Re: The great interest rate rip-off part 4 -

[interestrateripoff]

German Banks Have $1 Trillion In Hidden Losses?

Say it isn't so.... nobody would ever lie about asset values, would they? If that's true in Germany what are the hidden losses in France?

 

 

Oops...

[interestrateripoff]

The Reality of Credit Contraction

 

Get a read of this...

This business owners' absolute refusal to pay any taxes resembles an uprising of the ownership class, rather than the working class, a rebellion of the self-employed business owners who have long been the backbone of Greek society. These are not the people who weaseled their way into Greece's oversized civil service; these are people who put their money in the private sector, working 12-hour days, seven days a week. Or so Belitsakos says.

That's a problem. And why is this happening? Read this from France....

"If there is one field in which one must deplore that imagination took power without ever wanting to assume the responsibilities, it is finance: the citizens of the communities concerned will have to pay for twenty years for the nutty creativity of banking sector hotshots. Yet we know what comes next: more taxes, less spending and a freeze on future investment," the paper concludes.

Only if they'll pay...

The reality is this: The alleged "prosperity" that was bought during those years was false.

 

More at the link.

[interestrateripoff]

So How Much "Capital" Really Exists?

 

We're about to find out, I suspect.

There was a wire blurb from FT that claimed the ECB said they're going to "rapidly" recapitalize banks in Europe.

Wait a second - we were told, just days ago, that the European Banks were ok and didn't need capital!

So again investors were lied to. Again.

How many people have gone to jail for this? None.

You want to know where panic comes from in the markets? It comes from this sort of crap, where one day we're told everyone has plenty of capital, where we're told that Bank of America and Morgan Stanley are "fine" along with all the banks in Europe and then we get an announcement that basically says oops, we lied, we'll recapitalize the banks.

 

More at the link.

[interestrateripoff]

On Bernanke's Folly

 

I've been asked a few times by email and in posts on the forum the following question: Were I Ben Bernanke, what would I do?

That's pretty simple, really.

See, sound lending (absent intentional distortion by governments and central banks) is based on one fundamental fact: Borrowing always has a cost associated with it.

That is, to borrow money you must always pay a rate of interest that reflects:

 

• The risk you will not pay.
  
• The time value of money.
  
• The imputed rate of currency debasement (inflation)
  
• A profit.
  

Lending, that is, always (absent government interference) costs more than the risk-free rate of return, which is roughly the rate of growth in the economy plus that of inflation (if any.) It has to because nobody ever lends intentionally at a loss.

[interestrateripoff]

Where's The Helicopter?

There are times I have to chuckle...

[interestrateripoff]

Welcome To The Collapse Of 2011

 

Welcome my friends to the collapse of 2011.

Remember the mantra that "consumers have delevered" which has been run over the last two years as an incessant bark from the media, attempting to goad you, the consumer, into more spending and more consumption to "lift the economy."

This claim has been a lie and a fraud upon the public and the new Fed Z1 makes this clear. The peak household credit liability was $13.92 trillion. It currently stands at $13.30 trillion, a reduction of a mere 4.6%.

This all came from home mortgages going ka-boom; $10.6 trillion to $9.9 trillion, a reduction of $700 billion. Total net reduction in liability was $620 billion; ex-mortgages consumer leverage has actually increased.

 

More at the link.

[interestrateripoff]

Claims: No Joy

The pattern continues....

In the week ending September 17, the advance figure for seasonally adjusted

initial claims

was 423,000, a decrease of 9,000 from the previous week's revised figure of 432,000. The 4-week moving average was 421,000, an increase of 500 from the previous week's revised average of 420,500.

There's no joy here, and no material improvement. This pattern of 400k+ numbers is a strong indication that there's been no turn at all in the employment situation, and the market's hopium and changium is running out of gas for good reasons, not "panic."

Panic is a funny thing. Most of the time it's the wrong reaction; it's the manifestation of the "fight or flight" reflex and often will lead you to great harm. But sometimes it is the correct reaction, such as when you discover that you've been lied to about the efficacy and capacity of government institutions such as The Fed and Congress to fix what ails the economy with more of the same scams and frauds that led us to the cliff-edge in 2008 in the first place.

[interestrateripoff]

And Now, With The Market Collapse Into The Close

 

Are you prepared yet?

No?

Well I'm sorry, because it's too late now.

I mean really, honestly too late.

The market figured it out and it didn't take very long - in fact, it took less than an hour.

This latest distortion by The Fed has just destroyed the last bit of earnings power the banks had. It's gone. All to preserve the ponzi scheme in the Federal Government - the same Federal Government that just sent a bleat to Bernanke about tampering with the economy.

