Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-09-24-Speech-3-262"
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"en.20080924.31.3-262"2
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"Mr President, on Monday we were told by Commissioner McCreevy that hedge funds and private equity were not the cause of the current turmoil. In today’s
it was reported that the billionaire John Paulson was revealed yesterday as one of the hedge fund bosses who has been short-selling UK bank shares, placing a nearly GBP 1 billion bet that their shares would fall dramatically. His New York-based Paulson & Co was last year’s most successful hedge fund after it bet against the sub-prime mortgages that later turned toxic in the credit crunch. Paulson & Co has placed bets on four high street banks, including HBOS, which was forced to agree a rescue takeover by Lloyds TSB last week after a precipitous collapse in its shares.
If Commissioner McCreevy is not prepared to regulate all financial institutions, then he should be forced to step aside. The Commission has a responsibility to ensure that these institutions are not allowed to pick the pockets of pension funds, of savings and of jobs. They have to be stopped and the only way to do it is to bring transparency and regulation into this area. The so-called ‘invisible hand’ of the market is in fact a pickpocket and the more invisible it is, the more pockets it picks."@en1
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