28JAN09:
Q1-09 DOW: 8900
Q2-09 DOW: 7250
Q3-09 DOW: 5810
Q4-09 DOW: 3960
CITI NATIONALIZED
OBAMA GETS SICK 27AUG09:
Mini Crash 21SEP09 Predicted correctly:
Bailout=Bonuses
Demise of Bear Stearns
Demise of Lehman Bros.
Demise of AIG
Subprime would cause problems
Date of 2007 crash
CRAs were to blame
G20 riots were a party
Northern Rock run
Northern Rock Nationalization
HBOS and RBS demise
UBS really was Useless
Consumption of material goods is a key driver to economic growth. The UK, like many other countries is struggling with a new world order of bartering, knitting and home cooking. Yesterday I went to Oxford Street, one of the world's most famous shopping areas to see how it has faired. As suspected it was full of Euro wielding foreigners and with GBP as cheap as chips, they have helped save a number of retailers from going bust.
But this is not enough. The UK has been urged to print more money. Lots of it. It needs to raise inflation and hammer its currency even further. I hate the words quantative easing (it sounds like a form of constipation) but Bluecrest have signalled that the UK has nothing else it can do but buy up debt and create new trillion pound notes.
Up, up and away Unlike GBP, I am up, up and away polluting the planet whilst enjoying the loneliness of first class travel on a plane to Hong Kong. The problem is I don't feel too good after a weekend of no alcohol but that shouldn't concern you. So I may not go. It is not as if I will raise any money out there and to be quite frank I am bored silly of luxury. Another night at the Four Seasons and I will throw myself out of the window.
The government will have to print money to finance public spending, moving quantitative easing to a new level, according to the manager of one of London's biggest hedge funds.
Mike Platt, co-founder and chief executive of BlueCrest, Europe's fifth-largest hedge fund, had been predicting quantitative easing in the UK for six months before it was adopted by the Bank of England last month.
But the bond trader said the government, facing plunging tax revenues, now had little choice but to move to “heavy” quantitative easing, printing money to buy new gilts to support public spending. Last month the Bank began buying up £75bn of outstanding gilts and corporate bonds in an effort to support spending by boosting the money supply.
Fintag says At the same time, can they make the GBP notes look less like Joseph and his technicolor Dreamcoat and go for a more modern black, white and grey combo?
The Children's Investment Fund has followed fellow activist hedge fund Atticus Capital in cashing out of Deutsche Borse, bringing an era of battles over the German exchange group to an end, The Financial Times wrote.
The Children's Investment Fund, or TCI as the activist fund is known, reduced its stake in Deutsche Borse to below 1 percent, the exchange said Thursday.
Fintag says My trip to Oxford Street was via the Photographers Gallery to see if I had won the Deutsche Borse award. Alas I had not even been entered, but next year I shall be nicer to the Germans.
SECOND HOME EXPENSES ROW: NOW CHANCELLOR ALISTAIR DARLING IS IN THE FRAME
Alistair Darling has claimed thousands of pounds in expenses on his family home despite owning a London flat which he rents out - and living in a grace-and-favour apartment in Downing Street.
The Chancellor - the man in charge of the nation's finances - has repeatedly changed the designation of his 'main home' over recent years, the Daily Mail has learned.
The switches enabled him to charge the taxpayer thousands of pounds towards both his £1.2million Edinburgh townhouse and a new London apartment.
Fintag says Coming from expense lovin' journalists, I think this is quite funny.
OBAMA ADVISER SUMMERS EARNED MILLIONS FROM HEDGE FUND
Lawrence Summers, a top economic adviser to U.S. President Barack Obama, was paid about $5.2 million by hedge fund D.E. Shaw in the past year, financial disclosure forms released by the White House showed on Friday.
Summers, a former U.S. Treasury secretary and Harvard University president, also was paid $2.7 million in speaking fees by a range of organizations and companies, including several troubled Wall Street financial firms, they showed.
Fintag says And....?
GEITHNER MAY OUST EXECUTIVES AT BANKS NEEDING 'EXCEPTIONAL' AID
Treasury Secretary Timothy Geithner said he's prepared to oust executives and directors at banks that require “exceptional” assistance from the U.S. government.
“If in the future, banks need exceptional assistance in order to get through this, then we will make sure that assistance comes,” while ensuring taxpayers are protected, Geithner said yesterday in an interview on the CBS “Face the Nation” program. “Where that requires a change in management and the board, then we will do that.”
Fintag says One of the reasons Banks have been so badly run is because they were forced a few years ago to have non bankers on their boards. This will make it even worse. Barclays and HSBC must be lovin' it (despite not being American). Part nationalisation was a bad idea.
