooro xorowtygorrr6np6o<ono.
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e[vot6po{eXopi(eryp{yopo rov Mn}rovrg6rv.
orrlprog,trreroi,orjgrp6noug xot lemf euguio,(dpervo 6roror elvorxoprogorrr6g,npoo6wo nou 6evocpqnpoypcne0eror
gove(
q
vouvvo
oK^rlpd6orou enoyy5lp(rroq.
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H J. Aronewdooerorornv GoldmanSachs.
on6 pro
prerorfu4orlrou Mntrovr<<p6w
orrq oyoponolnoleg gerdMcov,
ro 1982,rou eprnLore0owor,
6rio Xp6vroopy6repo, rq 6re0gerLqouvq^ qy6g
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gnri crrlv ropdpo rou.
H oydnq rou yto ro noqyi6r xot rov r(v6uvo,ot roX0roreg
owr6pdoetgrou ror ro yap6 rou veOpoe(voroqpowrrd npooe peprr66eurep6trerepfporo 6rov npdnervo 6roXeLprore[,
mo, eroropg0pro6ol6pro, nou 6evro BMnErfior5, Tn^ego-
116 / H TPANEZA
v6woq orq r6ooepoolps(orou op((owq yro vo ndpelrnv Kql,urepq rrgq yro rov noldrn rou 4 rov epyo66rr; rou. H 6wo'H
or1eivorgeydJ\4,r; nieoq 6Lopr<rig.
xol,upndgri pouh6(erg.
O MnLovrcpdrv,
o ono(oqernfuiooerouveX<6g
rouq npotorog6vougrou, e6por6veroprcrrrd 14 gnpn rou. Enrdrdov,vtdrOerro [6to dvero oe Uropeyd.l,ncrorpelo 6oo xor oe 6vovel€rjoepo oroneurrl rou Konrrqfu.ouo0,
6nog 4 J. Aron. O n6tw
r6ver ef rol,q g0,oug.AnogeUyetrtg (wpryregxqrro 0nou^,q
golorp<il1roro.
H r0xn rov oKolouee(.H GoldmanSachspd(erro 6uvmd
rnq orrq ctyopono)r4o(eg,
nou rrg 61erovol,6per6vogon6 roug
p6l oweq t06vowegrrlg eropeiog, o p6uneprpo0pnw.Kord
nq np6req ouvovr4oergrouq, o re^€uro(oq,nou dXernq r6torpon(egrou, yrprvtd(erl6yowog: "AevdXererlqoe(or<6;rq...".
AQegqpdpegopy6repo nporelvet orov
"ovepX6pevo,vo eivor
enrKegolnqqLnnqrnq 6poorqpr6r4roqoe nl,rlpq ovdnruqn:
"noh6vsre ypiyopo". A06pupo,lropiq vq (rJr6rinore, o mo perpt6gp<ovon6 rouq Xp4porrordgenLpdl.l,er
nq rxov6rrpegxor
rrl oiyoupn rq0/oyv(l)olq rou . Korro Kolonpoo[pero ne[poygd
rou, pe rn Xoporrrlptmrr{ npogopd rou Mnpo0x},rv,pe rqv
ono[o no((er r<crrdnep(mtoo4,rou 6[ver14 6uvcr6rrpo vo qnogopr((erng exprlrnrdq xoroordoetg.
To 1988op(eror ero(poq-6roxerptoniq.
Auro[ e(vqr,0o 16yope,ot rnn6cq r4q srqlpeloq.:e nep(moo4(4prdrv,xdOep6trogrqq opd6oqourqg e(vorune6euvope r4v npoo<ontr4
tou
neplouolo,otr.l'dnpoonop((eror6vo xolrpdrrrorv rep6drv,ov
owd undp[ouv.IuvdBnro rd\ewoio. To 1993or .161ero(por
UolpdEoworro to6lgo rou oro0dprmou eOvrxo0npoi6woq
rrlg Tov(ovfog,gtoglripog 26 ermoppup(tovxcno(rtov.
ndwoq, rt GoldmanSachse(vqtsKeirr4
r4v enoXriyiyowoq
7. TO ATOPIANOTO MNPOYKIN / 117
Uenntuvon66ro.To 1994ug(o(ororrpryUofq,nou eke vo (iqeron6ro 1929.Aur6ro nep4govo[6pugo-r6norot ooto 6]reyov rot o.l.o(ovrr6- nd<preron6 Ueydlo 0rloq: dpogmrxrj mtiroq rov Kep66veqom(ogrrov oopoprirv(4gLtivcr4v oyop6 ogotr6yov nopoirrloq oopdwo nepinou erolptov-6toletptmtirv'
ovoxolv<rlo4ouyXrlveuorlq (nou 6ev 6ywr refuK6)Ueroq0rnq
MorganStanleyKotrqq SG Warburg,Tqqnpdlrnqenrxerprlpormrlgrpdne(oq orr1Bperovio.
Korvo nou o P6pneptPo0gnrv6dXerotvo y[verunoupy6g
Orovoprdrv orrlv rup6pvrloql0fwov. M6vognro mo rrp6vr,o
ouvd6etr96qrou Inp Op[wpovndgcr or poproKardetuVn.AwrxoO(mmoron6 rov nptiqv ne(ovofrrl ror npcirqvmop rou pnooKer,rov TEovK6pr(w, nou rov ornp{(et o X6vpt(XovK)n6^oov.
AIr.6 n nop66oon rqg 6tx59oi,r1g
npoe6p(og-dvog 6r1porporrr6q ror 6vog penougntrtrov6g,6vog Xpqporrorfg rot
dvoqrpone(k4q-o0ppoutrog-npoor<po0er
o0wo;ro qe UrqKor6moo4 6goro pe ntro(onou pnd(ervepd on6 nowo0. Orjpo
ev6g npo{tronfgoroq, o Tqov K6pr(tv n69rer oe 6uog6vero
ro 1999.O X6vprfl6Loovepgov((erortogo pr6vog
Lrov6gvo ro0o6r;y{oer5vo n},f progope peydi,egowrmdoergornv eqouo(o. Kcrrepd(erond ro ni,o(oroug opqroprfr(eqKqrergdrverroug
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rpeh6gyto e[ouo(o.Mero rpio owd nporep{poro rprdverqrnLd. O owKqroardrqq no(pverrrlv e(ouoioror 6evnp6reror vq
Tnvognoer.
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mouq
ovepl6pevougoordpegr4g erope(og.To 6vopdrou 6ev ep-
118/ H TPANEZA
gov[Eerqoro qurdpeoro ptp]rlonou eK66enKe
ro 1997perov
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rftl,o TheCultureof Success.
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rnq Proo(oq
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peio Xopfqvo rqv qyy(qouv.
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o T(ov O6tvror o T(ov O6pwov BpioKowor noli xow6 oro vo erOpov[oouvrov fl6],oov. O npdrgey6J\ogetov5rcqpo
rog, rpuXp6g,
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vo rdvereni6etfi rou n}rofrou rou. O 6efrepoq e(voro Kol F
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erelvonou npoorop[(erro payd.l,orogg6rr on6 ro r6p6q-per6p
nou onper6verrl GoldmanSachs.
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7. TO ATOPIANOTO MNPOYKAIN
/ 119
rdrvrou npo66pouTqoprqMnouq,o npdnoq on6 roug loXoyorig
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120 / H TPANEZA
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176 / H TPANEZA
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mov'OtreyrNre4 GoldmanSachsororXrlgot((er
prndoxo,rov rodpo rou otrougwiou,np6e6porrlg erope(oq
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11.O OIKO: TON BRICS/ 177
pterxnq 'Evoonq.Thore 6pog 6ev y(veror.flopd nq nr6oerg
rqq GoldmanSachsqrnv KUB6pvnon
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qq Goldman-rou poO 6roprop6q-orn 06o11rou6roXerpror4
ol^rd rou X6IuBo,rou Aorop( Mtr6)r,0o np6nervo evroxroer
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180 / H TPANEZA
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11.O OIKO: TON BRICS/ 181
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ro rope(ornq. nopdMnlo, noi(eroro
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196 / H TPANEZA
pnoerrrq 6eope0oerq
rnq ondvclwlrouq.H GoldmanSachsrqr
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206 / H TPANEZA
po ufloloyropo0,troym4g,unopovrlqxot ovdhuorlq,nou o p5oog enevdwrlqpnopeird}r}'torovo 1-r4r10e(,,.
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Ue6<irpo,nou ro 6voefvqtnronoltrreMq on6 ro dMo: dvo6o-
214 / H TPANEZA
Xrul(6rUeI€uKd6rqgdwrq,Urqrodwo ChanelxonrovdpeXpupe 1owp6 loptovop(opmo.
odq oLuo(6egror g(o 65otrrr1
To 2009n evl6yo KUp[o66xfiorretrrdrrlvnp6roorlydpou
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rou rnn6r4r1q.
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rou ytoro lpqporo, ro ono(o6poq 6ev;,rnope(
6evrov nowpeUerqr,'eEnye(o onor4p5vogo0Euyoqorov 6troorn rou 6rrooqp(ou rou Clerkenwell& Shoreditch.
H rorop(orou "GoldmanSex",6ntogBdgrroeo pperovx6q
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nep6oertruov0;ro pe rrlv NrdprMoup.
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n6pooeror on6 rrlv BNPParibas,efie prooro6ro6pog(opc€opir4. EiXenpooXOe(
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rou,
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14,GOLDMAN
SEX/ 215
K6torrlq 6irqg, 4 unep6onrorlrrlq rup(og onoxdi,urle 6rt o
Mrw nrqv ep<oreugdvog
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Tnqeke yp6qrereporrKdypol.lporotreqKornrov yu1jvoor6nor6o.
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rou yv6prErnpoeqv6q yrq rnv eqoou(uyrKn
rou oX6oq,yeyoyrmi
v6g nou elqye(npogovrig
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yto ro nood nou 6i.etnovxot vo grov6(err4v ooruvop(o.Merd
r4v erup4yopioo Mrw nopor{Oqxe.
Av ror noLti enrerxqg
6oov ogopd ttq ouyrpotioerqouggep6wrov,q GoldmanSachs,owf€sro,oe e6paron€Knq6evipov
nord overnrq. H rpdne(o 6evno(et perqv onrmlol Oeope(ror
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on6 610.To or6lexoqrnq Goldman6oul.eder
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To nordtonpdnervq ro Kdvouvpcroq060o enrXep4gorxcirv
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216 / H TPANEZA
6vre1edMo rot rov cnei\oe pe 6o(uyto-, opv40qrevo nerdlet
yro 14 M6o1o.
Or enruX(eg6ptog,xmd rtg enttoy6grou noupLrovrolroU,
nou 61eregnorioertr1vopepxovtni oxovogrci roulrrotipo,yivowor 6rov undpXer(euy6pr.flop6 rrlv e[6ll[r1r4g rowrov[og,
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rov orj(uy6rqg oe 6)1414 6oprero 116 ov66ourou. Kqr,6rov
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14.GOLDMAN
SEX/ 217
Lotiwot pero ndwo orov veoyor0rr6ow6 n0pyof orrlv 5nouIrl rtrlv odtqv6nrov 6roor6oetov:ro 6nrnAo,ro ugdopmo, or
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countryclubs,onUe(oouvdvrnonqrtovnolueKorogpupro0X<ov.
214 I H TPANEZA
H n6po MnIovKgdwy(vetorpeptr5ggop5g erveuprorrni.
Ogopgn, pop9rog6vr1,
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nptirr4 or4v nogn<ilbqrd\errl rou grlovepontKo0 KuKI6Ucnoq.
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ot n6pregr4g outrfg ewoe(rot6n dreivouvqrdoo4.
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14,GOLDMANSEX / 219
yel dvqrnteerK6neprpd^ ov,flou 6evnpooqdperorytq EEor6q
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220 / H TPANEZA
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SEX / 221
14.GOLDMAN
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6114 eQouoloouv66erorpe u1v oppevcon6rlro,nou 6evrotpr6(erge ro orepe6runoTr1goltogulogtlioq.
Orenoyyelq.rcnxdqox6oetqoqyd ordd)vowot xot oq ogo[porou rdronKof.Tq "eKr6qv6puoq"oreMXqonoxtre(owot
on6
rrg ouvorrrrloerq
;reou(riyougoe eanm6pto, on6 ro IoBBcrox0proroyro yrolg ri yro ruv(yt pero[0 ouvo66trrpov,
f or6po
Kotto 6frruo ol6oeov
xoron6 ro oxoyeverordprndppnertou.
nou 6rlptoupye(rqrFe our6 rov rp6no no((at,npo9ov6q, rov
p6trorou qnq npooyoycq.
p6vouv
Tdloq, opKero(Xprl;rcmm6gyx6ttorv nol.ueOvtxdrv
ouy3r6goxprdon6 Xtlpeqrou Tp(rouK6opounou e(vote10ptxdq ondvowLornv ouogu}roquhfo,6noq, yto nopo6etygo,ot
X6peqrnq Eyy0qAvqroLnqq r4q unoooX6ptogAgptx4q.Aur6q 6goq o onoKlerop6gopy6repoonopo(vttoe Bdpogroug.
