More European Action Against Speculation: They're Far Ahead Of Obama's U.S. in Morality

May 26, 2010 (LPAC)—Following up on Chancellor Merkel's breaking of the mold, by suddenly, unilaterally imposing a ban on a category of naked short selling last week, the European parliament's Economic and Monetary Affairs Committee last week passed a resolution, calling for a total ban on naked short selling. The resolution is proposed to be part of the Alternative Investment Fund Manager directive, to be decided on by the EU Council of Ministers next week.

The action was taken against the will of the chair of the committee, Sharon Bowles, who complained that "it's not that simple." But it apparently had the strong support of the German and French MEPs. Jean-Paul Gauzes, the rapporteur, told the Financial Times that he was determined to see a ban on naked shorting, which he described as a "casino game... a tool of pure speculation."

 

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