Hanover Finance freezes $554 million

getNFCookie(newsflashid); What gets me about the collapse of all major Finance institutions of the last year is the ear deafening silence from National. Run by bankers I would have thought they would have something to say about the collapses. Something like,” We need for these institutions to behave responsibly for example.” It is after all […]

G. Edward Griffin on the Federal Reserve of New York

Just in case you missed this excellent Expose from G. Edward Griffin about the real nature of the Federal Reserve of New York and the Federal reserve system worldwide. John Key was one of only four advisors to the NY Federal Reserve from 1999 until March 2001. G. Edward Griffin is the writer of a […]

Interview with an investment banker

Just in case you missed it. Investment bankers bet and speculate. In other words they are making money with money. When the banking world was about to collapse because the bet on packets of junk bonds, and were about to be caught out on it they changed their tack. They now bet and speculate on […]

Credit Default Swaps: Evolving Financial Meltdown and Derivative Disaster Du Jour

When the smartest guys in the room designed their credit default swaps, they forgot to ask one thing – what if the parties on the other side of the bet don’t have the money to pay up? Credit default swaps (CDS) are insurance-like contracts that are sold as protection against default on loans, but CDS are […]

The systematic failure of an entire industry

BREAKING NEWS: Lombard Finance & Investments Ltd has suspended all payments of capital and interest to investors. “It is clear from recent events that this is a systematic failure of an entire industry, and from our perspective a moratorium is now the only responsible course of action,” said chief executive Michael Reeves.The finance company will […]

Nathans Finance payout further off than hoped

If you want to learn more about the sub prime crisis and who is responsible that read the series about the financial tsunami that is going to hit the world, and of which this is just a little taste you can find all the articles on this blog. Additionally go to my page “a beautiful […]

Key’s wealth hit by crunch

One of Parliament’s richest MPs, John Key, admits his fortunes have suffered as global share markets are battered over the international credit crunch. “I’m worth less than I was,” Mr Key said. The National leader would not be drawn on the amount carved out of his personal fortune by falling share prices, but said it […]

Tory donor winds up hedge funds in face of SEC charges

Another question for John Key; were you as a bond and derivatives man (He was the head of the European bonds and Derivatives department for Merrill Lynch for a while according to his own website) involved with this hedge fund? By Stephen Foley in New York Thursday, 27 March 2008 Lewis Chester, one of the […]

The housing bubble was engineered

Daniel Estulin  has researched the Bilderberg club for 20 years. One of the originators of this group was Prince Bernard of the Netherlands. His daughter Queen Beatrice is still the one of the ones in control of this group. She is my Queen since I am Dutch. It was common knowledge in the Netherlands that […]

What Created This Monster?

LIKE Noah building his ark as thunderheads gathered, Bill Gross has spent the last two years anticipating the flood that swamped Bear Stearns about 10 days ago. As manager of the world’s biggest bond fund and custodian of nearly a trillion dollars in assets, Mr. Gross amassed a cash hoard of $50 billion in case […]

Split Is Forming Over Regulation of Wall Street

OK, it’s simple really, either “we the people” take our money supply back from the fat cat bankers or we give them the rest of the world, they got most of it already.  WASHINGTON – As Congress and the Bush administration struggle to contain the housing and credit crises – and prevent more Wall Street […]

The Federal Reserve gets the key to the safe.

Thomas Jefferson, declared, “If the American people ever allow private banks to control the issue of their money, first by inflation and then by deflation, the banks and corporations that will grow up around them, will deprive the people of their property until their children will wake up homeless on the continent their fathers conquered.” […]

New Crisis, Old Isms

The Federal Reserve Bank’s decision last week to address the housing crisis by extending $200 billion of taxpayer-financed credit to Wall Street banks was met with a stunned reaction typical of surprising events. But really, the move was the expression of longstanding isms that routinely package corruption as sound public policy. Some background: During the […]

Bank injects £5bn extra in attempt to ease credit turmoil

By David Prosser, Deputy Business Editor Friday, 21 March 2008 Mervyn King, the Governor of the Bank of England, tried to head off criticism from bank bosses by unveiling new borrowing facilities for the sector yesterday just hours before a summit meeting called to address the credit crisis. Mr King said he would make an […]

Rogue traders force Credit Suisse into £1.4bn writedown

By David Prosser, Deputy Business Editor Friday, 21 March 2008 Credit Suisse faced a double whammy of bad news yesterday, revealing it is almost certain to plunge into loss during the first quarter of this year and admitting a group of rogue traders in its London office had forced it to write down the value […]

World trade decelerates almost to a standstill

The data appear to provide further evidence that global economic activity is slowing, as growth in emerging markets has failed to compensate for weaker demand in the US. The last time annual growth in trade went negative was in 2001, when the shallow US recession that followed the bursting of the technology bubble and the […]

Gulf central banks urged to sever links with tumbling US dollar

From The Times March 17, 2008 Gulf central banks urged to sever links with tumbling US dollar Sonia Verma in Doha Pressure is mounting on central banks in the Gulf to fight surging inflation when they meet on Wednesday by severing the link between their currencies and the tumbling US dollar. Officials in Qatar and […]

What panic on Wall St means for us

The news coming out of Wall St this morning is simply shocking and is something every New Zealander should understand and care about. Put simply, panic and fear rule in the world’s financial capitals right now and it will cost us all in one way or another and sooner or later. In previous periods any […]

Death of the hedge fund?

