30JUN08:
Oil to be USD200 by 30OCT08
USA Inflation to be 7.5% by 30OCT08 23APR08:
Next Rights Issue:
HBOS...yes
All & Lec ... 17APR08: Oil to be USD127 by 30SEP08
...16MAY08 losing my touch 27FEB08:
2 Banks go bust by 30JUN08
BS down, Lehman (a bit late I know) 20NOV07: Northern Crock to be sold for 15p
Nationalized 01NOV07: Oil to be USD103 EOM
...peaked too soon The Big Crash: 17OCT07
...well it's here 08OCT07:
SEC to fine Goldman for pricing issues
...still waiting 15JUN07: ML to buy-out BS
JPM got there first
This phrase either sparks fear or a sensation akin to having eaten a large bar of chocolate. Capitalism is all about doing what comes naturally until you are told off. This is where we are today. Gordon Brown is telling off the Saudis for pushing oil up; his Chancellor is telling his minions to keep wage claims below inflation; Bear Cassidy and the Stearndance kid are told off for being such amateurish email buffoons and fake bloggers are berated for never keeping to their promises.
This week I am spending most of the time in the air and until cell phones are permitted, this blog will be thin on the ground [Editor: lame].
The picture? That is Ms B who is my occasional PA getting confused at some more useful road markings.
BTW: This was written on a Sunday but since I am between Time Zones please treat it as Monday ...
Prime Minister Gordon Brown will pledge on Sunday to open energy markets to foreign investors in a "new deal" designed to end the conflict of interest between oil producers and consumers.
According to an advance copy of his speech to an oil summit in Jeddah, Brown will unveil plans to work with Saudi Arabia on technology to capture carbon emissions from energy plants and with the United Arab Emirates on nuclear technology.
He said Britain and Qatar were looking at a new joint energy fund to invest in British energy industries and talks with the Abu Dhabi Investment Authority on investment opportunities in Britain were moving forward.
Brown said this year Britain was open to investment from the huge sovereign wealth funds run by rich oil producers, although little has been announced yet and the advance copy of his speech did not elaborate on the plans with the Gulf states.
Like some other leaders of developed nations, Brown's popularity has taken a hit as voters grapple with a slowing economy, a squeeze on bank lending, falling house prices and accelerating inflation -- driven by fuel and food prices.
Fintag says ...and the Saudis will nod their heads before clambering aboard their polluting private jets and sending their wives off shopping along air con streets. Why isn't Bernanke having a chat? Because he is the reason Oil is so high - dropping rates, lower pegged dollar, dah de dah.
times says " Gordon Brown visits Saudi to plead for 'win-win' deal on oil "
BEAR MANAGERS' PUBLIC ASSURANCES, PRIVATE E-MAILS: COMPLIANCE
The arrests of former Bear Stearns Cos. hedge fund managers Ralph Cioffi and Matthew Tannin June 19 show how Wall Street bankers may look out for themselves while hiding bad news from customers.
Cioffi, 52, and Tannin, 46, were charged by federal prosecutors with misleading investors about two hedge funds whose collapse last year helped ignite the subprime-mortgage crisis. A companion Securities and Exchange Commission civil suit accuses Cioffi of redeeming $2 million from the funds while Tannin mocked as ``silly'' at least one investor who wanted to get out.
Fintag says Small boys.
TOP NAME IRISH REAL ESTATE AGENT LISNEY ASKS STAFF TO AGREE 10% PAY CUT
The managing director of the Irish real estate agent Lisney has confirmed that staff have been asked to take a 10% pay cut.
Peter Stapleton said that with the downturn in the property market it was obvious that firms were having issues with overheads.
He said that he had spoken to the company's 150 staff directly, and that the pay cut would apply to all of the employees "from top to bottom" without exception.
Fintag says I guess we will be seeing more and more of this behaviour. Firing people is so hard these days but reducing their pay is not. I might try this with my expensive londonites.
