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Sahra Wagenknecht

Sahra Wagenknecht
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July 10th, 2007

Control of hedge funds is overdue!

Speech by Sahra Wagenknecht in debate on financial services policy (2005-2010) – White Paper, 10 July 2007

Sahra Wagenknecht, on behalf of the GUE/NGL Group . – (DE) Mr President, ladies and gentlemen, the report's section on Alternative Investment Vehicles, amongst other things, mentions hedge funds and private equity firms, regarding which this House must make a clear decision. Hedge funds are known the world over for their aggressive policy of exploiting labour, plundering enterprises and recklessly destroying jobs, and they are rightly compared with locusts.

The wording of the report falls far short of addressing these dangers. We need clear and unambiguous definitions. The guidelines for hedge funds and private equity funds must regulate the following: minimum requirements for the equity capital of these funds, all gains on disposal to be subject to the income and profit tax in the country where the management company has its headquarters, duty to register, duty to disclose asset structure, the ownership structure and ongoing transactions, and much more.

Our group has tabled amendments to this end, and hope that you will take them into consideration when voting.


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