Local view for "http://purl.org/linkedpolitics/eu/plenary/2013-01-16-Speech-3-188-000"
| Predicate | Value (sorted: default) |
|---|---|
| rdf:type | |
| dcterms:Date | |
| dcterms:Is Part Of | |
| dcterms:Language | |
| lpv:document identification number |
"en.20130116.28.3-188-000"2
|
| lpv:hasSubsequent | |
| lpv:speaker | |
| lpv:spoken text |
"Mr President, when it comes to credit-rating agencies, I think some of the criticism is actually justified when you look at the role that the CRAs played in analysing credit default swaps and collateralised debt obligations. They clearly got it wrong and allowed some of the big players in the market to gain there formerly.
But they got it absolutely right when it came to government debt and the rating of government debt, and in fact quite often the credit rating agencies were simply following what the markets were saying anyway about that particular government’s debt. All we are doing in this case is really shooting the messenger rather than tackling the fundamental problems of debt.
But I think the most offensive thing I find about this proposal, as my colleague Kay Swinburne said, is that it is the third proposal in this area. Five years after the financial crisis we have not tackled the fundamental problems. It is time we made sure that explicitly there are no more taxpayer bail-outs of failing banks and that banks have an orderly wind-down procedure to make sure taxpayers do not pay for it; that directors are liable or more responsible for failing banks and pay the price, and finally that accounting standards are sorted out to stop banks and others booking profits up front but not booking losses until they are actually made.
We need to move back to prudence in accounting so that losses are booked up front and profits are not booked until they are actually made. Sort out the crisis."@en1
|
| lpv:spokenAs | |
| lpv:unclassifiedMetadata | |
| lpv:videoURI |
Named graphs describing this resource:
The resource appears as object in 2 triples