The great interest rate rip off part 1

[interestrateripoff]

State Tax Revenues Plummet By $87 Billion, Biggest Year Over Year Decline In History; Record State Tax Hikes In Progress | zero hedge

 

The Center on Budget and Policy Priorities has released a report "State Tax Changes in Response to the Recession" in which the center notes that "national recession has had such a devastating effect on state finances that states took in $87 billion less in tax revenue from October 2008 through September 2009 than they collected in the previous 12 months. This 11 percent decline, the steepest on record, resulted from the impact on tax collections of lost jobs, reduced wages, and lowered economic activity." And here we are, missing the forest for the Greek tree, and discussing evil CDS speculators' role in Greece barely able to make a €5 billion bond auction, when we should be all over the evil Municipal CDS speculators wreaking havoc in our own back yard.

And it actually gets worse: as we have pointed out, states are now running on fiscal fumes, as record unemployment insurance claims bleed the vast majority of state not only dry, but well in credit to the Federal government. "At the same time, the recession has driven up the number of people needing various state services. This, along with the requirement that states have balanced budgets, has increased the pressure on states to deal with the unprecedented revenue shortfalls in a variety of ways. Nearly all states have cut spending. In addition, most have opted for a balanced approach that includes revenue."

So while Obama is about to break all campaign promises about taxing everyone, let alone those who make under $250,000, individual states have already raised taxes by substantial amounts in an unprecedentedly short period of time.

 

 

............

 

 

In 20 states, tax changes are providing a significant boost to revenues — that is, they are producing additional revenue of more than 1 percent of the prior year’s total revenues. Ten of those states have raised taxes by more than 5 percent of the prior year’s collections: California, Delaware, Florida, Indiana, Massachusetts, Nevada, New Hampshire, New York, North Carolina, and Oregon. Personal income taxes and sales taxes, the two largest sources of state tax revenue, experienced the greatest changes. Overall, 13 states raised new revenue from personal income taxes, 17 enacted sales tax increases, 22 increased excise taxes on tobacco, alcohol, or motor fuel, 17 increased business taxes, and 24 increased fees or other taxes.

Surely no sane man can believe that the tax respone will be appropriate or meaningful, as ever more people decide instead to either cheat, or to outright decline to pay these exorbitant tax increases. But at least we can now proudly tell Papandreou that austerity has come to the US as well.

And to save the mainstream media some time in finding the next scapegoat, we present the Municipal CDX index.

Just in case it is not obvious to the ambulance chasers, here is tomorrow's MSM headline bold, ALL CAPS glory: OH NO, MUNICIPAL CDS IS SURGING! KILL THE CDS TRADERS, KILL THEM ALL!!!! IT IS NOT THE STATES' FAULT THEY ARE ALL BANKRUPT, IT IS THOSE SPLIT-TONGUED, SULFUR-SMELLING SPECULATORS WHO ARE WREAKING MARKET HAVOC!!!

Here's an idea - why not just sell MCDX? If you think the market is so mispriced, just take the other side of the trade.

Ugh, logic.

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EU draws up plans for first direct tax with fuel levy - Telegraph

 

The European Union is drawing up plans for its first direct tax with a "green" levy on petrol, coal and natural gas that could cost British consumers up to £3 billion.

 

Proposals expected to be announced next month would give the EU its first funding which would not come from national governments.

Algirdas Semeta, the new European commissioner for taxation, is planning a "minimum rate of tax on carbon" across the whole EU as a "priority".

 

Looks like the EU is running out of cash and needs direct taxation to fund it's waste.

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FT Alphaville Barney Frank wants $442.1bn from banks

 

And he wants it from these four: Bank of America, Wells Fargo, Chase and Citi.

The chairman of the House Financial Services Committee wrote to the heads of the four banks on Monday, asking the banks to write down their second-lien mortgages in order to save US housing.

Here are some excerpts from the letter, via Zero Hedge:

To save homes on a large scale,

we must move past temporary modifications in interest rates or terms and focus on permanent principal reductions that result in truly sustainable mortgages

. . .

Large numbers of these second liens have no real economic value

– the first liens are well underwater, and the prospect for any real return on the seconds is negligible. Yet because accounting rules allow holders of these seconds to carry the loans at artificially high values, many refuse to acknowledge the losses and write down the loans, which would allow willing first lien holders to reduce principal and keep borrowers in their homes.

The four organizations you lead are major participants in the second-lien market. Failure to modify these debts has become a major and unnecessary obstacle to thousands of Americans being able to stay in their homes.

I urge you in the strongest possible terms to take immediate steps to write down these second mortgages and allow principal reduction modifications of the underlying first liens to take place.

If there are legal obstacles to your doing so, we will work with you to remove them.

Readers of FT Alphaville will know that second liens are something of a sticking point for the US government’s housing aims. The biggest problem is the fact that they act as an obstacle to modifying floundering schemes such as the Home Affordable Modification Program, i.e. altering them to include principal reduction for underwater homeowners, rather than just forbearance.

 

Luckily the recovery will ensure none of this matters.

[WebFerret]

EU draws up plans for first direct tax with fuel levy - Telegraph

"Algirdas Semeta, the new European commissioner for taxation, is planning a "minimum rate of tax on carbon" across the whole EU as a "priority".

Looks like the EU is running out of cash and needs direct taxation to fund it's waste.

 

Climate emails inquiry: Energy consultant linked to physics body's submission | Environment | The Guardian

 

Gaia theorist James Lovelock and former minister Michael Meacher label carbon trading a failed [problem] | Environment | guardian.co.uk

 

Looks like the EU are fraudulently looking to direct taxation IMHO:

 

The science is NOT settled that 'global warming or climate change' (or what ever you want to call it) is attributed to man's contribution of CO2 emissions, nor that man's activity has any significant effect on the climate with relation to CO2 emissions.

 

Any taxation applied in the name of 'climate change' is therefore only based on a bogus assumption propagated by government propaganda to make a few people very rich indeed at the great expense of the tax payer (now where have I witnessed that before - ah yes, bankers!).

 

Climate change is happening (naturally, for we are still coming out of the ice-age from 10,000 years ago), but for governments to use scare tactics in the name of climate change, based on discredited data models as their excuse to tax the hell out of us is simply fraudulent and a [problem].

