So the UK’s debt is a few billion off the budgeted forecast. Like the USA, the UK has its largest ever debt since the Second World War when there was a good reason for a large amount of debt – War. This time around, the reason for the debt is …Investment Banking. So we defeated Hitler and a potential world of horror, spent decades paying off the loans for these loans to reappear because a few bankers needed to continue their lifestyles.
Seems rather bizarre, doesn’t it?
But not as bizarre as the Galleon sheep who are ripping out its hedge fund with panic like zeal. It looks like the fund will be forced into liquidation and this always results in less for those who stand last and I am surprised Galleon hasn’t just gated the fund. Even so, when panic sets in, panic sets in. Has anyone checked out who these investors are? I got a sneak preview from a disgruntled to be out of work Galleoner and hey presto, a few of these also had Madoff exposure. Bad luck seems to follow those who are useless.
A few days ago I tried to tweet the 5 billionth tweet. I was close but not close enough. I must try harder:
U.S. STOCK FUTURES POINT TO SECOND STRAIGHT DIP
“If we’re right, the spread between sales and cost growth next year should be nearly six percentage points, which is consistent with S&P earnings rising by around 25%,” he said. That would put the S&P 500 on a forward earnings multiple of about 14.2%.
“On that basis, it is hard to argue that U.S. equities are overvalued.”
Hey Presto. The world is over valued.
GALLEON STAFF EYE EXITS
For years, Galleon prided itself on hiring only the best in the technology and healthcare industry — top-notch analysts and portfolio managers boasting Ivy League degrees and stints at Goldman Sachs and Needham & Company.
Ship. Rats. Jumping.
wall street journal says “Rakoff Gets Galleon Case And Will Bharara Become the Great Preetinder? “
Mind you seems ironic that Australia, the world’s only booming economy has a Sri Lankan boat problem. Given Galleon owned a lot of the SL stock market, we may see a few more immigrants looking for new homes.
KING CALLS FOR BREAK-UP OF BANKS
The economic crisis has prompted governments across the world to re-evaluate their financial regulatory frameworks
Mr King’s call for a break-up of banks to prevent them becoming “too important to fail” puts him sharply at odds with the direction of domestic and international banking reform.
The Treasury and the Financial Services Authority have specifically rejected the idea of spliting up the banks, while the Conservatives think action in Britain alone along these lines would not be feasible.
Looks like King is prepping himself for the job of top regulator once the FSA is binned. His statements are so obvious and a sentiment we have been espousing for years. Glass Steagall 2.0. Alternatively GS 2.0. Spooky.