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Business

EU to probe Barroso's Goldman job

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Opening sequence

Business

EU to probe Barroso's Goldman job

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COMING UP:EU to probe Barroso's Goldman job

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Transcript

00:00:00
>> Under investigation by the man who took his job, former European Commission president Jose Manuel Barroso facing a probe over his new role at investment bank Goldman Sachs. The news announced by successor Jean Claude Juncker over the weekend. He says, the commission's looking into whether Barroso broke the EU law.
00:00:18
Reuter's Brussels bureau chief Alastair MacDonald says, legalities aside, anything to do with Goldman, seen by many as partly responsible for the financial crisis of 2008, is political dynamite.>> Rightly or wrongly, it has a very poor image in the European Union. And so, for the man who has run the European Union for a decade to then join the US investment bank that was for much of his tenure, the object of scorn and anger among many voters in Europe has proved particularly embarrassing for this current commission, his successors, who are battling particularly in the wake of the Brexit referendum in Britain to re-establish some sort of idea that they are in touch with voters, that they are not run by technocratic elites who are somehow in the pockets of wall street in the city of London.
00:01:15
>> Barroso has been asked to provide details on his role. No reply yet forthcoming. Any answer he does provide will be reviewed by senior EU figures, including a judge and a member of parliament.>> The commission if it deems that he has breached his treaty obligation to act with integrity, essentially for the rest of his life.
00:01:35
Then in theory and in the law, it can deprive him of some or all pension rights or other rights that he's accrued. In practice, this seems along way away.>> The probe comes days after the EU ordered Apple to pay billions in back taxes. It hoped that would demonstrate that Europe's on the side of the little man, not big business.
00:01:58
Cozy ties to Goldman Sachs don't exactly fit the narrative.