 

For a very good balanced overview on the subject, you might wish to watch the following video link entitled "CLIMATE CHANGE: Facts and fictions" hosted by The Brisane Institute, Australia Jan 2010:

Brook + Readfearn / Monckton + Plimer on Vimeo

[interestrateripoff]

We can bear £2bn-a-year cost of building high-speed rail network, says Adonis - Times Online

 

The building of a high-speed rail network linking London, Birmingham and the great conurbations of the North, to be outlined in Parliament today, would cost at least £2 billion a year for more than a decade, The Times has learnt.

 

The blueprint for the fastest railway in Europe is already being opposed by Conservatives and environmental groups. But the Government insists that the biggest infrastructure project since the construction of the motorway network is feasible even at a time of tightly constrained public spending.

 

Lord Adonis, the Transport Secretary, will set out detailed plans in a White Paper today. The proposed route is drawn to within 5 metres in urban areas and 25 metres in open country and will ignite a battle with thousands of people and landowners whose properties will be affected.

 

The line would slice through key marginal constituencies in the West Midlands as well as the Chiltern Hills, one of 40 areas of outstanding natural beauty in Britain. It has the strong backing of business leaders, who see billions of pounds’ worth of potential growth from a faster, more efficient network.

 

So £4bn a year minimum then, but at least we can afford it.

[interestrateripoff]

Wetherspoons drinks in record profits - Times Online

 

JD Wetherspoon, the pubs operator, reported record first-half profits of £36.2 million today and said that it would restore the dividend payments that it suspended one year ago after the recession sparked a collapse in trade.

 

The group, famous for its cheap drinks and value meal promotions, said that sales had reached record levels in the sixth months to March with like-for-like sales rising marginally to 0.1 per cent and total sales up 4.1 per cent to £488.1 million, despite what the group described as "immense pressure" on the pubs industry from government legislation.

 

Shareholders on the company's register as of March 19 will receive a dividend of 12p on April 1st for the financial year ending July 2009, while the board said it had approved a "special dividend" of 7p to shareholders, to be paid at the same time.

 

The group confirmed that it had arranged a £530 million four-year credit refinancing facility with 11 banks to enable it to reinstate the dividend to shareholders. Its debts now stand at £383.5 million, fractionally lower than last year's borrowings of £388.2 million.

 

Why isn't this group run properly and have huge debts which is can't service? Some people are clueless in business.

[interestrateripoff]

Asian Stocks Drop After China Inflation and Lending Data - NYTimes.com

 

Asian stocks fell on Thursday as investors fretted over tighter monetary policy in China on the back of strong loan growth and quickening inflation, while the yen struggled amid signs that Japan’s economy may need more support.

 

The MSCI index of Asian shares outside Japan shed 0.6 percent, retreating from a seven-week high touched before the Chinese data that showed economic activity grew at a brisk pace, while inflation hit a 16-month high.

 

The losses were limited by the market view that Asia’s economic recovery remains broadly on track.

 

Foreign buying of Asian stocks, particularly South Korea, Japan and India, continued unabated, with data showing emerging market equity funds reported a third straight week of inflows.

 

Shanghai stocks shed two-thirds of a percent as investors feared that strong loan expansion in February could prompt the authorities to soak up more cash from the financial system.

 

“February new loans remained higher than the government intends it to be, so we expect another rise in bank reserve requirements to come very soon, almost certain in this month,” said Zheng Weigang, head of investment at Shanghai Securities. “An interest rate hike will wait at least until the second quarter.”

 

Fears that China could tightening its monetary policy has fueled risk aversion in recent weeks, alongside jitters over debt problems in some European countries.

 

Thank god China isn't overheating.

[interestrateripoff]

Breaking news:

 

• CBOE strives to sell members on $300 mln IPO - Reuters
  
• Spain's banks at nexus of discomfort: James Saft - Reuters
  
• Northern Trust eyes possible acquisition targets - Reuters
  
• Boutique boom fading as Wall St banks expand - Reuters
  
• Small losses, but 30-yr climbs after auction - Reuters
  
• Dollar little changed vs majors in volatile trade - Reuters
  
• Canada says BSE cow kept out of food supply - Reuters
  
• Citigroup sees return to sustained profitability - Reuters
  
• US STOCKS-Wall St dips on China concerns, but banks rise - Reuters
  
• US Grain Exports - Soy sales worst in 8 years as China cancels - Reuters
  

 

All John Lewis staff to share £151m bonus pot

 

John Lewis Partnership reports a near-10% rise in profits. By Julia Kollewe 39 comments

 

• 
  
  • At John Lewis, 'happiness' beats profit
    
  • Morrisons' profits up 20% as it prepares for new chief
    

   

· BA faces strike as talks break down

 

Walkout by 12,000 BA flight attendants could begin as soon as next week after 11th-hour counter-offers fail to find compromise

 

• 
  
  • British Airways strike: how would it affect you?
    
  • Michael White: Strikes unlikely to trouble Brown
    
  • Airlines lift off as loss forecasts halved
    

   

· HSBC: Swiss bank data theft affects 24,000 accounts

 

Former IT worker blamed for breach of confidential data, which bank previously said affected only 10 accounts

· Union memo adds to Toyota's safety woes

 

Emergence of memo warning that safety was being put at risk by cost-cutting piles pressure on Japanese carmaker

· Sir Brian Pitman, former Lloyds chairman, dies aged 78

 

Tributes paid to highly respected banker who spent half a century at Lloyds bank

Developing nations storm rich list as Mexican named world's wealthiest

 

Mobile phone tycoon Carlos Slim beats Microsoft's Bill Gates to top spot in the Forbes rich list 71 comments

 

• 
  
  • Alan Howard: New billionaire on the block
    
  • In pictures: the world's wealthiest people
    
  • Datablog: 10 years of top 10s
    

   

· BP joins Brazilian oil rush with $7bn deal

 

• Firm buys 10 exploration blocks from Devon Energy

• Oil fields give BP up to an extra 40,000 barrels a day

· More business news

 

o US chamber of commerce slams Tobin tax proposals

 

o Vulture fund bill under threat from Tory backbencher

 

o Wetherspoons to open at 7am

 

o Greeks strike again over austerity plan

 

o Former Cazenove worker jailed

 

 

 

• Do we really want Britons spending more?
  

