fluke
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Posts posted by fluke
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I can understand people investing in Icelandic banks, but what I can't understand is why the Isle of Man subsidiary or the Channel Island ones? Was that for some tax evasion reason, or was there some genuine reason why people would have money in those places?
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I think I'm losing my job. Normally I wouldn't give a flying monkeys and just get a new one but there just aren't any new ones in my sector to get!
What is they say?
"A recession is when people you know lose their jobs. A depression is when you also lose yours".
And I though the my job was recession-proof. I must have been wrong!
Sorry to read that, I think mine will be gone in the next month too
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Bearing in mind that none of these banks were insolvent, I wonder what the legality is of someone demanding that they should be first in the queue and long standing shareholders should not be paid.
I think it is prudent for them to be rescued *BEFORE* they become insolvent... shareholders made the mistake of investing in badly managed banks, now they pay the price unfortunately.
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So Goodwin has resigned and yet Hornby remains.
Answers on a postcard please.
Is needing to borrow £12bn of taxpayers money more acceptable than borrowing £20bn?
Hornby will resign too, after the merger complete I think.
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they say that it was Gordo and Darling that caused the collapse: Kaupthing was sick, but solvent and a rescue package was being put in place by the Icelandic authorities. However, before this was put in place, Gordo seized Kaupthing Edge (a major deposit subsidiary) and sold it to ING. The total loss of their deposit subsidiary basically imploded the main holding company. So, you can see why Iceland might be a bit upset.
That said, I don't see what suing is going to achieve - it sounds like Iceland is pretty much broke.
How can you say, Iceland had a plan to rescue Kaupthing that would have worked AND Iceland is broke in the same message. They were broke, their rescue plan could not have worked.
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Guy On R4 now blaming the ratings agencies.
Councils inevitably have large sums of money in bank accounts:
1) Pensions funds
2) Operational funds (ie, the difference in timing between collecting money and spending it) Kent have a 2.6 billion budget, so as a %age 50 million is a small exposure for them.
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I believe they may have tried and failed to do that a while back with the Judith Wilson Investment Property Bond, but I don't think that ever really got started. A quick check shows that JWIPB Limited is a non-trading company, so it may just have been a scheme to wrap up their debt and assests in a limited liability company.
Most likely their company will go under, but they will have paid themselves a few million quid that can't be touched, so will still be able to run a few nags.
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The dollar is toast as well.
All this talk of toast is making me hungry. Off to the toaster.
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Politicians and Business people think they understand the implications of their decisions, but they do not. The complex interactions of society and finance are beyond any individual comprehension. Thus they continually make the same mistakes because the consequences take so many years to come about.
When a crisis arises many people attempt to take advantage of it, extreme theories and politics become more popular.
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There really should be a crime of reckless mismanagement.
It seems reasonable that if a major public company goes under, the board should receive public punishment, including jail time and appropriation of assets.
After all, causing mass redundancies and knock on business failures is by far the most negative thing that an individual can do to damage his own society. A thief just messes up the lives of tens of people, or hundreds at the most, a CEO can take down thousands, and the former certainly goes to jail, so should the latter.
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Worth noting that the reason the Irish Government have done this, is because one of their largest banks was about to go bust. This promise has probably saved it through the inflow of extra cash, for the time being...
http://business.timesonline.co.uk/tol/busi...icle4863865.ece
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QUOTE (Durch @ Sep 30 2008, 05:59 PM)
What is it about hard times that makes people shave their hair into Mohicans and sit revving motorbike engines loudly as they grin showing their discoloured and smashed teeth?
Sounds like there will always be work for motorbike mechanics and hair dressers! And chemists to supply the hair dye, and drivers to transport the bike parts, and the hair dye! And my god, to be a dentist in such a place, you would be a KING! So, now we have a KING, dentists, drivers, mechanics, chemists and hair dressers. Pretty much half way to a fully functioning society already...
Just after the first world war millions of people died and society carried on, I suspect that a few fat bankers getting their sums wrong may cause a bit of mayhem, but most people will struggle through. Keep your stiff upper lip chaps!
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This is nice!
A vehement opponent of the bail out for sure! She is however also against free trade according to Wikipedia.
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From the times:
http://business.timesonline.co.uk/tol/busi...icle4842838.ece
B&B carved out a niche in lending to buy-to-let landlords and to borrowers who could not, or would not, provide evidence of their earnings. These self-certified mortgages, dubbed “liar loans”, are going bad in much higher numbers than ordinary mortgages.
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Some good graphs on there, this one is to do with US bank reserves:
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From the times:
http://timesbusiness.typepad.com/money_web...08/09/post.html
Now it is ramping price drops
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Oh of course. I forgot. And no boom at all in house prices - it was all very orderly and restrained.
Shorting works so well in stopping stock market booms
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Shorting is a necessary part of any real market. Without it artificially high prices are maintained.
Do you want to know what you get when shorting is not allowed?
The UK housing market.
The UK housing market is going down without any shorting. Shorting just rides on the back of normal sellers and buyers.
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Can't get excited about short selling. If you like a company then buy it, if not then sell it or don't buy it to start with. Shares will still go up and down quite happily.
Selling stuff you don't own is so open to manipulation, especially given all the herd like nature of speculators.
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Alot of this is shorts squeezed until they squeek, so a bit of a one off fun.
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One hell of a lot of people who like short selling are getting smashed this morning......
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Lloyds were also sniffing around the carcass of Northern Rock before the government bailed it out. They must have more money than sense particularly if they're offering 330p per share for HBOS.
I expect the deal would be on the Northern Rock basis, before Lloyds pulled out, it wanted govt guarantee to cover losses, assume same would apply here.
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I like the map for comments, that's fantastic.
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Why do people post such rubbish.
Channel 4 - Location Location Location Special
in House prices and the economy
Posted
My complaint to OFCOM http://www.ofcom.org.uk/ is the address for your complaints
Programme title:
Location, Location, Location: A Survivors guide
Date(s) of broadcast:
17/11/2008
Time(s) of broadcast:
9pm
Channel / station:
Channel4
Subject:
Misleading Financial Advice
Description:
This shameless programme, which has encouraged so many into Negative Equity is still distorting the public perception of housing. Misleading figures were given on prices, giving an uninformed viewer the impression that they have fallen by 1%, when in fact falls are already over 15%. Channel4 should be ashamed to be associated with such ludicrous financial deception, and Ofcom should reprimand them for deceiving the public.