EU Finds a Solution To Their Debt Problems
Billionaires Brawl on TV Jerry Springer Style
UBS Details its $2.3 Billion in Rogue Trades
Swiss bank UBS on Sunday increased the amount it said it had lost on rogue trades to $2.3 billion and gave details of how a trader concealed his risk exposure by creating fictitious positions in its systems.
UBS stunned markets on Thursday when announcing unauthorized trades had lost it some $2 billion. London trader Kweku Adoboli was charged on Friday with fraud and false accounting dating back to 2008.
“The loss resulted from unauthorized speculative trading in various S&P 500, DAX, and EuroStoxx index futures over the last three months,” UBS said in a statement.
“The loss arising from this matter is $2.3 billion. As previously stated, no client positions were affected.”
The fraud is a disaster for the reputation of Switzerland’s biggest bank.
UBS has only just recovered from the financial crisis when it had to be bailed out by the state, prompting calls for its top managers to step down and for its investment bank to be split off into a separate unit.
UBS also said its board of directors had set up a committee to be chaired by independent director David Sidwell, former chief financial officer at Morgan Stanley, to conduct an independent investigation into the trades and their relation to the bank’s control systems.
The bank said it had covered the risk resulting from the unauthorized trades, and its equities business was again operating normally within previously defined risk limits.
It said the trader had concealed the fact the index future trades violated UBS risk limits by allegedly executing fictitious cash exchange-traded fund (ETFs) positions in the bank’s system.
ETFs are index funds listed on an exchange and can be traded just like regular stocks. They try to replicate index performances and offer lower costs than actively managed funds.
Regulators have warned about risks from some of the more complex forms of ETFs.
Comments »EURODRAMA: Greek Prime Minister Papandreou Cancels Trip to US Next Week
SHOCK: NASA WARNS LOST SATELLITE COULD DESTROY ANYONE, ANYWHERE ON EARTH
A five tonne, 20-year-old satellite has fallen out of orbit and is expected to crash somewhere on Earth on or around 24 September, according to Nasa.
Nasa says the risk to life from the UARS –Upper Atmosphere Research Satellite – is just 1 in 3,200.
Hurtling at 5m (8km) per second, it could land anywhere between 57 degrees north and 57 degrees south of the equator – most of the populated world.
However, most of the satellite will break or burn up before reaching Earth.
Scientists have identified 26 separate pieces that could survive the fall through the earth’s atmosphere, and debris could rain across an area 400-500km (250-310 miles) wide.
Nasa said scientists would only be able to make more accurate predictions about where the satellite might land two hours before it enters the Earth’s atmosphere.
Re-entry
The 1 in 3,200 risk to public safety is higher than the 1 in 10,000 limit that Nasa aims for.
Comments »FLASH: MIDGET BLOOMBERG PREDICTS RIOTS AND SOCIAL UNREST
Mayor Bloomberg warned Friday there would be riots in the streets if Washington doesn’t get serious about generating jobs.
“We have a lot of kids graduating college, can’t find jobs,” Bloomberg said on his weekly WOR radio show.
“That’s what happened in Cairo. That’s what happened in Madrid. You don’t want those kinds of riots here.”
In Cairo, angry Egyptians took out their frustrations by toppling presidential strongman Hosni Mubarak – and more recently attacking the Israeli embassy.
As for Madrid, the most recent street protests were sparked by widespread unhappiness that the Spanish government was spending millions on the visit of Pope Benedict instead of dealing with widespread unemployment.
Bloomberg’s unusually alarmist pronouncement came as President Obama has been pressuring reluctant Republicans to pass his proposed job creation plan.
“The damage to a generation that can’t find jobs will go on for many, many years,” the normally-measured mayor said.
Bloomberg gave Obama kudos for coming up with a jobs plan.
“At least he’s got some ideas on the table, whether you like those or not,” he said. “Now everybody’s got to sit down and say we’re actually gonna do something and you have to do something on both the revenue and the expense side.”
And everybody’s got to share in the pain.