The idea that sustained weakness in the bank's stock as it seeks to raise £4bn in new capital was the result of nefarious speculators, forcing the stock lower with a view to closing their positions when the rights flops, looks rather off-beam now. Or maybe the price would be lower still, but for the huffing and puffing of the regulatory authorities and the hasty introduction of form TR-3.
Fintag says I understand that the FSA has not received any TR-3's yet. I don't think it ever will.
My lawyers put mine into the bin.
More evidence of people who don't know what they are doing trying to tell others what to do.
BRITAIN'S BIGGEST GIVERS HARK BACK TO VICTORIAN VALUES
In both size and scale, the Hohns are unprecedented in recent British giving. But they are part of the so-called "new age of philanthropy" that is being pioneered by the world's super-rich. Experts say that not since Victorian times have individuals contributed as much to social causes.
According to the most recent Sunday Times Rich List, the leading 30 philanthropists among Britain's richest 1,000 people have pledged, or given away, almost £2.38bn in the past year, nearly double last year's figure of £1.21bn, and more than five times the amount in 2006.
Top earners are also raising the proportion of the wealth they are giving away from about 1.5 per cent of their residual wealth to about 3 per cent.
Fintag says Isn't that nice?
WHY SOVEREIGN WEALTH FUNDS CAN'T GET ENOUGH BANK SHARES
When Barclays finally unveils the details of its £4bn fundraising next week it will underline a striking trend: sovereign wealth funds seem to have an insatiable appetite for bank shares. Despite a steadily deteriorating financial outlook, mounting provisions and write-offs, and painful losses on their existing shareholdings, these giant funds seem willing to pile even more investment in to prop up undercapitalised Western banks.
Barclays is expected to add two new sovereign wealth funds to its existing duo of China Development Bank and Singapore's Temasek, which came on board last July to help the British bank raise its - unsuccessful - bid for ABN Amro. That is in addition to its negotiations with Japanese bank Sumitomo Mitsui Financial, which is expected to invest around £500m as part of a new business relationship with Barclays.
Yet both have already lost more than half their investment, paying 720p a share for their combined 5 per cent stake compared with last week's price of around 320p.
Fintag says Now this really puzzles me. SWF's have been badly burned. I know they are back-door imperialists that want to own land (commodity rich) and the controllers of capitalism (banks) but are they really so stupid as to want to lose billions in doing so?
ndicted former Bear Stearns hedge-fund manager Ralph Cioffi has used his homes in New Jersey and Naples, Fla. to secure a $4 million bond, but did not use his toniest address in Southampton to gain his freedom pending trial.
Public records show that Cioffi bought the 2.5-acre Hampton estate for $10.7 million in the best part of town in February 2007 - as his funds were already starting to collapse.
The 6,500-square foot shingle-style home has six bedrooms, seven baths, a pool and tennis court - plus a separate guesthouse.
Fintag says He won't be needing this service any more then:
Of course you remember that territastic party thrown two weeks ago for Wall Streeters who want to meet Fashionistas and vice versa. But do you remember Prescott Hahn, the self-styled hedge fund manager who was photographed by the New York Post with two allegedly fashionable girls? The intrepid investigative team at Gawker did some digging, and it turns out he's not a hedge fund manager at all.
Fintag says Initially I thought the headline said:
Ridiculously Fake Blogger Uncovered!
Now that would have freaked me out.
18 comments
Static Didactic said ...
Sunday. Office. Boo.
Brightened however by your weekend posting.
Are you intending to go public like City Boy? You seem to be posting enough small clues to your identity that it must eventually become obvious to at least close associates.
Be careful. Your daily doses of financial misanthropy wouldn't be as appetising if we didn't have lingering doubts that you’re secretly an unemployed stage actor from Hoxton.
22 Jun 08 - 15:10 gmt
Moron said ...
Must say your blog has soull. Really look forward to reading it every morning....something to spice up the otherwise boring world we inhabit......and full of interesting insights too
23 Jun 08 - 09:44 gmt
Finbar said ...