 

• Terra Firma investors would rather not feel the pain of EMI
  

 

• Kicking BP over the economics of tar sands doesn't add up
  

 

• Markets fear a Gordon Brown victory more than a hung parliament
  

US trade gap narrows on falling imports

 

Riots in Athens

 

Pound up as UK inflation expectations rise

 

Snow gets the blame for manufacturing slump as economy's mixed signals continue

 

City warns of legislation rush as date set for 'Phoney Budget'

 

Ex-Cazenove partner jailed for 21 months

 

Malcolm Calvert given custodial sentence after being convicted of insider dealing in shares of three companies

 

• Ex-partner at Queen's broker guilty of insider deals
  

 

• Broker could pick winners, inside dealing trial told
  

'Smoking gun' memo exposes Toyota fears

 

Carmaker forced to reveal letter from its workers dating back to 2006 warning that safety was being sacrificed for profit

 

• ‘Runaway’ Toyota death trial halted for tests
  

 

• Investigators to look into Toyota incident
  

HSBC admits to massive theft of client data

 

Bank says Britons 'very likely' to be among 24,000 clients — not ten as first thought — whose details were stolen

 

• HSBC whistleblower sparks Paris-Berne tussle
  

 

• Private banks form secret syndicates
  

Bumper bonuses at John Lewis as profits jump

 

Department store retailer pays out 15% of salary to 69,000 staff as annual profits rise 9.7 per cent to £306.6m

Court bars EMI from selling Pink Floyd downloads

 

Seventies supergroup Pink Floyd wins High Court battle with EMI to block sale of single downloads from concept albums

Small could be good for Wm Morrison

 

UK's fourth-biggest supermarket chain says it is eyeing smaller-format stores after the success of acquisitions

 

• Morrisons names its new chief executive
  

 

• Big Shot of the week: Dalton Philips, Morrisons
  

Old Mutual puts US arm on the market

 

Julian Roberts, chief executive, promises further disposals as he reinstates the dividend and overhauls in the US

Johnston Press warns of fresh jobs cull

 

John Fry, chief executive, says that 768 staff have already left the regional publisher and more will follow

Air France-KLM sues Ryanair over 'subsidies'

 

Franco-Dutch airline accuses Irish rival of receiving incentives worth €11 a passenger from airport authorities

BP acquires assets in Brazil for $7bn

 

The UK oil company makes a long-awaited move into the fast-growing market with its purchase from Devon Energy

 

• Analysis: BP hopes to strike it rich in Brazil
  

 

• BP tipped to seal Brazilian offshore deal
  

AstraZeneca signs generic drugs deal

 

As the Anglo-Swiss group's patents expire, Torrent Pharmaceuticals of India will supply 18 generic medicines

James Murdoch digs in over Google

 

News Corp executive tells Abu Dhabi Media Summit that the company may yet withdraw material from the search engine

Prospects tumble if interest rates rise

 

Fighting inflation used to be the touchstone of economic policy. This dusty old orthodoxy must go

Cut to the Chase

 

The Prime Minister deserves credit for his decisive action on the banks but he has yet to set out a cogent account of how he will approach the task of cutting spending

[interestrateripoff]

Patchwork Pension Plan Adds to Greek Debt Woes

 

By LANDON THOMAS Jr.

 

 

Milos Bicanski/Getty images

 

Storefront windows were left damaged in Athens on Thursday in the wake of violent protests against the tough austerity measures that officials have said are necessary to stave off a mounting financial crisis.

 

Greece’s retirement plan, which lets 14 percent of its work force retire early, has become divisive in Europe.

 

 

Report Details How Lehman Hid Its Woes as It Collapsed

 

By MICHAEL J. de la MERCED and ANDREW ROSS SORKIN

 

The Wall Street bank used accounting gimmicks to hide its financial weakness in the months before its bankruptcy, according to a 2,200-page report.

 

• Post a Comment
  

 

Administration Said to Settle on No. 2 at Fed

 

By SEWELL CHAN 1:00 AM ET

 

Janet L. Yellen, president of the Federal Reserve Bank of San Francisco, is thought to favor keeping interest rates low to stimulate economic growth and reduce joblessness.

 

 

 

Rapid Rise in Seed Prices Draws U.S. Scrutiny

 

By WILLIAM NEUMAN

 

A Justice Department antitrust investigation of the seed industry is apparently focused on Monsanto.

[interestrateripoff]

A quarter of home owners live on 'financial precipice' - Telegraph

 

The recession may be officially over, but more than a quarter of home owners risk losing their homes after admitting they are still living on a “financial precipice”.

 

Latest research suggested 26 per cent of borrowers aged between 35 and 44 would be unable to meet their mortgage repayments if they saw a £300 drop in their monthly income.

 

And one in eight adults in this age range has deliberately over-inflated their income to secure a larger loan, according to the YouGov research, commissioned credit reference agency Callcredit.

 

Graham Lund, managing director of Callcredit, said: “These statistics are extremely alarming. A significant proportion of these people, many with families to support, are living on a financial precipice where just one negative event, such as a reduction in paid overtime or an unexpected expense, could have disastrous financial consequences.”

 

It comes after the Council of Mortgage Lenders revealed last month that the number of people being evicted from their homes climbed to a 14-year high, with an average of 126 repossessions a day in the past year.

 

Mr Lund added: “If borrowers are inflating their income significantly and then maxes out their high credit limit, they are running a serious risk of getting into financial difficulties and being unable to repay the debt.”

 

Just think how bad these figures would be if we didn't have a recovery!

[interestrateripoff]

BP buys into offshore Brazil with $7bn Devon Energy deal

 

Acquisition includes assets in Brazil, Azerbaijan and the Gulf of Mexico

 

 

• A hoop dream that could boost Barclays
  
• Virgin goes aerial in attempt to bring broadband to the country
  
• Morrisons sets sights on the South
  
• Toyota warned of safety issues in 2006
  
• HSBC admits data theft hit 24,000 accounts
  
• Business Diary: 12/03/2010
  
• Former Lloyds banker Sir Brian Pitman dies
  

 

James Moore: Bolland signs off with quite the flourish

 

Outlook: If Mark Bolland can do half as well at M&S as he has done at Morrisons, he might even be worth the egregious sum of money the retailer had to cough up to get him to sign on the bottom line.

