St.McCreevy and selective amnesia.

[Captain_Bolitho]

McCreevy blasts EU financial regulators
Thursday, 26 February 2009 16:34
European Commissioner Charlie McCreevy has lashed banking and financial regulators, saying the system had ‘aided and abetted’ the creation of a super-bubble.

Speaking to hedge fund managers in Brussels, Mr McCreevy said the regulatory and supervisory systems in Europe and the US had tolerated relaxed lending practices and the accumulation of unsustainable debt by households, individuals and companies.

Read Mr McCreevy’s speech in full

While he said regulation was not the root cause of the problem, it did allow the emergence of business models based on what he called ‘flimsy and highly leveraged foundations’.

rte.ie/news/2009/0226/economy.html

The Internal Market and Services Commissioner also said the regulatory regime exacerbated the depth of the crisis because it had the effect of putting more money into an already booming economy.

[ixus]

I’m sure theres an opportunity in there for you somewhere What Goes Up!

https://dynimg.rte.ie/0001d79710dr.jpg

[Captain_Bolitho]

[the_edge]

Talk about brass neck.

[Ivor_Lot]

Gunter Verhuegen(vice president of the EU commission) was on Pat Kenny this morning. He said and repeated that Ireland in particular forcibly resisted increased regulation in this area.Charlie McCreevey was part of that drive for light touch regulation. Where are the journalists pointing this out? The hypocrisy is breath taking!I have the link below, his interview is around 1hr 55mins in.
rte.ie/radio1/player_av.html?0,null,200,https://dynamic.rte.ie/quickaxs/209-rte-todaywithpatkenny-Thursday.smil

[ragingbear]

This guy is gooooood.

@Captain Bolitho

While he said regulation was not the root cause of the problem, it did allow the emergence of business models based on what he called ‘flimsy and highly leveraged foundations’.

Actually it was the root cause, and guess who was the root cause of this weak regulation.

[Sidewinder]

Neck like a jockeys bollix.

Giving out about pro-cyclical fiscal policies and too much consumer debt as well!

Tis heads on pikes time.

[markf909]

McCreevy is getting his revisionism in nice and early.

I wonder is he positioning himself as a potential FF saviour were there to be a have against Clowen post June elections?

[lord_vader]

they should make inis iar Irelands alcatraz and put this gobshite in there

[tea_drinker]

He’s just spouting off in order to hold on to his job. Apparently he has been resisting regulation HIMSELF and according to the papers has been sidestepped by someone who will take a tougher stance.

[The_Unwelcome_Guest]

@Sidewinder

Neck like a jockeys bollix.

Well, he always liked the ggs our Charlie…

[mrslemon]

Always was as mad as a march hare.

[Thing_Fish]

lay off him, he’s being going to Cheltenham for 30 years :rolleyes:

[What_Goes_Up]

@ixus

I’m sure theres an opportunity in there for you somewhere What Goes Up!

…

[podge]

@Sidewinder

Neck like a jockeys bollix.

Giving out about pro-cyclical fiscal policies and too much consumer debt as well!

Tis heads on pikes time.

Charlie “if i have it i’ll spend it” McCreevy.

[ixus]

What Goes Up, all you need now is a few of Irelands cowboys up on them there horses!

[spqr64]

We need more horses.

[done_amp_dusted]

EU’s McCreevy says no need for external regulation of hedge funds

04.21.07, 11:50 AM ET

EU internal markets commissioner Charlie McCreevy reiterated his support for self-regulation for the hedge fund industry and said there was ‘no market failure’ in the industry that would necessitate external regulation.

He was speaking to reporters on the fringes of the informal meeting of European finance ministers in Berlin.

He added that hedge funds were ‘aggressive… but they’re big boys who know what they’re doing’.
…
Ministers will vote on a proposed European directive, put forward by Commissioner McCreevy, to make cross-border banking deals less open to protectionism by national regulators at their next formal meeting in May.

McCreevy Meets With Kimmitt To Discuss Financial Market Regulation
09 March 2007
“Prescriptive, rules-based, heavy-handed regulation has no place in a market economy. Candidly, we must, where we can, get rid of it. It slows strong businesses down. It drives struggling businesses under. It locks new businesses out. And therefore it serves neither investors, shareholders, nor consumers well.”