Local view for "http://purl.org/linkedpolitics/eu/plenary/2013-01-15-Speech-2-493-000"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2013-01-15"^^xsd:date2
dcterms:Is Part Of	lp_eu:Credit rating agencies - Undertakings of collective investment in transferable securities (UCITS) and alternative investment funds managers (debate)2
dcterms:Language	"en"^^xsd:language2
lpv:document identification number	"en.20130115.29.2-493-000"2
lpv:hasSubsequent	lp_eu:2013-01-15-Speech-2-494-0002
lpv:speaker	lp:Gay Mitchell2
lpv:spoken text	"Mr President, I would like to make three points, but first of all, may I thank the Commissioner and the rapporteur and welcome Minister Creighton on her first day in plenary for the Irish Presidency. There are three points I would like to make. There seems to be a view that everything that the public sector does is bad and everything that the private sector does is good. Of course the public sector has made a lot of mistakes, but there are very few people who have done as much as Commissioner Barnier has done to try to put that right, in terms of auditing, regulation and credit rating agencies. I welcome that. But when we look at the private sector, let us remind ourselves that when Lehman Brothers and Goldman Sachs and Merrill Lynch were partnerships, they had to be concerned about reputation. It was when they became shareholdings – when they became private companies – that reputation went out of the window and most of the problems, or certainly a good many of them, started. Let us be very clear on that. Also, our credit rating agencies, who were supposed to be independent not only put subprime lending into triple-A-rated products – and I had them called before the Committee on Economic and Monetary Affairs for this – but one of them alone got USD 800 million as a reward for doing this and similar work. So I would be happy to see some role for European credit rating agencies, be they public or private or both. One last point, if I may. I remain very concerned that private credit rating agencies can regulate government – that is not right. I welcome the Commissioner’s general approach."@en1
lpv:spokenAs	substitute; Delegation for relations with the People's Republic of China (2009-09-16--2014-06-30)3 unknown; Fine Gael Party (2009-07-14--2014-06-30)3 substitute; ECON (2012-01-19--2014-06-30)3 member_of_the_bureau; EPP (2009-07-14--2014-06-30)3 member; CRIM (2012-03-28--2013-10-23)3 member; DEVE (2012-01-19--2014-06-30)3 member; Delegation to the ACP-EU Joint Parliamentary Assembly (2009-09-16--2014-06-30)3
lpv:unclassifiedMetadata	"Gay Mitchell (PPE ). -"1
lpv:videoURI	<go to Events_and_structure europarl>2

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