I have been flying across Asia so no idea what the time of day is. Order will be resumed when I find some new investors. If not, the next you will hear of me will be when th FBI put my wanted poster up ...
23 Jun 08 - 11:44 gmt
nansey said ...
S2x9Ph dfv814t4fdfvmlfn093fvgbos
23 Jun 08 - 11:58 gmt
anonymous said ...
Fin, I dont think you have anything to fear from Cityboy. He 's made enough enemies to ensure himself a very short career on the outside. He's welsh and his dad's a Labour MP so a career in the "meedja" was always on the cards
23 Jun 08 - 13:01 gmt
Moron said ...
is it just me or does citybody rhyme uncannily with ladyboy:)))
23 Jun 08 - 14:47 gmt
MsR said ...
Moron: I was looking through the FT's How to Spend It and among the blinging watches I wondered - was your boat in there? If so, which one was it please?
23 Jun 08 - 15:34 gmt
Moron said ...
i'm sure u'll find out someday Ms R. Till then....patience:)
23 Jun 08 - 15:54 gmt
Top Cat said ...
Finbar - did you see the story on the new Apprentice-style show run by Lex Van Dam (Independent yesterday) being filmed now?
23 Jun 08 - 16:34 gmt
ozgerbobble said ...
Running it through Hampstead Capital?
23 Jun 08 - 17:32 gmt
anonymous said ...
ozgerbobble...see that coffey was up 5.11% in May, when are you going to stop pretending you know anything about what is going on in the HF space..troll!
23 Jun 08 - 17:42 gmt
ozgerbobble said ...
You're right. I must flee the country immediately because of aggression an anonymous internet hardman. However, you seem to be the one who is obsessed with Coffey and GLG. Get over yourself. Everyone gets duff information from time to time.
23 Jun 08 - 17:59 gmt
Ms R said ...
TC: I think Finbar is busy entertaining people called Mr Yashamato or similar. You know what that means...
23 Jun 08 - 18:48 gmt
anonymous said ...
Creampie?
23 Jun 08 - 20:58 gmt
MsR said ...
Ms R couldn't possibly comment: as a humble creative person, she knows little of the secretive world of high finance.
What goes on on tour, stays on tour I believe.
23 Jun 08 - 21:13 gmt
Top Cat said ...
Ms R - yes I do. I remember my days in Asia well. Probably in Tokyo, drinking lots of cold beer, having some snacks (most probably yakitori chicken), karaoke, then some special massages including happy finishes. All in the name of client entertaining. Ahhhh -Asia
23 Jun 08 - 21:27 gmt
kylo said ...
Fin - maybe if your tour of Asia doesn't work out you will have to consider what BlueBay did.....cut mgmt fees. Surely not
23 Jun 08 - 21:39 gmt
MsR said ...
Have you given it all up TC?
I have memories of Asia too but they involve, mushrooms, parties, strange Colombians on business and the obligatory Swedes.
BTW, is 'happy finish' a euphemism for dirty talk? Sounds like a dishwashing commercial. Should I add this phrase to my repertoire? Pls advise.
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Prime Minister Gordon Brown will pledge on Sunday to open energy markets to foreign investors in a "new deal" designed to end the conflict of interest between oil producers and consumers.
According to an advance copy of his speech to an oil summit in Jeddah, Brown will unveil plans to work with Saudi Arabia on technology to capture carbon emissions from energy plants and with the United Arab Emirates on nuclear technology.
He said Britain and Qatar were looking at a new joint energy fund to invest in British energy industries and talks with the Abu Dhabi Investment Authority on investment opportunities in Britain were moving forward.
Brown said this year Britain was open to investment from the huge sovereign wealth funds run by rich oil producers, although little has been announced yet and the advance copy of his speech did not elaborate on the plans with the Gulf states.
Like some other leaders of developed nations, Brown's popularity has taken a hit as voters grapple with a slowing economy, a squeeze on bank lending, falling house prices and accelerating inflation -- driven by fuel and food prices.