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

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.”