Un courtier londonien déstabilise UBS
La banque a annoncé une perte de 2 milliards de dollars. Elle accuse un de ses employés d’avoir mené des transactions illicites. Le monde de la finance ne s’explique pas ce dérapage et s’interroge sur la fiabilité des systèmes de contrôle des risques de la banque. Moody’s menace d’abaisser la note d’UBS
A STARK AND TRICHET AT ODDS
sic transit gloria mundi, Stark limelight overshadowed by trichet unorthodox intervention after Basel meeting. Reminds me bundesbank director Thilo Sarazin , conservativism bordering w/ bigotry in search of world glory
GREEK CRISIS UNSOLVED, NO SOCIALISED LOSSES, FRENCH PRIVATE PLAN FAILURE , BIASED ACCOUNTING RULES DISCLOSED , LACK OF US MONEY FUNDS, FRENCH BANKS PRECIPITOUS DIVESTMENT, CENTRAL BANKS USD FUNDING IN CONCERTED ACTION,
What have central banks done? The European Central Bank, Bank of Japan, Bank of England and Swiss National Bank have all announced they will hold three auctions of unlimited dollar funding against collateral for periods of 84 days each, starting in mid-October and straddling the year-end. The agreement was finalised when central bankers met in Basel at the weekend.
Banks can now be sure they can fund themselves with as many dollars as they need so long as they have sufficient collateral.
Markets cool as reality of measures sinks in By Patrick Jenkins, Banking Editor
Barclays Capital on Thursday highlighted the €800bn that matures in 2012. Unless markets reopen, banks would be faced with the swift and dramatic reduction in the assets that their balance sheets could support – implying a dramatic squeeze on the supply of credit.
The issue is not a significant problem in 2011 because most banks, conscious that markets might close in the second half of this year, completed the bulk of their long-term issuance by the summer.
Analysts and regulators, such as the European Banking Authority, believe only a radical policy shift, such as a pledge by an enlarged European Financial Stability Facility to guarantee bank debt, could settle markets fundamentally. But others, including the IMF, have suggested EFSF capital injections would be a surer-fire way of convincing markets that banks would be robust enough to withstand eurozone sovereign defaults or restructurings.
http://www.ft.com/intl/cms/s/0/3bd53518-df9e-11e0-845a-00144feabdc0.html#axzz1Y6549E3N
IRELAND HUNG TO ITS CORPORATE TAX COMPETITIVE ADVANTAGE ,Ireland asks EU to amend treaties By Jamie Smyth in Dublin
provide specific legal assurances that the country can continue to control its own corporate tax rate.
The request, which comes against a backdrop of growing calls for greater fiscal union in the EU, reflects Ireland’s concern that it could be forced to raise its ultra-low 12.5 per cent corporate tax rate – a move the government says would undermine its competitiveness and ability to attract inward investment.
IMF POLICE OFFICER, STICK RARTHER THAN CARROT
http://www.ft.com/intl/cms/s/0/b6ded476-dfb2-11e0-8e15-00144feabdc0.html#axzz1Y6549E3N
, Ms Lagarde said Athens appeared to have scaled back its commitment to promised austerity measures and warned the IMF, which provides a third of Greece’s €110bn bail-out, would not pay out unless more action was taken. ...On Thursday Olli Rehn, the Commission’s economic chief, gave the clearest indication yet that he is satisfied with the Greek concessions ..... Poul Thomsen, the IMF’s lead negotiator, has yet to return to Athens, with the IMF still concerned about whether Greece has adequately closed budget gaps and made sufficient commitments to reform. “The IMF is difficult to read because they have internal factions,” said the senior European official. ....David Lipton, the IMF’s number two official, will attend today’s eurozone meeting, as is routine for such gatherings. But it remains unclear whether the IMF will sign off this week or wait until its annual meeting next week.
BRITISH ORIENTALISM ALWAYS AHEAD, Erdogan brand is invaluable asset for Arabs and the west David Gardner in London
So far he is wiping the floor with a noxious competitor; the aggressive and sectarian Islamism of the mullahs in Iran. The outcome of this regional contest between Turkey and Iran will help determine the future of the Middle East, as the Arabs fight free of despotism and strive to create a new democratic order.
