Wednesday, October 29, 2008

The Connections Of Peter Sutherland

Writing as 'Ephraim Hardcastle' in yesterday's 'Daily Mail', Peter McKay notes,
"This week's Paris Match recalls the lecture that the Pope gave the world during 'crash week' on the 'futility of money'. The Euro-glossy points out that it has since become clear that one of the biggest opportunistic buyers of distressed shares that week was the Vatican'.
Reading that was quite unsettling.
Just yesterday morning, I reminded readers that Peter Sutherland, who by the most recent information I can find is still a non-executive director of the Royal Bank of Scotland, also holds the office of Consultor of the Extraordinary Section of the Administration of the Patrimony of the Apostolic See.
APSA's website does not make it altogether clear what role it might have in making investment decisions of the kind that McKay has referred to. It might not have anything to do with them at all.
But if it does, then it is part of a state apparatus which has invested heavily in shares at a time of crisis. At the same time, its Consultor has not only been a director of a retail bank which has required state intervention in order to survive, but who also, by all accounts I've been able to find, remains a senior executive at Goldman Sachs International, whose parent will be a beneficiary of the US bailout.
Sutherland is connected to a US bank that going to win from the bailout necessitated by a stock market crash. He is connected to a British bank that has had to be nationalised because of the same stock market crash. He is connected to the administration of the Vatican's finances at a time when it has been investing on account of the blood in the streets which has been let because of the stock market crash.
All of these connections might be entirely innocent, and have absolutely nothing to do with each other; but it is surprising that nobody in the mainstream media seems to have noticed them.


Blogger James Higham said...

Nice one, Martin. He's on my list too.

29 October, 2008 15:06  

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