Comments »
Debtocracy: A Documentary on Debt; How to Solve the Odious Debt Problem and Restore Economic Stability
Selling in the first half hour this morning seems like the right move.
At any rate, i’m done for the weekend so have a good one folks.
Here is some insight and a different point of view on Greece and the debt problems of Europe.
Comments »Tension in the EU: Berlusconi ‘Called Merkel an Unfuckable Lard-arse”
ITALIAN newspapers claim Prime Minister Silvio Berlusconi referred to the German Chancellor Angela Merkel as an “unfuckable lard-arse” in a telephone conversation with a newspaper editor.
The alleged insult, reported in the Independent, was secretly recorded during an investigation into an alleged blackmail plot against Berlusconi. The editor, Valter Lavitola, is alleged to have been involved in procuring prostitutes for Berlusconi’s ‘bunga bunga’ parties.
Previous revelations from the wiretap transcripts have been used to suggest Berlusconi has not been devoting his full attention to sorting out Italy’s sovereign debt crisis. But the latest allegation, if true, would mean that Italy’s premier has been caught out insulting the leader of the country which ultimately has the power to bail out his government.
The insult against Merkel has not gone unreported in Germany. The country’s popular tabloid Bild ran a headline asking: ‘Did Berlusconi crack bad jokes about Merkel?’ Although it refrained from reprinting the alleged slander.
Comments »
Revolution Trading: Egyptian Market Down 37% Year to Date
Go build more pyramids.
Comments »XXX CLICK HERE TO JOIN THE MICHELLE OBAMA LIP READING CONTROVERSY XXX
[youtube:http://www.youtube.com/watch?v=8W5xDBxE_0w&feature=youtu.be 603 500]
Comments »Obama Government Not Only Spreads the Wealth Around But Also the Blame
A federal investigation into the cause of the Deepwater Horizon disaster in the Gulf of Mexico last year points the finger at BP PLC, but also its contractors, for failures that led to the deadly well blowout and oil spill.
A government report, which will contain about 50 recommendations for changes to offshore oil work, is expected to be released as early as Wednesday, after 17 months of investigation of the incident, which killed 11 men.
The findings don’t stray far from other earlier reports, including faulting BP for seeking to save time and cut costs without considering the ramifications, …
Chinese Burrito Silver Stock, Silvercorp Metals, Buried on Little Fraud Report
FLASH: Conagra Threatens to Pull its Ralcorp Bid by September 19th
Ralcorp Holdings: ConAgra Foods (CAG) today reiterated its $94 per share, all-cash proposal to acquire co (83.76 -1.23)
ConAgra Foods reiterated its $94 per share, all-cash proposal to acquire Ralcorp Holdings. Co previously rejected this proposal, without dialogue with ConAgra Foods, on August 12, 2011. ConAgra Foods continues to believe its proposal of $94 per share in cash provides present value in excess of what Ralcorp can achieve on its own, including through its announced spin-off plans. If ConAgra Foods and Ralcorp are not engaged in a constructive dialogue satisfactory to ConAgra Foods by 5:00pm Eastern time on September 19, 2011, ConAgra Foods will withdraw its proposal
Dutch Finance Minister Rumored to be Giving Up on Greece
This is unconfirmed rumor, but the market seems to gravitate toward these story lines…
Comments »This Explains A lot: Spain’s Famous Killer Bull is Named “Mouse”
It is a regular killing machine.
[youtube:http://www.youtube.com/watch?v=QZ2AVdY2Fpo&feature=youtu.be 603 500] Comments »Business Leaders to Obama: Go Big (Cutting) or Go Home
Business leaders and former U.S. government officials urged President Barack Obama Monday to “go big” with his recommendations to a congressional panel tasked with slashing America’s debt.
In a letter to the White House, nearly 60 executives and former Treasury officials spanning several administrations said Obama should call for large-scale cuts to stabilize the U.S. debt as a share of the economy.
Comments »New Bot Predictions
FLASH: Italy’s Bond Yields Have Breached Margin Requirement Thresholds
Yields have pushed above the 450 mark which should begin triggering margin calls. That’s a spicy meatballe (sic) for breakfast…..
Comments »
