“Heads of the top sovereign wealth funds from the Gulf states, Russia and other emerging markets were in fighting mood in Davos. Leading the calls for tighter regulation and codes of conduct was Larry Summers, the former US treasury secretary. ‘What would happen in a 1992-type situation, he asked, if SWFs were involved in speculating against a currency as George Soros speculated successfully against the pound? It would create intolerable diplomatic tensions. We need ex ante assurance that this type of situation will not happen. That is why we need a code of conduct.’
Not so, retorted the funds. We have always been and remain responsible investors. We do not need any of your codes of conduct imposed on us. On the contrary, it is up to you in the heartland of your famous capitalist system to get your act together. You have lectured us for decades on the need for tighter bank regulation, anti-money-laundering rules and so on and now you are in a bigger mess than we ever got ourselves into. It is your banks who are coming cap in hand to us because they made such a mess of their business under your much-touted regulatory regimes. Get your own houses in order.
Central Banking Publications, 29 January 2008
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Do we need to lash ourselves to the main mast for the so often predicted storm? Seems like we are kicking the can down the road for a few super players and not the general public at large. We, the deplorable’s, are going to get it in the neck no matter what so lets get it done! Getting tired of all the pud pulling.