6Xetnoh0 )rtMe rtq (6requov6qteq, dvogoporpuh6gttrog
y6repeqnr€ov6rqreqvo ndpet pto 6eu0uwtrrl 06oq.Aw6 ro
opoQi 6n^o6n os poE
ovop6(ouvpink plateau,q "yud.I,Lw1"
er6oXrl.
fldwroq,11voorpon(oopX((atrot exe(vo otrl'6(et,Kcrn opoguhogrjt(odpleror orYdorYdqro 9oq.
Or peyd)req6e0veigrpdne(eq,rup(togot opeptrovudg,6pKolroov vo glepr6pouvrouq v6ougtpone(fuegnou efuotYK6t.
14.GOLDMAN
SD( / 223
rd ro nqp66eryUo
rnq JP MorganKorrrlq MorganStanley,n
Sachs6npro0pynoe
dvoeooreprK6
6tKruo,
ro GALN
Goldman
(GayAndLesbianNetwork).
H 6rogop€[K6rnroor4v epyooio6yle xoOoprorrr6g
nop6yowogyrorqv ex6vorou epyo66rr1.
fleprm<ioeqoefrolrod,
pmorolro6rorogogoB(og,
pnopeirdrpo
6orroror pegovrogdvo,
vo oror{oouv orp$6 mqv er6vo r@verqper(6v.OLenrlep{oerggoBoriworpr]nogunoorotiv6r<ir(erq
roug
{ 6ouvro 6vo1rd
pro
rox{
onqeqnuepioeq
xdnoro
un60eor1
6r6xproqq
nolu
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6rognpron.To oogotuonrdrope(onou aMylouvng eroLpelaq
opvo0worvo
or onoieqefuorero4ypdveg
oro Xpnporrornpro
pe
enev6Uouv
oe enrlep{oetq 6oypmx6gOdoerq.
O r6ogoq
o^ d(eLKoe6qKqln uqrnMrpon4Kn.
15.f4 r4qenoyyetrfog
11 v un6pXetgo erope(o nou dler onode(eqmo n6poolrorou
/-l Xp6vou,r4v xov6rrpo qg vo npooopp6(eroror4v enoxrlrnq,
ourrl e(votoiyoupo11owoxooropiq rnq Mflp6ouw:rprr 85.
H oonp6poupq qoroyporp(op6q 6efger rivovq)tmr<o;r6vo
nipro penl,orioroAeun]yeverddoror entBlrprx6ovdorrlgo, wup6voge puorotropol-4r6v4pewryr6ro. Kpcndoro oprorep6rou
X6pt5vo BtBl,io,evdrro 6ef( rou orrlp[(eroro6tdgopondvoloe
5vompoyyul,6rpon6(r,oro onolo 51ouvronoOerrlOei
66o dIprB^io,
Io
Ioyoprooprcirv
ev6eXop6v<oq.
To noprp6ro, runx6 rrlg
enopjgrou, onorqlfmet 6vov6v0ptonorrlq rd{r1q,ondporpo,
6nroqnoll.o( on6 rouq oupncnprdneg
rou oq v6ro Fepgov(o.
Oo[veroryd\dvroq. Bptor6poore qro 1900,r6ooepo Xp6vro
notv on6 ro 0dvor6rou.
I-ew404re arrq I AeKrpBplou1821,ovopd(erorMdprouq
Fr6trwgov xor 5(4oe 6wovq rov 19o qr6vq. Aev q6xooero Urrp6 1opr6rrlg Bouop(oqon6 ro ono(orordyeror,ofre rq 6ervd rolv EBpo(cov
rrlq Kewprrqg Eupdrn4g,or ono(ornpofiq€orjoovvo [egtlyouv rord 6erd6egXtu66eqon6 ng 6ui(erg
xot tr; 6umuX(o,oxol,ou0tiwoq 6vo np<irrox0po go(rxqgprerovdmeuo4q or4v Apeprxq- ouv6nerornq ouvrnpnrrrcigowe225
226 / H TPANEZA
nqvdoroonqnou rarddtu(e rr1Bouop[oror r4v flproo(o.Owe
xorfdXooero gprrr6 rof(6r oro otrrndprorou
ntrolou,6nourouq
66rve60vopnn strnl6o6110o 6Bproxovxcnog0yroorq v6oy4.
Ere[ ndpo, Korflol6 peroyevdorepo,ro dyotrUornq EMueep(oq 0o 6rorr1p0[er:"Ariore o' ep6voroug grolorig oog xot
roug xmcrpeypSvouqooq>.
l-roq rcrqvorp6gou,6dor<drogoro endyyelqro,o Mdproug
l-r6)rwpov gerovoorerjermrg Hvtop6vegnokTs[8q aro 27 Tou
ror QeM((oXp6vto.Melg Bo,\iroeqrou nopogouor<opdveg
qro
perovdorqq
pe ouyrl
nor6
wqq AiyeqMEerq
oyyhtx6,o
vr1or1
ro n66rrou orn yn nou 0o rou driroerrr16e0tep4euxotp[o. Xrop[gouyyeveig,owe yvoprpirag,o veogepp6voqpyd(etro
(rogi rou oq gxpono)r4r4qqro NrouTE6poei.H oorqp(o rou
SpXetotX6pr1orq yvoptp[orou gerqv Mn6pro,r6pr1ev6qxoopqpmonoro0on6 rq Bouop(o,nou perovdoreuoeror eKe[voq
ro 1848.Or 6uo rouq nowpe0owqr.To (euydpreyKoe(qraror
mq Oul,o6dhgero.
O MdpKouql-r6lwpov nepro6e0et
orrg n6pe
rdpo
trerqrov opuXe(ov
rqg l-levoul,povfoq, ro
rou, oq epnoprr6g owmp6oonog. H yuvo(rorou rpmd 5vo ror6orngo ps
po0Xoqg oetpdg.Ir1 ouvdXeroq oxoydvero-ndwe nordrq116troq- geroxop((ercr4 Ndo Y6prr1.To 1869o Mdproug l-x6lwgov t<dver
ro (erivrlpdrou orn Xpngqroyopd,M[q nol6 Boptd yLopro ;lrpr1 etotpe(onpoeq6g\onq onotr4oeov, nou
oneu0uv6tqvorouq Koognpcnonoto0g,
oroug rmooreuoordq
ev6up&rrov
ror mouq KdrooKeuoor6g
Eeppdrlrovet6tirv.
peoftqg
po04teu6gevoq
O
oxone0etvo enorgdrrlOe(
on6 rrlv
repdono oyopd npoel69l4or1g ouvoll,oygomtirv, 4 onoio 6ql"uoupyiOqreA6yo rov uqrnl6v enroK(ovnou oxol,otiOrloov
rov n6treuoBopelovrot Nor(tovperoqf rou 1861Korrou1865.
ypeoypdgov6iverrn 6uvqr6H 616oo11
owtiv rtov egnopu<tirv
15.TH IH: ENATTEAIA:/ 227
orqv
rnro orouq eppo(ougrelv(teg, nou efvoreyxcneorqp6vor
6xpr;rou Mo\ryorqv,vo dovei(oworoneuOe[og,
Xorp[qvo nepvo0von6lq rpdne(eq.O Mopxougl-x6l,wpovgopdrolpo rlpigdoooro ono(oBd(etrg ouvoMoygorrrdq,nou qfil our.l.rql,o,
v5Xeronoulloriwor mrg rpone(egpe dvo ptrp6 xdp6og.
puoorrovoptrrl
T1v enopj exeivrl,ov rot 4 Ageprxqyv<opi(er
rng fou6A lrptr, 6nou e[voteyroraorqp66Kpn[n,n ouvorK(q
vq 4 enrXe(pqo4,
6evyeprl(et
ro gon. H Tp(vtrtToeprq,4 ronxrl
qrnl6
Kr(pro.O ;rovo6rx6g
oupovoq0ornq
erx.Lqo(o,
e[votro nro
61erpdvo d[r op6rpoug.OL6p6por6ev SXouvowe xotr6o66mpt.rpo o0re roh6 9o opr6.l-1oL0o0wopo, ot nOpyot[en4do0von6 14 y4 oov ro ;.rovtrdptopar6tr; BpoXrl.Axolou0citwog
nou npox6.l.eoe4 roXeio Bropnxovorrlv orxovol.ur<rl
6xpr1[r1
noir1or1,
rou Mdpxougn6venotr0xo.Lo.!e o4peio
or doutrerdg
nou vo np6nervo npooldper 6vqvloytorq xoL6vovxLqrrlpo.
Or Kol0reporgi}ot rov TK6lwUqve[voror Ioxg, Bouopof
xorowof nou lp0ov ro 1848.H Aou[( l-r6trwpov,4 1-uxp6teprl
rdpq rou Moprougl-r6lwtrrov,nowpeirrqrerov ldgtouel tqKq.
perov younp6rou, nou elvot
To t 882o peoftnqouverorp((eror
l,oyrorrlg,rot 11erorpe[operovop6(eror
oe Goldmanand Sachs.
To 1885o X6vprTr6lwpov, 6vogon6rougrperqyrougrouM6prouq, pno(veror4v enrle(p4oq,4 onolo noipvercrrl ouv6xero
6nl,obrlovoporo 6vogo GoldmanSachs& Co.,rq orlprepLv4
rooe(r4v erope[o vo dtooXioetrov
ofo. H ypr]yopr1eqdn,\(l)on
yro
Atl.owx6,
vo r6p0oetUrqKolonpqqlq oro Aov6ivotrrepro
rqq Fepgoviog,
roug K}rowpopr
otrovoptr{ 6uvoore(oEppoirov
(e{ou ror q nep(gnunrp6ne(o l(einwort-Benson,
nou 6evundpen(o4ggto6Nt4eropelo geouverqrpo(50Xermo).Ar1;uoupye(
(Ai,opnotrro)
ro 1844,
50)TnLehmanBrothers,oro Movryx6gepr
ror owri erdrxeugdwl
oqv npoel6cptrnon
ouvqlloyUcntr6v.
22A I HTPANEZA
To 1896o MdpKouqfK6IwUov no(pvetrq o0wo[i rou, ognvowoq rq r1v(oorov yLotou Xdvptt<otorov yolrnp6 tou 16grouel. Mxprl entle[pr1or1
xo06g eivor,n GoldmanSachs6ev
ovrlreLr4v enoariereivrl orov poyrr6 rudto rtov geyd)roveppoiLx6v tpone(drv, 6vo veg6)rrrrgonou 6grtolcv eupono(ot Uerovdoreg,yeppovo[xup[tog.H KuhnLoebyewdrqr ro 1867Kotn
SalomonBrothersro 1910.H J. Aron t6pferot orn N5o OpAedvnro 1898.:rnv oppi, 6treger6xe0owot oro epn6ptooyoOdrv
-popporroJ,ro96, ugoo1.r6rrov,
r<or6ou,
[4pcil gpofrov-, npw
'OIot
ndpouv tov 6p6go rtov XpnUcrroorKovogrKd)v. Wop[(owot
orov onoforove(g6eto60et96u6oooe ow6 rov gxp6r<oo1.ro,
6eopofg 11oe ydgo xot mov ono(o
vo 16pr;oe orxoyeveroKo0q
or onogooergno(pvowotouvowertxd.
ondvowron6 ro 6rooropnrotrr6vo
:To rt\n rou 19ouor<irvo,
EBpo(trlv
nou
r6p0gororov
;runto0wot pero[rj toug, utptiveror o nov[oxupogolrog MorganKqtot oK6lou6o[rou, t<oOtoonp6neLnpoteordweg.O T(. fldpnow M6pyKov(1837-1913)
6Ud'oq
un4p|s o UeyqJturepoq
i6puoecw6 nou ev6eXog6vrog
6votrro
ow6
owtnpooxovogxrj
rorop(o.
orr;v noyr6ogLo
"To
yro r1v Apeprxr]6,rr ror 4 otKoy6veto
P6ro w yto rnv
oroneJer
Eupcirnrlrou1gouor6vo"ypdgeto 6qpooroypdqoqPovTo6pvoou mo ptBl,(olhe Houseof Morgan.Me0pdooq,nuygrl,dr)16r<otpor]0eLoon6 rdnotoug toXupo0qg0\ouq,entxttpnUqr(eqxornohLtrro0q,o novnp6qqur6grulo6uirr4q orrlpi(etrr1
rpoor. H GeneralElectric,
6rlpLoupy[ogeyd],rovpropr;Xovtxtirv
n US SteelKorn AmericanTelephone& Telegraphowtnpoqone0ouvrq guOrrqAgeprxrioMd rot ng uneppotr6qrr1q,ng
rcnoXpqoerg
tqg, toug o(t6rtpougrobberbarons,rouq ")rnmopop6vouq",roreloplv np6tuno rov ono(orve(voto TE.ndpnow. H 60voglirou or4p[(erorndvcooe rpetgtpdne(eq:rrlv JP
15,THTH>ENAT|EAIA:/ 229
Morganorn N6oY6pxq,rq MorganGrenfelloro nov6(voKorrn
Morgan& Compagnieoro flop(ot.Aw6q o ntroriorogr6opoq
gero[0 Eup<irqq ror Alrepxrlq e(vor6vo peiypoon6 geydtregorKoy6ve€qWaspWhite Anglo-SaxonProtestants:neuK6vAyy^oooq6vov n poreorow6v) TnqAv(rroNKiqAKrngrov Hvrop5vtov
'lrov
flohrer<irv,on6 l,6p6ougnou n6pooovnp<irq qn6 ro
ror
per6 on6 r4v Oqe6p6n11ro Koipnpft(, xootilgxot on6 yotro(ooipmougrrlg rlnerporxiq EupoJnnq.