 

 

• Hamish McRae: Don't be dispirited: recoveries do happen, but they take time
  
• James Moore: Time for brokers to raise games
  
• James Moore: Look to Lewis, bankers
  
• David Prosser: Index-linked gilts... the more the merrier
  
• Ben Chu: Why the banks are an undemocratic vested interest
  

 

Change of tune at EMI

 

Guy Hands' Terra Firma has endured a torrid time since its acquisition of EMI. Now it is changing its management. Nick Clark reports

 

 

• The Icelandic toy story
  
• The disappearing mutuals
  
• The Pru looks East
  
• We can learn some lessons from George Bailey's morality tale
  
• 'Double act' aims to dish up speedy profits at Selfridges' new eaterie
  
• Advertising Armageddon is averted, but recovery is elusive
  

[interestrateripoff]

Breaking news:

 

• UK banks take Dubai hit but big loss fear fades - Reuters
  
• US STOCKS SNAPSHOT-Wall St off on confidence, inventories - Reuters
  
• Greek crisis may wound southeast Europe - Reuters
  
• Prices hold at lower levels after consumer data - Reuters
  
• AnnTaylor profit surprises, but outlook worries - Reuters
  
• UPDATE 1-India's Tata Motors sees margin pressure - Reuters
  
• Spain's debt problems need urgent response-BBVA - Reuters
  
• U.S. setting bad example on protectionism - Sarkozy - Reuters
  
• Walmart cuts prices on staples in Western Canada - Reuters
  
• United Tech ready to fly solo with new engine - Reuters
  

 

 

 

• BA strike: Passengers face seven days of walkouts
   
   
  More than half a million travellers to be hit by successive weekend walkouts, with the first beginning on 20 March 5 comments
   
  
  • BA strike: how does it affect you?
    
  • Michael White: Strikes unlikely to trouble Brown
    

   

  [*] Mortgage approvals fall by half

   

   

  Just 32,000 mortgages were approved in January compared to 62,800 in December, the CML said, as first-time buyers deserted the market 30 comments

   

  [*] Lehman may face court for 'gimmicks'

   

   

  Contentious techniques temporarily boosted bank's balance sheet by up to $50bn, reveals 2,200-page report into its collapse 61 comments

   

  [*] Financial products face tougher scrutiny

   

   

  The Financial Services Authority will examine products before they go on sale to consumers as part of an attempt to end misselling scandals

   

  [*] Aga profits reduced by 97%

   

   

  The Aga saga took a sad turn as recession hit demand for upmarket cookers but the company says sales are hotting up 10 comments

   

 

 

• 
  Department store Liberty says it has received takeover approaches
   
   
  Market forces live: A deal for the Regent Street store would end months of speculation Post your comment
   
  
• Regus makes insolvency threat
   
   
  Regus, the serviced-office provider, is threatening to put parts of its business into administration if it fails to reach agreement over rental cuts
   
  
• Superdry fashion group to float at 500p
   
   
  The company behind the label worn by David Beckham and Zac Efron is holding the first major retail IPO since Mike Ashley's Sports Direct in 2007
   
  

 

 

• More business news
   
   
  
  • Shareholders revolt over executive pay
     
     
     
    
  • HSBC faces inquiry into stolen Swiss accounts
     
     
     
    
  • BP joins Brazilian oil rush with $7bn deal
     
     
     
    
  • John Lewis shares £151m in bonuses
     
     
     
    
  • Union memo adds to Toyota's safety woes
     
     
     
    

[interestrateripoff]

British law firm cleared way for Lehman cover-up

 

Linklaters gave clearance under UK law for the bank to use an accounting 'gimmick' to shift billions of dollars in debt 13 Comments

 

• Ernst & Young faces legal action over Lehman
  

 

• Read the Lehman report executive summary
  

 

Union announces seven days of BA strikes

 

Travel chaos looms after Unite says members will walk out for three days from March 20 and for four days from March 27 36 Comments

 

• BA worker 'planned terror attack during strike'
  

 

• British Airways crew: strike our only weapon
  

 

Mortgage lending falls as buyers leave market

 

The end of the stamp duty holiday sends demand for home loans down, especially among first-time buyers 7 Comments

 

• New mortgages fall after stamp duty relief ends
  

 

• Mortgage lending surges on stamp duty rush
  

 

FSA ready to tighten watch on rogue products

 

Hector Sants, the chief executive of the regulator, will set out plans to vet complex instruments before they go on sale 3 Comments

 

• FSA tells banks to test for two years of recession
  

 

• FSA continues crackdown on penny share dealers
  

 

 

Banking giant Sir Brian Pitman dies at 78

 

Heavyweight worked for Lloyds for 49 years and carved a reputation as one of Britain’s most respected bankers

 

BSkyB shares rise on Murdoch deal speculation

 

Rumours flood the market that News Corp may make an offer for the 60.9% of the company that it does not own

 

 

Aga profits tumble but demand heats up

 

Maker of the cast iron cookers expects a stronger 12 months after sales strengthened in the second half of 2009

 

• Log fires are making a comeback
  

 

• The interiors your home needs in 2010
  

BP may face legal fight to clinch deal

 

The oil giant expects a battle over a massive field in the Caspian Sea after a wide-ranging $7bn deal with Devon Energy

Inflation fears stay muted in February

 

Key survey supports the Bank of England's view that inflation, which has surged to 3.5 per cent, will fall back

 

 

Swiss theft puts HSBC in spotlight

 

Theft of information on thousands of customers could put bank into conflict with authorities pursuing tax evaders

 

Sony makes Move into the gaming war

 

The Japanese electronics giant is taking on Nintendo with its own motion control system that claims brilliant accuracy

 

• Sony must start playing on the same console
  

 

• Sony to reduce price of PlayStation 3 console
  

AstraZeneca in deal with generic drugs maker

 

Deal with Torrent Pharmaceuticals gives Anglo-Swedish group a new portfolio of cheap medicines for developing markets

Indian helicopter deal saves 4,000 Westland jobs

 

Deal to build 12 AW101s for Indian Air Force to be used for transporting the country’s Prime Minister and other VIPs

 

 

Fast trains could revive our stations

 

It all started so well 200 years ago. Where did it go wrong?

 

Prudential boss caught in a snub that wasn’t

 

Investors up in arms over postponed meeting, but the date was an error as Tidjane Thiam had an important prior engagement

[interestrateripoff]

[/url]

 

Accounting gimmicks helped trigger Lehman downfall

 

Examiner's report says bank's collapse triggered by accounting gimmicks and excessive capital demands from rivals.

Analysis: report escalates Lehman ineptitude to new level

 

 

Read the key sections of the report

 

 

 

Europe's banks brace for UK debt crisis

 

UniCredit says Britain is at serious risk of a bond and sterling debacle and faces deeper woes than Greece.

 

FSA to vet financial products before they go on sale

 

UK financial regulator to unveil plans to toughen up its consumer protection regime.

 

Liam Byrne: No new tax rises under Labour

 

 

 

 

Why BP is betting billions that God is Brazilian

 

 

 

 

Greece will be saved, but what about other debtors?

