Tuesday, January 15, 2013

Quest for the most dangerous financial product

In 2011 the new European Supervisory Authorities were given the power to ban certain financial products from the markets. However, this new power has not been used - even though it is known that many products are dangerous to society.

Now we have receives, from European MEP Sven Giegold, news of a European project, Dangerous Financial Products.
"We are launching a competition to find the most harmful and dangerous financial product traded on the markets; we want to create publicity and raise awareness. With your input and the help of an expert jury the most dangerous financial product shall be determined and brought to the attention of the supervisory authorities. We then expect them to scrutinize the product and limit its application or ban it totally from the markets if necessary.

We are happy to receive contributions from citizens, organisations, corporations, consumer advocats and financial markets experts via ou online platform (http://www.dangerous-finance.eu). All proposals can be discussed in a public forum after expiration of the deadline for submissions on 15 February 2013 on this website. Subsequently, a jury of experts will analyse and rate all proposed products. In a public vote, one out of three very harmful financial instruments nominated by the jury will be elected the "winner".

You can join the competition and debates here."

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