[interestrateripoff]

Rumor Of A Rumor Confirmed: Rehn Regurgitates Desperate Bank Recap "Plan"

 

 

Did Schaeuble Break The Precious Metals And Force Everyone To Raise Cash?

 

 

From "Buy The Rumor" To "Buy The Rumor Of The Rumor"

 

 

China Pushes For More Stable Reserve Currency - Bye Bye USD?

 

 

This Is NOT Sparta As Greece Threatens To Partially Withdraw From NATO Citing Poverty

 

 

Here Is The Latest Greek Bailout Rumor

 

 

Some Paradoxes Worth Thinking About...

 

 

Europe Closes On 'Bailouty' Hope As Rumor Of Major Fund Liquidating PMs Grows Louder

 

 

The US Government Is About To Shut Down Following Continuing Resolution Fiasco

 

 

Guest Post: The Fed, ZIRP And The French Boomerang

 

 

The Harsh Reality In Greece

 

 

Panic And Perspective On Wall Street From Art Cashin

[interestrateripoff]

Is Gold No Longer A Safe Haven? Not According To Capital Economics: "Gold Will Surge When Euro Crisis Escalates"

 

 

Germany Spoils Party After FinMin Says Second Greek Bailout May Need To be Revised

 

 

Watch History Being Made As Solyndra Execs Plead The Fifth, Confirm Failure Of Government Stimulus Program

 

 

Endspiel: Fidelity Says "It Is Clear Now That The Fed Cannot Bail Equity Markets Out Any More"

 

 

Greece Denies Rumors Of An Orderly Default With 50% Debt Haircut

 

 

Flight To Safety, Liquidations Resume On Fresh European Stability Concerns

 

 

China, Japan Tell Europe: "No Blank Check For You"

 

 

G-20 Pledges Strong, Coordinated (Sisyphean) Response To Global Challenges [uPDATED With Full Text]

 

 

Second Bank Scrambles To Defend Morgan Stanley Against Vicious "Blogger Attack"

 

 

A Week After Madeira-Gate, Moody's Downgrades Them to B3

 

 

A Plea To UBS For Another Year Of Record Bonuses For Its Bankers - A (Tax Haven) Lampoon

 

 

Rosenberg Presents The Three Ways Bernanke Disappointed The Market, And Why It Is Dumping

 

 

Europe Still Proving It Is Behind The Curve

 

 

Euro, Stocks Soar On FT Report EU "Looks To Swift Recap" Of European Banks

 

 

NYSE Margin Debt Plunges To Mid-2010 Levels, Still 60% Higher Than May 2009 Lows

 

 

Guest Post: Why The Fed's "Silver Bullet" Won't Kill The Beast

[interestrateripoff]

Breaking news

 

• UBS Grand Prix celebration melts in Singapore heat - Reuters
  

 

 

 

• UBS jobs in peril as Grübel quits over alleged rogue trader
   
  Fears for staff at Swiss bank as chief executive resigns over allegations Kweku Adoboli lost £1.5bn in unauthorised trades
   
  
  • Kweku Adoboli faces fourth charge
    

  [*] Fears of stock market rout unless eurozone is rescued

   

  Obama urges France and Germany to move quickly, while UK chancellor George Osborne claims Britain is 'ahead of the curve'

   

  • Osborne: Eurozone has six weeks to resolve crisis
    
  • Nils Pratley: Five fixes for the global crisis
    
  • Troubled stock markets stay volatile
    
  • Greece insists it will not default on debt
    
  • French business confidence lowest since 2009
    
  • Poll: Is a double-dip recession inevitable?
    
  • Collins Stewart hit by market turmoil
    
  • Cameron: global economy 'staring down the barrel'
    
  • IMF: Europe must bail out the banks again
    
  • Larry Elliott: It could be 2008 all over again
    
  • Nils Pratley: Twist marks a turn for the worse
    
  • Micheal White: A time for cool heads
    

  [*] EasyJet founder Stelios Haji-Ioannou drops vote on expelling board member

   

  Tycoon's easyGroup business withdraws request for extraordinary general meeting to remove Rigas Doganis

 

 

• Energy firm Cuadrilla discovers huge gas reserves under Lancashire
   
  Cuadrilla, the energy company's tests showed there could be 5.6tn cubic metres (200tn cubic ft) of gas in shale under Lancashire
  
• London Metal Exchange reveals it has received multiple takeover bids
   
  Formal auction process now under way for $11tn, centuries-old exchange, which is thriving as a result the commodities boom
  
• Tesco declares war on rivals with £500m price cutting offensive
   
  Tesco boss promises up to 30% off more than 3,000 items from Monday
  
• More business news
  
• BP Tanzania 'regrets' fuel overcharges
  
• Mortgage approvals at 15-month high
  
• IMF gives EU deadline to tackle debt
   
  Last updated seven minutes ago
  Eurozone told to address debt crisis once and for all amid frustration over threat of double-dip recession
   
  
  • Greek despair sees suicide and crime rates rise
    

[interestrateripoff]

The world prays for an economic miracle

 

Head of the IMF warns of a looming 'collapse in global demand' which threatens to push economies around the world into a new recession. Ben Chu reports.