 

 

 

 

BSkyB shares jump on rumour Murdoch will take it private

 

 

 

 

Ex-Cazenove partner gets 21 months for insider trading

 

 

 

 

Meet Carlos Slim, the richest man in the world

 

 

 

• City watchdog awakes before being put down
  

 

• Brown has terrible form when it comes to keeping his promises
  

 

 

• Why we sometimes owe speculators some thanks
  

 

Eurozone could risk 'sovereign debt explosion'

 

 

 

US trade deficit shrinks as imports slide

 

 

 

 

US trade gap narrows on falling imports

 

 

 

 

Riots in Athens

 

 

 

 

Pound up as UK inflation expectations rise

[interestrateripoff]

BA union announces strike dates

BA cabin crew will go on strike for three days from 20 March and for four days from 27 March in a dispute over pay and staff levels.

Your rights during a strike

What's the BA dispute about?

'Strike may wreck honeymoon'

Lehman bosses severely criticised

 

A report into the collapse of US bank Lehman Brothers criticises senior executives and auditor Ernst & Young for serious lapses.

 

New mortgages 'halved in January'

 

The number of mortgages agreed with house buyers fell 49% in January from the month before, mortgage lenders say

 

 

OTHER TOP BUSINESS STORIES

FSA to clamp down on mis-selling

 

US retail sales in surprise rise

 

China oil demand is 'astonishing'

 

Eurozone industry grows strongly

 

China hits back at Obama on yuan

 

New York banking gains on London

 

MORE FROM BUSINESS

Public sector pensions warning

 

Darling: 'No giveaway Budget'

 

'No decision yet' on BA strikes

 

John Lewis staff get £151m bonus

 

Rail union workers vote to strike

 

HSBC admits Swiss data theft

 

Scottish Power to cut gas bills

 

Red Knights get advisers for bid

 

HMRC set to back Pompey set-up

 

US trade deficit in surprise fall

 

Free financial advice launched

 

Claims firm solicitors shut down

 

YOUR MONEY

Winter insurance claims hit £650m

 

Warning on packaged bank accounts

 

Banking fraud 'moves to internet'

 

ECONOMY

World airline sector 'recovering'

 

Japan's economic growth rate cut

 

China inflation at 16-month high

 

COMPANIES

BP to explore for oil in Brazil

 

VW and BMW report lower profits

 

Profits halve for Scotsman owners

[interestrateripoff]

London link to $50bn Lehman cover-up

 

The failed investment bank approached a London law firm over plans to use a controversial accounting trick to temporarily conceal the liabilities.

 

• Mortgage lending dives after end of stamp duty holiday
  
• 'Lehman painted a misleading picture of its condition'
  
• M&S reclaims top spot among clothing chains
  
• China accuses Washington of 'politicising' exchange rate row
  
• Liberty near £40m sale to BlueGem Capital
  
• KKR outlines plans for $7.5bn New York IPO
  
• Government agrees £270m Vauxhall deal
  

 

Stephen Foley: The familiar themes in Lehman's latest drama

 

US Outlook: In Enron the Play, the West End smash coming here to Broadway in the spring, "the Lehman Brothers" are depicted as conjoined twins in a single over-size suit jacket.

 

 

• Stephen Foley: Vast and dangerous CDS market threatens new financial panics
  
• James Moore: Bolland signs off with quite the flourish
  
• James Moore: Time for brokers to raise games
  
• Hamish McRae: Don't be dispirited: recoveries do happen, but they take time
  
• James Moore: Look to Lewis, bankers
  

 

SuperGroup and Promethean lift hopes of a new dawn for flotations

 

After a series of cancellations the prospects for IPOs in London are looking brighter.

 

 

• Change of tune at EMI
  
• The Icelandic toy story
  
• The disappearing mutuals
  
• The Pru looks East
  
• We can learn some lessons from George Bailey's morality tale
  
• 'Double act' aims to dish up speedy profits at Selfridges' new eaterie
  

[interestrateripoff]

Breaking news:

 

• Ifo's Sinn warns EMF could endanger euro - Reuters
  
• Argentina sees swap of defaulted debt in March - Reuters
  
• Germany's Merkel considering charge on banks-paper - Reuters
  
• Cut dividends, up capital, Draghi tells Italy banks - Reuters
  
• EURO ZONE FRAMEWORK AGREEMENT WOULD NOT INCLUDE ANY SUMS UNTIL G - Reuters
  
• Germany considers c.bank gold reserves for EMF-paper - Reuters
  
• China steelmakers want govt in ore talks - report - Reuters
  
• Six imperatives for financial regulation-Summers - Reuters
  
• Qatar CPI falls 5.7 pct y/y in January - Reuters
  
• U.S. needs tighter financial regulation-Summers - Reuters
  

 

 

 

• BA strike: Passengers face seven days of walkouts
   
   
  More than half a million travellers to be hit by successive weekend walkouts, with the first beginning on 20 March 175 comments
   
  
  • BA strike: how does it affect you?
    
  • Michael White: Strikes unlikely to trouble Brown
    
  • Video: Union announces BA strikes
    

   

  [*] Greece debt: EU agrees bailout deal

   

   

  Exclusive: Germany plays pivotal role in potential eurozone rescue package for Greek debts. By Ian Traynor in Brussels 175 comments

   

  [*] Tories accused over vulture funds bill

   

   

  Front-benchers 'covered their mouths', claims Labour MP, to disguise who objected to private members' bill designed to protect poorest countries 12 comments

   

  [*] Linklaters defends Lehman deals

   

   

  City law firm accused of approving off balance sheet transactions that disguised true state of bank's finances

   

  • Andrew Clark's blog: Could Dick Fuld be jailed?
    
