So said Gordon Gekko in the film Wall Street. I was reminded of it watching the spat on Newsnight last night between Hugh Hendry (GG), Hedge fund operator, and great Dane Paul Rasmussen leader of the European Socialists party,who wants to shut down hedge funds, most of the CDS market and Mr Henry. Mr Henry's logic was pure and easy to follow. Mr Rasmussen came across as a typical mealy mouth politician who did not know what he was talking about.
Mr Henry pointed out Greece's misfortunes arose from their government failing to comply with the stability pact rules and one might say cooking the books to get into the Euro. Mr Rasmussen of course blamed all Greece's problems on Mr Henry and his ilk and added Merkel and Sarkozy were going to set up a new tough regulatory regime and a EU Euro stability fund to boot. The latter is most interesting as Merkel admitted this morning it would require a new EU treaty to set up such a fund. Now were we not told less than 6 months ago that there would be no more EU treaties? Worse for the Tories Mr Cameron promised a referendum on any new Treaties! As Merkel's new reaty involves the Euro if the UK were involved that would also require a referndum.
Poor old DC, his troubles come not singly but in battalions.
Mr Henry finished off by calling Rasmussen a champagne socialist parasitically living off risk takers like himself and pointed out criticism of hedge funds was simply because politicians find the truth unpalatable. In particular, the good times have gone and things will be very tough in the future. This sort of statement is very upsetting for politicians seeking re-election.
As Mr Henry also pointed out he has done people a service by ensuring Greek debt is correctly priced. He certainly has!