EurActiv - Letters to the Editor

Sir,

Regarding ‘Hedge funds face uncertain future after EU votes‘:

Since the start of the financial crisis in 2007 and the subsequent meltdown, it has become clear that banks (under the Fed’s regulations), investment banks and hedge funds have been investing in the demise during the ensuing financial meltdown (e.g. Bear Stearns).

During the GATT/WTO/Clinton/Rubinomics interventions, the national frontiers of finance were literally destroyed in favour of deregulated global financial markets – leading to the Asian meltdown! Followed by the Russian banking crisis, and now chaos across the industrialised OECD.

The moral perspective of this financial crisis is very simple. Greed and reverence to more (capitalist) greed is NOT a serious policy.

Going forward, inside the euro zone, what we need to do is first, impose legal de-listing of all investment banks and hedge funds based on current operating systems. And legally separate them from their parent (bank) owners and/or shareholders.

Let us slow down the WTO-rendered global financial mecca of Rubinomics under Clinton – and study it properly before deciding what to do with these financial ‘parasites’ or ‘leeches’.

The City of London cannot be allowed to become the centre of the leveraged hedge funds mecca while the UK is not a member of the euro.

That’s the bottom line.

Hari Naidu

Retired EU official

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