  • Lehman may face court for 'gimmicks'
    
  • Lehman Brothers collapse: the FSA evidence
    
  • Repo 105 and other accounting tricks
    

   

  [*] FSA promises early intervention to prevent mis-selling scandals

   

   

  The Financial Services Authority's Hector Sants outlines a major change to consumer regulation and says the culture of financial firms has to change Post your comment

   

 

 

• 
  Barclays breaks ground with 18,000-seat basketball stadium in Brooklyn
   
   
  UK bank hopes $300m deal will promote its image in America. By Andrew Clark
   
  
• Mortgage approvals fall by half
   
   
  Just 32,000 mortgages were approved in January compared to 62,800 in December, the CML said, as first-time buyers deserted the market 46 comments
   
  
• Superdry fashion group to float at 500p
   
   
  The company behind the label worn by David Beckham and Zac Efron is holding the first major retail IPO since Mike Ashley's Sports Direct in 2007
   
  
• Where's Irene? Cadbury's chief vanishes
   
   
  Kraft boss Irene Rosenfeld has been conspicuous by her absence since Cadbury's takeover by the US food group
   
  
  • Kraft's Irene Rosenfeld: other unpopular bosses
    

   

 

 

• More business news
   
   
  
  • Aga profits reduced by 97%
     
     
     
    
  • £3bn coal power plant will test environment rules
     
     
     
    
  • Liberty says it has received bid approaches
     
     
     
    

[interestrateripoff]

Gala’s numbers come up as debt cut by £750m

 

UK’s biggest bingo group avoids collapse as lenders agree refinancing that virtually wipes out private equity owners 1 Comment

 

• GRAPHIC: Gala's house
  

 

• Gala Coral fancies odds as it cuts inspectors
  

 

BA cabin crew to strike for seven days

 

Negotiations break down with recriminations on both sides after airline management withdraws a last-minute peace offer 40 Comments

 

• British Airways heading for a £1bn loss
  

 

• British Airways strike - are you covered?
  

 

‘Shame’ on supermarkets over abuse of supply staff

 

A two-year investigation revealed frequent breaches of licensing and safety standards in meat processing factories 5 Comments

 

• Liberty considers sale after bid approaches
  

 

• Asda signals supermarket war with £150m price cuts
  

 

Tullett brokers can join rival after year’s wait

 

Ten former brokers, whose defection to BGC Partners had led to a High Court dispute, are free to go ahead with the move 1 Comment

 

• A lesson in how to make the City pay attention
  

 

• City excited by predator stalking Tullett
  

 

 

Mortgage lending falls as buyers leave market

 

The end of the stamp duty holiday sends demand for home loans down, especially among first-time buyers

 

Liberty plans sale and leaseback of London store

 

Property deal is precursor to sale of the business with Marco Capello, formerly of Merrill Lynch, seen as the frontrunner

 

Mandelson saves Vauxhall jobs with £270m pledge

 

Announcing the guarantee, the Business Secretary honoured his end of the deal as part of commitments to General Motors

 

• GM triples revamp funds for Vauxhall and Opel to €1.9bn
  

 

• Office cuts take Vauxhall UK job losses to 500
  

Climate Exchange comes through the ‘perfect storm’

 

The company, jockeying for position in the trading of carbon dioxide emission permits, said its revenues had risen

 

• An energy saving of 20 per cent
  

 

• Offices to get eco-friendly facelifts from fund
  

Jigsaw sales leap as spring range delights

 

Privately owned company said spring range was well received, prompting 5.5 per cent rise in like-for-like February sales

 

 

First consumer suit filed against Toyota in US

 

California prosecutor demands $2,500 per violation in first consumer protection lawsuit against Japanese carmaker

 

Indian helicopter deal saves 4,000 Westland jobs

 

Deal to build 12 AW101s for Indian Air Force to be used for transporting the country’s Prime Minister and other VIPs

 

• Blow to Westland as Obama reviews contract
  

 

• Boeing deal threatens UK helicopter-making
  

Swiss theft puts HSBC in spotlight

 

Theft of information on thousands of customers could put bank into conflict with authorities pursuing tax evaders

Sony makes Move into the gaming war

 

The Japanese electronics giant is taking on Nintendo with its own motion control system that claims brilliant accuracy

 

 

 

If the story is good, investors will buy it

 

What they will not buy are highly leveraged businesses at top prices simply to provide an exit for private equity owners

 

Tricks of the Trade

 

British firms lead the way in financial services but criticism in the report on the collapse of Lehmans reminds them to follow the example of Sir Brian Pitman

[interestrateripoff]

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London at centre of Lehman 'accounting gimmick'

 

Ernst & Young, Linklaters and Lehman Brothers' London operations played key roles in attempts to mask $50bn (£33bn) of assets.

'Repo 105' at the heart of Lehman report

 

 

 

Hector Sants calls time on FSA's 'light touch' regulation

 

FSA to conduct a major shake-up of how UK market regulator operates.

Hector Sants: 'the results were not acceptable to society'

 

 

 

Malcolm Calvert to appeal against 'excessive' jail term

 

 

 

 

US blasts Russia over death of lawyer Sergei Magnitsky

 

 

 

 

Ferry firms' relationship with Dover "severely damaged"

 

 

 

 

Omega shareholders win key vote to overhaul board

 

 

 

 

Liberty department store in £35m takeover talks

 

 

 

 

KKR set for $2.2bn listing

 

 

 

 

Simon Halabi's £900m office empire up for sale

 

 

 

 

• How Repo Man's vanishing accounting trick got a London link
  

 

 

• Another banking crisis looms
  

 

 

• The FSA got us into this mess; it can get us out
  

 

 

• Brown has terrible form when it comes to keeping his promises
  

 

 

The Economic Week Ahead

 

 

 

Eurozone could risk 'sovereign debt explosion'

 

 

 

 

Europe's banks brace for UK debt crisis

 

 

 

 

US trade deficit shrinks as imports slide

 

 

 

 

US trade gap narrows on falling imports

[interestrateripoff]

News - SECURITISATION IS 100% ILLEGAL UNDER U.S. LEGISLATION

 

SECURITISATION IS 100% ILLEGAL UNDER U.S. LEGISLATION

 

WHAT THE OFFICIAL RACKETEERS ARE DESPERATELY COVERING UP

 

Wednesday 10 March 2010 19:30

 

EAVESDROPPING AND CONSTANT AMERICAN TELEPHONE HARASSMENT

CONFIRM THAT THIS SERVICE IS RIGHT AT THE EPICENTRE OF THIS CRISIS

 

• REPORTS UPDATE: It has been decided to post this report, containing the 'securitisation is illegal' data, which was nearing completion when the fraud discovered on Monday and Tuesday, erupted. Our report on this monumental fraud (which we will call, for shorthand purposes, 'the Pennsylvania Fraud'), will follow and will probably be alternated with the present analysis. The Editor has now obtained the underlying documentation on the Pennsylvania Fraud, and will be working on this exposure report immediately (so much for his regular publishing work schedule).

 

• MAJOR UPDATE, 12TH MARCH 2010:

 

OBAMA, GEITHNER AND THE D.C MEETING ON SECURITISATION

As elaborated below, securitisation in the United States is illegal and contrary to public policy.

 

All securitised contracts are void not least because they were created to facilitate one or more criminal acts, as explained in this presentation. By definition and US law, all contracts created to accommodate an illegal act are void.

