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It's good that there is more supervision now...
...over the ING bank.
The financial world needs to change.
Things went wrong, and are still going wrong.
The government directors...
...should try to enact change.
Because the current directors...
...all band together in each others supervisory boards.
They keep each other up.
How is possible that none of these directors...
...who were earning millions...
...knew what was going on with these garbage mortgages.
And the supervisory board stood idly by.
A supervisory board...
...that included former finance minister Wim Kok...
...stood just idly by?
I think one of the causes is the combination...
...of a group of people with the same background.
That come together in an uncritical atmosphere.
And don't critically supervise the company directors.
The supervisory boards are populated with old men.
At the end of their career, taking it easy.
Like our honourary doctor.
It also depends on the size of the corporation.
In a large company...
...executives have a hard time figuring out what is going on.
So you have to employ all sorts of people.
Like risk managers...
...who then also overlook things.
Eventually you have products in your company...
...which the executives don't even understand.
As I would say, a small bank...
...is a safe bank.
Anyways, we were talking about what the government...
...gets in return when bailing out a bank.
Two government supervisors...
...who hold veto power.
Is that enough?
No. I don't think that's enough.
I think it would have been much better...
...if you became a shareholder in the bank.
So that you had more to say.
Shareholders can vote on the direction of the company.
Just because the government holds a veto...
...on some important decisions...
...doesn't mean you can decide everything.
The UN security council is not made pointless...
...just because the Americans hold veto power.
Governments should not play the role of entrepreneur.
But the government rescue was necessary...
...and they can now issue demands.
But it should only be temporary.
Government is a really bad entrepreneur...
...as shown by the Soviet Union.
The market has gotten out of hand.
The liberal market your promoted.
Who made the real mess here now?
This is where the mess came from.
Yes, because if you want to see real happiness...
...look at a country which isolated itself globally.
Where the government dictates everything.
Like North Korea.
That's not what I am proposing!
What I am saying is that your liberalized market...
...has led to this enormous crisis.
The regular people have to suffer...
...because of those casino bankers.
No you do need oversight.
But the oversight was insufficient.
You deregulated the oversight.
Sorry, but if there was one liberal who...
...inforced and concentrated oversight...
...it was me.
As finance minister I passed regulations...
...and reinforced them.
I introduced the new laws on financial oversight...
...that should be familiar with you.
It went against my liberal heart...
...but it was necessary.
But insufficient.
I agree it was unsufficient...
...and that we have to go further.
We should look to a European supervisory system.
I have said this a long time ago.
We need to take further steps.
But history has shown that governments...
...can not be entrusted to do things faultless.
So what do you think Ilse DeLange?
Afraid to interrupt?
No, it really is interesting!
Let me use this interruption...
...to show some footage of the French president Sarkozy.
He held a speech yesterday in the European Parliament.
He said that governments should not only rescue banks...
...but that governments should get a stake...
...in companies that might be a target for the Chinese.
A sort of nationalization.
Sarkozy should join the Socialist Party!
Let's see what Sarkozy actually said.
My greatest fear is...
...that the citizens of Europe...
...will wake up in a couple of months...
...to see the main industries of Europe...
...apportioned by non-European capital.
Sarkozy believes...
...that Europe should create sovereign wealth funds...
...to counter those of China, Russia and the Middle East oil producers.
So that European business won't be sold off.
Nicholas Sarkozy...
...the conservative president of France...
...is speaking like a red-blooded European socialist.
The European Socialists have his membership card ready.
An asset for the socialists?
No, not really.
Sarkozy is talking about the sovereign wealth funds...
...that are buying up companies in Europe...
...strategically important ones even.
But the risk is that they might use these companies...
...for political gain.
You have to do something about it.
I have supported a preventive test...
...that will look at these intrusions.
But what Sarkozy is proposing...
...our own sovereign wealth fund to protect business...
...goes too far.
A preventive test already exist in the United States.
So what happens if a European company...
...that is suffering from a low share price...
...gets the interest of the Chinese?
Do they need to get the protection Sarkozy wants?
No. I don't think so.
Sarkozy appears more to the left than the socialists.
His thoughts are lamentable.
Of course you have to act when things get out of hand.
I helped the national telco when they went almost bankrupt.
The government increased its participation in the telco.
But the participation was sold off.
There was no idea behind it to partly nationalize...
...the national economy...
...which Sarkozy appears to support.
The sovereign wealth funds were created in Asia...
...because these countries had excess savings.
The same goes for the oil producers and Norway.
When France finally pays off it debts...
...and has a surplus budget...
...then Sarkozy can get his wealth fund.
It's not that when China invests in a company...
...they're in it to destroy the company.
They want to profit from the company.
That's what they want.
I'm not worried about the Chinese.
But maybe things are different in the Socialist Party.
We do worry about state funds.
Especially if they try to get a hold in a strategic company.
A stake in a major media company for example.
Like with the PCM publishing group?
They weren't bought by a state fund though...
...an English hedge fund purchased them.
State funds might want to exercise political control.
We should be cautious about them.
They should be stopped by a preventive measure.
America has it, Germany soon too.
That should be a proper solution.
Sarkozy made a political flap.
I don't think we'll hear of it again.