 

• Q & A: Is this bad news for ordinary people? Or absolutely disastrous news?
  
• Hamish McRae: If there is hope, it lies in the emerging world
  
• Europe insists there is no dash to strengthen banks
  
• Leading article: A small tax that offers big rewards
  
• Chris Bryant: Here we go again, heads in the sand over Europe
  

 

 

• UBS chief resigns over trading loss
  
• Banking tax campaigners scent victory as Gates lends his support
  
• Europe insists there is no dash to strengthen banks
  
• SSE ditches nuclear power for gas, wind and biomass
  
• Stelios drops calls for easyJet board change after payout
  
• 'Big Six' energy firms to face increased competition
  
• Cautious households pay off credit
  

 

Stephen Foley: HP's bizarre decision may yet turn out to have been a masterstroke

 

 

US Outlook: Hewlett-Packard's decision to appoint Meg Whitman as chief executive is bizarre bordering on the laughable.

 

 

• Stephen Foley: A sticky time for Fed's Operation Twist
  
• Stephen Foley: Titans of Wall Street face a loss of power
  
• David Prosser: The biggest problem of all is policymakers' inability to agree
  
• David Prosser: Tesco takes action to address loss of share
  
• David Prosser: Lord Davies's generosity on women on the board is about to be abused
  

[interestrateripoff]

Europe aims to beef up crisis fund

 

WASHINGTON - Europe is working on ways to boost the firepower of its bailout fund, a top European official said as the United States, China and other countries turned up pressure on the euro zone to contain its debt crisis.

 

• UBS CEO quits over trading loss | 6:21pm BST
  
• Berlin seeks early launch for permanent euro fund - report 7:14pm BST
  
• ECB's Stark warns global crisis far from over 6:16pm BST
  
• Greece needs decade to get competitive - German finance minister
  

 

Greece must push reforms or face fallout - central banker

 

ATHENS - Debt-laden Greece must push forward with reforms prescribed by its international lenders or face dramatic consequences, the country's central banker said in an interview.

6:37pm BST

 

HSBC's Flint to take reins at global bank lobby IIF

 

WASHINGTON - Douglas Flint, the chairman of European banking powerhouse HSBC , will take over as chairman of the global banking lobby Institute of International Finance when current chairman, Deutsche Bank CEO Josef Ackermann, steps down next year, banking sources said on Saturday.

7:37pm BST

 

Good riddance Q3, hello Q4

 

LONDON - After the battering that stocks, commodities and many currencies have taken in the past week, there is little wreckage to cling to at the end of a traumatic third quarter.

3:23pm BST

 

Morgan Stanley rallies, analysts defend on France

 

- Morgan Stanley shares rallied on Friday, despite continued weakness in global markets, as analysts said that fears about its exposure to French banks were overblown and that the bank was prepared to manage risk.

4:41am BST

 

London Metal Exchange considers takeover approaches

 

LONDON - The 134-year old London Metal Exchange restoked a global merger frenzy among bourses on Friday when it said it is considering a sale after receiving "several expressions of interest."

[interestrateripoff]

24 September 2011 Last updated at 20:09

 

IMF promises support for economy New

 

The IMF says it will take decisive action to tackle the eurozone debt crisis and review the resources available to it to support countries. 39

 

• 'Global economy half-way through work' Watch New
  
• Flanders: The hollow men
  
• Osborne urges action over crisis Watch
  
• Pensions and Isas hit by turmoil
  

 

UBS boss quits over trader's loss

 

UBS CEO Oswald Gruebel, resigns over an alleged £1.5bn ($2.3bn) rogue-trading loss as the firm cuts back on investment banking.

 

• Peston: UBS hopes small is less risky
  
• Q&A: 'Rogue trader' allegations
  

 

 

Leaders call for euro debt action

 

Finance ministers and central bankers meeting in Washington call on the European Union to take quick action to tackle the eurozone debt crisis.

