Local view for "http://purl.org/linkedpolitics/eu/plenary/2007-06-19-Speech-2-029"
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"en.20070619.5.2-029"2
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".
Mr President, nobody comes out of this with any great honour, do they? But of course we are dealing yet again with the abandonment of the concept of
. As a financial economist, I knew that Equitable Life was unsound in the middle of the 1990s, but it marketed its plans direct to the public with the sales line ‘there are no middle men’. Well, the middle men were the professionals, but the something-for-nothing culture came to the fore yet again.
What about the elephant in the room, the National Provident Institution? Same sort of problem, but they did not have the same number of lawyers and politicians who made up their client bank. So are we talking about a common regulatory policy like the common agricultural policy, or the common fisheries policy? Why do they not adopt our audit and accounting systems here? God help us! Taxpayers’ money for failed investment? This is a very slippery slope, ladies and gentlemen. Marconi shares? Institutional pension funds? Where does it end? Sometimes investments go wrong, and that’s life. It is sad, but we have to put up with it."@en1
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