Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-09-22-Speech-1-102"
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"en.20080922.19.1-102"2
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"Madam President, the new demon, I think the Commissioner will agree, seems to be short-selling. I would ask the Commission to arrange a study which compares in the case of HBOS the incidence of short-selling against sales by long-only investors – pension funds, insurance companies, private investors and their fund managers – and the plain withdrawal of deposits by frightened banking clients and other banks. I suggest we should have some facts before rushing to a conclusion, and yet another possibly mistaken conclusion.
In his report, to which incidentally our group has made a lot of contributions, Mr Rasmussen used HBOS and Northern Rock in his speech as reasons for more regulation, but HBOS and Northern Rock were banks, not hedge funds and private equity, and subject to the full rigour of the existing regulatory system for banks, including statutory capital requirements. Is it not ironic that the crisis has occurred and spread in the supposedly most highly regulated part of the financial industry? Beware Sarbanes-Oxley!"@en1
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