 

• Geithner urges 'signal' on debt
  
• 'No short cuts' for Greek economy Listen Today
  

 

 

 

• IMF: Collective action needed now
   
  IMF chief Christine Lagarde calls for countries to "act now and act together" to keep on the path to economic recovery. 180
  
• Pensions and Isas hit by turmoil
   
  The pension income bought from retirement savings has fallen by 14% compared with the start of the year owing to market turmoil, experts say.
  
• 'Service charge gripes 'up 46%'
   
  Flat-owners' complaints about service charges have risen by 46% in two years to 7,600, figures obtained by the BBC show.
  
• New public pension plan revealed 534
  
• Consumers 'remain wary on debt'
  
• Ministers to be firms' 'buddies'
  
• HP replaces its chief executive
  
• Solar panel makers decline to testify
  
• Asia banks in move on currencies
  
• Nike profits from increased sales
  
• Mass strike ballots 'to go ahead' 324
  
• Greeks strike over new austerity
  
• Facebook focuses on media sharing
  
• UBS hopes small is less risky
   
  8 hours ago
  The exit of UBS’s chief executive, Oswald Gruebel, is less significant than the Swiss group’s announcement that it is significantly shrinking its investment bank and will concentrate on working for clients rather than trading for its own account.
  

[interestrateripoff]

[/url]

 

€2 trillion bailout fund planned to save Euro as Greece faces default

 

European officials are preparing a grand plan to restore confidence in the Euro with a massive bank recapitalisation and a possible Greek default.

Eurozone is epicentre of global crisis

 

 

Plan B: Flood the markets

 

 

 

 

BAE Systems to cut 3,000 jobs

 

BAE Systems, Britain’s biggest manufacturer, is poised to cut 3,000 jobs in a major setback for the UK economy.

 

Boeing 787 Dreamliner, a boost for the UK?

 

Boeing’s 787 Dreamliner will be delivered to its first customer on Monday, an event which could drive new business for British manufacturers.

In pictures: Boeing 787 Dreamliner

 

 

 

Deal hunters spark price war on branded goods

 

Branded goods’ manufacturers have increased the level of discounts they offer as pressure increases on supermarkets to persuade customers to buy own-label goods.

 

Allan Leighton: state must instil confidence

 

Having spent much of the past decade in Canada running part of the Weston family’s empire, Allan Leighton is more synonymous with retail turnarounds than recession theory.

 

UBS chief resigns amid rogue trader scandal

 

Chief executive Oswald Grübel stands down from role at Swiss bank in the wake of $2.3bn rogue trading scandal.

UBS offices to be knocked down

 

 

Oswald Grübel: a profile

 

 

 

Turbulent times at BA

 

 

 

 

Grosvenor set for historic expansion

 

 

 

 

Osborne: 'we have six weeks to find euro crisis solution'

 

 

 

 

China steals from US companies, says Geithner

 

 

 

 

 

 

Government plans could cut a third off house prices

 

House prices could plunge if new proposals on planning become law.

 

Seven reasons you should invest in global mega-caps

 

As the Fed takes a 1961 stimulus approach, "nifty 50" are worth a look.

 

Money in outsourcing

 

 

Audio: Garry White: money to be made in services.

 

Will your savings account win you £100,000?

 

Halifax is to pay £6m in a prize draw. Should you abandon Premium Bonds?

 

 

 

Telegraph E-mail »

 

Subscribe to the City Briefing e-mail edited by Richard Fletcher

 

 

 

 

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• Plan B: Flood the markets
   
  
  Meeting halls A and B in HQ1 of the International Monetary Fund’s concrete plaza of buildings in Washington are a drab affair. Bare walls, muted browns and hovering interpreters’ booths perfectly capture the characterless functionality of the world’s economic watchdog.
  Fear stalks the corridors at IMF summit
   
   
   
   
  Eurozone is epicentre of global crisis
   
   
   
   
  Backlash against SNP £849 million business tax raid
   
   
   
   
  
• Fear stalks the corridors at IMF summit
  
• Cable is starting to irritate his No 10 masters
  
• Eurozone leaders' comedy of errors brings monetary union to the brink
  

[interestrateripoff]

Mme. Lagarde Goes to Washington

 

By LIZ ALDERMAN 11:01 AM ET

 

 

Christine Lagarde, the former French finance minister, has become independent since taking over as chief of the International Monetary Fund, which is meeting Saturday in Washington, D.C.

 

 

 

Martin Bureau/Agence France-Presse — Getty Images

 

As the future of the euro hangs in the balance, Christine Lagarde is emerging as a European who is willing to speak openly about Europe’s problems.

