Following Axel Weber's Resignation, the Leading Candidate to Succeed is Former Goldman Sachs Managing Director

Yesterday, when I wrote about the Italian Central Banker who is expect to succeed Trichet, I said "Given that it seems like an Italian might be succeeding Trichet, all red flags should be on". It looks like I couldn't be closer from reality and the sad truth.

While I didn't do my homework correctly, Mish investigated about Mario Draghi's background and he found on the Banca D'Italia Mr Draghi official bio:

Prior to taking the helm of the Bank of Italy, he was vice chairman and managing director of Goldman Sachs International and a member of the firm-wide management committee (2002-2005). He was director general of the Italian Treasury (1991-2001), chairman of the European Economic and Financial Committee, a member of the G7 Deputies, and chairman of OECD Working Party 3. He was appointed chairman of the Italian Committee for Privatisations in 1993, and, from 1984 to 1990, was an executive director of the World Bank.

Yes, Mario Draghi is a former Goldman Sach Managing Director. Aren't we living in a wonderful world!