The Corner

Not Letting That Crisis Go to Waste

The Franco-German assault on “Anglo-Saxon” capitalism continues. The Guardian has some new details:

The loss of up to 3,000 jobs in City hedge funds and private equity firms is a price worth paying for tougher rules on the sector, an influential MEP said today. Jean-Paul Gauzès, the European parliament rapporteur on a proposed directive on alternative investment, said: “If the directive wipes out two or three thousand speculators, I am not going to be sad.” In his first trip to London in more than 30 years, Gauzès said that Europe should become a “fortress”. Non-European hedge funds should be allowed into the region only if they met certain criteria, he said, and the new directive should be enacted regardless of whether it led to an exodus of hedge fund and private equity managers.

And, yes, if you think you detect something more than a touch protectionist about that “fortress” talk, you’d be right. To its credit, the Obama administration appears to be wise to what Gauzès and his ilk are up to on that front. That tragedy is that Britain, which ought to have been able to nip such schemes in the bud is no longer able to – thanks to the sovereignty that it has ceded to Brussels, a process that Washington’s pro-EU claque still likes to claim is in Uncle Sam’s interest. Quite why eludes me.

In the meantime, there is no word on whether Jean-Paul Gauzès will begin an investigation into the sub-prime operation of the Eurozone’s single currency. I’m not holding my breath.

H/t: EurSoc.

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