Like my predictions of late, the next few newsletters will be erratic in delivery. During boom times, managers love to tell you how good they are; come the slump and the excuses run out and those newsletters run dry. My excuse is travelling. For the next 3 weeks I shall be continuing my horrendous schedule of 1 star hotels, run down bars, pitching and failing to close, flying at the back of the plane and being charged roaming charges on my Blackberry that could pay off half the UK’s debt.
This week I am outed by a German magazine. It comes out on the 16th October and I shall not be linking to it (although I am hoping the pictures are good). Its a spread article in a magazine called Business Punk.
In the meantime, enjoy the weekend’s news whilst I learn how to speak Spanish.
For those of you who like to comment on my views, can you stick to point? Off pisting is for Italians and overly tanned Frenchmen.
FOR SALE: ONE BRIDGE, A BOOKMAKER AND MILLIONS OF STUDENT LOANS
The Tote, the Dartford crossing, the student loan book, the Channel Tunnel rail link and the Government’s stake in Urenco, which enriches uranium for nuclear power stations worldwide, will all be offered to private bidders in the next two years, in an attempt to raise £3bn.
Thatcher was lambasted for selling the silver. For Gordon Brown, this is part and parcel of his psyche. I quite fancy a piece of those student loans, you know securitizing them and selling them as bond on an ABS subprime style. If I have to sit next to them on the tube and at the back of planes, then why not join them and flog some of their liabilities?
financial times says ” Barclays to sell £4bn assets “
THE LOST GENERATION
Affected are a range of young people, from high school dropouts, to college grads, to newly minted lawyers and MBAs across the developed world from Britain to Japan. One indication: In the U.S., the unemployment rate for 16- to 24-year-olds has climbed to more than 18%, from 13% a year ago.
Perhaps these students can get radical. Students for the past 30 years have been MBA greed is good wimps. Let us see if this new breed of smart but unfulfilled can help kick start a new music / art / underground scene to alienate us grown ups.
ICAHN SAYS 2ND DOWNTURN COULD CAUSE ‘BLOODBATH’
“If you get a double-dip recession and they start coming down, it’s going to be a bit of a bloodbath,” Mr. Icahn, whose funds recently trimmed their stake in the Web company Yahoo, said in an interview on CNBC.
Despite the months-long stock market rally, Mr. Icahn took a generally cautious tone in Friday’s interview. He did say he sees an investing opportunity in real estate — an opportunity to sell it short, that is.
Maybe the new 1969 will be a student revolting 2010? 21 Sept 2009 may in fact turn out to be 21 September 2010 …? [Editor: uh?]
here is the top firm says ” Firm CEO Incompetency League Table “
alea says ” Fluctuation in Haircuts => Fluctuations in Balance Sheet Quantities “
UK CORPORATE EXILES FACE YEARS OF TAX SCRUTINY
Firing a warning shot across the bows of companies thinking of emigrating, Dave Hartnett, permanent secretary for tax at HMRC, told the Financial Times he was not convinced that relocations could be done in a “clean way” and warned that a challenge could come years after the move.
This is nothing new. With the growth in outsourcing overseas, Intellectual Property rights and virtual computer programming running most companies, this is becoming near impossible to prove. Many companies are partnerships and don’t have board meetings. Why don’t the UK government just bring in a flat tax and stop messing around. HMRC have been slashed and burned and Gordon Brown will most likely outsource it all to India anyway …
FIRMS ‘MISHANDLE SENSITIVE DATA’
The study also found almost three quarters of workers felt their organisations could do more to protect their customers’ sensitive information.
The data was compiled for National Identity Fraud Prevention Week.
I find this truly irritating. KYC, AML, Identity verification is a farce. I am changing my name to Fatima Zabaglione and learning to speak Spanish.
HEDGE FUND CHIEF JOINS THE GREAT SURVIVORS
When he was not in the air, Jabre rarely moved from the trading floor of his Geneva office. With a phone glued to his ear, he tried to make sense of the markets.
Although he was bearish as the credit crunch began to unfold, he did not expect the markets to slump so violently. He certainly did not expect a threat to the existence of his hedge fund, Jabre Capital. “It was touch and go,” he said. “The run [on the fund] was not justified, but the large institutions and the funds of funds, those that were ticking boxes, didn’t want to stay.”
Jabre the Crook. You have to hand it to the guy.
HEDGIES PLOT NEW DIRECTIVE
The Alternative Investment Managers’ Association (Aima) has been leading lobbying efforts to revise the directive and believes that it has secured sufficient support in Europe for changes to the EC’s plans.
Aima will now focus its attention on proposing an alternative and is expected tourge Brussels mandarins to focus on increased disclosure and registration of fund managers.
This new directive is called Abusing UCITS 3 and living in Switzerland.
telegraph says ” Ditch the Directive: UK stands up for hedge funds “