EU hits back at Geithner on regulation

[sabra]

Source: FT

Top European Union officials hit back on Thursday at criticism from Tim Geithner, US Treasury secretary, who has accused Brussels of pushing ahead with rules to regulate managers of hedge funds and other alternative investment funds that could be protectionist.

A spokesman for Michel Barnier, the new EU internal market commissioner who is responsible for financial services regulation and to whom Mr Geithner addressed his concerns, said that the EU decision to act on hedge funds was in line with a G20 decision to reinforce transparency in the financial system.

He added that the new commissioner wanted to “work closely” with the US, to ensure “robust standards” in financial services. Mr Barnier is due to visit the US shortly, although no final date has been set.

The spat comes at a sensitive time. Diplomats from the 27 EU member states again failed on Thursday to agree a compromise package for regulating hedge funds and private equity funds on a pan-EU basis.

Read more: http://www.ft.com/cms/s/0/3a2d919e-2d1e-11df-8025-00144feabdc0.html?ftcamp=Late_headline1/NL/USMar2010/Vanilla_geitnr/0/&nclick_check=1

[Better Today]

1. "hits back" then later in the article they "failed" to pass a package of reform.

I'm all for our guys getting crap because they deserve it, but it seems none there are getting much farther than we are.

Sad f'ing state of affairs.

[Double T]

2. It's going to take a strong leader to fight wall street and Geithner ain't it.

If the rethugs regain control, the world economic and financial system is finished.

[liberation]

4. How so?

I fail to see any major differences in regards of policy and attitude towards Wallstreet between the past 3 Dem administrations (Clinton and Obama's) and the GOP admins in between. Is there anything magical about the GOP moxie which would lead to disaster while following the same policies (almost to the dot)?

[belpejic]

7. Now would be a perfect time for Timmeh to rehabilitate his image.

He got his puff piece published in New Yorker, which actually makes a bit of sense.

Yet he still doesn't get it. He needs to reign things in and start making sense to Main Street. I really think this guy needs to go. He may be a good technocrat, but he's political lead for an administration that needs a much more precious metal.

[Double T]

9. The GOP (Greedy Old Psychopaths) has/have no conscience.

At least the DNC Democrats pretend to have a conscience. Still a HUGE difference.

[naaman fletcher]

10. what is the difference between d's and r's on this? nt

[FarCenter]

3. Timmy is trying to aid Wall Street's fellow scumbags in London

The EU have to get control of the Brits or toss them out.

[liberation]

5. The UK is not part of the Eurozone/ECB

However, that does not seem to stop UK politicians from lecturing the EU regarding debt levels, while completely ignoring the staggering debt rates the UK has.

[FarCenter]

6. The UK is not in the Eurozone, but the last para in the OP references the 27 EU states

The Eurozone needs to proceed with economic and political consolidation, maybe adding a couple more countries, and disregard the rest of the EU.

[defendandprotect]

8. Right ... let's be sitting ducks when the hedge funds and derivatives come crashing down ...

once more on taxpayers heads!!

[Vidar]

11. "Lassie bites Timmy."