Local view for "http://purl.org/linkedpolitics/eu/plenary/2004-02-11-Speech-3-151"
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"en.20040211.6.3-151"2
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"Mr President, setting up a Committee of Inquiry, which the European Parliament is calling for, could provide those useful elements that we did not find were sufficiently expressed in the motion for resolution, and give some specific and precise guidelines as to the instruments needed to prevent the reoccurrence of cases such as that of Parmalat.
We believe that five billion bonds were issued by Parmalat
Finance
based in Rotterdam in the Netherlands, by a company with a modest capital of just a few thousand euro. In actual fact, they were not real bonds, but promissory notes, that some banks – including some very well-known ones – recommended from their counters to their clients – keeping quiet about their true nature which they could not, however, have not known about.
As regards better informing the signatories, specific rules need to be provided for: the forms should contain a concise description of the product, and our request is that they also contain a report on the risk factor, specifying the characteristics of the bonds, something that is not currently planned for.
There is still the issue of compensation. There is no point crying over spilt milk, we must think about recuperating the misappropriated sums and giving specific guarantees to savers in the case of collapse. Why do banks not have to respond directly and straight away when they have advised people, even shortly before a collapse, to buy ‘junk bonds’? In corporate meetings, shareholders can also have a role to play in terms of monitoring but, because this is effective, there must be provision for it to be obligatory to publish the minutes in an information pamphlet on the measure that is the subject of the meeting.
In the case in question, officials are already reporting huge difficulties in recuperating the sums, for example in US banks, because today US regulations allow US creditors to get preferential treatment. Genuine reciprocity therefore needs to be established between Europe and the United States in processes to confiscate assets and capital earned from activities involving financial crime.
In an economic democracy, which is achieved through worker participation, why not provide for an obligation to have a representation, with a monitoring function too, of workers/shareholders on company boards of listed companies?"@en1
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