THE FINTAG NEWSLETTER
@ Fri 05 June 2009 : GMT

FINTAG COMMENT

Fined.

One of the reasons I want to leave the UK is the FSA. I was fined yesterday (and I take this personally because its my income they are stealing). I didn't get an FSA return in on time. Its FSA018a Pillar 1 or something. We used to send in quarterly returns. And then one at the year end. There were 2 return templates and it took 10 minutes for them to be printed out from our Sage 50 accounting system. Now someone has to type them in to a website and remember to do so which is often when the moon is full and Big Ben has struck 13.

In this new world of over regulation, we now have nearly 50 reports to complete on line. Most are not applicable but you have to verify just in case. Our compliance legal team have to check radio buttons and fill in fields to questions like "Do you have PI?" or "How much capital have you put aside in case there is an earthquake?".

No wonder Northern Rock and RBS went unnoticed by the FSA. These civil servants have become a data collection service - more interested in capture than analysis. They are swamped with information and don't know what to do with it.

No wonder my FSA levy has gone up and my compliance people keep asking for wage rises.

My offshore management company doesn't have to face this sort of scrutiny. The stand alone UK adviser has a contract to provide services that don't include fund management and that is why I am deregulating. The problem is, what is fund management? My IT programmes are self running. These are held on offshore computers. I don't manage anything. I have lunches and talk generally about our funds and say we are not regulated. The investors go that is ok. It is only when we hand out a prospectus or financial promotions that we get hammered. So our powerpoints and pdfs are just analysis of our funds. No mention on how to buy them. In fact our lawyers have said we should promote funds on fintag.

Fintag is a newspaper and we can promote anything without being FSA regulated. So from today I will promote anything. Send me a link and I will do it. If Bloomberg and the FT can do it, then so can I. I don't need to be FSA regulated and this is why the regulation is so silly.

5th November
Gordon Brown resigning. Rumors flooded my inbox yesterday and for a moment my heart sank. The UK needs a general election not another tax lovin' socialist at the helm. Alas it appeared to be false. When I read someone had hung themselves in a hotel closet, my mind raced again. And this morning I read another Minister has resigned and daggers are flying.

This maybe a little domestic issue, but we all need a new UK Government that will reduce my taxes and disband the FSA [Editor: In your dreams]. I am not being selfish but I am really.

But enough of gun powder plots and agents of the state. Today I am having pudding. Being a toned six packer, sugar and fat is alien to my body except on Fridays when I indulge and celebrate another week of easy trading success.

MEPS SET FOR PENSIONS BOOST IN NEW PARLIAMENT

global pensionsFintag says
Yes, I will stand as an MP later this year and an MEP later once I have wrung my Westminster expenses dry .

ARKI BUSSON ON WHY HEDGE FUNDS NEED TO KEEP GIVING DESPITE A YEAR OF TURMOIL

telegraphFintag says
I was going to say something about his love of skinny women with bad skin but I wont. We all love Arki. He should be in Advertising, a sort of Dan Draper with a mysterious past.

Anyway, good luck and thanks for the invite. You seem to have sent it to the wrong address. Again.

CITYWIRE: MORNING LINE: THE FSA - 'BECAUSE WE'RE WORTH IT'

tax payers allianceFintag says
Sometimes the old news is the best news.

COWEN GROUP TO MERGE WITH RAMIUS, A HEDGE FUND

dealbookFintag says
Hedge funds moving into Banking. This is a trend I am liking.

Now for something completely different (ht to financial armegeddon). Check out the US National Debt per citizen - Obama is a disgrace.

US Debt Clock

UK PM BROWN BATTLES TO HOLD ON IN FACE OF REVOLT

reutersFintag says
Is Gordon the Pied Piper or the captain of a sinking ship?

ICAHN HEDGE FUND SOARS 16% THROUGH MAY

finalternativesFintag says
This worries me. Hedge Funds making money during market rallies and losing when they turn nasty. These are not hedge funds. These are beta monkeys pretending to be alpha gorillas.

LIVERPOOL FC OWNERS LOSE £42.6M

bbcFintag says
What was I saying about football yesterday? Liverpool ... one of the world's most famous clubs maybe a going concern concern? That is truly shocking. Let us see how the refinancing goes otherwise there might be a fire sale. And if they go into Administration they will be relegated to the championship and keep Newcastle company.

INVESTORS STAY CAUTIOUS ON HEDGE FUNDS

financial newsFintag says
I may just go out and have two puddings on that news.