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
Sorry, I have no idea how to link a cosmetic obesity cream to today's finance stories. I was thinking about Obama and his love for that old 20th century state cure all the National Health Service or maybe a way to get rid of scrubbers but alas I cannot.
Today I am in a hotel in Los Angeles overlooking speeding Hybrids and it is 4 in the morning except its not at all, its time to have some supper and a night out on the town. But that is dull. What is not dull is Japan's miracle. Yes, it is a miracle for it too has manipulated its way out of the sub prime Madoff mess to report a positive GDP.
So what happened to the depression? Don't ask me because I am seriously confused.
It brings tears to your eyes, doesn't it? Just when taxpayers thought things were looking up for our little involuntary foray into banking, after RBS announced that parts of its business are now in the black earlier this week, they went and did it again.
Over the last two days, there have been two RBS stories that evoke the golden era of banking excess. First up was the swanky refurb of RBS's central London offices, which is estimated to have cost between £38 million and £64 million. Then yesterday news broke that the new Italian-stallion-superstar-banker they had hired had received a £7 million signing bonus.
Fintag says Suzy, I like that hair. You have abandoned that hard finance look for a flirtatious wanna-be-taken-less-seriously look. No need for Fat Girl Scrub there ... [Editor: Jet Lag + Fintag = Repugnant Tosser]
In an unexpected turn, China Investment Corporation (CIC), the $200 billion state-run sovereign wealth fund, is planning to pour capital into a number of Western and Asian media funds, according to sources close to the state fund.
The investments could give the Chinese Government a direct stake in a rich variety of media content — from South Korean television dramas and Japanese gameshows to Hollywood blockbusters and globally franchised animation series. CIC is also thought to be considering investments in a pair of recently created domestic Chinese media funds.
The Cayman Islands has moved onto the OECD 'White List' after signing its twelfth tax information exchange agreement (TIEA) with New Zealand in Washington.
With this deal the Cayman Islands become compliant with international tax transparency standards and meet the OECD's minimum requirement set in April at the Group of 20 meeting in London. To be compliant with international tax transparency standards and show a commitment to the criteria, a country must have as least 12 TIEAs signed.
Cayman expects to have more TIEAs in place through unilateral mechanism agreements with Japan, Germany, South Africa, Austria, Belgium, the Czech Republic, Switzerland, Luxembourg and the Slovak Republic, according got offshore law firm Ogier's Cayman office.
Fintag says Read the small print and the disclosure is almost impossible ...I love these tax havens which is why as much as Europe protests Caymans will always be the hedge fund haven of choice.
The Financial Services Authority's efforts to strengthen its supervisory and enforcement work by recruiting hundreds more staff have been thrown off course by the Conservative party's plan to disband the regulator. Since George Osborne, shadow chancellor, said last month he would shift the FSA's core supervisory role to a beefed-up Bank of England, and set up a Consumer Protection Agency to handle the rest of the body's work, the regulator has suffered a crisis of confidence affecting some top staff and potential recruits, according to headhunters, consultants and FSA insiders.
The disruption comes at an unfortunate time for the regulator, which has spent recent months seeking to recruit 280 extra staff in its supervisory division, boosting it by a third, as it gears up to implement the review of regulation published in the spring by the body's chairman, Lord Turner.
Fintag says This is really sad. The FSA was the envy of the world and because a few greedy scottish bankers had one whisky too many, they are now toast.
15 comments
Top Cat said ...
That Castle Hall article is quite funny.
17 Aug 09 - 06:34 gmt
Top Cat said ...
PS - that picture of 'Suzy' makes her look like she may have once been a 'Simon' or 'Steve'
17 Aug 09 - 07:08 gmt
anonymous said ...
good morning Dorian.
17 Aug 09 - 07:56 gmt
anonymous said ...
Who's Dorian?
17 Aug 09 - 08:51 gmt
anonymous said ...
@anon 08.51: Oh no you did not just ask that...
17 Aug 09 - 09:38 gmt
anonymous said ...
@anon 09:38 - urm, I did, what are you talking about?
17 Aug 09 - 10:01 gmt
MsR said ...
You talking Dorian Gray Syndrome 7.56?
17 Aug 09 - 10:12 gmt
author of a blog said ...
Hey MsR howsit going
17 Aug 09 - 12:04 gmt
author of a blog said ...
short AUD/USD there for the taking at levels below 8129
17 Aug 09 - 12:11 gmt
anonymous said ...
@uneducated anon: please search for "Scrubs" on google. Thank you.
17 Aug 09 - 14:08 gmt
dooda said ...
Publish Polverino's contract.
17 Aug 09 - 16:41 gmt
author of a blog said ...
v quiet here today...everone busy working?
17 Aug 09 - 18:36 gmt
anonymous said ...
Bit late this morning Mr Taggit. I demand a refund of my subscription. Oh, I don't pay anything....
18 Aug 09 - 10:27 gmt
Confused said ...
I don't know about anyone else, but I'm loving the name of the guy in the CNBC clip. How his parents must have hated him.
18 Aug 09 - 10:54 gmt
anonymous said ...
Could have been worse - they could have called him Wan instead of Wal
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