Manuel Pinho

Manuel Pinho
Minister of Economy and Innovation
In office
14 March 2005 – 2 July 2009
President Jorge Sampaio
Aníbal Cavaco Silva
Prime Minister José Sócrates
Preceded by Álvaro Barreto (as Minister of Economy)
Graça Carvalho (as Minister of Innovation)
Succeeded by Fernando Teixeira dos Santos
Personal details
Born (1954-10-28) 28 October 1954
Lisbon, Portugal
Nationality Portuguese
Political party Independent
Spouse(s) Alexandra Pinho
Alma mater Technical University of Lisbon
Paris West University Nanterre La Défense
Profession Economist
Professor

Manuel António Gomes de Almeida de Pinho (born 28 October 1954) is a Portuguese economist and former Minister of Economy and Innovation (2005–09) who made news when Portugal became a leader in renewable energies. He resigned after an outburst in Portuguese Parliament. He worked at the IMF and was Director of the Treasury.

Since 2010 he has been at Columbia University, first a Visiting Professor and subsequently as an Adjunct Senior Research scholar (1st semester) and Adjunct professor (2nd semester). He is also a FLAD Visiting Professor at Georgetown University. He started teaching at SIPA in 2010, the same year that EDP-Energias de Portugal announced a "3 years cash gift" to Columbia University to develop joint projects in clean energy sources that generated much controversy in the Portuguese press (see below).

He is an advocate of renewable energies[1] and has lectured on global energy policies at several other universities worldwide (Lisbon, Yale, Beijing, and Queensland).[2]

In banking, he worked for Credit Lyonnais and Manufacturer Hanover and was from 1994 until 2004  member of the board of  the defunct Banco Espírito Santo.[3][4]

Education and early career (1975-1994)

Pinho was born in Lisbon in 1954 and graduated from the Technical University of Lisbon in 1975.[5]Template:Reference nonexistent He completed his doctoral degree in economics at Université Paris X Nanterre in 1982,[5]Template:Reference nonexistent after which he became a professor at the Technical University of Lisbon and the Catholic University of Portugal;[6] he has also been a visiting scholar at the New York University Stern School of Business.[7]Template:Reference nonexistent He left academia to work as an economist at the International Monetary Fund in Washington, D.C. from 1984-1988.[7]Template:Reference nonexistent He returned to Portugal in 1988 to become a management-level banker at the Portuguese subsidiaries of Manufacturers Hanover and Credit Lyonnais.[6]

Between 1991-94, Pinho was Director-General of the Portuguese Treasury and is credited with the reform of Portugal's public debt market. In that capacity, he held ex officio seats on the Portuguese Economic and Social Council, on the advisory board of the Lisbon Stock Exchange Commission, as chairman of Portugal's Public Credit Board,[8]Template:Reference nonexistent and represented Portugal at the European Investment Bank and at the European Monetary Committee.[7]Template:Reference nonexistent During his tenure at the Treasury, Pinho was involved in the second and final stage of the privatization of Banco Espírito Santo,[9] which he joined right after he resigned from the Treasury in 1994.

Espirito Santo Financial Group career (1994-2014)

Manuel Pinho was for 20 years a top operative of Portugal’ defunct Banco Espirito Santo on whose payrolls he remained for most of 1994-2014. Template:Reference nonexistent [10] He was initially hired as the group’s head of capital markets and research Template:Reference nonexistent and quickly rose to become a full member of the Executive Board of Banco Espírito Santo in charge of key financial operations areas.[11] He also won the trust of the bank’s chairman Ricardo Espírito Santo Salgado who would become Pinho’s mentor[12] in his family-controlled Espirito Santo Financial Group publicly saying in 2014 that Pinho was "a good financier" and had "delivered great services."[13]

ESFG chairman Ricardo Salgado who, according to a lawsuit by Pinho against his former employer, agreed to pay him 39,000 euros a month until his retirement at age 55.[14]

When Pinho became minister in 2004, it was widely believed[15] that it had been due to the influence of Salgado, who would publicly deny it a decade later.[16]

However, in 2000 Salgado hired Pinho’s second wife to oversee the bank’s newly started modern photography collection (reportedly Pinho’s idea [17]) thus ensuring that Pinho remained bound to the ESFG while he was minister. Against this background, some of the decisions Manuel Pinho took as minister were criticized for benefiting ESFG, such as the sale of Portugália Airlines[18] or his dealings with EDP-Energias de Portugal that was chaired by another former ESFG top operative António Mexia.[18] Template:Reference nonexistent

After resigning from his minister position in 2009, Pinho was rehired by ESFG as vice-president of its Banco Espirito Santo Africa subsidiary, in what was later revealed to be a 39,000 euros per month "no-show job" since Pinho was away teaching in New York and elsewhere.[19] Pinho’s relationship with the ESFG soured in 2014, when he demanded the upfront lump-sum withdrawal of his pension benefits[20] in anticipation of the collapse of ESFG, which happened shortly afterwards. His pension withdrawal request was refused and Pinho’s monthly salary was subsequently reduced to 2,000 euros and in 2015 he sued the former BES pension fund for 7.8 million euros.[14] In 2016, Pinho was exposed in the Panama Papers leaks as having received 180,000 euros in offshore payments from a shell company for the Espírito Santo Financial Group.[21]

Political and Ministerial career (2005-09)

Manuel Pinho entered government politics as the top candidate of the Socialist Party list for the district of Aveiro in the 2005 legislative elections running as an independent at the invitation of the Socialist Party President José Sócrates[22]

José Sócrates Portugal's Prime-Minister in 2005-09 and on whose government Manuel Pinho served as Minister of Economy and Innovation.

Following the Socialist Party's victory in the elections, José Sócrates became Prime-Minister and invited Pinho to be Minister of Economy and Innovation in the new government.[23] As minister, Pinho attached priority to the full use of Portugal's existing renewable energy sources and development of new ones, including solar and eolic electricity generation that expanded considerably in Portugal during his four years in office.[24] He was, however, criticized for granting high price guarantees to renewable energy generation, which meant higher electricity bills for Portuguese consumers and hefty rates of return return for EDP-Energias de Portugal that were deemed "excessive" by the subsequent government.[25] As energy minister of an European Union member country, Pinho contributed to the European Union's Strategic Energy Technology Plan, a blueprint for European development of low-carbon energy production.[26] For six months in 2007, while Portugal held the rotating presidency of the European Union, Pinho chaired the EU Council of Competitiveness Ministers[27] and the Transatlantic Economic Council.[28] As Minister, Manuel Pinho also became known for being prone to political one liners [29][30] that drew him plenty of press and social media coverage and ultimately led to his resignation.

Controversial resignation

On July 2, 2009, Manuel Pinho resigned as minister following an outburst in the Portuguese Parliament during the State of the Nation against a communist parliamentarian who heckled Pinho for personally delivering a 5,000 euros cheque from EDP-Energias de Portugal to the local football team during a visit to the town of Aljustrel (a longtime stronghold of the Portuguese Communist Party).[31] Facing outcries of disrespectful conduct, he resigned two hours later[32] and went on national TV that same night to explain himself saying: " I am an educated person."[33]

The TV footage of the cuckolding gesture[34] immediately made Manuel Pinho the subject of worldwide press coverage[35] and countless Internet memes.[36]

Following the resignation, a group of workers of the Aljustrel Mines made a public statement to express their gratitude for Pinho's support and one year after his resignation, the new Mayor of Aljustrel named the town municipal park after Pinho.[37] His name was also given to an avenue in the northern city of Paços de Ferreira.[38]

However, the local communist Aljustrel miners' union cheered Pinho's departure saying "its only drawback was not having happened sooner."[39]

Academic Career (2010 onwards)

SIPA's office building at Columbia University, where Manuel Pinho was visiting professor between 2010-14 and Adjunct professor therefater

In 2010 Manuel Pinho began teaching a course on Global Energy Policy at the School of International and Public Affairs, Columbia University [40] following a "3 years gift" from EDP-Energias de Portugal to promote jont projects in clean energy sources as disclosed by SIPA in its 2010, 2011, and 2012 Annual Reports.[41] [42] This sponsorship generated much controversy in the Portuguese press[43][44] that reported Manuel Pinho had arranged for EDP's gift of 3 million euros (obviously untrue) Template:Reference nonexistent [45] while he was minister in charge of energy issues and dealt extensively with EDP-Energias de Portugal, which raised issues of conflict of interest.[46]

Pinho has also been a FLAD visiting professor at Georgetown University, a Visiting Professor at the University of Queensland and a Senior fellow of the Jackson Institute, Yale University , director of the Lisbon University Institute's energy MBA,[47] a guest professor at Beijing Foreign Studies University, and a senior international adviser to Roland Berger Strategy Consultants.

Personal life

Manuel Pinho is the father of three children from his 20-year first marriage to fashion entrepreneur Template:Reference nonexistent Paula Serra that ended in divorce in the early 2000s. He remarried another divorcee Alexandra Fonseca (subsequently Alexandra Pinho) with grown children of her own.

In an extensive 2006 interview about his personal life,[48] Manuel Pinho publicly acknowledged that he was an avid collector of photography and revealed that "after he returned from America" (in 1988) he had a near-death auto accident that has since limited his mobility. In that same interview, Pinho also revealed a personal enjoyment for dancing Template:Reference nonexistent when he made sure to say that, despite the accident, he "could still dance and loved to do it."[48] In a 2005 interview, he had revealed he was a lifelong supporter of one of Lisbon’s top football teams: Sport Lisboa e Benfica.[6]

Manuel Pinho was in the past a cigarrete smoker[49] who was once caught smoking on an airplane when he was minister in 2006[50]

Manuel Pinho's Lisbon residence is in a luxury condominium he built after much legal controversy due to the demolishing of an existing building where Portuguese romantic-period writer Almeida Garrett had lived in the mid-19th century.[51]

References

  1. ↑ "Wild and free in Portugal (2)". www.chinadialogue.net. Retrieved 2016-03-01.
  2. ↑ "School of Economics - The University of Queensland, Australia". economics.uq.edu.au. Retrieved 2016-03-01.
  3. ↑ (Portuguese) (Observador) (25 October 2014)
  4. ↑ (Portuguese) Sol (5 January 2015)
  5. 1 2 "Portal do Governo - Manuel Pinho". portais.gov.pt. Retrieved 14 February 2010.
  6. 1 2 3 (Portuguese) Manuel Pinho, Um Financeiro A Cuidar de Empresas (Jornalde Negocios) March 14, 2005
  7. 1 2 3 "OECD - Manuel Pinho" (PDF). Organisation for Economic Co-operation and Development. Retrieved 14 February 2010.
  8. ↑ "Manuel Pinho" (PDF). energy-conference.org. Retrieved 20 August 2010.
  9. ↑ "Banco Espírito Santo".
  10. ↑ O último Banqueiro by Maria João Babo e maria João Gago´, Lua de Papel, 2014
  11. ↑ "Banco Espírito Santo".
  12. ↑ "Expresso". Jornal Expresso.
  13. ↑ "Salgado: "Não contribui" para escolha de Pinho para ministro de Sócrates - Banca & Finanças - Jornal de Negócios".
  14. 1 2 "Manuel Pinho exige 7,8 milhões de euros ao Novo Banco em tribunal". sol.pt.
  15. ↑ Público (19 October 2014)
  16. ↑ [Jornal de Negocios](9 December 2014)
  17. ↑ "Manuel Pinho - Um financeiro de carreira a cuidar das empresas".
  18. 1 2 (Portuguese) [Diário de Notícias] (6 November 2006)
  19. ↑ "Manuel Pinho exige mais de dois milhões de euros ao BES". Observador.
  20. ↑ Cristina Ferreira. "Manuel Pinho negoceia reforma de 3,5 milhões com o grupo Espírito Santo". PÚBLICO.
  21. ↑ Cristina Ferreira. "Empresa apanhada nos Panama Papers pagou cerca de 180 mil euros a Manuel Pinho". PÚBLICO.
  22. ↑ "Eleição para a Assembleia da República – 20 Fevereiro 2005 listas de candidatos" (PDF) (in Portuguese). parlamento.pt. Retrieved 14 February 2010.
  23. ↑ "PINHO, Manuel António Gomes de Almeida" (in Portuguese). Instituto de História Contemporãnea. Retrieved 14 February 2010.
  24. ↑ "Staking all on a renewable future". BBC News. 22 February 2008. Retrieved 14 February 2010.
  25. ↑ (Portuguese) Sol (23 June 2014)
  26. ↑ Manuel Pinho (2008). "Europe's new energy era" (PDF). Ministry of Economy and Innovation. Retrieved 14 February 2010.
  27. ↑ "Manuel Pinho chairs the Competitiveness Council that adopts important conclusions on determinant competitiveness policies and, particularly, on SME policies". eu2007.pt. 26 November 2007. Retrieved 20 August 2010.
  28. ↑ "VP Verheugen chairs first meeting of Transatlantic Economic Council on 9th November". europa.eu. 8 November 2007. Retrieved 20 August 2010.
  29. ↑ (Portuguese) Diário de Notícias (Portugal) (18 April 2016)
  30. ↑ (Portuguese) Expresso (Portugal) (2 July 2009)
  31. ↑ (Portuguese) (Jornal de Negócios) (2 July 2009)
  32. ↑ (Portuguese) [Diário de Notícias] (3 July 2009)
  33. ↑ (Portuguese) (Jornal de Negócios) (2 July 2009)
  34. ↑ [YouTube] (2 July 2009)
  35. ↑ (Portuguese) [Diário de Notícias] (3 July 2009)
  36. ↑ (Portuguese) [Jornal de Notícias] (3 July 2009)
  37. ↑ "Manuel Pinho é nome de avenida em Paços de Ferreira - Economia - Jornal de Negócios".
  38. ↑ "Manuel Pinho é nome de avenida em Paços de Ferreira". www.jornaldenegocios.pt. Retrieved 2016-03-01.
  39. ↑ "Mineiros dizem que foram criados "70 empregos e não 130", como disse Pinho". JN.
  40. ↑ "Global Leader in Renewable Energy Will Teach at SIPA". School of International and Public Affairs, Columbia University. Retrieved 20 August 2010.
  41. ↑ https://sipa.columbia.edu/sites/default/files/Columbia_SIPA%20Annual_2010.pdf
  42. ↑ https://sipa.columbia.edu/sites/default/files/SIPA_AnnualReport_2011.pdf
  43. ↑ (Portuguese) (Jornal de Negócios) (13 August 2010)
  44. ↑ (Portuguese) (TVI24) (13 August 2010)
  45. ↑ "Três milhões da EDP para Pinho".
  46. ↑ (Portuguese) [Diário de Notícias] (4 October 2010)
  47. ↑ "The Energy MBA". ISCTE – Lisbon University Institute. Retrieved 20 August 2010.
  48. 1 2 (Portuguese) (Jornal de Negócios) (credited to Jornal de Negócios, 2006)
  49. ↑ (Portuguese)
  50. ↑
  51. ↑ (Portuguese) Público (6 January 2006)

External links

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