The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2020 Euromoney, a part of the Euromoney Institutional Investor PLC.

Argentina: Sovereign advisory elite in the shade

It's one of finance's most elite clubs, though its members don't accept that it exists. It's made up of the handful of heavyweight economists who advise governments in emerging-market crises while holding down senior positions at the investment banks that lend money and arrange financing for these countries. But Argentina has exposed the limits of their power and raised questions about whose interests they're serving.

David Mulford, chairman of CSFB International; Jacob Frenkel, chairman of Merrill Lynch International; E Gerald Corrigan, managing director of Goldman Sachs; Ernest Stern, managing director of JPMorgan Chase; Bill Rhodes, vice-chairman of Citigroup - put together they have around 125 years' experience in emerging markets.

They have been close to power - rarely quite in it - for 25 years each, as central bankers, World Bank or IMF economists, under-secretaries of the US Treasury and heads of Federal Reserve banks. And now they are putting their experience to use in the private sector as roving ambassadors for the world's biggest investment banks.

Take out a complimentary trial

Take out a 7 day trial to gain unlimited access to and analysis and receive expertly-curated updates direct to your inbox.


Already a user?

Login now


We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree