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  #1461  
Old 03.01.2010, 20:38
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Re: Financial Crisis Bank News [was: How Safe is UBS?]

The 2, er, F**** Macs lobbied against any regulation or controls on their activities amongst other things

They always did have an implicit gov'mint guarantee which they used to get cheap funding which was then used to compete commercially against other mortgage institutions.

Since the crisis, their loan books have swelled too.

Basically, they are monstrous Quango entities taking the ****.

The Economist is subscriber only, so there is this from 2005
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  #1462  
Old 03.01.2010, 21:14
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Re: Financial Crisis Bank News [was: How Safe is UBS?]

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Gone fishing...
reminds me of

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  #1463  
Old 03.01.2010, 21:37
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Re: Financial Crisis Bank News [was: How Safe is UBS?]

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reminds me of

Hehe. That was the inspiration for my sig line

There's also this:

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  #1464  
Old 04.01.2010, 13:14
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Re: Financial Crisis Bank News [was: How Safe is UBS?]

Is the US Preparing the Lifeboats for the Next Financial Disaster?

Here we go again a year later...
Anybody knows what Swissquote does with the money one depositis with them?
Time to have cash under the mattress and gold burried in the garden

http://www.zerohedge.com/article/gov...as-been-denied

and here for version light
http://jessescrossroadscafe.blogspot...boats-for.html

"The primary concern seems to be the new ability of money market fund managers to freeze redemptions (withdrawals) of funds at their discretion.
"A key proposal in the overhaul of money market regulation suggests that money market fund managers will have the option to 'suspend redemptions to allow for the orderly liquidation of fund assets.'"
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  #1465  
Old 04.01.2010, 20:09
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Re: Financial Crisis Bank News [was: How Safe is UBS?]

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The author argues that more regulations lead to more lobbying, and reveals that the largest financial sector lobbyists were Fannie Mae and Freddie Mac combined.
Unless you outlaw lobbying.
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  #1466  
Old 04.01.2010, 20:25
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Re: Financial Crisis Bank News [was: How Safe is UBS?]

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Unless you outlaw lobbying.
But the author also said this:

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And no, you cannot ban lobbying, not in the US. It’s a constitutional right to be able to petition the lawmakers……as of course it should be.
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  #1467  
Old 04.01.2010, 21:06
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Re: Financial Crisis Bank News [was: How Safe is UBS?]

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But the author also said this:
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And no, you cannot ban lobbying, not in the US. It’s a constitutional right to be able to petition the lawmakers……as of course it should be.
Allow the petitioning to lawmakers but ban the money behind lobbying from big corporations.

Lobbying for Your Health: Strange bedfellows

http://amfix.blogs.cnn.com/2010/01/0...r-your-health/
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  #1468  
Old 04.01.2010, 21:30
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Re: Financial Crisis Bank News [was: How Safe is UBS?]

So Gold has fallen 10% in the last month to around US$1050. It still seems so expensive but then why did India buy 200 tonnes of it?
Do they know something we don't? And surely the banks have to fall over themselves when the true Bad Debts are revealed and the Investment Bank side falls over when the shares re-adjust to realistic valuations unless of cvourse they dump the losses on the private investors as the USB has always done?
I was contemplating buying some and chucking it in my safe deposit box because surely the value of currency (US Dollars; GB Pounds and even Euros) has to fall if they keep printing the stuff?
Surely they have to keep printing the stuff because to pay the public sector workers or unemployment benefit/social security especially if they have little tax revenues coming in which surely will be the case?
Anyway, isn't printing more money the same as devaluation in effect?
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  #1469  
Old 04.01.2010, 21:35
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Re: Financial Crisis Bank News [was: How Safe is UBS?]

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So Gold has fallen 10% in the last month to around US$1050.
I was contemplating buying some and chucking it in my safe deposit box because surely the value of currency (US Dollars; GB Pounds and even Euros) has to fall if they keep printing the stuff?
Surely they have to keep printing the stuff because to pay the public sector workers or unemployment benefit/social security especially if they have little tax revenues coming in which surely will be the case?
Anyway, isn't printing more money the same as devaluation in effect?
So why is the price of gold falling?
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  #1470  
Old 04.01.2010, 21:39
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Re: Financial Crisis Bank News [was: How Safe is UBS?]

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So why is the price of gold falling?
I really don't understand why it has fallen; do people really believe things are going to get better in the short to medium term because I don't?

It would theoretically be that there is no demand - the usual supply and demand scenario - but the markets just don't make any logical sense to me and why did India buy 200 tonnes of the stuff?

Maybe you can enlighten me?
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  #1471  
Old 04.01.2010, 22:07
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Re: Financial Crisis Bank News [was: How Safe is UBS?]

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It would theoretically be that there is no demand - the usual supply and demand scenario - but the markets just don't make any logical sense to me and why did India buy 200 tonnes of the stuff?

Maybe you can enlighten me?
Willing buyer and willing seller:
http://www.economist.com/businessfin...ry_id=14816649

India is the wold's largest consumer of gold.
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  #1472  
Old 04.01.2010, 22:15
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Re: Financial Crisis Bank News [was: How Safe is UBS?]

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Willing buyer and willing seller:
http://www.economist.com/businessfin...ry_id=14816649

India is the wold's largest consumer of gold.
Reading the article; the RBI has bought it as a reserve not because of the consumption of gold I would gather.
The IMF then are selling the gold because they need to convert this to cash to lend to countries in a financial mess.
Surely the more gold they sell (though they are supposedly limited) would mean that they are doing this to have more cash to lend which would be a worrying sign and mean it would be advanatgeous to buy gold as the banks and government must be in a bad financial way?
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  #1473  
Old 04.01.2010, 22:45
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Re: Financial Crisis Bank News [was: How Safe is UBS?]

The gold sales are part of a one-off, strategic move by the IMF to diversify it's assets and realign it's funding model. The profits from the gold sales will be reinvested in an endowment fund, the income from which will be used to fund it's operations.
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  #1474  
Old 04.01.2010, 23:06
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Re: Financial Crisis Bank News [was: How Safe is UBS?]

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Reading the article; the RBI has bought it as a reserve not because of the consumption of gold I would gather.
The IMF then are selling the gold because they need to convert this to cash to lend to countries in a financial mess.
Surely the more gold they sell (though they are supposedly limited) would mean that they are doing this to have more cash to lend which would be a worrying sign and mean it would be advanatgeous to buy gold as the banks and government must be in a bad financial way?
Gold is not consumed, unlike oil or grains. It is either in one place (e.g. IMF) or another (National Banks of India? China?). Presumably the industrial gold (electronic circuits) is recycled. Meanwhile the mines are digging out more gold.

So supply/demand imbalances must be temporary. The price is only reflection of sentiment, which the speculators leverage.

Apparently the speculators have a new target. Wish I knew which.
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  #1475  
Old 04.01.2010, 23:11
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Re: Financial Crisis Bank News [was: How Safe is UBS?]

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So why is the price of gold falling?
I think it was temporary. Healthy correction in a bull market. Went up again quite a bit today.
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  #1476  
Old 04.01.2010, 23:13
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Re: Financial Crisis Bank News [was: How Safe is UBS?]

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Gold is not consumed, unlike oil or grains. It is either in one place (e.g. IMF) or another (National Banks of India? China?). Presumably the industrial gold (electronic circuits) is recycled. Meanwhile the mines are digging out more gold.

So supply/demand imbalances must be temporary. The price is only reflection of sentiment, which the speculators leverage.

Apparently the speculators have a new target. Wish I knew which.
I had read that the target was US$1,500 an ounce by end of 2010 but then it surely would not have gone down of recent.
But the you have to look also look at the future of the US dollar surely.
If you plot the Swiss Franc against gold, it actually hasn't gone up that much; isn't it a case of the dollar going down and the same could be said of oil to a certain extent.

Last edited by Cashboy; 06.01.2010 at 08:20.
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  #1477  
Old 06.01.2010, 05:30
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Re: Financial Crisis Bank News [was: How Safe is UBS?]

The last CBS 60 minutes on UBS and Birkenfeld: A crack in the Swiss vault. Full of clichés on Switzerland (Chocolate, watches, dictator's money ) but still very interesting.
Those guys at UBS were out of their minds.


http://www.cbsnews.com/video/watch/?...ousel#comments
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  #1478  
Old 06.01.2010, 08:29
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Re: Financial Crisis Bank News [was: How Safe is UBS?]

Watching that media report, it looks as though the UBS management employed employees that broke their confidentiality agreeent.
I bet he earned a nice fat salary for from what I can see being a kind of butler; not a profesional banker if such a person has existed in the last 15 years.
The ex-employee doesn't come accross as particularly intelligent or professional; another employee that assisted the downfall of the UBS.
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  #1479  
Old 07.01.2010, 01:26
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Re: Financial Crisis Bank News [was: How Safe is UBS?]

Birkenfeld is to report to jail on the 8th. it is good news for UBS and the other Swiss banks and an incredibly stupid move by the justice department. They are saying in substance that even that you are a useful whistleblower you will go to jail regardless. Whom do they expect to come forward if the reward is 3 years in jail?
If they had given immunity to Birkenfeld + big check, those butlers as you said would be lining up to denounce their customers.
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  #1480  
Old 08.01.2010, 15:50
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Re: Financial Crisis Bank News [was: How Safe is UBS?]

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Birkenfeld is to report to jail on the 8th. it is good news for UBS and the other Swiss banks and an incredibly stupid move by the justice department. They are saying in substance that even that you are a useful whistleblower you will go to jail regardless. Whom do they expect to come forward if the reward is 3 years in jail?
If they had given immunity to Birkenfeld + big check, those butlers as you said would be lining up to denounce their customers.
probably guys at the top noticed only now what collateral damage they have done with respect to some dirty deals .. how r secret service organisations going to pay their collaborators or pay for fancy arms' trade deals without the protection of banking privacy laws
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