 

 

 

 

 

 

Rogue Trading at UBS Impels Chief to Resign

 

By JULIA WERDIGIER and JACK EWING 8 minutes ago

 

Oswald J. Grübel, who took over the bank in 2009, resigned Saturday over a rogue trading scandal that cost the bank $2.3 billion.

 

Geithner Tells Europeans to Work Together on Debt Crisis

 

By THE ASSOCIATED PRESS 28 minutes ago

 

The Treasury Secretary Timothy F. Geithner said European governments need to work more closely with the European Central bank to increase the continent’s bailout capacity.

 

In Time of Scrimping, Fun Stuff Is Still Selling

 

By STEPHANIE CLIFFORD and ANDREW MARTIN

 

Consumers have been splurging on indulgences while paring many humdrum household expenses, according to industry data for the last year.

 

A Tryout Program for the Unemployed

 

By SHAILA DEWAN

 

A tryout initiative with marginal success has leaders in Washington thinking it should be expanded nationally to help put people back to work.

 

When Your Therapist Is Only a Click Away

 

By JAN HOFFMAN

 

Video Conferencing has become a popular way for therapists to reach patients, but opportunities for exploitation, especially by those with sketchy credentials, are rife.

 

• Post a Comment | Read (11)
  

 

In Company Town, Cuts but No Layoffs

 

By ANDREW MARTIN

 

When times got tough at Marvin Windows and Doors, which employs 2,000 in a 1,700-person town, it tightened its belt but drew the line at eliminating jobs.

 

• Video: Getting By, U.S.A.
  

 

China, Driver of World Economy, May Be Slowing

 

By KEITH BRADSHER

 

China’s economy has been a global pacesetter since the financial crisis of 2008, so signs of deceleration could add to worries about the outlook elsewhere.

 

• Read Comments (43)
  

 

DealBook

 

Accounting Change Cuts Groupon's Revenue

 

By MICHAEL J. DE LA MERCED and EVELYN M. RUSLI 2:37 AM ET

 

The changes in its revised S.E.C. filing, along with an executive's departure, are likely to spur additional questions about the online coupon company.

 

• DealBook: Groupon Executive Steps Down 6:02 PM ET
  

 

Novelties

 

Robots Extract Coolant From Old Refrigerators

 

By ANNE EISENBERG

 

A few American companies are using ingenious robotic systems to squeeze out almost all of the harmful coolant in refrigerators that are headed for the landfill.

 

Students Battle a Dallas Cowboys Unit Over College Apparel

 

By STEVEN GREENHOUSE

 

At Ohio State, students are trying to stop a deal with an affiliate of the Dallas Cowboys that may have used sweatshop labor in El Salvador and Indonesia.

 

Shares Post Modest Gains After a Punishing Week

 

By CHRISTINE HAUSER 12:25 AM ET

 

As stocks pulled slightly ahead Friday, analysts cited anxiety that governments in industrial nations were not doing enough to support growth.

 

• Read Comments (56)
  

 

Manufacturing

 

Far From the Factory, Adding Final Touches

 

By KEN BELSON

 

At the port of Newark, dedicated facilities prepare new cars arriving from overseas. Inspections are done, repairs are made and accessories are installed.

 

 

 

• Judges Compete for Law Clerks on a Lawless Terrain
  
• U.S. Pushes Europe to Act With Force on Debt Crisis
  
• Amid Warning Signs, Hints That Europeans May Step Up Action
  

[interestrateripoff]

Lehman Weekend Redux?

 

 

IMF Releases Steering Commttee Communique On Greece - Full Text

 

 

There Will Never Be A “Good” Time For Greece To Default

 

 

Germany Demands "Managed" Greek Default And 50% Bond Haircuts In Exchange For Expanding EFSF, Peripheral "Firewall"

 

 

UBS' CEO Booted

 

 

Five Banks Account For 96% Of The $250 Trillion In Outstanding US Derivative Exposure; Is Morgan Stanley Sitting On An FX Derivative Time Bomb?

 

 

Marc Faber: On Operation Twist, The Dollar, Gold, And The Greeks

 

 

Rumor Of A Rumor Confirmed: Rehn Regurgitates Desperate Bank Recap "Plan"

[interestrateripoff]

Breaking news

 

• UPDATE 1-New UBS boss seeks fresh start after trading scandal - Reuters
  

 

 

 

• EU has six weeks to act before 'inevitable Greek default'
   
  IMF tells eurozone leaders to address debt crisis once and for all amid mounting frustration over the threat of a double-dip recession to global economy
   
  
  • Pressure mounts on eurozone ministers
    
  • World Bank distracted from focus on gender issues
    
  • FPC set to identify euro crisis as greatest risk to UK
    
  • Heather Stewart: A letter from the PM isn't enough
    
  • William Keegan: We need leadership urgently
    
  • Nils Pratley: Five fixes for the global crisis
    
  • Fears of market rout unless eurozone is rescued
    
  • Osborne: Eurozone has six weeks to resolve crisis
    
  • Greece insists it will not default on debt
    
  • French business confidence lowest since 2009
    

  [*] UBS jobs in peril as chief executive Grübel quits over alleged rogue trader

   

  Fears for staff at Swiss bank as chief executive resigns over allegations Kweku Adoboli lost £1.5bn in unauthorised trades

   

  • Kweku Adoboli faces fourth charge
    

  [*] Rail companies face tough negotiations on five-year spending plan

   

  Network Rail and train operators likely to present cost-saving options in spending plan for 2014-2019

 

 

• Trouble at the till: Tesco rounds on its rivals and starts a £500m price war
   
  Supermarkets are always promising bargains. But the latest strategy from the UK's biggest grocer has a hostile edge
  18 comments
  
• Anglo American shareholders urge mining group to buy De Beers
   
  Acquiring Oppenheimer family's stake would make Anglo overwhelmingly the largest shareholder and allow it to float the diamond company
  
• Energy firm Cuadrilla discovers huge gas reserves under Lancashire
   
  Cuadrilla, the energy company's tests showed there could be 5.6tn cubic metres (200tn cubic ft) of gas in shale under Lancashire
  
• More business news
  
• Multiple takeover bids for London Metal Exhange
  

[interestrateripoff]

G20 leaders ‘expect Greece to default’

 

Ben Chu and Margareta Pagano: Frantic negotiations under way to deal with losses of up to £150bn. Osborne tries to calm markets as news of plan leaks in Washington.

 

• European leaders step up to the plate with scheme to keep infection from spreading
  
• Hamish McRae: No one can say if this is a pause in the recovery – or another leg of recession
  
• Leading article: Where's Gordon Brown when you need him?
  

 

 

• Eurozone disarray deepens crisis
  
• Wealth funds to pour billions into shares worldwide
  
• BAE job cuts 'a devastating blow'
  
• Kesa to keep pension after Comet sale
  
• M&S 'is still committed' to town centres
  
• Savers await Bank of Ireland's Pibs decision
  
• Carlo Pazolini comes to UK
  

 

Stephen Foley: HP's bizarre decision may yet turn out to have been a masterstroke

 

 

US Outlook: Hewlett-Packard's decision to appoint Meg Whitman as chief executive is bizarre bordering on the laughable.

 

 

• Stephen Foley: A sticky time for Fed's Operation Twist
  
• Stephen Foley: Titans of Wall Street face a loss of power
  
• David Prosser: The biggest problem of all is policymakers' inability to agree
  
• David Prosser: Tesco takes action to address loss of share
  
• David Prosser: Lord Davies's generosity on women on the board is about to be abused
  

[interestrateripoff]

BAE may cut 3,000 jobs as Typhoon jet output

 

LONDON - Defence giant BAE Systems is set to announce up to 3,000 job losses as it struggles to secure new orders for the Eurofighter Typhoon combat jet and slows deliveries to the project's existing customers amid cuts to defence budgets, British media reports said on Sunday.

 

• New UBS boss seeks fresh start after trading 1:25pm BST
  
• Europe aims to beef up crisis fund | 12:06pm BST
  
• ECB undecided on length of debt-buying programme - Paramo 12:14pm BST
  
• Greece vows to stay in the euro
  

 

Grosvenor may buy listed property firms' shares: report

 

LONDON - Grosvenor, the British property company controlled by the Duke of Westminster, could start buying shares in listed property companies to help expand its fund management arm, the Sunday Telegraph said, quoting a Grosvenor executive.

1:53pm BST

 

IMF has taken "positive steps" on euro zone - Treasury minister

 

LONDON - World leaders and the IMF have taken "positive steps" this weekend to tackle the euro zone sovereign debt crisis and to stop the global economy from stalling, a British Treasury minister said on Sunday.

G20, IMF 2:55pm BST

 

German banking group warns of further Greek

 

WASHINGTON - Germany's private banks need to prepare for further fallout from the euro zone's sovereign debt crisis, the head of Germany's BdB banking association said on Sunday.

2:43pm BST

 

Irish pension changes to save billions - minister

 

DUBLIN - Changes to Ireland's public sector pensions system, agreed as part of an EU-IMF bailout, will save the country billions of euros, the minister in charge of public sector reform said on Sunday.

IMF 2:54pm BST

 

Good riddance Q3, hello Q4

 

LONDON - After the battering that stocks, commodities and many currencies have taken in the past week, there is little wreckage to cling to at the end of a traumatic third quarter.

[interestrateripoff]

25 September 2011 Last updated at 12:58

 

IMF warns on crisis funding

 

The IMF warns it may not have enough money to bail out larger eurozone countries if the debt crisis were to spread.

 

• Euro war games shape strategy
  
• What now for Greece?
  
• IMF promises support for economy
  
• Lagarde: 'I'm positively minded' Watch
  

 

Union seeks BAE 'job cuts' talks

 

Union leaders want "urgent talks" with UK defence company BAE Systems following reports it is planning to cut 3,000 jobs.

 

 

PM says UK won't change debt plan

 

The prime minister insists the government will press ahead with its current plan to reduce the budget deficit, despite the lack of economic growth in the UK.

 

• Bank hints at economic stimulus
  
• Who sets interest rates?
  

 

 

 

• UBS boss quits over trader's loss
   
  UBS CEO Oswald Gruebel, resigns over an alleged £1.5bn ($2.3bn) rogue-trading loss as the firm cuts back on investment banking.
  
• Leaders call for euro debt action
   
  Finance ministers and central bankers meeting in Washington call on the European Union to take quick action to tackle the eurozone debt crisis.
  
• Pensions and Isas hit by turmoil
   
  The pension income bought from retirement savings has fallen by 14% compared with the start of the year owing to market turmoil, experts say.
  
• 'Service charge gripes 'up 46%'
  
• New public pension plan revealed 534
  
• Consumers 'remain wary on debt'
  
• Ministers to be firms' 'buddies'
  
• HP replaces its chief executive
  
• Solar panel makers decline to testify
  
• Asia banks in move on currencies
  
• Mass strike ballots 'to go ahead' 324
  
• Nike profits from increased sales
  
• Greeks strike over new austerity
  
• Facebook focuses on media sharing
  
• UBS hopes small is less risky
   
  12:25 UK time, Saturday, 24 September 2011
  The exit of UBS’s chief executive, Oswald Gruebel, is less significant than the Swiss group’s announcement that it is significantly shrinking its investment bank and will concentrate on working for clients rather than trading for its own account.
  

[interestrateripoff]

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€2 trillion bailout fund planned to save Euro as Greece faces default

 

European officials are preparing a grand plan to restore confidence in the Euro with a massive bank recapitalisation and a possible Greek default.

Eurozone is epicentre of global crisis

 

 

Plan B: Flood the markets

 

 

 

 

BAE Systems to cut 3,000 jobs

 

BAE Systems, Britain’s biggest manufacturer, is poised to cut 3,000 jobs in a major setback for the UK economy.

 

Boeing 787 Dreamliner, a boost for the UK?

 

Boeing’s 787 Dreamliner will be delivered to its first customer on Monday, an event which could drive new business for British manufacturers.

In pictures: Boeing 787 Dreamliner

 

 

 

Deal hunters spark price war on branded goods

 

Branded goods’ manufacturers have increased the level of discounts they offer as pressure increases on supermarkets to persuade customers to buy own-label goods.

 

Allan Leighton: state must instil confidence

 

Having spent much of the past decade in Canada running part of the Weston family’s empire, Allan Leighton is more synonymous with retail turnarounds than recession theory.

 

UBS chief resigns amid rogue trader scandal

 

Chief executive Oswald Grübel stands down from role at Swiss bank in the wake of $2.3bn rogue trading scandal.

UBS offices to be knocked down

 

 

Oswald Grübel: a profile

 

 

 

National Grid could be stripped of central gas unit

 

 

 

 

Gary Hoffman is between a Rock and a hard place

 

 

 

 

Turbulent times at BA for Keith Williams

 

 

 

 

Grosvenor set for historic expansion

 

 

Fear stalks the corridors at IMF summit

 

 

IMF: 'we are in a precarious situation' over euro crisis

 

 

The executive committee of the International Monetary Fund vow that world leaders will take collective action to bolster the global economy and prevent the euro crisis from escalating.

Financial week ahead: September 26 - September 30

 

 

 

 

Red-tape regulations skewed, says EEF

 

 

 

 

£1.7 trillion 'firewall' fund readied to save euro

[interestrateripoff]

Europe Seeks to Ratchet Up Effort on Debt

 

By BINYAMIN APPELBAUM

 

 

Under global pressure, European leaders are working to intensify their response to the Continent’s debt problems.

 

 

 

Joshua Roberts/Bloomberg News

 

Treasury Secretary Timothy Geithner told European officials that their efforts to address the debt crisis had been insufficient.

 

 

 

 

 

 

Mme. Lagarde Goes to Washington

 

By LIZ ALDERMAN

 

Christine Lagarde, the former French finance minister, has become independent since taking over as chief of the International Monetary Fund, which met Saturday in Washington, D.C.

 

Worried Greeks Fear Collapse of Middle Class Welfare State

 

By RACHEL DONADIO

 

While European leaders hold abstract talks about a potential Greek default, the country’s middle class is contending with raised taxes and cuts to salaries and pensions.

 

In Company Town, Cuts but No Layoffs

 

By ANDREW MARTIN

 

When times got tough at Marvin Windows and Doors, which employs 2,000 in a 1,700-person town, it tightened its belt but drew the line at eliminating jobs.

 

• Video: Getting By, U.S.A.
  

 

Rogue Trading Leads UBS Chief to Resign

 

By JULIA WERDIGIER and JACK EWING

 

Oswald J. Grübel resigned over a scandal that cost UBS $2.3 billion and shook the European banking sector.

 

Economic Reforms Likely to Continue Under Putin

 

By ANDREW E. KRAMER

 

Russia has already embarked on reforms under President Dmitri A. Medvedev to diversify away from oil dependence and foster a high-technology sector.

 

Career Couch

 

Working Relationships Across Generations

 

By EILENE ZIMMERMAN

 

Baby boomers and members of Generations X and Y can overcome miscommunication and misunderstanding, and learn from one another.

 

When Your Therapist Is Only a Click Away

 

By JAN HOFFMAN

 

Video conferencing has become a popular way for therapists to reach patients, but opportunities for exploitation, especially by those with sketchy credentials, are rife.

 

• Post a Comment | Read (42)
  

 

Novelties

 

Robots Extract Coolant From Old Refrigerators

 

By ANNE EISENBERG

 

A few American companies are using ingenious robotic systems to squeeze out almost all of the harmful coolant in refrigerators that are headed for the landfill.

[interestrateripoff]

Here Comes FIATtackWatch: Ben "Big Brother" Bernanke Goes Watergate, Prepares To Eavesdrop On Everything Mentioning The Fed

 

Excellent the thought police are monitoring everything that is being said about how useless and corrupt they are.

 

EURUSD Quick Recovery From Opening Gap Down Even Though China Refutes Again It Will Bail Out Europe

 

 

More Greek Platitudes As IMF Faces Shortfall and Deflects Back to ECB

 

 

CDS Implied Probability of Default – Be Careful

 

 

Presenting The Org Chart Of The Soon To Be Quite Famous Banque De France

 

 

France Resets The Rumormill: "No Plan To Recapitalize Banks" ... Until Tomorrow

 

 

Guest Post: Bleeding the Patient, Modern Economics and the Symbolic Economy

 

 

Record Correlations + Record Low Mutual Fund Cash + Soaring Dispersion = Recipe For Redemption Driven Disaster

 

 

IMF Releases Steering Commttee Communique On Greece - Full Text

 

 

There Will Never Be A “Good” Time For Greece To Default

 

 

Germany Demands "Managed" Greek Default And 50% Bond Haircuts In Exchange For Expanding EFSF, Peripheral "Firewall"

[interestrateripoff]

Deutsche Bank Is Incorrectly Spelled

Oh give me a break:

Forcing private creditors to write down their Greek bond holdings by more than the 21 percent tentatively agreed to in a July deal would quickly cause a "domino effect" that would see the crisis spread to other parts of Europe, warned Josef Ackermann, the outgoing chairman of the Institute of International Finance.

Such a move would ultimately cost taxpayers much more than just bailing out Greece and erode confidence in the euro, said Ackermann, who is also the CEO of Germany's Deutsche Bank, a major lender to Greece.

Tough crap. Your bank either loaned money to an entity without doing diligence on their ability to pay or knowing they could not pay. Either way the risk is yours - not the taxpayers - just as the mythical profits you extracted and paid yourself and your staff during the intervening years were yours.

You are now whining because the market's perception of the "value" of those loans is much lower than what you have them marked at. Despite having four years of foreknowledge of what having too much leverage does to a bank (c.f. our little crisis in 07 and 08) it appears you have done nothing meaningful to address this, nor have you marked your assets to market prices. We know the latter is true because if it were not you wouldn't care about this issue.

 

More at the link.