EU's Mandelson: US Politicians 'Taken Leave Of Their Senses'

[Purveyor]

LONDON -(Dow Jones)- European Union Trade Commissioner Peter Mandelson said Monday that U.S. politicians had "taken leave of their senses" when they rejected the $700 billion bailout package for the financial sector.

Speaking on the BBC's Newsnight program, Mandelson said he hoped European authorities would be able to avoid "the sort of irresponsibility and partisanship that we have seen in Washington."

After governments and investors moved to shore up several banks in Europe on Monday, Mandelson said it's crucial that authorities act in a "rapid and flexible way" to go "to the aid of banking companies."

Mandelson stronger rules and regulation for the financial system will be needed in the future to ensure banks take less risk.

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[BuyingThyme]

1. Then send us the cash, Pete!