Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-09-24-Speech-3-266"
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"en.20080924.31.3-266"2
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"Mr President, this crisis has demonstrated that the global financial system is seriously flawed. First the supervisory agencies failed to prevent irresponsible behaviour by investors. We have seen the development of new financial instruments that are, however, not transparent enough and do not allow for proper risk assessment. Secondly, owners and shareholders of financial institutions failed to supervise properly their own managers, who paid themselves exorbitant salaries and bonuses, and for what? For driving their companies into bankruptcy!
We need urgent action at least in these two areas. We do not want a repetition of the American meltdown scenario in Europe. We do not want in Europe a situation in which chief executive officers of financial companies go away with tens of millions of dollars while taxpayers are left to pay their bills. We expect the Commission to take serious action on this."@en1
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"Dariusz Rosati (PSE ). -"1
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