Financial Regulatory Forum

from Funds Hub:

Rasmussen gives the bankers both barrels

RTXBHPA_Comp.jpgPoul Nyrup Rasmussen's visits to London are always value for money, and today was no exception as the president of the party of European socialists launched into a tirade against banker bonuses.

"When I listen to you it's like you're living in another world," he told an audience of financial executives and journalists at a Chatham House conference after a number of questions from the floor suggested EU plans for tighter regulation might be counter-productive.

"Have you heard about the recession? Do you know that we have lost 7 million jobs in Europe? Do you know that?

"Do you know that thanks to society you're still sitting here. They are the ones who are bailing out the banks and you're still insisting that you should have your bonuses on taxpayers' money.

"Can you understand the seriousness of people's anger? I don't hear any indication of your understanding of that, and that's a problem for you. Because if you don't listen and if you don't honestly go into a discussion on how to make real regulation but insist that you should not have regulation ... that's not a sustainable point.

from Global News Journal:

Brussels’ MEPs ready to duke it out with bankers

Every new year brings resolutions, and the European Parliament is no exception.

Often derided as a multi-lingual talking shop, the institution is feeling newly invigorated by some fresh faces and by the European Union's Lisbon reform treaty, which came into force late last year and gives the 736-member parliament more say in drafting laws and acting as a check on legislation.

Almost immediately, parliamentarians were letting their voice be heard, forcing Bulgaria to withdraw its nominee for the European Commission last month because she wasn't seen to be up to the job. They also look ready to block an agreement between the EU and the United States on sharing data on bank transfers, and are really beginning to show their teeth when it comes to financial sector reform.

It's one aspect of the latter move -- reported exclusively by Reuters on Monday -- which is set to cast MEPs in the role of banker-bashers-in-chief and could put them on a collision course with national governments.

  •