Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-07-05-Speech-2-436-000"
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"en.20110705.34.2-436-000"2
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"−
The financial crisis has destabilised a whole series of high-risk financial products, which in some cases were sold to investors as being safe places to put their money. A number of court cases have been going on in this area for some time. For example, despite being aware that this was inadvisable, JPMorgan is alleged to have recommended that investors buy retail mortgage-backed securities when the prices on the property market had long since stopped rising. In addition, JPMorgan is said to have failed to tell investors that a hedge fund was involved, which was betting on the collapse of the securities. The investors, including the pension fund of the carmaker General Motors, lost almost all their investments. The losses made by pension funds as a result of speculation represent a major problem in this respect. Some examples from an Austrian perspective include the millions of euros lost by the Vienna Chamber of Commerce and the joint pension fund of the Austrian Chambers of Commerce, together with cases where legally acquired occupational pension rights were transferred to pension funds by means of highly risky contracts without the knowledge or consent of those affected. Against better judgment, these funds promised tax assessment earnings at unrealistically high levels. This report has many positive features, but it pays no attention at all to this problem, which is equivalent to the failure of the second pillar of the pension system. For this reason, I have abstained from voting."@en1
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