O T(. fldpnow M6pyxove(voren(o4gowro4pk4g...,oro
enine6o6pog rov rowrovLrciv
ouvovoorpogov.Mttr6ovotXro
yro11 6uogoplonou vt6€aton6r1v nopouofortoveppo(<ov
ouvo6dtrqtovrou. O geyrmdvoqneprlgove0eror6n efuorp6l,og
oe 6eroew6o Moxeq yro rq6wbuov, nq nro Klarqr6qrov HvoTo
Udvovnolrrer6v. Kop(oon6 owdg 6ev 6dXerorEBpo(ouq.
pe
trdereu96rrlq:
vo
rdverg
boutredq
rov
onotov6rlno"Mnope(
re, rmronLoto6purrg
xdvergp6voov eloorr(6wlegov". Aw6q o
oprororpdrqq,rord rov opeprrovrx6rp6no, 6rov ovorp6perot
rou, Xpqorponoe(rq9p6o4 .oumoug eppoiougowoyrovrmdq
ro( or (6vor,,.Or KoeofuKo(
6ev e(votoe roi,rireprlpoipo.Awrgercon((owog
rov (6roe(ocrporrog6, rmoge0youv onq 6poorrlpr6rqregnou pnopelvo riXerpro epnoprr4rpdne(o. H U6v4 "nonr4" enev6wrrrlrpdne(o elvorn MerrillLynch,nou rnv
(6puoe5vo rphov66qKo0ofuK6q
Tlnore6evqnorunrirveL
ro],tneporq Op4oxewtrqouq e10p6rnro on6 Tn Udxrirov ordnpobp6uov,Urroq0rou 1865Kqrrou
'1895,Korrov 6treyXorrlq ypquunq rou p6petou Etp4vrxo0
(Northern
Pacific)ro1901.Mern goneerorou
eBpoiou
tpone(irr1KouvA6epn,o enr6pop6og'EwouopwX6prpov(npoemovrnq)egoyop6(erxotouyXtove0et
rtg 60o pooxdgerorpebgnou
Meq orrlpt[q ev6goIefurqpero0vrtgvono6wrx6gnepro15g.
230 I H TPANEZA
trouoroupog6pou rou nporeorovrxoO roncofuolroU,tou FouL
fuoUPoKg6LEp,
o5trervo erolroprjoerxororrl ypolrprlNorthern
Pacific,nou e(urqpere(14 p6peroKopoh[vo.O T(. fldpnow
ror 11Xpqtrrcmorrlptonjpdxrl [eond. O
M6pyxov6ev oulr<prove(,
M6pyKovUqEeferXpnporoon6 rrlv Ayytr(o,evdro ow(notrog,
o Kouvn6epn,oqrdrvetregdloro xup(togon6 rr; Feppov[orot
rr1 l-oL)\,(o.To pmg releLdrverpe roonollo -or 60o op66eq gorp6(owor 14 Northern-,otr)r6yto nprirq rpopdrl nporoKooe6p(orrlg Morganneprop(orqKe
on6 pto eBpoir4rpdne(o.
H ogp6rpepoowri rou nporeorowtol.toti-4 Morgan,11Kidder, n Peabody& Co. xor o TEoprqO. Mn6tKep,t6purns rnq
Citigroup-opvefrolvo 6rqnpoyUcrreurel
Ferouq veogepg6vouq.
npoypcrxoti
onodretopo0,
eKe(vot
6evUnopo0v
O0gcrroev6g
vo 6Xouvnp6oBoo4mrg peydlegpro;rrlXovtrdq
Xpql.toro6ornrov XOruBorot to nrrp6trotooerq-rnv ouroKrvnroptop4Xov(o,
ror opro0wor oerope(qnroronervoriq,6nog 4 6tovopj, 11xltrr
oroDgowoupyioKoro oyporodrorpogtr6qro96o9.Aw6q e(vor
ror o ltirpoq orov onoio 4 GoldmanSachs0o ppetrtg rcndltLrlreqeurorp(eq.H erorpelodler yro Boorxo0qne]rdregrrlq 16norougxonvoproprlldvougroOdrgxorroug og ,ouq6tovopqg
SearsRoebuckroLF.W.WoolworthUerrq Xounl6repagnpeg,
yro rouq ono(ouqer6i6erperoldq. Av Kornaptepovrlp5vo,
to
eppoir6 r6ptipmo ono6eLrvfowott6roireporolor6po oe 06pmo orrovogxdrv6€uOernoeov,rcnd ro nopd6eLypot4goyopono)rrloiog peroXcivr1nptintr:v u)rtiv. Aqptoupyotiv pto ntorq
nehore(qpero[ri tov v6tovorxovopr6v nopoy6w<ov,rupitog
orov top6o rov urqpeo<irvnou p6)uq€eKv6.Aero60ouvorouq
geoUtKoriq
enev6wdq,6n<oge(vorro oogduorm6 tolreio f ro
grJ\ov0p<onrr6
r6p6poro,nou np6netvo enev60oouvro onuowx6 regdJ\ordrouq.
15.TH TH: ENATTEAA:/ 231
To 1890n GoldmanSachse(vorro voripepo6vor4g npoeoro NewYork
E6qInonS,ev<ir6(r Xp6vroopy6repo drero60er
Stock Exchange(Xrr;p[g
oor6oo vo erooX0e(
oro Xp4pronor4pro,ogoti a(votnpooomni erope(o): xdn nou yto rqv enoXrlexe(vr1orlpo(vatovoyvrirprorl.O Mdproug l-K6trwpqvneOo(vet
ro
1904.H erorpe(orn Xpovrr{exefu4orrygri6XerrpergBooxo0g
aroipouqxot rperqjuniors.Kpm6 6vo roi.6 loprocputr6rtone)tordrv,oMd e(oro^,ouee[vq dxero60vogoroo]royrop6,
roOcog
ot 1pr1poro6om5gqg rrov6r4rege(oprdrworon6 rov ouv5rorpo,rn LehmanBrothers.
Kcndrov np6ro noyr6o;uo fi6i.epo or60o ou<oy6veteq
l-r6trwpov ror Iorg 6yd(owor. H npdn4unoor4pi(etrql-eppov[oror
rnv Auorpoouyyop[o,evti q bewepqtoug Iugprdlouq.Ooupoorrlq r4g ngrlorrrlq neroopX[,rg
roLrou Nfuoe,o Xrivprfxdtrwprov,
et64povogorrl BropqlovrrqXpqgoro66r4o4,opve[rorro 1915
vo oupnp6letoe 6voyol oBperovrK6
Kowonpornr666vetonou
'Orovgno(ver
eiXeevopXqorp<iroer
o oyytr6e^oqolrog Morgan.
orov n6trego4 Agepurl,rov Anp[].rorou 1917,ro :fu rou Aov6(voupnoixor6petq yepgov6rpri,4
GoldmanSachs.H Tpdne(o r4g AyyLlogonoyopefermoug ouverolpougr4g,
rouq Kl6woe [6vo v6propogerov "eX0p6".
Bopr,rd0e ouvo.L\oyr1
Tqv 4pr6popd.Lrmonou n GoldmanSachsouprperdlet,
on6
rov 96Bor<ovowrnofvrrrv,omv 6x6oo\r@v Libev Bondsyrq vo
Xp4goro6orr;0e[o ogepmovr6gn6],epog,o Xdvprl-r6Awgov
noporte[ror,nofpvowoqro pep(6r6rou on6 ro xegd],oro.H orour4 roilirpOr;rege groerogopdrrlg oxoydverogIorg.
1-roppoy(o
Or 6rio roroptr6qorroydveeg6evnp6remorvo ou1lgr.Luo0o0v.
O X5vprl-x6trwprov
Koro :oU:oKg 6ev8o pr 4oouvnor5 nro.
Merdrnv ovoxropl,e^,\E(qrer
Kt(polqfou,q rrotpe(o0o pner
rdro on6 rq orrd rov peyd)tov.H Ageprr4yvrop(erUroorKovo-
232 I HTPArI.EZA
dvenonXopiqnponyofpavo.H eugdpeto
UKnKorBropnxovrKn
nou dgoro(eouivro,0o odrlyrloerqv rpdne(o oro
6p<ogounr1,
rou yxpegof.Meroq0rov reuv6wrov
r4g GoldmanSachs
XeL\og
e[vorror o neptB6qroqTouqw0\KerorvyKq,
ro goldenboyrnq
tuflt6g,
yewrlpdvoq
enoplq.
orov N6rorov Hvtoloptogmu<dg,
prdv<ov
flofureLtov,efuorofuoupoqyro rov eqLrr6rou rqr r4v ljXrl
rou. f'lp6renoryro 6vovon6 roug poorxo0qetofpoug,o onofog
pd.lloroewun<oord(er
roug y0p<orou. Tr roitrrdpyero,rr opxo'Evog
wrd, r leXtopror4npooonrx6tqrol
npoypmrr6q6ov6nq:
pry6nowel,6vt,yASro pa om6v en6v6uoq,on6 6nou (enq6o
6vo pol6r rodnnq, donpo nouxdgroope ondotproorov yroxd,
nAoriq l,orgo6errlgroLr1p(rl,r4l,o.
E(vormo o(youpo6vogrpope
gw6too
ne(frqq
nou oKrrvopole( mrq rotvrovrx6qrou
ouvovocrpogdgror 6efget 6n (dpet on6 Aoyorelg(o,roOcirq
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16.OIAOYAEIEE
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254 / H TPANEZA
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256 / H TPANEZA
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trorp6q ror ge oopr<rirdeq
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18.:TON KOZMOTOYAPTOYNETPEMIOYi 269
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-rrov
"oxLnptirv"rtov nerpel,oir6v e'rorper6v-ror rrrlv trrel.cirv
rou OflEK -rou opyovroiroritou lropdrvnou e(dyouv nerp5Loro- efuor4 6uoruX(or<ov6M<ov,r4q oworrqroprop4Xov(og
ror rcov6trl,rovBrogr116valv.
BdBoro,onoK^e(eror
vo lpqotponoqoouv rrq ntrqpogop(eg
nou dlouv on6 rouq netrcnegrouq yro vo ovqm0qouvKep6oorontr6g6poor4pr6rrpegyro [6rov6ge]rog.Aw6 0o rSovm6rqgo oro p&no rov pu0gromdrvopldrv. Ot nehdreq,xoOrirg0o
drpwov 6l efoncrnienKqv,eo pnopo0oovvo (4r4oouv peydl€q ono(ngr6oelq.Ornorvxdq6r6[erq6evonoxtre(oworov rl nopdpooq egn(metoro o6(r4yo rqq yp4orponofioqqeUnroreulxdrv ntrqpogopuirv.Frorov )r6yoow6, pto orpcm6 6eowotr6yov nepvd on6 r6oxrvo,oe erxoomerpd<op4
Bdo4,rrg ouvol,\oy6g r<ovoyoponotrqordrvorov Xtirpor<ovnpdnov uhdrv,
pro oyopd nou, )r6y<o
rqq 6rogop6q6poq, 6ev xl\elvernor6.
En(oqg,eMyXerov orXpqpcrnordqp otiv crouq ovohwdq, xor
ro owiorpogo. Try[verot6pu4 trreroug npoimopdvouqrouq nou
elvor96]14rrlq 6rotrorioogenuponfq, orqv ono(ono(pvowor
or gey6i.egorpcrr4ym6qonog6oerg;H rlgep{oo 6rmo[4 owoti
rou rovdr6Broue(vorunolpetonrd 6Lorrqrtr4g96o119-eyroroorooerq,npootrrntr6,Ouycnpx5g-r<ororpoqyx4q, 6nl,o6n
rorovo;r4 peroXdlvi UeVdIequnoOdoetg
nou pp(orowor oe
e[5h(rl n 6l €g nou np6renorvo dpoouv.H tremopepiqoqroA6ynon r<ov06oeorvoyopdg 6ev eivor enio4po oro np6ypog-
18.:TON KO:IVIO
TOYAPTOYNETPEMIOY/ 271
po. EnmMov,ro K6wpoev6rogdpowoqrov qvol,urtirv6ro96peton6 exa(voro:vXprlpmrordrv.
O otrovogoh6yoqdxerUroUorpoouovol.uxrjowl\qqq r4g oyop6g,nou oqpl(eror ndvroong
poor6g nopopdrpouqrqqnpooqopdgxorrrlg (rjrqo4q.OrXpnpmtor6q, on6 r4v d.)\.1,r1,
ev6tog6powotKoryro rn prKpoorKovog[o: onoypog5g,mox, 6uvcndrqregnopoyoy4g, perogopdq,(nrnon progxor4yop(ognpoi6wog x.trn.
