“The immorality, opacity and rampant abuse of some actors in the financial sector must be exposed and decisively punished,” Portuguese MEP Marisa Matias told Commissioner Michel Barnier in today’s European Parliament debate on insider trading and market manipulation that took place five years to the week since the collapse of Lehman brothers.
“Every day in all member states, news of individuals and institutions abusing the system and getting off scot free hit the headlines. Insider trading is difficult to prove but there have been no attempts to do so. What we see is impunity. But wearing a suit and tie and working for a big company cannot be a get out of jail free card,” Matias said.
Insider dealing is when people use information that is not publically available and then trade for their own profit. Since the start of the crisis hundreds of billions of taxpayers’ money has gone to bail out banks that took huge risks in their pursuit of profit. Although MEPs are now moving towards stricter rules to prevent market abuse, the GUE/NGL wants financial markets brought under control with much stricter regulations and bans on certain products.
Matias added: “What’s needed is concrete action and firm sanctions. We need a financial market that serves society and people, not the disgrace we’ve seen in the past five years.”