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
One of the reasons I couldn't go back to Corporate life is having to wear a photo ID card. I don't mind having one discreetly tucked into my Smythson wallet but having a chain necklace with a plastic card dangling from it is a complete no no.
If security don't know who you are, then you shouldn't be working for that company. But then again that sounds so arrogant. You see when you run your own company you can set the rules. In my Corporate Staff Handbook, the first guideline says "Necklaces with photo IDs must not be worn in the office. Breaches will be taken very seriously."
Arrogance means always being right and in the USA this is a trait most Americans are born with. Europeans on the other hand know they are right but don't shout it from the tree tops. Conclusion? I live in the wrong continent.
However, the US came to me briefly the other day. It was pleasant eating with Mrs Obama in my local Mayfair pub. Delightful children and security guards that could break your neck just looking at you.
Today we looking at shopping, clear blue skies and weeds.
WHAT THAT SMILING SHOP ASSISTANT REALLY THINKS OF YOU (AND, TO THE HORROR OF HEAD OFFICE, IS TELLING THE WORLD ON THE INTERNET)
There's an old saying in the service industry that the customer is always right. It is certainly a message that large supermarkets, utility companies and holiday firms have tried to enforce with their sunny logos, upbeat mottos and bright, cheery uniforms.
But what do the staff really think of the people they are paid to serve? Do you ever wonder what they might be saying behind your back once the shutters are down and they are off duty?
Thanks to networking sites such as Facebook, it's now perfectly possible to find out what some workers honestly make of the people they deal with on a daily basis.
Fintag says You may wonder why I have picked this story? Well it is to do with transparency. For years I have hidden away behind a shield of contempt and delusion and today I have to drip feed my trading to investors who have no idea what to do with the information except check a box that says full transparency has been gained.
We have demanded the UK MP's tell us what they expend their expenses on and they have turned round and threatened to put our tax details on line. In the real world, professional workers are putting up compromising photographs and East European shop workers are spilling the beans over us consumers.
Thankfully I never go into shops. I let my PA do that. She hasn't got much else to do.
Members of the Rail Maritime and Transport union walked out at the start of a 48-hour stoppage which will cause travel chaos across the capital.
The union expects the entire network to come to a halt, causing huge problems for millions of commuters and visitors and costing businesses tens of millions of pounds.
Leaders of the union met London Underground (LU) managers at the offices of the conciliation service Acas all day but failed to find a breakthrough in time to stop the strike going ahead.
Fintag says Welcome to London. It is raining, the Prime Minister is unelected and taxes are high. And of course we have a nasty and selfish tube strike. Close your eyes and listen to the punky music being played in Top Shop and you could believe it was 1978.
California has to choose a way to erase its USD24bn budget deficit. But unlike recent examples in corporate America, default and bankruptcy can't be on the table. Stiffing state bondholders would only destroy the state's fragile credit and intensify future budget trouble. The Golden State's only real option is to make big cuts now and balance its books.
Like other states, California has to have a balanced budget. It needs to close the gap in its 2009-10 projections by the end of this month. And with tax receipts down 27% from last year, it's set to run out of cash sometime in July.
Some residents have proposed that the state should declare bankruptcy a la General Motors, allowing it to cut fat more easily.
Following Bermuda's signing of its 12th Tax Information Exchange Agreement with the Netherlands, the OECD has updated its progress report to include Bermuda with other jurisdictions that have substantially implemented the internationally agreed tax standard.
Bermuda's Minister of Finance, Paula A. Cox, says Bermuda has worked assiduously to strengthen worldwide tax cooperation.
Fintag says I was going to say how rascist this was but now I understand. Bermuda has paid lip service to the US sponsored OECD.
SEC TURNS TO PENSION PROVIDERS IN PAY-TO-PLAY INVESTIGATION
“The SEC is seeking information from more than two dozen pension fund managers, placement agents and other intermediaries,” said SEC spokesman John Nester. “The SEC is interested in finders fees and other payments, and the work done in exchange for those payments.”
The SEC and the New York Attorney General's Office have brought charges against a number of players who have allegedly made political contributions in exchange for pension fund business.