To np6plnpo e(vor6tt or rorrlyopfeqtarv trrevxoOtoqror 11;r4
nopo6oxrir<ov6e eivotobfvmov vo ono6er10o0vltopig rqv el6Tqon rov 6etrrlov ouvoMoyrrtv,gro 6ou].erdnou npornr6 6ev
pnopeivoyiver.Apo,6evpnopo0gevo (6poupenoroqdXer6(xto.
Oprol.r6vot
opr€po(e(voronopoft4roryro vo ouvet64ronou]ooupe ro eripoqrcovoyoponcotrlourlv
6ro nerp{i},oro.Or ouvoMoydqowdq np6netvo owrnpooone0ouvro dvorpfto rrrlv
ewo.l\.trlv
nou eKTeloUwotoro Nymex (NewYork Mercantile
Exchange),
ro Xp4pmrorrlpto
rov nptirov utrdrv,
6nou6tonpoynpoeeoprord
ougp6trorq,6vowtrou 15o/o'to
2002.
Uore0owor
To geydOrlqurd qenrpvorivx68egowoo(o. Km6 14 btdpr<eto
Kdnorovouve6prooeov
ro roj\orofptrou 2008,owol,l\dXor1xov
pop6ito,6r1)ro6q
orrqoyopdqn6voron6 150eKoropptipro
ro 6rnl6oro rnq noyr6oprog Koenpeprwlq(nrnonq oe nerp6l,oro
eKe(vrl
rnv enoxn.H repdooxon(oorov po0po1puo6,evdrrlrov
oe m6on Kor6ro dewepoe[dgrlvorou 2008eqor[oqrnq rjgeqeKfunoe
oqg,npoBMnowoqrnv ov6Kouqrn,
dpunrspnro 2009.
H qn66oonrou ropSoowof ono6erKv0eror
nep(rpovoon6 ro
xol.ooorofonpr;roro r6loq rou Xp6vounou nq(pvouvor Xpnpmror6gorono(ore(vorerdxeupSvot
mrg oyoponrol4o(eq
u6poyovov0pdxrov
prenpo0eolr(o.E(votot Booti.r66eg
rov gn6vouq.
Ot XcnUonor6qrqq GoldmanSachs6poqrnpronorofwor
onq 600 BqorK6q
nfipe^oiK5qayopdg.Orouvo.l\)\oydq
ogopo0v
272 I HTPANEZA
6)roro gdopo qq sUnop[oq(peolrd\€x6pevegnerpe]roirdgeroLpe[eg,oepoperorpopeig,
eropeieg 4],errpxo0 pef pmog, oepfou,
propr;Xovu<o0g
Karovo^ordq...
), 6nlo6n oyopdqror no)\4oerq
nerpeho[ounou ro]uimouvouyxerptpSveg
ovdyreg.To runrx6
qrrq
nopd6erypoougperdxowoq
Xprlpmoyop6qow6q efvornerpeloiK6q eroLpe(eg6n<og11En<on,11Total { q BP. H nsrpeloi
14 erope(o anr6i6erororo guotr6 epn6proyro rqv roi,4 6roXeiproq rtov n6pcovrqg r] yro rtq ovdyreg r<ovnehortirvrqq, e(re
np6xeror yto opy6 nerp6)rotoe(reyro pev(iv4,w(eL, go(ow 4
vdgOo.E(vornporrp6repovo pnopef11erorpeio-ow[ vo 6tu)r(oerro otivo)\orqq nopoy<oyiqrqq- vo npoprlOe0erotopy6 nerp$roro on6 14 6e0v4 oyopd yro l,6youq nor6rrpog rj ye<oypotg 6rorutrrdvoerg
9tx4q eyyfr4rog. np6nervo eqou6erep6ver
qyopdq
rnq rqnq peroli r4g ewoArlq
i nrirl4orlg Korrnq nopd6oo4q.H GoldmanSachsxdvetro (6ro,oyop6(owogon6 14
guoxrl nopoy<oy4yro 6xr1rqg 1pqoq, nporertrrdvou
vo rrlv rdvervo Kopnoqop4oer.
Or u6poyovdvOporeq
owo( onoenKefowor, nept;rdvowogrotrwepeg4gepeg.
:Tn Xpnpcrnornproxrloyopd rov oupBolq(tov peMowx4g
eKnlnpoonq orov top6o rou nerpeAoiou,or Xpqponordqrqq
GoldmanSachsXrrpi(owor etrovr6q nopoyoydq 4 erxovrrd
gopr[o. [1p6raroryrorunonot4g6vonpoSeolrLord
oupp6],oro,
nou ennp6nouvorouq quUUerexoweq
vo oul.rgtovrioouv
orjgepo ndv<ooe pronprl nop66ooqgpe pell,owxrl npooeogio
peyolwep4 f prp6rcpq. H rpdne(q anxewptivar14 6pooqpt6rrpd qg mg 6tlo peyolwepeg Xprl;rcrroyop6g
rou r6o1.rou
,
rrlg N6oqY6prrlgKorrou nov6(vou,6nou e[voreyrmeorrlgrivo
e(er6rxeug6vo
Xprlgmtmqpro.:rrq Hvop6vegflo)rne(eg,rov
np6ro rmovdttor4 u6poyovovopdr<ovorov nAowlrq, 4 Xpqpcnoyopdovogop6qalvorro Nymex.flpdrrq euponoir{ Xprl-
NETPEMIOY/ 273
18.:TON KO:MOTOYAPTOY
porqyopd, K6wpo qyoponol,4ouirvor4v EyyJqAvorotrliKqt
opXr;ye(o
rov 6te0vc6v
0ol6oouovperogop6v,ro >[rl 6roedrer,
1dpr1oro InternationalPetroleumExchange,ro dtrtropey6tro
:Tnv Ao[o,TnvnpoXprlporrorrlproorov rog6or4g ev6pyeroq.
roro€e6pio SXer4 Iryrono0pq, unooKel[(owoqro XovyKKovyK
ror ro T6rto.
'Elowoq
ro XprlpmonouXpeto(eror,
n GoldmanSachsUnope[vo n6pernotr0KepdooKonrK5q
e6oerqoe 6trougrougropelg
pe
rrlv
rrlq oyopdq,
npoomrr4 ev6qyprlyopour6p6oug,ovol,oppdvowog B6Boropey6l.o p[oro. Aur6 e[vordtr\<oorero dlrou 1p4portor4.
eo Korro trrg6yor4g 6outrer6g
H Kep6ooKon[o,
nou 16oo ror4yope[ror,e(vordpoye 4 6Xr
6rorfpovo4
rrrlvnpdrv;Kor6yevLrfopoloy(o,
une60uvr1yrorrl
ro ororX4poroouldvouv u1 guottcj oordOetorcovrtprirvrou
pro0pouXpuoo0,6rlptoupy<iwoq6vo xl.ipopey6.\49opeBor6t<or4roq yro 6trouqrougroge[qr4q nerpd\oiKnqBropnxoviog,
ytoro
yrong
rpdr4Ool,<irvouv
rov
op[(owo
enrlerp{oerq,
Odrq
nopoyoryo0q,yto rov xorovoi.orf. Av Kqror ouvo,\Loy6grcov
XpnporonrorolKrirvr6pupdrtov,6rov ng BMnougefeX<optord,
6leq po(i onorro6v
Xdvoworor4 pr6(ort;v netpo6ol,opicov,
oqpowu<6Bdpoq.Ko0drqenr(Oewor6trorgo((,oLXpqgortor6g
or6qrowot ouv4Ooqpe rov (6rorp6no, 5Xouvr4v [6roegnetpio roLro [6roowovox].omxd. l-totov l6yo our6, ot entrptr6g
r4q oyopdg rulv
eilowor vo undpfer 6vo ntroforop00pLor1g
gel
mo
nerp6loro.
Tr;v<irpo
ougpolq[<rlv
owrr{g exn}r4ptoo4g
TnqnoyKooUrono(4o4q
rov xwrloetovrov Keeq}ro(ovKo[6e6op6qgqg 60vounqrnq GoldmanSachs-proon6nerpopri01uo4ggowo(er ndwtoq ouronrxrl.
Tov AeKdpppro
rou 2009,6nerroon6 noMo0g btoroypofq,
q ogepr(CFTC),
FuturesTradingCommission
n Commodrties
274 I HTPANEZA
KovrKnentTponqyrq rrq qyopdque npoeeop(cr
orov x6po rov
np6rov u^dlv,qvoKofuooernv ronoe6rnon nl,qg6v orov qptop6 rt,rv oupBolo(ov peMowu<qgerntrfp<oor1q
oe oXdo4geeveppev(fuq,
yatord npoi6wo nerpdtoro,
nerp6l,oto€6pgovo4g
guorr6
r<or
odpto-Frorrlv ruBdpvtlo4rrov A4got<portr6v,to
rov
Lo10ovoJor4gor4q owoppriOproqg
on6ro XpqpononipLo
nptintovul,6v 6qrooe oro 6prdrou. Oeoniornxovv6orntptopLol-rol,
pe or6Xor4v npomooio rou rorqvotrori. l-1dwroq,6ev
e(votrot 16oo ouor4po(.
H CFTC6rKqroloyri04reyLoro Xoi.op6owd p6rpo,)rayowoq 6rt 6ev unrip[e 6e0v4q oqprl4, rup(togon6 rr1Meydtr4
Bperov[oror ro ANT,nou eo 66rvrr; 6uvor6rqro vo undpfer
pto nro od\r1p{ mdo4. To ANT d}J\ome efie onotrl.dletrouq
xep6oor6nouqon6 r66e euOJq yror4v err[vo(4ralvrrprivro
KotroKo[prrou
2008.EnrnMov,ro opeprrovrr6unoupye[oOrogop6rov 6rr ot Xp4gmror6qrou nerpeLolou0o 6geuvopu<drv
yov yro rlnr6repoxl,[poro,Lry6repopuOgtmtrd,6noq 11Etrpe'Ooo yro
rov Boorr6orour(o, ro Nrougndr( q Iryrono0p4.
pogdpo rou pu0prorrro6nl,oro(ou,rov o;.eprov6 yprlpmtarf
ovoM6[KI Mdorepq,o onolog ouvun5ypqqrepro BtTproLrr4
gopd olenrd pe rov p6l,or4q rep6ooron[ogorqv dvo6ottov
lporv qg pev(ivnq,our6qeyrmdtrerqeq gdlr;. O T0nogonord.Lur{.re
6l ro enev6wLr6rou req6},oro onore}.o0wov rup(<og
rot
on6 of(eqoeponoprr<6v
eroperdrv,ourorl4roBrop4Xovuirv
perogopdg,
q
ov6mu(4 rov onolov elvotdgeeropercirvodrr4g
ga q logqhl rtprj oro nerpdLoro.
oo ouv6e6eU6vn
Av Koror rponr(fueq nopo6dXowor6n o l-rdpt fK6votrep,
o entregotrfgrqq CFTC,6rq06rerr0poq, ooBop6r4roKottKonpog
vdr4ro,noMo[rov rcr4yopo0vyLor6tohepqgerqxF[pron
TnvGoldmanSachs.H olui0eroe(vor61165Xr4xeXop(gqv no-
18.:TON KO:I\,{OIOY APTOYNETPEMIOY/ 275
poprKplidvmoo4 ro enrlerpriporor4q erorpe(oq:or xep6oor6not gdpvouvpeuor6rrpo, roLdpo 6tog6verooe pro nlovrlrrxl;oyopd. H or<oprpio
rou xtrd6our<ovudpoyovovOpdxrov
(ovenoprefqenevdUoerq,
nopoytoyrlgror
nopoXrlpdvor
;160o6or
rporrrd govon<i)\ro
ror nopoyoyrqg)e(votpdi.erlrerd.\}euor1g
trovnro Blomrx( on6 rtg 6pooqpr6rqrdg roug.
Ot entxpm6qrou TKevol,eptoXupf(owot6l elvorxqr ere[vog g6Logr4gxuB5pvrlonq
Goldman.O entregoi.(grqg CFTC
61e1,
npdypor, 6outr6{er18 Xp6vroornv erotpefo,r<upfcog
oq
ypr;ponorllg nou 69rooe orrlv rd[n rou ero[pou. Efvornpoororeu6pevogrou P6pneprPo0pnrv,o onoioqrov rd)\eoerowd'rou mo unoupye(oOxovoprrcirv,
on6 ro 19946oq ro 2000.
gf
Tov oKotroueei
rou
ono6o0
rrlq
dMetrgqqpu0ptmtroU
n ;r4
'Eror,
nl,qro(ou.
