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McCreevy Resists Calls For Hedge Fund Intervention,
by Ulrika Lomas, for LawAndTax-News.com, Brussels
Thursday, September 06, 2007
European Internal Market Commissioner, Charlie McCreevy has remained dogged in
his opposition to proposals for more hedge fund regulation, in the face of growing
concern from EU lawmakers that hedge funds are responsible for much of the financial
market turbulence sparked by the US sub-prime mortgage crisis.
McCreevy told members of the European Parliament that bad lending policies
and a poor understanding of the risks posed by securities loans were the root
cause of the recent crisis, not the activities of hedge funds.
“As much as some people want to demonise hedge funds, they are not the
cause of the difficulties in the market," he stated.
“Financial markets function on risk. I do not criticise those who make
fortunes when times are good. I’m not going to shed any tears now if there
are losses."
McCreevy also pointed the finger at the credit ratings agencies, which he said
were slow to downgrade ratings for structured finance backed by sub-prime mortgages.
McCreevy's office reportedly revealed last month that an inquiry will be launched
into the sluggish response to the crisis by credit rating agencies.
The Commissioner's comments were made as French President Nicolas Sarkozy - a critic of hedge
funds and speculators - commissioned a report calling for greater hedge fund
transparency that could lead to a Franco-German push for such measures at EU
level. Germany has been leading calls for a hedge fund code of conduct at G8
level, but has faced opposition from the US, the UK and Canada, who prefer a
more laissez-faire approach to hedge fund oversight.
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