EU launches competition to find next toxic financial product

The European Union has launched a competition to find the latest dangerous financial product, in an attempt to unearth the next mis-selling scandal.

Sven Giegold, a German member of the European Parliament, has launched the competition to find the next toxic investment, according to Reuters. EU constituents can submit their dangerous financial project on the EU's website, which will subsequently be reviewed by an independent panel of judges. If the judges deem the winning entry ‘dangerous', the EU will seek to ban the product. Giegold told Reuters he hopes the competition will spur supervisors and regulators into taking more action. "Financial products can be dangerous in several ways," said Giegold. "They might be intran...