6inl,o orov Po0pnrv,o l-r6vo/tepxor6rprve
orpo6p65vooX66rop0Bpro4gyroro nop6yt:yo nronoftd npoi6'Hrov
wo nou yewofv entrfu6uveqrep6oorontr6gqo0oreg.
un6pqg onatreuedpoonq
rov nlerrpovu<rirv
oyoponolnor6v
perolrj
mov ldrpo rrlq ev6pyerog,or onofeg4rov uneU0uveq,
6li.tov, xor yLornv ror6ppeuoq, ro 2001,Tnq Enron,rou UeyotrUrepoupeoftqrou dtd6ou. KoOcilg
nopouo(ooero nrmortrd swapstoq.5vo o0gpotror4g rotvorop(oqKotrnq re)Iotroy(oqnou perog6prprrloe
r4v opeprrovtrrlorrovop(ooe unepgqqipeoe
60voun",1q
on6 r60e 6treyxo,yeyov6qnou odriy4yrydwov rov Xploe orrlv xor6ppeuo4,ro 2008,oprop6vrov
K6ro on6 rtg ouvOr]regour6g,6ev ;roqrdl.roroou<ovo;ltrdrv.
vetew0nooq ro yeyov6g6rro o16616
rou yro nepropLop6
rqq
repdooron(oqoro nerp6i,oroefvqrdveuouo[og.O l-K6volep
rov eour6rou nepLoo6repo6ron4r4nop6 geroppu6Oeolpe(
prorq. O penougntrrrov5g
npoxdroX6qrou orn CFTC,o Porj-dAJtoq
pnevT(69epr
dvoqnp<ir4vGoldman!-unrlple ro 6e[(
276 I HTPANEZA
rou
X6prroufloi, Mnpdgep,rou np<ilrouer6trof oneorotrp6vou
Tqopr( Mnouqoro lp6r -ro yep6to narp6troto-Fernv clTloq ono(o6ev6yle p5oro)rrir4q ovoouyrp6qoqg rqg X<irpog,
BoroUeroqorou 2003 Kq.rou 2004.
yeyov6qrrov retreufldwtoq, yto rrq nptilreg 0treq,to 1.te[(ov
ro(ov erdrve(vor11oyop6 rqg owoll\oyt]q noooor6v 6toqet6aou
rou dv0poro, go nporcmri nou r60r1reoe egopl,roy{ oro nl'ol
ororou [1p<oror6Mourou Kt6To,Uecr6Xoq pe(ooqrov axnogncirvrou 6ro[et6(ourou dvOpoxo,uneU€uvouoe Ueyd o
BoeU6yro ro gow6pevorou "0eppornniou".H troyLr4qg ei
vot r; e[r]q:oe rdOeerorpeloovotroye(6vonooocr6 exnognqg.
Av ro (enepdoer,np6nervo oyopdoern(mor4 p0nov on6 dtr)r1erorpafo,11ono[o,roodlg6Xetrurp6tep4ernopn4on6 ere(vn nou rnq ovoloye(, 6ro€6retdvq nhe6vooponpoq n6tr4o4
or4v oyopd. Aw6 gnopeivo egopgooralFt btdeopouqrp6nouq: oe Gpob, (on6 g6po oe pr6po),ge npoOeolr(o4 ge ouvotr\oy6q rcnd Boflrlo4. H fllerov6Tnrq rov erotpetdrvnepvd
on6 peod(oweg,tpdna(eq rot et6Lrofggeoftag.E(votgto rovovu<r'1
oyopd np<ir<ovuldrv nou undplet {64 oe epBpuor4popgrj orrlv Eupdrnqror ndervo yevv4Oe[
ror or4v Apeptn],pero
6vouocap and trade.
To 6roxriBeugo
efuorrepdmLo.I0UgtovqUernv KUp6pqon
O;rndgo,g6vo orqv Apeprnj €o pyouvoe nletornptoop6646
prin<ov
to npooeXrlemd
6toermopgripto6otr6ptonrar<ioeLq
rot
rpetg gop6q penou
vo
e(vot
60o
opr0p6g
Xp6vto,
trrnope[
yotrwepog.To p6ye0ogoe oflo otno0 rou v6ou1pr;pcrnor4p(ou
rou dvoporo 0o gnopo0oevo lenepdoetro 1.000btoeKoroUp0pro6ol6pro rov 1p6vo.
ouorxd,4 GoldmanSachs6ev0o dg4vevoqg leqfyet 6voq
nomrotr6g.f'lo[(etrot xurrlronoe[ro ror6rotoq av6eX6pevoq
18.:TON KO:MOTOYAPTOYNETPEMIOY/ 277
trwepo guold r4g, npoxeq6vouvo entvorloouvv6onpoi6wo.
l-rorov onorotrreur4, 4 oyopo r<ovprinov ouyrewp<irver6tro ro
ntreoverrrlporo:pauor6rpo, oogdtreto,on66ooq xorq0u6 ror6rKo.Or eeogrKoienev6wdq6Xouvdwovo evdrogdpov.
To 2005 o Xdvprfl6Aoov,o onoiog roXup[(eror6l pdXeror
yto ro nep$61-\ov,6qL6verntog"q eodrowtr4 6pooq 6ev trrnope(on6 g6v4r4q vo tr0oetro np6plnUornq KhpcnrKiqo.}rJ\qynq. Kotqnrd rpmrrdg enev60oetg
oqv 6peuvoxot ornv ovdpe vfXto ror
nru[1. OpiKn!An6 r6re n rp6neEounEpoonlError
pe 66wro ro cap and trade.Aoyrr6e[vor,roO<iq4 gopeprlourq xep6ooxonrxrlpq1ow1gnqre orqv nptirq ypoppqrou oycirvo rord rou gowo;r6vourou "€epporqn[ou..H Goldmanrn6v6uoe go(Lrdor4v ototuni ev6pyero,mo prowi(etrxot orrlv qLronl evdpyeto.H erorpelonqpe pro peroqrngrKn
oupperoXforo
owoMoydrv
rou
lrdyou,
6nou
noufuo0wor
orjXprlgortonipro
gepo ot nrordroeLg
pJn<rlv.xoOtirqror oe gro enrXe[pr1oq
nou
efer6rreJerotor4v ncbl4o4rouq Xcop[gvo unotroy((oupero
enevdurtxdregd.l.oronou npoo0o0wot on6 roug noi,to0qrrlg
GoldmanSachs,or ono(orronoOero0vro ono0egortrorouq
orq xo0opdqreygoi.oy(eq.
fro ro novrlpdnve0gmonou unoor4p[(ouvngOetopieg
ouvtogoo(oq,undpXet16rrrqr6 n(oo on6 otrrrlrrl lopoUgevqrmop(o.Aw( vo enrBln0eiontr6g6vogoro0ep6grpmx6g 6oo969
ndvolor4 pdl.uvoqnou npoxol,e(ro6toleidrorou dvOpororor
vo unoXpeo€orjvoLuneriOuvor
vo nlqpdroouv,6pleror ro cap
gerqrp6qjer
gro
vq
and trade
oyopd npdn<ovuhcirvoe dvq o0orqpo ouMoyrlq rp6pouond r6r<irreg.
Erpove(orqgr0X4g4 rp6l,ortov ov0pcirntov;
Xperdoqrenoyro
goq
tr6qx6noq vo 6p0eLoro
o notrurrUoqpo0poqXpuo6g.
No 6ptrrgnou rtirpo ro Bop6ho y[vowor Xp4goroorxovoprrd
274 I H TPANEZA
yrcrro Booil€ror(')voKr6v.Ormor6npoi6wo KorroqrdeUouv
oerqpfn(')vro oKoloueo0v."Tonooernoerq"
Mva.O no Oow6v
8o pnopoUoerdN\rmo 6Aoow6 vo'ro r6verptieo.
19.Tperg
fvrpeqyro6vov0pdvo
nroe(vor;r6vorperg:4 GoldmanSachs,q JP Morgan
adrpo
gqXov5g,
I Korn Barclays.
Tperqrotroooto(eg
nou Byqxovon6
r4v xp(o4nro6uvordq,rupropXofvor4v noyr6oproorxovog(o.
popoop6,ereivegbeiXvouvo41-repo
llopd rov ou<ovoprr6
npoxtrqrrrduyeig. flop6weq oe 6Aegrrg 6poorrlpr6qrag, ot 6;ul,or ouro( Boo ,e6ouv.Or dpXoweqnou rouq 6pu06vouv,o
A6tw Mntrovr<g6Lv,
o T(6111
Nrdrpovror o Mnogn ltrdropow,
TUno
onooXoAo0vouveXciqrov
MerolOrovrpuiv owdrv owpriv, ot ono(orOecoporjvro
n6wo 6e6ogdvo,undpXerdyproqowoyrrrvtog6q,
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H GoldmanSachsnopelXeouppou)\6qoro unoupye(oOtrovoprrcirv
r4g Bperov(ogyro r4v eevrKonohqnrou oreycrqrF
ro0 roper-rqp(ouNorthernRock,nou o6nyorjwovoe m<ir1euor1.Korr1004ve
en(or1q
Xovx
1do<orou unoupyodOtxovol.udrv
Il6hoov,rou nptil4vnpoS6pour4q, xotrou mevoJ rou ouvep-
'H
20. NA PI=OYME
THNGOLDMAN OXI: / 299
ydrn Nl^ KooKdpr,6LLou nptirlv rr;g erotpafog- ro peyoAwepo oX66rorpone(Kiq 6rqooonq orrlv rmopfo r<ovHvrollrivtov
f lol,rercirv.
H MorganStanley,qn6 rnv ntreupdrqq, Sotooeng oreyoorrxdqrpdne(eq FreddieMac xot FannieMae,npoog6powog
nopdL\flro Bo40etoor4v npdlrrl oogduorx4 mov 16o1ro,rqv
AlG.EiXsp6Io-KIEt6fong eovtxonotrloerq
rou oyytrtxooroge[ou
unoOqnirvBradford& Bingleyror qq ro)rov6rfg GlitnirBank,
ror 6xleroe rq ouyX6veuoqperolri r(l)v BprrovrK6vLloyds Kot
HBOS.
Iro nl,eup6r4g BNP Paribas,11MenillLynchnopefie oupBouMqorn yo^fur4 ruBdpqorl oXenrd perov rp6KeloDexia.
Aurrrl4 dro;uooqperoq0KpcnKiq 6rivounqKqreroK6v qrqv
nopopl ougBoul,civoe enLXerpr]oerg
el4ye(rorrup(togon6 rqv
6Nterqqreyyoyv<ooloqrov uqrnl6v orel€X6v rou 6nU6orourogdo xorrcovnohnrr<drv
oe 069oro Xprlporootr<ovogx4q
reXvrrr1g.Or ovdrrororundM4trorrou rpdroug 1.rord(ouv
oprerd pe
(6ro
roug rpone((reg:
6r60eo4yro opo6tr4 6ou)reLd,
i6ro 6uge
puonr6r4ro.
Tfno,
onrorfq ondvqwt orov
i6ro eppov4 14
pro16roro
Ftoexe(vougnou nop5Xouvorxovoprr6qun4peo(eg,
oxeon lrernv Kpormneqouo(oro0q 6ive(Tn 6uvar6Tnrovo 6ngtoupyfoouvdeopofqorrlv rop6r6rrlg rpmtnig prlXovrlq,
nou
I1e66v
nowori
16o9o,
ev6eXog6voq
onoporivXpr]orgor.
orov
or xuBepwloerg,
6nog ror or peydleg enrleprloerq,e6louv vq
dlouv 6[dto rouq roug rojtfrepouq rpone(lreq,roug onolouq
0eopoJvef orperrrdenn46eroug.
Aurn e[vot rot r; enLx(vbuvqonygrl: 6rov 6nlo6n or nqpqqunvo0vr<orXdverotro pdrpo.
r<w6uveup6veg
ougneprcpopSg
E66 ror peprxofgpiveq 6l,orot neproo6repooxo0yeror4 6noqrrl6t eo np6nervo onopovro0otlvor 6poorqpr6rqreqrnq enev-
3OO/ H TPANEZA
6wxqg rp6ne(og-ouyyd xep6ooxonxdgxornoporw6uveup6veg- on6 ere(veq-nro nopo6ooroKSgxor rowr,.rvxdoredkgeqr4g epnopxrlgrpdne(og.A6xoXp6vroperdtr1vrmdpyrlof rou,
n 1660ev6qv6ou v6pou Glass-Steagall
lovoyewdror. Or voorqlyoarnq voUo0eo(og
ouqg, nou 6Lolrirpr(e
ng 600 6poornpr6rqreg,onorro0v unoor4prrrdq.
:rn Meydln Bperovio r1(6roonoy6peuorl (oXuoeyro noh0
rorp6. ALld q nlipnq dl er'.lrnpu0pronro0ntroroiouqro l[rr,
6tov 6ytveto gey6)ropnryr UnovyKro 1986,d6ooe rq 6uvo1614rooa geydtror6p0poro,eyXdrproKorq6vo,vo e(oyop6oouvrrq erorpe(eqnporr6peuoqg,yto vo npoog6pouvox6pro
peyol,wepq yrdgo oLrovo;rx<irv
urqpeorcirv.Irrq Hv<opdveq
f1o)rtreieg11onebue6poon 6yweoro6ro16,o6ny6woq ro 1999
orrlv xmopyrlorlrou v6gouqn6 rov Mn^ K iwov.
