Britain put in a good faith effort to challenge what it sees as unfair/unrealistic bonus rules from the EU but it’s since been told to sit down and STFU, so: you’re on your own. Read more »
They’ll be upping everyone’s “allowance” to compensate the EU’s so-called “bonus caps.” Read more »
It appears, however, to be failing to turn. Or veering in the wrong direction. Read more »
So much for the new era of good feelings between the U.S. and European Union.
The former, I’m sure, doesn’t especially care if 11 members of the latter decide to tax their own people and companies when they trade a security. That’d be pretty good for business on this side of the Atlantic, and the other side of the Channel, as well. But the proposed financial-transaction tax as written? It’s not sitting well with Washington. Read more »
Evangelos Venizelos, who was brought in as Finance Minister of Greece just two weeks ago…reinforced the importance of euro zone membership to the country and said: “We are a member of the European Union and a member of the euro zone. This is definitive and not a reversible situation.” [CNBC]
The Greek Prime Minister George Papandreou is not too pleased with the EU’s pledge of some sort of help yesterday, which lacks any concrete measures. Papandreou’s response came down to, “thanks guys, but too little, too late.”
It’s been made perfectly clear by everyone with something to lose from Europe’s ever-changing-but-still-draconian hedge fund regulation proposals that they’ll be a disaster. Hedge funds will leave in droves, London will be left a ghost town with tumbleweed rolling down Knightsbridge Road, subsistence farming in Hyde Park and (most terrifyingly) slightly less rich people occupying Mayfair townhouses.
So, yes, we get it: The regulations are going to hurt. But one lawyer is not content to leave the fearmongering at a reasonable level.
The regulations, watered down or not, will wash the European Union clean of hedge funds, according to Freshfields Bruckhaus Deringer’s Michael Raffan.