Can anyone doubt for one instant that the Turkish prospectus – a vibrant democracy and a dynamic economy led by Islam’s equivalent to Christian Democrats – is a better bet than the breast-beating bigotry of the theocrats in Tehran? Few Arabs do. ...... More recently, as the contest with Turkey sharpens, Iran has even called for reform in Syria, where President Bashar al-Assad, its ally, is trying to crush a menacing civic uprising – and Turkey is becoming the organising hub for the opposition.
Iran’s Shia theocrats used to feel complacent when all they had to compete with was the quasi-theocracy of Sunni Saudi Arabia, built on the twin pillars of Wahhabi sectarianism and absolute monarchy. But the pluralist and modernising Sunni brand of Turkey’s AKP is a threat of a different order – literally – and it is devouring Iran’s market share
PROKHOROV, A REPLICA OF KHODORKOVSKI ? GOOD ARTCILE ON RUSSIAN POLITICS, GULEMAN A RT GALLERSIT CONNECTION 2 KREMLIN ( SEE U IN BASEL, GOT IT NOW WHY ROSE SO FAST IN ART WORLD IN SPITE OF BAD TASTE), ROLE OF BOHEMIAN DOSTOEVSKY OBSESSED SURKOV AND DISMAL END OF INVESTIGATIVE JOURNALIST TREGIUBOVA EXPELLED FROM RUSSIA AFTER PUBLISHING TALES OF A KREMLIN DIGGER Oligarch takes on Kremlin ‘puppeteer’ http://www.ft.com/intl/cms/s/0/236b093e-df90-11e0-845a-00144feabdc0.html#axzz1Y6549E3N
Party leader says ousting ‘engineered’ Prokhorov wants his money back Mikhail Prokhorov, the owner of the New Jersey Nets basketball club and Russia’s third richest man, led Right Cause since June, called Vladislav Surkov, the Kremlin’s enigmatic chief of domestic political operations a “puppeteer” who stifles political debate, and vowed to have him sacked. Mr Prokhorov accused the Kremlin of “a raiders’ attack” on the party. It was “just like a raid on a business in the 1990s”, he said. “You are all waiting for me to step down,” he said. “Keep waiting.” However, by Thursday morning, 73 of 75 party delegates had voted to exclude Mr Prokhorov. ...He briefly became Russia’s richest man in 2008 after being coerced into selling his stake by his business partner. This followed a scandal in which he was jailed for 88 hours in France and accused of trafficking prostitutes at Courchevel ski resort. He was not charged and the French government apologised. That sale proved fortuitous, as the stock market lost three-quarters of its value later that year. “Luck is an important part of business,” he chuckled to a CBS
60 Minutes interviewer last year. Soon afterwards, he bought the New Jersey Nets for $200m, less than he paid the Russian government that year in taxes.
Besides the Nets, Mr Prokhorov, whose fortune is estimated by Forbes at $18bn, owns a 17 per cent stake in the world’s largest aluminium producer Rusal and a 30 per cent stake in Russia’s top gold miner, Polyus Gold.
Mr Prokhorov insisted, however, that the culprit in his removal was Mr Surkov, who has objected to a number of Mr Prokhorov’s picks for the Right Cause election list, particularly the popular anti-drug activist Evgeny Roizman.
“In this country, there is a grand puppet master, named Surkov. As long as he is around, it is impossible to practise politics,” Mr Prokhorov said on Thursday. Mr Surkov is credited as the mastermind of Russia’s “managed democracy”, where only officially approved political parties are allowed to compete in elections. However, he has seldom been attacked in public before.
“He has always been a grey man,” said Masha Lip-man, an analyst at the Moscow Carnegie Center, a think-tank. The party’s departure from the political scene means the parliamentary elections are now a three-way race between leftwing nationalist parties: Mr Putin’s United Russia, the Liberal Democratic party and the Russian Communist party.