 

So, what is happening in Washington, DC, ‘as we speak’? Why, a high-level meeting has been taking place to examine how SECURITISATION of FRNs can be used to dig the Obama Administration out of the void it has created by its bovine criminality and stupidity.

 

The prime movers of this demented, ILLEGAL activity are President Obama and Timothy Geithner, US Treasury Secretary, backed by other purblind officials such as Larry Summers. No doubt the careful timing of the publication of our exposure of securitisation here as completely illegal and contrary to the Rule of Law, will have given the underlings of these perpetrators some concern. Obama’s World Court-granted immunity from prosecution does not extend to domestic felonies.

 

UNITED KINGDOM: THE LAW OF PROPERTY ACT, 1925

In the United Kingdom, The Law of Property Act, 1925, particularly Section 136 which deals with assignments, makes it crystal clear that alienation by a mortgage provider of all assets that have been assigned without notice having been issued to, or permission granted by, the debtor, is void and fraudulent. Therefore, ALL SECURITISATION OPERATIONS BY FINANCIAL INSTITUTIONS WITHIN THE BRITISH JURISDICTION WHICH HAVE NOT BEEN EXPLICITLY SANCTIONED IN ADVANCE BY THE MORTGAGOR, with the mortgagor fully aware of the situation, are void.

 

Northern Rock and all financial entities engaged in assigning, on-selling, trading and benefiting financially from such activity without notice to or the prior consent of the mortgagor, are engaged in CRIMINAL ACTIVITY. These institutions have accordingly been trading worthless paper between themselves within a fraudulent financial carousel, as repeatedly stated in these reports.

 

The Directors of these institutions should be investigated and prosecuted by the UK authorities: and if this does not happen, we will keep asking why not. No doubt Lord Myners [see Appendix below], the ‘City Minister’, knows the score perfectly well, and is being ‘economical with the truth’. In which case he is a co-conspirator in this criminality.

 

The bottom line here is that it is possible in the British jurisdiction to stop anyone who holds a contract for debt (the creditor) from passing that debt to a third party (debt collector) if they have not complied fully with The Law of Property Act 1925 and to hold them to the original contract and, therefore, to their stringent obligations to the debtor under the Consumer Credit Act, 1974. If they do not, the contract is toast and they cannot collect or sue for recovery of the debt. And the debtor is at liberty to counterclaim even if they do sue the debtor: which is another reason why they don't do this. For this reason, no one talks about the The Law of Property Act, 1925. They will now!

 

More at the link.

[interestrateripoff]

Royal Mail quality tests 'rigged'

The postal watchdog is considering taking action against Royal Mail after finding that delivery quality tests were rigged.

What's happening to Royal Mail?

Alternatives to the Royal Mail

BA union announces strike dates

 

BA cabin crew will go on strike for three days from 20 March and for four days from 27 March in a dispute over pay and staff levels.

 

Vauxhall gets UK loans guarantee

 

The UK announces a 300m-euro (£270m) loan guarantee for Vauxhall and Opel, the European arm of General Motors

 

 

OTHER TOP BUSINESS STORIES

Lloyds aids mortgage overpayments

 

Interns 'exploited by employers'

 

Online shoppers' data passed on

 

Trichet backs new bail-out fund

 

Lehman bosses severely criticised

 

Superdry founder in line for £80m

 

MORE FROM BUSINESS

New mortgages 'halved in January'

 

FSA to clamp down on mis-selling

 

China oil demand is 'astonishing'

 

US retail sales in surprise rise

 

China's stern warning to Google

 

Sarkozy and Brown attack US deal

 

China hits back at Obama on yuan

 

NY banking gains on London

 

Darling: 'No giveaway Budget'

 

'No decision yet' on BA strikes

 

John Lewis staff get £151m bonus

 

Rail union workers vote to strike

 

YOUR MONEY

Warning on public sector pensions

 

Scottish Power to cut gas bills

 

Claims firm solicitors shut down

 

ECONOMY

Eurozone industry grows strongly

 

World airline sector 'recovering'

 

US trade deficit in surprise fall

 

COMPANIES

HSBC admits huge Swiss data theft

 

Red Knights get advisers for bid

 

BP to explore for oil in Brazil

[interestrateripoff]

In Hard Times, Lured Into Trade School and Debt

 

By PETER S. GOODMAN 31 minutes ago

 

Leah Nash for The New York Times

 

Susana Holloway of Le Cordon Bleu’s culinary school in Portland, Ore., where a 14-month program costs about $41,000.

 

Long accused of overpromising and underdelivering, commercial trade schools are under fire because they are attracting more students and more Pell grants.

Findings on Lehman Take Even Experts by Surprise

 

By MICHAEL J. de la MERCED

 

The report on the demise of Lehman Brothers is full of exhaustive detail in its nine volumes, acting as a road map for further inquiry into Lehman executives.

 

• Dealbook: In Lehman's Demise, Some Shades of Enron
  
• Times Topics: Lehman Brothers
  

 

Fed Helped Bank Raise Cash Quickly

 

By ERIC DASH

 

Lehman Brothers engaged in a series of transactions with the New York Fed that were similar to the ones that drew criticism from the bankruptcy court examiner who investigated its collapse.

[interestrateripoff]

Mortgages - Even High-Score Borrowers at Risk of Mortgage Default - NYTimes.com

 

A HIGH credit score won’t necessarily insulate borrowers from the home-foreclosure crisis, according to a new study from FICO, which creates the credit-scoring formula used by most lenders.

 

In fact, the report, which was released in late February, suggests that these premium borrowers might be more likely to default on their mortgages than their credit card debt should they encounter financial difficulties.

 

From May through October 2009, the mortgage default rate for borrowers with credit scores of 760 to 850 was 0.32 percent, versus 0.12 percent for credit cards, according to the report. (FICO considers loans 90 days or more past due to be in default.)

 

Of course, that mortgage-default level is still far lower than the 4.5 percent rate for all mortgage borrowers during this period, according to FICO, which is based in Minneapolis. But the numbers are nonetheless worrisome, said Rachel Bell, a director of analytics in FICO’s global scoring solutions business, because they mark the first time the mortgage default rate for this category of borrowers exceeded credit card defaults.

 

In 2007, the mortgage default rate for high-scoring borrowers was 0.08 percent, versus 0.10 percent for bank cards.

 

Housing counselors offer at least one possible explanation for the shift: some people with financial reversals who are in danger of losing their homes anyway might be more likely to pay back their credit cards, because they still need them to buy groceries and other essential items.