Fintag says Sales people. The scum of the earth.
NET EFFECT OF HF REDEMPTION/RE-ALLOCATION CYCLE: BILLIONS IN ADDITIONAL FEES
The cast and crew of AllAboutAlpha.com are in Bermuda for part of this week and today I had lunch with some local dignitaries from the island's highly respected hedge fund administration community. The topic of fund liquidations came up as we discussed the phenomenon of hedge fund managers closing down one (underwater) fund only to open up another that does not have to make up for previous losses before it charges a performance fee.
I have not yet seen any hard research on this phenomenon, but it couldn't be that hard to complete. Like many facets of hedge fund manager behaviour, we often assume that the economic interests of a manager dictate reality. The reality for many managers who close down may not be so bright.
Fintag says Day in, day out AAA come up with interesting comments about hedge funds. Get a life boys and girls - hedge funds are really dull. Its only spending the money that is fun.
LORD ROTHSCHILD DUMPS HIS SON'S HEDGE FUND ATTICUS
RIT Capital Partners, Lord Rothschild's investment vehicle, had £36.5m ($58.3m) allocated to Atticus at the end of March 2008, but the company's latest annual report shows the money has been entirely withdrawn.
The trust had invested in Atticus since 2000, and the holding was its largest single hedge fund investment last year.
Those of us who still question whether the world has purged its toxins are reduced to the same tiny band of moaning Druids from early 2007, when we shook our heads in disbelief as the carry trade swept Iceland to fresh madness and bankers laughed off sub-prime rot at Bear Stearns.
We learned then to thicken our skins with walnut juice, lie down in dark rooms, and dissent from Goldman Sachs. Such seclusion is called for once again as Goldman replays its BRIC anthem and raises its oil forecast to $85 a barrel this year, betting that the world will roar back on a tidal wave of liquidity.
Fintag says Yes, it is true. It is bad, getting worse and the markets are back on the coke again. Enjoy it while it lasts.
fin facts says " Global Economy: Nouriel Roubini - - America's Dr. Doom - - says tentative green shoots may well be overrun by yellow weeds "
JPMORGAN, MORGAN STANLEY AMONG 10 BANKS REPAYING TARP
JPMorgan Chase & Co., Goldman Sachs Group Inc. and Morgan Stanley were among 10 banks that won U.S. Treasury approval to buy back $68 billion of government shares, freeing them from added oversight that curbed lending practices, hiring and pay.
“These repayments are an encouraging sign of financial repair,” Treasury Secretary Timothy Geithner said in a statement today. “But we still have work to do.”
Fintag says Let us hope TFG has some nice exit penalties he can enjoy. Even so, I cannot believe he is letting these banks off so lightly. The TARP fund still owns lots of toxic crap that the US taxpayer will loose out on.
Wall Street gets its own way again.
cnn says " Avoiding the next big financial crisis "
daily mail says " Two investment bankers 'laughed as they raped sleeping woman after boozy night out' "
Nicola Horlick has been revealed as the mystery party in talks with Bramdean Alternatives, the $178m alternative investment fund run by her asset management firm. The disclosure marks the latest twist in the battle for control of the fund, which had promised to name the potential bidder by June 9.
Fintag says She could walk away with a few million but instead decides on an MBO. Her fund is tiny and the performance pretty shocking. My that women has a lot of spunk ...
EU SEEKS MORE UNIFORM NATIONAL RULES ON SHORT SELLING
European Union regulators will seek more uniform short-selling rules to reduce differences between national restrictions put in place in response to the financial crisis.
The Committee of European Securities Regulators next month will propose a plan to coordinate rules across the 27-nation EU, said Hans Hoogervorst, head of Dutch financial regulator AFM, today in an interview in Tel Aviv.
Hedge funds may have found a way to keep both themselves and their investors happy when it comes to redemptions.
After drawing fierce criticism from investors for imposing so-called "gates," those dreaded redemption restrictions imposed by hedge funds to prevent mass withdrawals from a fund, some hedge funds are testing a new strategy that seeks to curb redemptions while at the same time giving all investors a way out.
