Local view for "http://purl.org/linkedpolitics/eu/plenary/2007-09-05-Speech-3-201"
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"en.20070905.21.3-201"2
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"Mr President, this financial crisis is a wake-up call for all of us and also for Commissioner McCreevy. Only a few months ago Mr McCreevy assured us that the talk about financial risks and crises was theoretical and we would never run into new bubbles. Now we have just been confronted with one, which has serious consequences, according to today’s
the OECD and other qualified institutions.
I have four questions for Mr McCreevy.
Firstly, if we look at the derivatives – credit derivatives, credit market – you blame the agencies and say that they are not good enough; I say that we do not know anything about what is going on. Are you ready now to propose a public classification of the complex derivatives in such a way that the public and private agencies can give us guidance on the risk connected to them? Because that is impossible today.
My second question is about the conflict of interest. If we take the prime brokers, the hedge funds and private equity funds, we see that they are mixed up in a complex set of interests: they earn income from each other, they trade with each other and we do not know what is going on. Are you ready now to introduce rules of transparency, disclosure and accountability which give us a real chance of regulating the market?
My third question concerns pension funds. We know that wage-earners and workers are having losses connected to putting money into hedge-fund speculating in this derivative market. Are you ready to introduce rules which can protect the pension funds and insurance companies trying to administer wage-earners’ money in the future so that they have an interest in saving and knowing that the losses are limited?
My final question is: how can you defend the fact that the hedge funds, private equity and investment banks are the last resort on the international and financial markets without any regulations? We have the usage to regulate the banks and the mutual funds, why should they – hedge funds, private equity, investment banks – be the last resort? I cannot explain it, you cannot explain it. It is time to put the common interests at the front, and that is why we need regulation."@en1
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