06 Dec 2012 @ 01:47
HSBC (
LSE:HSBA) is liquidating its entire stake in Ping, an Insurance Group of China for nearly $9.4 billion (£5.84 billion). As a result of the sale, HSBC’s core tier 1 capital ratio will increase by 0.5% whilst its total capital ratio will be bolstered by 1.0%. Those ratios as at 30 September 2012 were 11.7% […]
04 Dec 2012 @ 01:39
“What launched as the Bank of England’s great white hope risks looking like a white elephant.” That is the assessment of Christopher Shaw, CEO of Platform Black, commenting on the Funding for Lending Scheme (FLS) taxpayer bailout of flailing and failing UK banks. I know that “white elephant” is not a circus animal, but this […]
29 Nov 2012 @ 03:33
“We got it wrong.” That’s what Sir Mervyn King told the House of Commons’ Treasury Select Committee as he was testifying at a hearing on the Bank of England’s November Inflation Report. No wonder the UK banking system is in such disarray. The bloody Bank of England doesn’t know what it is doing either. I […]
27 Nov 2012 @ 02:15
Given the events of the news released this morning, you might wonder if UBS stands for Unbelievable Banking Screw-Up. The traditional round of tea at the Monday morning UBS staff meeting was served iced as the bank got kicked in the knickers with a £29.7 million fine for failing to have adequate controls in place […]
21 Nov 2012 @ 01:50
Barely two hours ago, the UK courts found a former UBS (UBSN:VX) trader guilty of a second count of fraud. It’s about time that some of the low-lifes who are living the high-life at British taxpayer expense start living the secluded life. It’s about time that these pocks on the face of dignity get dragged […]
21 Nov 2012 @ 00:42
Hallelujah!! At last!! What more is there to say??? The courts have done the right thing. They are starting to cut out the cancer in the UK financial sector. We applaud the conviction of fraud. Full story to follow soon.
17 Nov 2012 @ 03:02
Man Group (
LSE:EMG) announced this morning that it has completed negotiations with Hutchinson Investors Ltd and has started the mechanism for selling its remaining exposure to Lehman claims that it acquired in July of 2011. At a sales price of $456 million, Man Group is selling the claims at a 32% premium to their value […]
16 Nov 2012 @ 03:21
Maybe it’s just me, but have you heard the word “fraud” used much lately? I didn’t think so. Neither have I. What ever happened to it? The only thing I could think of is that it has become a so technically precise legal terminology that it is only used in legal charges, challenges, torts, and […]
14 Nov 2012 @ 03:03
According to market theory, it doesn’t really matter when you buy or sell, so long as you buy cheap and sell … not cheap! As such, I sold Enterprise Inns (
LSE:ETI) yesterday. It’s 50/50 as to whether the stock will continue to go on up. Yet I was on around 140% profit, and the price, […]
06 Nov 2012 @ 01:18
As anticipated, HSBC (
LSE:HSBA) reported a pre-tax profit of $3.5 billion for the 3rd quarter, down an entire $3.7 billion year on year from the 3rd quarter of 2011. Whilst a $3.5 billion quarterly profit is nothing to sneeze at, the bank is still paying for its past sins, both in the costs of continuing […]
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