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Originally posted by dodgygeeza
Britain's Brown wants new global financial order
(visit the link for the full news article)
UNITED NATIONS (AP) -- British Prime Minister Gordon Brown called Friday for "a new global financial order" to resolve the financial crisis currently roiling world markets.
In his address before the U.N. General Assembly, Brown said the world was facing the "first real financial crisis" of the global era and that it required an international solution.
"The international institutions created in the aftermath of World War II have not kept pace with the changing global economy. We need national regulators to be cooperative, rules and principles to be consistent and international movements of capital to be transparent," Brown said.
[edit on 26/9/2008 by Mirthful Me]
"Massive short sales of bank shares by hedge funds have made the current crisis far worse."
"The government and FSA must think long and hard before ever allowing short sales of British bank shares again."
Conservative leader David Cameron pledged to support the government in anything which stabilised the markets.
"Anything the prime minister and the government do to help will have my full support," he said.
Politics.co.uk, Friday, 19 Sep 2008
As the bank was taken into the hands of the authorities ahead of its break-up or nationalisation, two members of Mr Cameron’s elite Leaders Group were revealed to have bet on its falling share price, which has dropped by 95 per cent in a year.
A hedge fund managed by Michael Hintze, who has given £660,000 to the Tories since Mr Cameron took over, declared ‘bets’ on the bank’s falling share price in July.
A second fund, GLG Partners, which declared its ‘short-selling’ in Bradford & Bingley in June, is managed by Belgian Pierre Lagrange, whose wife Catherine has given £50,000 to the Conservative Party.
Both Mrs Lagrange and Mr Hintze are members of the Leaders Group, which grants access to the Tory leader and his inner circle in return for a £50,000 donation.
The links between Mr Cameron and the City of London figures dubbed alleged ‘robbers in pinstripes’ emerged after a team from Channel 4’s Dispatches programme obtained the names of the 100-strong Leaders Group.
The programme, being broadcast tomorrow, identifies Paul Ruddock and David Craigen of Lansdowne Partners, who have given £260,000 between them, as among seven hedge-fund members of the group.
Lansdowne is reported to have made £100million by betting that Northern Rock would collapse and has helped to drive down the value of Barclays by selling shares in the bank worth £151million in recent months.
In April it was announced that Mr Lagrange, one of two managers of GLG, had paid himself £400million after using complex financial instruments to make money in the global downturn.
Last year the company paid more than £1.5million to American authorities to settle claims of illegal short-selling, without admitting or denying the allegations.
Mr Lagrange, 45, who lives with Catherine and their three children in a £15million house in Chelsea and a £21million mansion in Oxfordshire, was forced to declare his company’s ‘short’ position on Bradford & Bingley, along with Mr Hintze’s outfit CQS, after the Financial Services Authority (FSA) ordered institutions to do so.
Mail Online, 27th September 2008