Trorouq enrrptr6grouq, ro p6ye8oqrrrlv Aey6gevo;v
noyr6ogtorvrpone(c0ve(vordvog orlpowtr6g nopdyowog ouorrlgro6 rw66vou oe nepimtoorlo0ernolq EnrnMov,ro 0r1p[o
owd 6to05touv,I6yo r4g 6rogopenr6r4roqr(Dv6poornproriptov, 6voe[openrd notrfrrpo dreov6rrrlgo oro 069orqq nlnpog6pqo4g.Oeopqnxd,6evgnope(rove[gvo nep6oeron6 rqv
6Mq geptdrou "ItvtxoUTeiXouq",nou on6 14 p[o61etrtq ouyXovetioerq-efoyopdqrot on6 rqv dMrl rnv dKdoonrftIov. npqrmd, 6prr4,ro refiog e[vor6ronepor6.Irrlv npoyl.rom6r4ro,
ot erotpe(egow5g, nou ooptirvouvrq ndwo, eivot66opteqqq
Tdrewo(o rp[m6 oX6],ro,efioou
o0yrpouoqqoupgep6w<ov.
q
o4powrx6: rpone(tni otrryopXioouonep<irvarot6rov np6Kerroryrq rnv unepdonroqrov ouggep6wtovrr1g.
'Evog
xoworipyrogv6gog 0o rlrov onl,rirqovegdpgooroq,
onowo0v or unooqptrr5g r4g oqpeprnlgrdl4g npoygfrtov.
H XcnpcnoorKovogrfreygrni 06traroero ne6(o,npoo06rouv,
'H
20. NAPl=OYl\.4E
THNGOLDMAN OXlr / 301
ouvd6owoqnq 6poonlpr6Tnreq^rovrKnq
Ueofvefiq 60UnU6vo npoi6wo. OrenrXerp{oerg
np5nervq oneueuv0oriv
mo rprlqyopqnolnouov
qg
yrq
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rouq,
vq
npoeulox0ofv
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on6lq 6rorupdvoerqrov rrptiv rrovnp6rov ul,6v Kqrrov E6vtovvogLopdrov.E[dMou, ov onau00vowoL
oe 6vop6vo(6pugo, ornetrcrreqpnopo0vvo nerfxouv geloor1oro noo5 rtov npoUn€er6v.T4v enopi rqq noyxooptonoiqorlgor y(yowegouroi
ge regd^orqyro vo qwtoroeo0v
0o efvorro.\frepo onl,rop6vor
oe 6voevbeX6gevo
noNppoix6r<fgo.npdypo , n Kordppeuorl
r<ov60o Ouporov-ougB6l@vnro rnq Kpionq-,rnq Northern
RockKorrnq LehmanBrothers,6everXeox6onpe our6 nou tr6prenoyr6oprorpdne(o. H np6rrlqrov gtoeprnopLrrlrpone(o
er6treup6wloqv oyopd evun6enKov6qvelovKorn 6eJrepnUro
ro€opd enev6wrrf rpdne(o.
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oe pLov6oex6op(rou v6pouGlass-Steagall
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vo rr16popoloynoer.MdXprnou eprgov(orqxe
o nro 6veeppoqono66qrou v6pou,o Berepdvoqf'lol, B6l,rep.llp6qv
np6edpoqrnq Kewpu<qg
Tpdne(ogrrrlv Hvtrlp6vovnoltrer6v
on6 ro 19796togro 1987,enrKeeolrigrou lupBoul[ou yrornv
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orlpepoo eprweuoqgrou oXe6[ou
rpone(rr4gpreroppUepronq,
nou e{oyyri},01reoflq 22 lovouop(ou20 10Korro ono(odppeoo epnv6eroton6 rov v6po our6, nou 0eope[rororn Tou6l
Irptr nopoXrlgdvoq.'OUoq,
dropop[eo41604re oproBpow(o
tupuirvnou 6uog4porjvro oXd6ro.
O nol B6^.Kep
e(vor6voqnoLri (owov6q oydowdpnq,Uro
enrBl,qlrciUopqi rirlouq66o trr6rpov,euriv4rog,nopd ro 110
rd.drou, ror pnope[vqowd[el ororx6 orouqc6pouq
rou rov p6l,o rou voripepo5vo eX0porj,nou ro rpone(rr6 ldprnrrori ono-
302 / H TPANEZA
d(6er.H 6ro6pogrl quro0 rou np64v rpone((r4 r4q Chase
Manhattan,nou iFov er6x6goe vopLolromd86pcro rot o onofoq
roreiXeutp4Mg06oergoro unoupyeioOrxovogr<iv,un6 6rdrpopeqruBepvrloerg,e(vorewunrooroxrj.Kord rr1yv<irpr1
rou,
rp[rog
4 fnopl4 rpone(<i} "too big to fail" e(voro o6rivol-rog
rnq d\uoa6oqrou oriylcovou ronttotrtopo0.fltorefer noq ot
opepxovrr6q rpdne(eq onolqUBdvouvorlpepo pro rmdmoo4
npoy.rdnovo6troro)r6ypq: efuoro(youpeq6tt pnoporivvo uno)roy((ouvorrl cr{pr[4 rou rparouq 6,r ror ov ouppel.
Org ,orrou B6lxep er0er6(ouvr4v ovr6rorcler6rou . Aev611trrlloeonofuiroq ooBop6 6n q nro Xpqorp4enLv6r1o4
rnq rpon4rKnq prognxovioqrm6 q 6r6prerorov rpr6wo c)rewoirov
er<irvrirov oLow6pouq rogerordgg41ov6g(ATM);H I6U'!n
rnq l-ou6l trpn nor6 6evOdgntooeow6v rov ltopiq 6noporldvoptonoperov od\6 rp6no (orjg. To no0po, nou 6ev)re[nouvnord on6 ro cr6go rou , efuorrdnoro qr4vd yxpevowt6.Koro 86)rrep p6vo unorprqg 6ev eivor.Mern Boer6pn6oo rpov4rou
Mer 6uvmd or.n6nou or<5greror
xot vop((erg6rt e[voro dyroq
Fe6pyrogrq orryg4nou n6ervo rororpondroerrov 6p6ro rrrrv
rpone(mdrv.
Kmd rov npdno Xp6voqq npoe6p(oqOpndpo,ro dmpo
rou eiXe[eOoprdoer.Tov np6ro l6yo e[1ov6fo nol.rrxo(nou
qrov rowd mov rf x),ortov rpone(rrtiv A6pnL:o unoupy6qOtrovoprxdrv
T[po0rFr<dt6vep
rou neuror o poor6g orlgpou)roq
-np64v
roti O(rouA6pevgIdpepg
unoupy5gOrrovoprr6vrqg
r<uBdpvqoqg
Kliwov, xor6po ow6gnou 60oqerovv6poGlassSleagallro1999.O Opn6go,nporeq.evouvo fovondperrrlvxordoroorl oro xdprorou 6nerq qn6 6rogopegnofurx6q qvono6159,ouw6ooeror peflg on6rlergrou B6trxep:vo Xrurqoertouq
roro0g ror rouq onp6oerrougnou 6ro0drouvloproguhdxro.
20. NA PI:OYMETHNGOLDMAN'HOXI: / 303
flororo oXd6r6
rou yroro d\o(orop00gronq;Apor6wero,roOtlqor6Xo61etvonepropioatrop6yeeoqrov rdpuUqrovKqrrrq
rep6ooronx6g rouq 6poorrlprdrryeg.To oX66ro0o onoyope0er
ong xcro0em6g rp6ne(egvo rm6Xouv,vo enev6riouvq vo oqpf(ouvomovopxdhedgelundsn outhougemlepr;pcntxdrv
ou1.rperoX<irv.
Or ouvoMcy6gyro (6rov6qeloq nepropl(owor.
Ie 6vor6roro ntroloro,n GoldmanSachseo Bpsed Ueroq0
og0pog xor drlrovog. Oq rpdne(o qugperox6voripepq,6xer
yro 6ftru oogotre[ogro rporog. Xper6oqre vo 6qproupy4oer
<oqow6ltroygo yro rr1 po{Oeroowrl pto 1.uxp{egnopmi rpdne(o ge d6porr1l-rofro, 11onoio 6dlerot rcrro0doerg,
6rqxerp((eror loyopLoolro0gxor 6(vernrordrserq.Egorr[oqouro0 rou
xooeortinogoro ono(oun6xenor,o .Kov6voqrou B6)rxep"eo
rqv ovoyxdoervo eyrmotrelQernol0 npooo6og6peq6poornpr6rqreg,nou r4g ennpdnouvvo ev6uvoptiroer
rov rooloytol.r6
yto nopoXr;ouppou)\rirv
r4q, vo ndperovoOdoerq
oe enrXerpfr4g 6poor4pr6oerg4 vo rpogo6or4oerng Xprlgorror4pror6q
rnreq. Or oyoponotrlo(eqyro [6rov6<peloqowrnpootoneUouv
orlgeporo 10%rov eo66tovr4g rpdne(og, 5vo on6 ro geyolfrepo noooor6 orn l-ou6tr:rptr. To vo ogqoerrqv ounp6tro
rrlq Kewprr{g Tpdne<oq,vo eyr<ord\e(rf
arro xo0emtirgr4q
rqr vo qnoKnioeLlovd rrlv eleuOep(q
rpdne(og ougperoX<irv
rwnoeov e(vorror ow6 noportv6uveug6vo.
Ie nolrrm6 en[ne(oXue
6o, r; entorpogri oro xoOemtiqnou
nprv on6 rov Iem6prBpro
rou 2008eo eetopotlvrovnpooBoln npoq rov Mnopdx Opn6po,xorxcn'andrrooqnpogqv rowr1yvrir1.r4.
Kmr16roro 0o eiXeenbrlg owirruno mo r6moq r4g yprlgcro66rnonq:
n "Kdlurln" Touogoonovbroro0ouorrlpmog onooepcrolvro0qouXd(er,9uoxd, rrg oyop6g.
lleprlr6vowog14 geMowrxrjgeropprS0pro4,
or nporpondq
304 / H TPANEZA
yrq Kqre6dgrorlrnq GoldmanSachsnoltrqn}\oord(owor.O orKovogol6yoqNoupr6l Pougnrv(-6voq on6 roug eldXroroug
nou npodBLeqrov
r4v orxovoprr4rpio4- ev<iverrq g<ovtirou pe
eKs[vouqnou 06louv vq reler6voupe pro ror rolri Uernv nowoduvou(qourof rou Uouo0e.'Elowog ouvoioonor]rou Krvpe KdeeeuKorpio
60vou,o A6rw Mnhovrg6wenovol,ogpdver
6n 6vogyoi ollog prxp6v r6pupr6rcrrv,
nou 0o rlrov onord]reo1.ro
Tnq drdonoonqr<ovdpocqpLot(rtov, 0o odrpele rouq l6touq
xw60vougpe gto Xotigro Ueyd;\ovr6pup6rov.To emXe(pr;po
6ev elvorKor1600 nsrorrK6:q rrr6xeuon rov ogeptrovx<iv ro'90 6ev 66er[e 611
UEurnp[ov orrq op15gtqg 6eroer(og rou
4
eoorepuq Kor6ppeuorlercnowddrovtrrLrptirv
rpone(drvgnope(
vo equyrdverro o0ornpo; Aw(oero, 6oo peyofuirepo eivorro
r6pf pcno,16oo neproo6repougruv6rivoug
nopouord(ouv.
fldwtoq,nog6 rtg ovorpondgow6q, n GoldmanSachsvrd)OeLoprerd Oopoxtolrdvrlyro vo nepdoerU6oqon6 ro govondrl Uero oyKdero.flpooopp6or4re mo rolorlpyro orrovopx6
ronlo. Tq Un6vouq6ivowor rup[rogoe Ue-rox6q,
ror 6vo ropgr.l,ov0p<onrrori
Kparefuor
npog
qg
69e,ltoq
rou
r6p0pcnog
UAn
eroLpelog.To pn6vouqrou npod6pouperdr04reox6nqq oe oX6on pe eKeivorov oUo^6yov rou, yro vo pr1yiveror m6xoq KpF
nKnq.T6Ioq, ouor6erlKego eoorcprrl enFponn,n Business
StandardsCommitteeew6qrnq erorpelog,yrovo elerd(ero1otroomd 6leq lg lplpmLorrlprordg dpooqpr6rrpeg org onoleg
our4 e1rntr6xeroL.
fleproo6cpo on6 nor5, o n6rw MnIqvKe6Lv6XeLouver6rlronoqoer 6r e(vorrpiolro yroqv GoldmanSachsvo ogogoLrioerro 6i6oyuo rng geydrwep4g orrovol.urcjqnoyrdogLogrpL
o4g on6 ro 1929.Aev 6xerd^tr4 enrl,oyrl. l-varpl(er6n npdner
xovelgvo npooopp6(eroLorrg ouveXeigoLl,oy5g,brogopemd
THNGOLDMAN'HOXI: / 305
20. NA PI=OYME
prp6po ptoqveKpnqoLnoKporop[oq",
0q rfiolnEet n "Otuggdvr1
6ntoq6)reyeo tr6p6oqB0povqqyrornv hoA(o.:ro roxudpoUe(o
rqq yenovrdg6nou rlrov und$)roq o ncrdpoqrou MntrovKgdrv,
6vo our6goro Unxdvngo51erndpet 14 86oq rou yrto6 6nou
noufuorjwov ro ypol4rm6oqpo. To )ukero 6nou rnlyorve6rdreroe ro 2007.To 6x4yoprr6 ypoge(o6nou ooril,eueXpeor6nqyvoardrvrpone(6v nou poo[oe ro 1998.floM6g entovupfeg
Ieuov orn Fou6)rIrptr 6rov prnlreorqv GoldmanSachspo6hoqov o0rov6peq:n Lehman,n SalomonBrothers,rl Drexel
Burnham,n Lambert,yrovo ovogdpoupeg6volq nroyvroor6g.