Fintag says Why not? The market is shooting up and investors would be really stupid to redeem now. Wouldn't they?
new york times says " Hedge Fund Managers Switch Strategies and Reap Rewards "
23 comments
anonymous said ...
the advertisement before today's cnbc clip is from barcap... i half expected when the last two pieces were in place the logo would say 'barclies capital'...
also, is that really jpm's cfo? he looks like he just graduated from university.
10 Jun 09 - 06:53 gmt
llcarlos said ...
Does Mrs. Obama know her husband has gone insane? I suppose lunch would be pleasant as long as you didn't talk politics.
10 Jun 09 - 07:59 gmt
Moronic said ...
Short weeds
10 Jun 09 - 09:11 gmt
Miss Toastpoints said ...
God, American men always have the worst hair.
10 Jun 09 - 09:56 gmt
anonymous said ...
how are you finding those redemptions finbar?
10 Jun 09 - 10:13 gmt
Anonymous Bull said ...
@Ms Toastpoints Americans are generally devoid of any style
10 Jun 09 - 10:32 gmt
anonymous said ...
how are you finding those short costs Moron?
10 Jun 09 - 10:48 gmt
anonymous said ...
Silence...probably in his mnager's office being sacked. Or cleaning a window
10 Jun 09 - 11:34 gmt
Moron said ...
neither:))) I am a survivor....like a cockroach...ckkkk!!!!!!!
10 Jun 09 - 11:37 gmt
anonymous said ...
How much are you down on the year now? Must be double digits
10 Jun 09 - 12:58 gmt
Moron said ...
not yet....but wont take long at this rate
10 Jun 09 - 13:05 gmt
anonymous said ...
Sir Alan: "Moron, you're not a good money manager and you're bloody annoying. You haven't got a bloody clue, not a bloody clue. You're fired"
10 Jun 09 - 13:11 gmt
Maru said ...
Perhaps repayment of tarp could signal the next phase.
www shaped anyone?
10 Jun 09 - 13:13 gmt
anonymous said ...
Gordo: "Sir Alan, you're a game show host who has run unsuccessful companies into the ground, with no understanding of economics, but people in job centres know who you are. You're hired!"
10 Jun 09 - 13:15 gmt
anonymous said ...
Check out "cassette boy vs the apprentice" on YouTube. Hilarious
10 Jun 09 - 13:37 gmt
Moron said ...
Sir Alan....u are scr*wed anyway.....earnings at your companies wont come back....the bubble has burst...the consumer is dead...India and China are the future...u are history....and so is ur entire Western civilization...I am the only hope u have.....u need my genius to make money much more than I need u...so shut up and let me get on with what I do better than anyone else!!!!!!!!!:)))))))))
10 Jun 09 - 13:41 gmt
MsR said ...
@anon13.15 nice work but you should also remind us of your oh so humble North London beginnings in Willesden or wherever.
10 Jun 09 - 14:13 gmt
anonymous said ...
we are going through 960 today, opening up 1100
10 Jun 09 - 14:40 gmt
anonymous said ...
anon 14:40 classic timing mate
10 Jun 09 - 16:13 gmt
Moron said ...
at the end of the day....THE DARK SITH LORD WILL WIN AGAIN......EVIL CRUEL SCHEMING MANIPULATIVE HATED GENIUS....MEEEEE:)))))))))...and did I forget to say....SELFISH!!!!!!
10 Jun 09 - 16:18 gmt
anonymous said ...
EVIL CRUEL SCHEMING MANIPULATIVE HATED GENIUS...you are hated moron, so at least you got one out of siz correct
10 Jun 09 - 16:39 gmt
anonymous said ...
llcarlos said ... Does Mrs. Obama know her husband has gone insane? I suppose lunch would be pleasant as long as you didn't talk politics. 10 Jun 09 - 07:59 gmt
llcarlos - newsflash: she married the insanity because she is insane herself. Her outfit clearly shows this tendency.
11 Jun 09 - 05:41 gmt
anonymous said ...
I will say that we have elected a narcissist and his empowerer - the wife. It will soon be a law that states: if you laugh at, or say "no" to Dear Leader Obama, you will be sent for re-education.
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