 

Ms. Bell declined to speculate about the motivations of borrowers. Because the FICO analysis did not look at specific households, she said she could not determine whether a particular family carried both a mortgage and credit cards, and defaulted on one before the other.

 

But she did say that the growing mortgage problem among households with high FICO scores might be linked to two areas of increasing trouble in the mortgage industry — namely, defaults on vacation homes, and so-called strategic defaults, in which owners abandon homes that are worth less than the mortgage.

 

The Mortgage Bankers Association, which closely tracks foreclosures and defaults, says it does not track such statistics for vacation homes. But Walter Molony, a spokesman for the National Association of Realtors, said that if foreclosures had risen among vacation homes, their owners would most likely have bought the properties recently and for investment purposes.

 

The more value a home loses, the more likely an owner will be to consider a strategic default. A study in late 2009 by three university researchers — from the European University Institute, Northwestern University and the University of Chicago — found that when the mortgage exceeds the home’s value by less than 10 percent, homeowners rarely consider a strategic default. But if the value was just half the mortgage amount, 17 percent would abandon the house, and the loan.

 

FICO did not break out its recent data by state, but its regional data suggest that those with high credit scores in the Northeast were faring better than such people elsewhere. In the Northeast, borrowers with high FICO scores were still twice as likely to default on their credit cards as their mortgages. In 2005, they were four times as likely to default on their credit cards as their mortgages.

 

Borrowers with FICO scores of 760 and higher generally qualify for a bank’s best mortgage rate, as long as the down payment and monthly income also fall within the bank’s limits. A score of 720 is considered “prime,” and is usually the lowest rate that will allow borrowers to secure the most widely advertised mortgage rates.

 

FICO does not publish an average FICO score, but the company said the median score was about 720. And for the high FICO borrowers who default, even 720 is a dream score. One default drops such people into the mid-600 range, at best.

 

An interesting piece.

[interestrateripoff]

Breaking news:

 

• 'Alice' leads box office, as 'Green Zone' flops - Reuters
  
• CNOOC to buy stake in Argentina's Bridas for $3.1 bln - Reuters
  
• Novartis drugs fail to help high-risk patients - Reuters
  
• Crew strike threatens BA's future-UK minister - Reuters
  
• "Alice" buries Matt Damon thriller at box office - Reuters
  
• No heart benefit seen with fibrates in diabetics - Reuters
  
• Abbott's heart valve device proves safe, effective - Reuters
  
• China Merchants Bank rights issue take-up 98.6 pct - Reuters
  
• BYD posts record Q4 profit on robust sales - Reuters
  
• Crew strike threatens BA's future-UK minister - Reuters
  

 

 

 

• Auditors face calls for inquiry after Lehman revelations
   
   
  MPs and financial experts demand regulators reform industry in effort to eliminate risky practices
   
  
  • Linklaters defends Lehman deals
    
  • Lehman may face court for 'gimmicks'
    
  • Repo 105 and other accounting tricks
    

   

  [*] Venture capital firm channels millions into Northern Ireland

   

   

  Crescent Capital is working with US entrepreneur Frank Costello to end companies' dependence on the public sector and foreign investment Post your comment

   

  [*] Prudential woos City to back its AIA bid

   

   

  Analysts' projections suggest taking on the Asian arm of AIG would boost Prudential's profits by $700m

   

  [*] EU agrees bailout for Greece

   

   

  Exclusive: Germany plays pivotal role in potential eurozone rescue package for Greek debts 208 comments

   

  [*] Dotcom boom finally comes of age

   

   

  In 2000 the internet bubble spectacularly burst. But only now has the technology caught up with some of the ideas it spawned, writes Richard Wray

   

  • Portraits of the dotcom entrepreneurs
    
  • Bobbie Johnson: the ideas didn't just float away
    

   

  [*] Embarrassment for David Cameron over Tory hopefuls' lobbying links

   

   

  Conservative drive to 'clean up politics' faces test over failure by several candidates to fully declare their work for lobby firms, says Nick Mathiason

   

  • Tories accused over vulture funds bill
    

   

 

 

• 
  Council to approve plan to send nuclear waste to landfill
   
   
  Waste management company Augean is seeking to use a site in the village of King's Cliffe, Northamptonshire, to store up to 250,000 tonnes of radioactive debris a year
   
  
• BA strike: seven days of walkouts
   
   
  More than half a million travellers expected to be hit by weekend walkouts, the first beginning on 20 March 186 comments
   
  
• Waitrose unveils plan to become a brand and sell its products in other stores
   
   
  Managing director Mark Price aims to keep the fast-growing upmarket grocer ahead of rival M&S 20 comments
   
  
  • Heather Stewart: the wonders of branding
    

   

  [*] Google forced to delay British launch of Nexus phone

   

   

  Setbacks with Google's first handset will see competing products such as Vodafone's HTC Legend reach the market first

   

 

 

• More business news
   
   
  
  • Credit card providers forced to make repayment cheaper
     
     
     
    
  • Security firm Control Risks to bid for Wall Street detective agency Kroll
     
     
     
    

[interestrateripoff]

Lloyds to spin off billions in property assets

 

Lloyds Banking Group is believed to be considering plans to hive off a portion of its giant commercial property portfolio into a separate, tax-efficient company.

 

 

• Vedanta kicks off breakup with $20bn aluminium float
  
• Prudential incurs investors' wrath as Thiam heads north
  
• Crossrail prepares for bids from train manufacturers
  
• Fraud charges loom for Lehman Bros
  
• GE plans to open new research centre in the developing world
  
• British Seafood faces SFO scrutiny
  
• The City Diary: Off to the races – again: Fast-track City trader whose 'addiction' won't let go
  

 

Hamish McRae: So you think we live in a two-tier system now? It will get a lot worse

 

Economic view

 

 

• Margareta Pagano: Why John Lewis's Andy is streets ahead
  
• Stephen Foley: The familiar themes in Lehman's latest drama
  
• Stephen Foley: Vast and dangerous CDS market threatens new financial panics
  
• James Moore: Bolland signs off with quite the flourish
  
• Hamish McRae: Don't be dispirited: recoveries do happen, but they take time
  

 

Sheringham Man steams over Tesco Goliath – for now

 

Norfolk town rejects 'rapacious' retailer's plans for new store in favour of farmer's green supermarket – but is this just shop snobbery?

 

 

• Phone baron reveals mobile comeback
  
• SuperGroup and Promethean lift hopes of a new dawn for flotations
  
• Change of tune at EMI
  
• The Icelandic toy story
  
• The disappearing mutuals
  
• The Pru looks East