O Xp6voqenwoe(.Avdpeoo orrlv nqltd, 464 Xogdvnrooppon(oror mov v6o16o1ronou dpXeror,ot nol.rj pey6i.egow6g
rpdne(eq np6nervo npoooppooroOv.fldwrrlg, q Goldman
nopolr6verfuowdpr.
Sachs,ov ror ntr4ytogdv4,
Iu1tn6Pooltu
(vortpone([teq ror Xpq;rcrrLor6g,ql'\6 rqt 6tKnYopol'et6rigoveqor4v reXvoloYio n ornv entKow(l)vio'YpqFp(rretq
6q.nwo0q touq youq ror rtq K6peqrou Qor6qro0q
ri
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to (6to 6vttpo: vq
Bhdnetn gdpo noh0 ondvtq Arotrou0o0v
t6qvtKrloKovodrow(oouv, p6Boro,d\)r6 ror vo grrd(ouv tr1v
prKnnoNre[o.
qI
Eivortow6lpovo o966o nohLrrnignieoqq' 6(Kruo n}ronopori8etoq,ptc guporowov(o oe otroyevetorddrlgoro H
pe(o p6Xptrrlv ropuqri eivorpoxptd rot opy(' Kqteqellooerot
porptd on6
oro6tor6. Pu0pi(ouvrtq 6to9op6gtoug 6torpcud'
H
ro BMpgmo rtov 6lr\ov, Korlre oK^np6rpo' ov lpet6(eroL
Agou
en0royr]tov nLqtdtvqnotte( peydhl oXotroartr6rrlto'
touq oe uqnryK(nq}\€atlouvrov No6' 6toxcreriouvrLq6uv6getq
6pooq'
rp0rov0p<onx4
tro0corono0q:rpmrrd )remoupyrlporo'
6e0ve(qopyovtolroirl, oup6, noventonlpto'
6n /retOt entxprrcgr4q rorqyopo0v rrlv GoldmanSachs
rnq e(votot o6el9o(' 6F
roupyei oov pooov(o.Ot rponeEfueq
eF
rot peydlot 6t66oKo^ot'roodlqnpooptoljoqrouq
6dor<oloL
orodq"'
vorvo .6tq66oouv orov 16o1rotqv oh(Oerornq
nolo ]r6yoqnou oro unoouve(6qro
Aw6c e[vqrnpogovcirq
307
308 / H TPANEZA
kirv q oworpmoplo -nou e(vorrow6Xpovo o6orrlgo enppor]q
xor pqlovri rcrrooreuflggn6vouq-ouvd6erorge 6vovrpoporrx6 0p0)r.o.
WantedlH M[4 0o gnoporioavo ypogref pe gey6Lo yp6ppmo n6vtoorov oupov6TnqOudqryKrov.
To meaculparounpo66pourrlqrpdne(oq,rou n6rw Mnlovrg6rv, ro eroropgtiprorov 6otrop(ovnou npoog6powot yto
q^ovep(onrKoogoronoUq,4 enove(6roo46l\<rlv
rov 6pooqptorrlrtov11o neproptop6grrr;vpn6vouq:t[nore qn6 6trqourd
onoorpogn.nup
6evpnopelvo perprdoetourrl14yevrxeug5wl
xord po0lrloq evowlovr4g gpr'finq, qg notonf g, rnq KqroH arx6voqq dler KqronodrroogdvrlgUuXrlqrnq orxovo;r(og.
wrore( t6oo nou ornv errioto ovogopd rrlq ourdq or "enr06oerqDqnore}\o0vnMov "6vovv5o nopdyowo p(oxou"yto rtq
6ouledq rnq. Frm(16oo Ufooq:frm(, re],rrd, otrrn q enrOerrxdrrpo, nou dxoverrjv nro ro1up4ror nro €oupooq anev6wtxq rp6ne(o rou r6olrou 6voe[6ognopio;
KoropX4v,pe ouq rqv unoqio np6rl4or1g,ondoroo4gror
ol,o(oveiognou npordre( 6uoop6orero,4 rpdne(o ourn Bynxe on6 rqv rpopepn Kp(onroXup6rep4qn6 nord. <Dowo(6proore rr ew0n<ooqnporotre(roron6 our4 q 0eolromq entrulio,
rupiroqov yvropl(oupeoe noro oqpe(o4 rpdne(o enoge],(Oqre on6 rqv mdrXeuonrov qwovovtorriv rrlq 11rqv e0vrronolqor1
dtrtrrov.Koro np6e6poqror yevrr6q6eu0uvrqg6eve(nenor6
gopotro6vo "euxoprmrrr.oro rpdrog Kororouq oUtptKovo0g
youp6vouqnou rr1Bo{Or1oov.
'EneLro,
yrorouq enxpnegr4g, q rrorpe(oqurn e(votn "qnop66errq 6qrnrou rontrotrropori".ArdonUoqXoporrqprolr6q,
rov onolo on66ooe o dMore 9perqv6q np<o0unoupy6q
'Ewouqpw
Xreorov xopXop(orrov enr0ertr6vefoyop6v, Tov
TdrvrP6oulowq. Or Xprlpmror6gnou 6evSXouvrep6xor6oro
:YMNEPA:MATA/ 309
eivoto0prqpov rrlv elouo(o.KoLorouyxpofoergou1rgep6w<ov
qureq pero o0orrlpo our6.
i{trl\.oore,ow6 ro oJgBol,orqg enev6wu<{qrpone(og 6ev
dro0drerofre 6lrruo rorom4gottov o0reyrto6, pero onoio0o
gnopo0oero rorv6 vo rrlv rqur(oer. l-Lorov ro0q;lepw6 ovep(l)no,n 6poccrlpr6rrlrorrlg GoldmanSachsefvot5vo oivtypo nou yewd (4fuo,96Bo rot 6t69opeqgowoot6oetq,tv6 rl
npoyporrr6rqro eXer6rdgopeqmuX6g.
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310 / H TPANEZA
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p0 ror o4gowrr6 gdo1ro6pooqprorrlrtrlv,epe(gnponp6Ue,orrlv nep(mroo4nou €o npdnervo 6rotr6qouue,vo
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ndwo vo pp(orouge)rior1npoooppoog6v4oro npoptr4gcnortov netrmtiv Uoq,KoreiUoorenep4govornou etooydlogerowo0pytegnporm6g ror te;ytx6g,o ono(ego{gepo 61ouvroOep<oOef
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316 / H TPANEZA
vo npool6BouFe ro Kor6l nlo np6oono y.o rnv Kdee
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yp4yop6repoon6 onou6rlnoreoutori. Ogeie[e]rrX0oriv
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7. A(voupepdpog mrlv ol.rodrxrlepyoo(ooe orrdnnoreKdvoupe.Ar6po xot ov 4 npooonxf 6rlgroupyx6rrpon6wo
ev€opp0veror,yvrop(ouUe6n rq onoreMopcnonou npo6pXowor on6 pro ogd6o elvorounlOoq Kqfuirepoon6 ro o0yro erei
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pog e(vor6vo on6 ro drer6r6rrlq enru{og pog.
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9. H oupperopj tov epyo(ogdvovFoq ornv eropelo roL4
6wooq r<ovnpoono0erdlvrouq eivorno)r0geyotrwepeq
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NAPAPTHMA
/ 317
flrore0oupenrr4 e(vorp(oon6 rtg Boou<69
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nq euperdBMreq
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vo npoBMrlouUe
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6n q o6pdveroo6qyeior4v elog6vroq.
'12.AeX6gooreouorqgormoegnrorewxdgntrqpogopieqp5oo on6 rq ox6on Uqq Uerouq nehdreq.To vo nopoptdrLgepntoouperrlv eXep00ero
4 vo lpqotponotrloouge
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vo 6reup0vouge
rtg oX6oetqgog ge touq neLoonoOo0pre
prog.
req
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vo efvordpepmoron6 40rx4gon6qreoqoe ort6r]norexdvouv,efuenp6xenoryro rnv enqyye\tortxrlroug (rrl4e[re
Yrornv npooonrKn.
2.Xpovotrriyro
14gorxovoprr{g
xpio4g
2007
8 Oeppouopiou flp<irrr1npoer6onolqo4 rrlq rpiorlq rrrrv
subprimes.H pperovLxrlrp6ne(oHSBCovororvrirver
6rt r1
q0Enonrtov oveq6glnrov noo6v on6 ogepu<ovtrdoreyoorxo doveroeo neprop(oer
ro r6p6ogrr;g Kord 10,56rosrmopg0pro 6oLdpro.
2 AnptAiouH New Century,4 votipepo6tio qq niorrrlor;gyro
xoroxfo orrq Hvtop6veg
flo,l\ne(eq,
r4p6ooerm<b1euo4.
17 louAiouO 6e[KrnqDowJonesrouXp4gcntorqpiou
r4g NSog
Y6px4qgrdverorrq 14.000Uov66eq,
ro uqrn^6repoonUs(o
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& Poor'sXqpnl6verrov po0p6nepinou500 opo)royrortirv
ex66oeovnou poo[(owotoe nLorriloerq
subprimes.
18 louliou H BearStearns,gio on6 rqg no.Lr6tepeg
rpdne(aq
r4q Fou6)rlrpr, ovorowtirverr4v mdrXeuor;6rio ex r<ov
xep6ooxontrdrv
rqq regdro[<ov.
31 loulfou H yeppovtrrlrpdne(o KfW unoxce6verorvo po4O4oetenery6worg
rnv IKBDeutscheIndustriebank.
TnvenoyepuovrK6
ro
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ovoroLv6ver
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319
320 I HTPANEZA
6 Auyoforou H BelyLrrlrp6neEoFortisevtirverqtge rr1 Royal
Bankof Scotlandror r4v BancoSantanderyrornv enreerF
rrl e(oyopd rqg ABN Amro.Or6vowogro noo6 rov 71,1
broeroroptrrup(tov
eup6,e(vorq peyolweprl e[oyopd oqv
oxovogrrq roropiq.H Barclaysnopore(ror.
ro ndyto;.rorov rptdtv
9 Auyooorou H BNP ParibasqvqKowtirver
AKoIoueeI
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nou nepdlouv subprimes.
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H Eupronoir4KewpLr4Tpdne(o owt6pd nol,0 ypriyopo xor
pilverorrlv oyopo 94,86roeKaropU0pro
eup<ioe peuor6.
17 Auyooorou H Kewpxrl Tpdne(orqq Apepr4g Xo1]flrriverro
enn6rt6rrlg on6 ro 6,25"/"oro 5,75%,yto np6q cpopdon6
rov lorivrorou 2006.Efuo(n opxli Urqqoetpdgon6 geuioerq.
22 Auyo0orou>uwovropdvrl6p6o4 rcovrewprrdrvrpone(drv
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vouv oro vopro;.rorrx6oforrlpo 330 droeKoroUuripro
peuoTo.
23 Auyo0orou H Bankof Americaenev66er2 6tosroropg0pro
vorl6o)r6prooqv CountrywideFinancial,ro oueplKqvrK6
pepo6vor<ovevun60qx<ov
6oveltov.
14 :elrfeFppiou luvtomrog6g oro yxto6 rqq NorthernRock,
gLoqo4powrrqg rpdne(og r4g B6perogAyy)riog,r1ono(o
onomo0eponor(0r1xe
on6 r4v onoorpdyyrorlrqq 6rorpone(xriq oyopdq. Or opX6qonog6oroov vorqg 6droouv
6rrorcregXpqgmo6orioerq,ql d or rcnqOdoerq
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ro
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2.000
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nel,oreggoBo0wor. H xpmtrrl nopdlrBoo46evrcnoporivet
vo molrcqoer r4v ot1-roppoylo
rrov ono0egmtrdrvr4g.
29 OKroppiounopoftqor;rou Ir6vtreiO'N, npo66pouxoryevrxoo6euouvrq r4g opeprrovrrrlgenev6urtrrlqrpdne(oq
NAPAPTHMA / 321
MerrillLynch,Fcrdrnv ovoKolvoonrnq on6tr€roq2,246F
oeroropgupi<ov
6olopiov.
4 Noepppiounopoiqon rou Toopl,gflprvg,npori6pouror yevxori 6eu0uvq rrlq Citigroup.
2008
8 lovouopiou flopotr4orl rou T(6rpqK6Lv,npod6pouxoryevrroU 6eu0uvr4qg BearStearns.