“Against the backdrop of his Kremlin camouflage he was absolutely unnoticeable as a living person,” writes Elena Tregubova, author of Tales of a Kremlin Digger, the muckraking 2003 account of a Kremlin pool reporter. “Surkov blended in with office furniture and corridors and with other dark-suited officials”. High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. “All political forces in Russia work with the Kremlin, and the Kremlin in politics, it is Surkov,” said Marat Guelman, an art dealer who formerly worked as a political consultant to the Kremlin. ..
For the manager of an authoritarian political system, Mr Surkov is actually something of a bohemian – he has a poster of Che Guevara on his office wall, writes rock lyrics and fiction in his spare time under pseudonyms, and in general does not fit the mould of the dour Kremlin bureaucrat cultivated by most of the top echelon.
Ms Tregubova, who was expelled from Russia for her book, clearly had a soft spot for Surkov, who, she wrote, “was virtually the only Kremlin official who read any books”. He has a particular passion for collecting rare editions of Dostoevsky, especially The Possessed, the story of a clique of 19th-century revolutionaries driven mad by their obsession with philosophy.
BEAUTIFUL ANN RICH ARTICLE ON ARTS &USURY IN FLORENCE RENAISSANCE WHERE DANTE THE SON OF A BANKER RAISED TO HUMANIST AND COMPASSIONATE POET. YET A TOO NEGATIVE CLASSICIST COMPARISON W/ WALL STREET AND LONDON TODAY,, The art of the Medicis is a lesson in absolution for bankers,Harry Mount
2 BIO LOSS BY UBS. KWEKU ADO0BOLI, FROM A DEGREE IN ECOMMERCE AND DIGITAL BUSINESS TO DELTA ONE HIGH FREQUENCY ALGORITHM TRADER , WHERE IS THE NEXUS IF IT EVER HOLDS,WITH QUANTS, MECHANICAL ENGINEERING AND PHYSICS TAUGHT IN SWISS ETH RATHER THAN LOWER RANKING IMPERIAL. DEAR MR HEAD OF UBS INVESTMENT BANKING CARSTEN KENGETER, SNATCHED W/ MUTLIMIION CONTRACT FROM GOLDMANN SACHS , THE GOOD NEWS IS THAT ENGINEERS DO NOT ANYMORE FANCY INVETSMENT BANKS http://www.ft.com/intl/cms/s/0/278b0d8c-df97-11e0-845a-00144feabdc0.html#axzz1Y6549E3N
Search for responsibility brings other regulatory failures painfully to mind, By Haig Simonian in Zurich. THE QUESTION IS WHY SWITZERLAND NEVER HAD A REGULATORY CENTRALISED FRAMEWORK, THE ANSWER IS EASY, LOOK AT THIS HISTORY.
But division of responsibilities between banks and regulators remain opaque. Finma officials argued privately that detailed risk assessment procedures are up to banks, with the regulator focused on broader implementation. ... But as UBS says: “In the end, no one is protected against fraud or infringement of due procedures.” VOLATILITY OF MARKETS MAY HAVE AFFECTED TRADER.
VERY GOOD ARTICLE AND INSIGHTS ON CHINA Europe should not count too much on Chinese cash Henny Sender
There are rumours that the Chinese have been buying Bunds and will make a fortune when (not if) Germany leaves the eurozone and reinstates sound Deutschmarks for the ill-fated euro. But another is that China’s agenda is still overwhelmingly domestic. It is much less bothered about the rest of the world than one might expect from the world’s second-largest economy.
It is natural for China to focus inwardly at a time when the country is outgrowing the model that brought the country so far so fast in recent years. Thus, for example, China’s workers get negative real rates of interest on their deposits because of controls on interest rates at a time when inflation remains at more than 6 per cent, while state-owned enterprises get to borrow at artificially low rates.
In effect, that lets less wealthy households subsidise rich enterprises (which then go on to put the proceeds into the shadow banking system for far higher returns – and incidentally make serious money from their inappropriate financing activities). ..What is startling to a visitor to this ever more prosperous capital is how little trust for the rest of the world has come with the prosperit $
HONG kONG AND ITS PEG, SOMEBODY IS BETTING IT WILL BREAK, IF ONLY WAS SO EASY Hong Kong: calling the end of the peg beyondbrics, the FT’s emerging markets hub
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