As long as TFG himself doesn't get to run a bank ...imagine the chaos
1 The Conscience of a Liberal 2 Calculated Risk 3 Greg Mankiw's Blog 4 Grasping Reality with Both Hands 5 naked capitalism 6 DealBook 7 Real Time Economics ....
Fintag says Oh I forgot, only the Americans do blogging. Mine doesn't count. [Editor: Fintag isn't a blog. It's a piece of fiction]
SHORTLIST FOR 2009 HEDGE FUNDS REVIEW AWARDS ANNOUNCED
The shortlist for Hedge Funds Review's 2009 European Performance Awards has been published. The awards are the most prestigious event held exclusively for the European hedge fund industry and continue to attract the top names from the business.
The hedge fund investment process relies on more than just numbers. The judging process recognised this and considered qualitative and quantitative aspects of the funds of hedge funds entered for each category.
Information used to make the selections was for the year ending December 31, 2008.
.... Best Global Macro Hedge Fund Aviva Investors Global Macro Fund (Aviva Investors London) Pivot Global Value Fund (Pivot Capital Management (Monaco) SAM) Porcupine Global Macro Plus (Castlestone Management) ...
Fintag says The Kiss of Death awards and again I missed out - phew!
MADOFF VICTIMS TURN SPOTLIGHT ON PWC AUDITING ROLE
Concerns about the audit process follow the decision last week by Massachusetts' top securities regulator to charge Fairfield Sentry's parent, Fairfield Greenwich, with fraud in what is the first lawsuit against one of Madoff's feeder funds - the investment pools that channelled billions of dollars into the long-running Ponzi scheme.
Fairfield Sentry placed and lost about $7.2bn (£4.9bn) of investors' assets with Madoff, who pleaded guilty last month.
Fintag says Oh dear.
22 comments
anonymous said ...
I'm tired of these endless days of using the american banks as shills for trading/bumping the price higher when everyone knows that 8000 on the dow is ridiculous. It seems Brown hasn't got the balloons to use the british banks for the same purpose - make it look good.
06 Apr 09 - 07:10 gmt
Turk2050 said ...
CNBC is so 2007.
06 Apr 09 - 07:22 gmt
Moron said ...
would somebody please explain to me why this market is going up:)))
06 Apr 09 - 09:11 gmt
pharmagossip said ...
The market is going up becaus Cramer has called the end of the depression;-)
06 Apr 09 - 09:15 gmt
Pedant said ...
@Fin: I have no idea what "quantative easing" is. I know what "quantitative easing" is...
06 Apr 09 - 09:35 gmt
Miss Toastpoints said ...
Loving the Lanvin window at the top; the shoes are fab.
06 Apr 09 - 09:48 gmt
Moron said ...
i get the feeling that today we are getting a blow off top to this headfake rally.....!!! its gonna end badly!!!!
06 Apr 09 - 10:54 gmt
anonymous said ...
Hi everyone whats the name of that small Restaurant in the little Square at Shepherds Market - north side of the Square?
06 Apr 09 - 12:25 gmt
Moron said ...
its called small restaurant in the little square at shepherds market:))))
06 Apr 09 - 12:29 gmt
anonymous said ...
Moron, thanks mate - i need to book! dame you
06 Apr 09 - 12:32 gmt
Moron said ...
no mate....dame you...i'm a guy:)))
06 Apr 09 - 12:33 gmt
anonymous said ...
What!?
06 Apr 09 - 12:35 gmt
Moron said ...
nothin....just bullshittin:))))
06 Apr 09 - 12:41 gmt
anonymous said ...
Emerging markets are rallying like its 2007..hang seng up 7.4% and then another 3% today..what is going on? Is "risk" back for good or are we headed for another October/November 08 scenario this summer.
06 Apr 09 - 13:03 gmt
Moron said ...
i am shorting....right here...right now...time to take the bull by its horns and crush it to pieces!!!!
06 Apr 09 - 13:05 gmt
anonymous said ...
"Darling predicts 2009 will be a difficult year" hahahah
06 Apr 09 - 13:26 gmt
anonymous said ...
down a bit on my long put + short calls on the nifty...underestimated the strength of the momentum. hopefully can get a meaningful downleg with some -ve earnings surprises in the next 2-3 weeks.
06 Apr 09 - 13:30 gmt
Moron said ...
this is it...we have had the blow off euphoric top....short this rally now....its over....finished...done....i was a week too early last week....but today i can smell the rot on this putrid corpse of a market......short it!!!
06 Apr 09 - 13:35 gmt
Moron said ...
the greatest benefit of being clinically insane....u can trade with the instincts of a jaguar:))))
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