In the giant casino that is the world’s financial markets, hedge funds are some of the ballsiest gamblers, raising vast amounts of debt so that they can place bigger and more potentially lucrative bets. One might have thought theirs would be the first activity to be reined in when the credit crisis struck and Wall […]

Are our banks safe?

queueing at Northern Rock branches in a desperate bid to recover their savings sent shockwaves around a financial world already reeling from the sub-prime and credit crisis.The safety of money New Zealanders have in their bank accounts, and to lesser extent the wealth they have accumulated in their homes, are a couple of things they […]

Star of an R-Rate Snuff Film

Bryon King sends us this note: “While Ms. H. Rodham-Clinton and Mr. B. (No Middle Name) Obama battle out over who will be the Democratic Party nominee for U.S. president, there is another Great Smack-down occurring within American politics. “This other match – a true eye-gouging, ear-biting cage-match by any standards – may well determine […]

The Worst Conditions for the U.S. Economy Since the Great Depression

Mortimer Zuckerman, co-founder of Boston Properties Inc., the largest U.S. office real estate investment trust, said the U.S. economy is in a recession and there’s no sign of a recovery. “We are looking at the worst set of macroeconomic conditions since the Great Depression,” Zuckerman said in an interview with Bloomberg Television. Yesterday, the dollar […]

Dollar under pressure as US outlook darkens

The dollar remains under pressure against all major currencies on fears that the Federal Reserve may need to slash interest rates further to stop the downward spiral in the credit markets. Comment: Bernanke’s slash and hope will put paid to any stability What makes Ben Bernanke tick? Read more by Ambrose Evans Pritchard     […]

Dollar Gives Up More Ground As Market Digests Bear News

cnnad_createAd(“654903″,”http://ads.cnn.com/html.ng/site=cnn_money&cnn_money_pagetype=article&cnn_money_position=220x200_ctr&cnn_money_rollup=markets_and_stocks&cnn_money_section=quigo&params.styles=fs”,”200″,”220″); The dollar gave up more ground Friday, undermined by cool inflation data and weakness on Wall Street as the market digests news of Bear Stearns Cos.’ bailout. Data showed U.S. consumer inflation moderated in February, opening the door for the Federal Reserve to keep cutting interest rates at its meeting next week to support […]

Carlyle Capital Nears Collapse as Rescue Talks Fail

March 13 (Bloomberg) — Carlyle Group said creditors plan to seize the assets of its mortgage-bond fund after it failed to meet more than $400 million of margin calls on mortgage- backed collateral that plunged in value. Carlyle Capital Corp., which began to buckle a week ago from the strain of shrinking home-loan assets, said […]

Dollar Declines on Speculation Fed Rescue Package Won’t Succeed

March 12 (Bloomberg) — The dollar fell against the euro and the yen on speculation the Federal Reserve’s plan to provide funds to banks won’t be enough to break the gridlock in money- market lending and stem credit losses. “Read the need for such new measures as being a symptom of what ails the world […]

ING suspends NZ funds’ payouts because of turmoil

The New Zealand arm of Dutch financial group ING said on Wednesday it was suspending withdrawals from two investment funds worth $521 million because of the global credit market turmoil. It said the funds – the diversified yield and regular income – invested largely in credit securities, which had been hard hit by the subprime […]

Central banks make $250bn move to ease the credit crisis

Central banks make $250bn move to ease the credit crisisJoint action by US, UK, Europe and Canada; Dow Jones surges on news By Stephen Foley in New York Wednesday, 12 March 2008 Central banks around the world made a second co-ordinated attempt to ease the credit crisis, three months after their first efforts failed to […]

Derivatives the new ‘ticking bomb’

ARROYO GRANDE, Calif. (MarketWatch) — “Charlie and I believe Berkshire should be a fortress of financial strength” wrote Warren Buffett. That was five years before the subprime-credit meltdown. “We try to be alert to any sort of mega-catastrophe risk, and that posture may make us unduly appreciative about the burgeoning quantities of long-term derivatives contracts […]

Dollar Falls as Traders Bet Fed to Accelerate Rate Reductions

By Gavin Finch and Kosuke Goto March 10 (Bloomberg) — The dollar weakened against the euro and approached an eight-year low versus the yen as traders bet the Federal Reserve will lower interest rates by at least 75 basis points to avert a recession. The currency traded within a cent of a record low against […]