Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-09-22-Speech-1-075"
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"en.20080922.19.1-075"2
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".
Mr President, I would say to Mr Lauk that he may support the report that Mr Dăianu and I drafted on European supervision, but there was a lack of support for it from the EPP.
Allow me also to say something in response to the Commissioner, which is that I find it unbelievable that he has not reacted to the core issues of the report. He merely told us that the Commission is closely monitoring and closely following developments, and then said that hedge funds and private equity also have much positive influence, and that we should reflect on that.
It is like hearing that a hurricane or tsunami is coming and being told that we should reflect on the positive aspects of water and wind! It is ridiculous.
I shall continue in Dutch, as I wish to focus on two issues with particular relevance to Mr Lehne’s report. One of these – which Mr Lehne himself has already mentioned – is stock lending and short selling. This is of course a classic example of the Commission’s recent failure to keep abreast of things. We raised the issue of the need to take action regarding stock lending, the lending and borrowing of shares, long ago, as this was being misused in hedge fund campaigns against companies. Now, at long last, financial market supervisors – a number of individual supervisors in individual countries – have done so. This is not a coordinated European action; initiatives such as this have once more had to come from the national level. We could have been one step ahead of this and perhaps also have prevented some defaults, some bank or insurance company collapses, had we had adequate measures in place for this.
This is also a further illustration of the fact that such things transcend sectors and that sectoral supervision of banks, insurance companies or securities alone is insufficient. We really do need to combine such supervision and ensure that these securities are anticipated on both sides and that such occurrences are prevented.
The other issue is remuneration systems. We have stated in the report that it is very important that these be curbed and that voting on remuneration policy be possible at shareholders’ meetings. I was pleased to note that, during this week’s discussion on the forthcoming emergency fund in the United States, my Democrat counterparts in Congress expressed their desire to make borrowing from this fund conditional on, among other things, the curbing of exorbitant managerial salaries and bonuses.
After all, it would beggar belief if Goldman Sachs and Morgan Stanley, who are now submitting themselves to that supervision and also wish to make use of those public funds, were to continue handing out bonuses running into millions. It is also appropriate that we in Europe go beyond the recommendation from a couple of years ago. I should like to ask the Commissioner what he intends to do about this, as it is high time we took action."@en1
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