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Would you bank on them?

Would you bank on them? This report from CEO, SpinWatch, Friends of the Earth Europe and LobbyControl takes a critical look at the members of the High Level Group on the Financial Crisis (also known as the De Larosière Group), set up by the Council and the Commission to write recommendations for the EU's response to the financial crisis. The report finds the composition of this high level group to be a clear example of corporate capture. Of the eight men in the group, four are closely linked to financial giants like Goldman Sachs and bankrupt Lehman Brothers; a fifth was responsible for the UK Financial Services Authority, who failed miserably in supervising British bank Northern Rock. This report examines the High Level Group, called the de Larosière group, set up to propose reforms of the financial system to the EU Spring Council of March 2009.

Why we shouldn't trust the EU's financial "wise men" 

This report from CEO, SpinWatch, Friends of the Earth Europe and LobbyControl takes a critical look at the members of the High Level Group on the Financial Crisis (also known as the De Larosière Group), set up by the Council and the Commission to write recommendations for the EU's response to the financial crisis. Since even the Commission has now recognised that the lobbyists of financial corporations have exerted an undue influence on EU legislation, and that this "regulatory capture" has contributed to the crisis, the composition of the group is astonishing. Of the eight men in the group, four are closely linked to financial giants that played a major role in the crisis, such as Goldman Sachs and bankrupt Lehman Brothers; a fifth was responsible for the UK Financial Services Authority, who failed miserably in supervising British bank Northern Rock; a sixth is a fierce enemy of regulation; a seventh works for a company whose clients include major banks.

The authors conclude that the group will be another missed opportunity for a broad debate including independent experts, trade unionists and other stakeholders to find a proper response to the crisis.

     

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    Stop ISDS campaign 2019

    This year provides a rare opportunity to end some of the most outrageous rights enjoyed by big business: the investor-state dispute settlement system or ISDS. Under ISDS corporations and the rich have sued governments for billions of euros – for anything from introducing health warnings on cigarettes to banning dirty oil drilling. Campaigners and social movements are uniting in 2019 to put an end to this parallel justice system for big business.

    Whenever a government passes a law which could potentially affect profits, the ISDS system enables companies to hit back with lawsuits for damages - often worth billions of euros. Under the ISDS (Investor-State Dispute Settlement) system, corporations have already sued countries for anything from introducing health warnings on cigarettes to placing a moratorium on fracking.

    Coal garnered much media attention, thanks to the Polish Government and US President Trump’s support. But it was the gas industry that really stunk up the conference, its influence seeping into all corners of the negotiating halls. Luckily activists and communities were present to call industry out and demand real solutions.

    Lobbying around the EU Copyright Directive has been intense: big-budget tech platforms led by Google as well as tech industry trade associations on one side, historically important collecting societies, the creative industries and publishers on the other. The interests and opinions of citizens have become sidelined in the resulting turmoil.

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