24 lovouopiou H Soci6t6G6n6raleonorotrtlmet6rt dvogov6wrl.rogXp4gcrnorr;q,
o Zep6pKeppdtr,r4v 6rovevo 16oer
4,9 droexmopgtiproeupdr,evcir11rp(or1rrrrvsubprimes2
6roermogpripro.
11 oeppouopiouH Kewpmi Tpdne(or4q Apepxqqovorow<irver6Ttorqnd,Ie€q nou ouv66oworUerq subprimeseo grdoouv ro 400 6roercropgripro6ol6pro ow[ yrq 50 6roeKoropgripro, 6noq eiXenpoplregOeinpw on6 dvovXp6vo.
17 Oeppouopiou H pperovrKriruBdpvrloq eovrronoe( 14
NorthernRock.
12 Mopriou Oront0)recqnou ouvddoworgero subprimeserrr6oldpro.
U6wqr qro 2.0006roercnogp0pro
14 Mopriou H BearStearns6xernp5p\yo peum6rrpoq.H Kswptr4 Tpdne(o rov HnA opyov6verrn 6r6ooon. H JP
Morgan6dXeror6vq 6dveto30 6roeKoroUpupiov
ror r4v
rpmx4 eyyf4oq yro vo eloyopdoerrqv BearStearns.
14 Anp iou O Mopoel Oon6I, o ono(oqeiXerdverrqv eApenr4 rpdne(o UBS pio on6 rq peyc0req
r4g Fou6)rIrpr, oge[l€t vo nopornoe(.H UBS6xooenep[nou8 6roeKarouufpto
eup6 oro ro06vo on6 ro 60o npo4yofgevo rpipr;vo.
322 I H TPANEZA
2 Anp \iou H LehmanBrothersnpooge(Urooiqnon Kego^o(ou
4 6roeKqroUUupfov
6o^qp(ov.
9 louviou H LehmanBrothersqvoKolrirveronrril,eeq2,8 6roeKorogpup(ov6otropiovro 6e0reporpfpr1vo.O Pftoopw
Oolw, o np6e6pog,(r1rdon6 rov yevrx6rou 6nu0uvrn,
rov T(o l-rpdyropt,vo noporrlOe[.
1n loutriouH Bankof AmericaeqoyopdEer
rnv Countrywide
yro
Financial 2,5 Sroer<oro1.rg0pro
6otrdpro.
louliou
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np6e6poq
T(opr(
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6vooX66ro61630
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oroo4gr4g oyopdqoKrvnrov|jqrouq300broeK(fropUUpfov
6o^opiov.
26 AuyouorouH FDIC(FederalDepositInsuranceCorporation),
rpo4 ono(oeyyudrorro ono05poro8.600opepu<ovrxdrv
gro po0pr1l(orq 117 r6pupdrtrrvnou
ne(<irv,64proorefeL
owrper<on[(ouv
ooBopdorrovogrrdnpoBl,4poro.
31 Auyooc'rou:Tn feppov(o,n oogofuonrq AllianznouL6rnv
DresdnerBankornv Commerzbank.
4 :erIIeFppfoullpotrrorlorlrrlqo0[qor1qrerpotroiou
rnq Natixis,
r4g rorv4g0uyorprrrlgrou Topteur4plouKorrnq noiKnq
TpdneEoq,4 ono(oeiXentr4yeioe geydhoBo096on6 rrlv
Kp[onrov subprimes.
7 :errrepppiou H Kewprr4TpdneEor<llvHnA ovoyrd(eroLvo
eyyu4oe(ro Xp6oqrnq FannieMae Korrnq FreddieMac,
0qrouq1006roeKcnoUuuplov
6olqpiov q rooegfo.Irrlv ouo[o, np6retrotyro eevrKono[non.
9 Ierrrepppiou H JP MorganEnrdUeyohwepeq
eyyu{oergon6
Tn LehmanBrothersyrq vq rn 6ove((eroe r;peprloroBdor1.
10 lenrepppiou H LehmanBrothersqvoxorvrirver
onrirtrereq
yro ro rpfto tp(g4vo Kotnq0qrouq3,9 6toermoppuplcov
poXopeiro rprlpo rqg droxe(prorlgperoliv. H rdtoprq rpd-
NAPAPTHMA
/ 323
on6
ne(ornq fou6tr:rpr 6evBp(oKet
ntq Xpngcno66rnon
rnv oYopo.
14 :srrepppiou H pperovrxqrpdneEoBarclaystivqt 6rotpqvo
oyopdoerrqLehmanBrothers.Znrd proxpcmq eyy04oq,
6n<oqror 4 JP Morganorrlv nepimtrroqqq BearStearns.
opH KewptKriTpdne(o ror ro unoupye(oOrrovol.uxdrv
vo0wor.Kmd ouv6nero,
n LehmanBrothersrqvKuptor4ro
ppo6u r4p0ooatm61euorl
15 >ErneFppiouH LehmanBrothers,Xtop(gBofoetoon6 rrlv
KewprrrlTpdne(olTo on(oreuroqur6 vdonpord\ei novtx6 oe noyr6opro xhfporo,nou lenepvd oe e0pogexelvov
rnq gnqAuyoforou 2007.OrKewpKdqrpdn{eg lopr;yo0v
pauor6,Xtop(gvo rmop0drvouvvo ro0qouldoouvrtgoyop6g.Kove(gnro 6av e6ler vo oyopdoer,ofre vo 6oveioet.
Or Xpnpqnqrnpror<o(
6e(rreqxcrporuloriv, n 6tcnpone(F
Tp6ne(oXox( oyopo pntrordper.H EuponoiKnKewpu<ti
p4ye[ 100 6roeroropgriptoeup6 oe 60o r;g6pegorLgeuptonoix6goyop6g.
16 :errteuppiou H oorpotrrortrfAlG, nou xo^fmer rouq rtv66vouqunepqgeplogrov nrortioe@veKqrowddovt6pupeuor6.Ernpdrwoq6rt
prdrovov6 rov x6ogo,e(vorXtrrp(g
e(vor6voq(orrx6q nopdyowoq yrq ro orrovoptr6o0orqpo, 11KewprrciTpdne(orqq Xopnye(85 6toaxmopp0pto
do^dprqUeow6 ^oypo ro 79,9%rou Keeq,\qiournq.
18 :rmepppiou :uwovrog6vq6pdo4rqg KewpxrlqTpdne(qq
rng AyyXoqrot tov rertov HFIA,rrlg BCE,rnq TpdneEoq
wprrcirvrpone(tlv rou Kqvo66Kotrnq E^perioq.H .ovoF
Xrrl n6l4on" onoyope0etotnpootoptvdoro Xpnpcrnornprorou nov6lvourqr rm6nw orn Tou6tr:Tptr, yto vq quyxpcrrq€e(
4 m6oq rtov rrptirv.
324 / H TPANEZA
19 :elrfrpBpiou O unoupy6gOrxovoprr6vXdvprfl6loov ovoyro
rorvtirver6vo nldvo 700 6roeKqropgupf<ov
6otropfrov,
vo efoyopdoeton6 rg rpdne(egro rofrrd roug 66vero.
21 :emeFppiou H Kewpu<ri
Tpdneqorov HnA flqpqxopefro
roeemtig r4g rpdne(oqKorqedoeovqrnv GoldmanSachs
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rpmrrrl Bof0ero.
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NAPAPTHMA/ 325
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11 Oxroppiou To G7 noipveLp6rpoyro vo ro0qouxdoerrouq
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20 Orrorppiou H yoMrKli ruB6pvtlo46(vet10,56toeKCnoUU0pro yLoori[r1or1rou trreroXtro0reqotro(ou oe 6gt geY6)req
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22 OKroppiou Ot 16peqrou K6^nouornp(ouv ro tpone(r6
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NAPAPTHIVIA/ 327
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26 NoepppiouO 2oo6 MovoudtrMnop6(onopouotd(etdvo
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28 NoeFppiouEevtKonoinon
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NAPAPTHMA
/ 327
28 Orrorppiou To B6tryroouverogdper
Ur 3,5 drorxmoppuipro
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328 / H TPANEZA
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328 / H TPANEZA
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330 / H TPANEZA
Kdnpooprop6qrouq e(vqrvs npoorcneUouv
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NAPAPTHMA
/ 331
pdAno(rlpttirvowot
n[(ouv6uoKoXeq11e(voroe mdrXeuo4.
peroX<irv
oo rrlq peuorono(qo4qrorv
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332 / HTPANEZA
Ayopti ouvoM6Ylroros. H oyopd ouvoLldygmog e(voro Xr6pog 6nou yfvowor oyopon<otrr1oieg
lSvrovvoprolrdrov, ro
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NAPAPTHMA/ 333
oyop6qi n6Mqnq, nou npopMner6rt n nop66oon Kotn
n)rnpoUtieo l6pouv X6pq oe UropsroYev6otepn
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Joshua Bolten. O np6r1v6au0uvrrlqvogrdrv unoOdoeov
GoldmanSachsoro nov6(voon6 ro 19946oq ro 1999,Uerd 6eueuvqgtou ypoge[ourouT(oprqMflouqqn6ro 2006
6oq rc 2009,e(vorof gepoxo0ryffiq mo flovenror4protou
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Lord Browne. O np6r1vyevtr6g6€u0uvrnqrnq BP,erolpoq6roXetprorjqrou oueprKovrKo6
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Abby Cohen.Eivornp6e6pogrou GlobalMarketsInstitute,rou
nopoqprpqpiou oyop<ivrqg GoldmanSachs.
rou 2010,aKloydqyrq
John Corzlne.Ago0 dxooeorrgextroydq
pro 6ewep4 04c(o oro Ntou T(epooi, o npdrrlventregoInq rnq GoldmanSachs6eu06verrrlv erorpe(opeoue(og
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Alistair Darling.ApKsrdqqop6qunoupy6qun6rov T6u Mnl€p
ror unoupy6gOrrovogtruivun6 rov l-x6pwov Mnpdouv,
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perd r4v 4rro r<ovEpymrrdrv orrq poul€urrK6qaKloy6q
rnq 6nq Moiou2010.
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19906oq ro 1994Kornp6e6poqrnqOFooflov6ror4gTp6neqoqAnoeeudr(|)vrrlg N6oqY6prrlq on6 ro 2008 d<oqro
2009,eivor6rgu0uvrrlgrouIugpouhiouyLo14 Ae0vrl fl\poq6plon orov Aeu16O(ro.
Richard Fuld. flpri4v np6e6pogror yevr6g 6eu0uvrrlgrrlq
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orov ;lrirpor<ovogorpo(<ovregoholtov utl4]ro0 rrv66vou.
Reuben Jeftery. O 6eu0uvrrlqrou nqprorvo0ypqqeiou rnq
GoldmanSachson6 ro 19976oq ro 2001,np6e6pogoq
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(HnA).
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ro 2009,6eu0uvrqg rou TARP,rou olediou rpone(rr;g
6r6otoo4gr4g rupdpvnonq Mnouq,grqre oro opoltoyrox6
olro$oio regdJtoroPIMCOro 2008.
Jacques Mayoux. flpr64v6e0v4g ofFpouloq rnq Goldman
Sachs,6xerogrepooe(drcroc or4v n6)q 6nou eivor6{Uqpxoq,oro lppdr, orqv nepropi Zp6w.
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NAPAPTHMA / 337
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Henry Paulson:
dgrloe rq 06oqrou unoupyot OtKovogrK6v,6ypoqrero onopwlpove0gordtou, 6(vowog nop6$Io ;roO{gcnooro floventoqgto TEovqXdnKtvq(HnA).
Chuck Prince.Merdrqv ovoldrpqor]rou on6 rq Citigroup,Unnre orrlv erorpe(oouUBorilovAlbrightStonebridge.
RomanoProdi.Agof onoo0p04reon6 rqv notrtrtxf, 6t6doxet
oro floventonlgtoMnp6ouv(HflA)rot
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E0vdrvyto rq 6toougger6Xerorrlv enrporq t<ovHvtogdvtov
qpnol qq erpnvnqornv AgplKn.
RobertRubin.:ugnp6e6pogr;q GoldmanSachson6 ro 1990
doq ro 1992,unoupy6qOrovoptnilv rou npo66pouMn
retrtKdrrl
K)riwovon6 ro 1995dtoqro 1999,eyKqr6letQe
roug
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Citigroup,
vouoYiou.
Alan Schwarz. O np<irqventregoltiq r4q BearStearnst(vqt
np6edpoq ror yevtx6g 6teu0uvrrlgrnq Guggenheim
Partners.
rnq MerrillLynchxottou New
John Thain. flp6rlv enrrerpoi,qq
YorkStockExchange,np6nv oxovopu6q 6ou8uvrnqrnq
GoldmanSachs,nrjpe orrl ouv6letoto 4v(ornq ClT,rpdentXeprloetq
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orrg gu<popeoo(eg
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ppiorowor oe roOecrdrg6xoonr4q exro0dptoqq.
np6eJohnThornton,l6pumqrnq GoldmanSachsInternational,
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rou 6€0voUqouU6poq rnq GS rrlq Aoioq, e[vot
ro;.tefou
ChinaInvestrou
rpcnrof
enev6urLrorj
Boultlou
mentCorporation.
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SidneyWeinberg.neeovero 1969.