Europe backs hedge fund oversight and haven crackdown

[Joanne98]

Source: Reuters


BERLIN (Reuters) - European leaders meeting in Berlin on Sunday backed oversight of the world's financial markets and products, including hedge funds, and urged that sanctions be drawn up to punish tax havens.

A copy of the "chair's summary" from a summit hosted by Chancellor Angela Merkel and seen by Reuters describes the situation in financial markets as "fraught" and says structural reforms and a focus on public spending are needed to emerge stronger from the global crisis.

"We have today underscored once again our conviction that all financial markets, products and participants must be subject to appropriate oversight or regulation, without exception and regardless of their country of domicile," the statement says.

"This is especially true for those private pools of capital, including hedge funds, that may present a systemic risk."



Read more: http://uk.reuters.com/article/businessNews/idUKTRE51L19Y20090222

[GoesTo11]

1. Damn

right.

[ayeshahaqqiqa]

2. Finally

The folks who let these traders and financiers run wild should have known what would happen. Human nature is such that rules and structures are required or else things go down the tubes.