Barroso proposes penalties for rogue bankers

[dipsydoodle]

Source: Daily Telegraph

Jose Manuel Barroso has said he will this week propose “individual criminal responsibility for financial players to be recognised in European law”.

The plans for an EU-wide directive would focus on curbing high frequency trading.

“We have seen abusive behaviour, and some of this caused the current crisis. We are going to clamp down on these practices,” Mr Barroso told Le Parisien. “Those who violate the rules will face criminal penalties. This will be a first in European legislation and a strong signal.”

The Commission will invoke new powers under Article 83 of the Lisbon Treaty allowing the EU to impose minimum rules and sanctions on member states when needed “to ensure the effective implementation” of EU policies.

Read more: http://www.telegraph.co.uk/finance/financial-crime/8830562/Barroso-proposes-penalties-for-rogue-bankers.html

[aquart]

1. YES! Screw your corporate personhood!!!!

Now what about the ones who weren't "rogue", but merely following corrupt company policy?

[dipsydoodle]

2. That's covered by

"“individual criminal responsibility for financial players"

[meow2u3]

3. Barroso seems to be attacking the real cause of the Euro debt crisis

The clause allows the EU to broaden the European Arrest Warrant beyond limited areas such as terrorism, drug-trafficking, and money-laundering to softer crimes if they have a “cross-border dimension”.
The measures will target derivatives and use of all types of exchange platforms, covering “incitement, complicity and attempts to manipulate the market”. They will establish “surveillance powers” and access to telephone records.

He's proposing going after the international banksters who looted Europe and brought down the economies of Spain, Italy, Portugal (his country), Ireland, and now Italy. Bravo, Sr. Barroso!!

[aquart]

4. I hope he has very good bodyguards.

[elleng]

5. Excellent! 'Fun' to watch Europeans get a hold of this, while U.S.

fraudsters shiver!!!

[totodeinhere]

6. I wouldn't say that they have got a hold of this just yet. This is just a proposal and a good one,

but lets see if anything actually comes of this or not.

[elleng]

7. Yes, ACTIVELY pursuing useful remedies,

without burdens of U.S. system.

[Little Tich]

8. I think Barroso is doing the right thing.

His roadmap to stability and growth has a lot of good ideas, and has been generally well received. This proposal is part of a bigger plan shore up the EU economy, which includes raising the main bailout fund to €2 trillions, persuading banks to accept higher losses on Greek debts, and barring payouts from banks that do not have sufficient capital reserves.