Quote of the day: finance, truth and bullsh*t

Philippe LAMBERTS 7th Parliamentary Term

Philippe Lamberts

From SOMO, an article about how financial sector interests have sabotaged European efforts to regulate the shadow banking sector. Our quote of the day, one in an occasional series, is from Belgian Green MEP Philippe Lamberts, who accused other MEPs of ‘delaying tactics’ and said:

“I am not a finance person but I know enough to tell truth from bullshit. As a legislator, surrendering to the bullying of the industry, I won’t take it.”

Well said that man. And the context in which he said it is yet another example of financial capture and the Finance Curse, as SOMO explains:

“It was reported that not only funds but also ‘local authorities and charities across Europe’ were concerned about the proposal [to regulate dangerous Money Market Funds effectively]. A deeper look reveals that this lobbyism obviously does not come from local authorities and charities themselves but from investment firms specialised in advising them on investments like CCLA Investment Management. This is a striking example of the deep interconnectedness of the state and the financial sector, which the financial lobby has actively created and which it can now exploit to sabotage any regulation.”

Related Posts

Is tax avoidance at the heart of Ireland’s economic miracle?

AIB International Finance Centre Dublin - By Estoy Aquí (Own work) [GFDL (http://www.gnu.org/copyleft/fdl.html) or CC BY 3.0 (http://creativecommons.org/licenses/by/3.0)], via Wikimedia CommonsComing out of the economic crisis Ireland was one of the best performing economies, with GDP growth rates of 8.5% in 2014 and an extraordinary 26.3% in 2015. But how much of this economic activity was real, and how much a fiction created by Ireland’s tax haven status? A new paper by Heike Joebges of the University […]


New Report: HMRC’s “Building our Future” programme

bigben-mcbigbenfaceYesterday the Tax Justice Network was in the UK Parliament to launch a report it co-produced with the Public and Commercial Services Union. The report, entitled “HMRC, Building an Uncertain Future” is a study of HMRC’s (the UK tax authority) reform plans which it is calling “Building our Future”. The report published yesterday analysed the […]


Financial secrecy in football: time for action

bigben-mcbigbenfaceEveryone has known for years that football is rotten to the core and financial secrecy is at the heart of the problem. Why then is no one doing anything about it? This post from the Offshore Game project originally features in the Independent. 


Leave a Reply

Your email address will not be published. Required fields are marked *

Back to Top