Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-11-18-Speech-2-299"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2008-11-18"^^xsd:date2
dcterms:Is Part Of	lp_eu:EU response to the world financial crisis: follow-up of the informal European Council from 7 November and of the G20 Summit from 15 November 2008 - Commission's legislative and work programme for 2009 (debate)2
dcterms:Language	"en"^^xsd:language2
lpv:document identification number	"en.20081118.29.2-299"2
lpv:hasSubsequent	lp_eu:2008-11-18-Speech-2-3002
lpv:speaker	lp:Kathy Sinnott2
lpv:spoken text	"Madam President, I should like to say to the Commissioner that now and in her coming work programme she will be dealing with the financial crisis. This crisis has hit different countries around Europe in different ways, but one thing is certain: the financial institutions in all countries have, to some degree or other, bought toxic US mortgage debt based on subprime lending. Do you know to what extent Europeans have bought devices such as CDOs, which had been represented to them as having a certain rating by the American rating companies, but which, in fact, on subsequent examination after they blew up, proved to be toxic bonds? They were found to be dodgy projects. It seems to me that there must have been wholesale misrepresentation of the quality of the debt by these agencies for such a huge amount of it to have been sold so easily. I would like to know if the facts about the claims made when selling these devices have been examined yet by the Commission, and, if so, to what extent is it thought they have been misrepresented? If this is the case, I would also like to know if the Commission thinks that there is any recourse in law against the rating agencies for those who have suffered from their negligence or worse, since at this stage our whole financial structure has been attacked by them."@en1
lpv:spokenAs	substitute; AFCO (2007-01-31--2009-07-13)3 substitute; DROI (2007-02-13--2009-07-13)3 substitute; AFET (2007-02-14--2009-07-13)3 member; Delegation to the Euro-Latin American Parliamentary Assembly (2007-05-23--2009-07-13)3 member; Delegation for relations with the United States (2007-03-14--2009-07-13)3 member; ENVI (2007-01-31--2009-07-13)3 member_of_the_bureau; IND/DEM (2008-10-22--2009-07-13)3 substitute; Temporary Committee on Climate Change (2007-05-10--2009-02-04)3 substitute; PECH (2008-05-20--2009-07-13)3 unknown; Independent (2005-02-16--2009-07-13)3 vice-chair; PETI (2007-02-01--2009-07-13)3 member; EMPL (2007-01-31--2009-07-13)3
lpv:unclassifiedMetadata	"Kathy Sinnott (IND/DEM ). -"1
lpv:videoURI	<go to Events_and_structure europarl>2

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