saint1977 Posted 15 December, 2008 Share Posted 15 December, 2008 The trouble is, we suffer as well, Hedge Funds have been a key way of injecting money into the economy and bolstering pension funds. The regulators should be fired without recompense and I'd be investigating whether in fact they were complicit and profited from Madoff's scam. Madoff should get a long jail term for this and the regulators should go down for this as well. What a disgrace, Obama has a huge mess to clean up left by the Neo-Cons. That said, Brown has let the so-called "World-Class British Banking System" run riot here as well and cheat the tax systems whilst small businesses get screwed for paying for public services. The City may as well have gone to Goodwood and gambled billions on horses. Note RBS's involvement yet again. I wouldn't let RBS's board run a bath, let alone a multinational bank. http://news.bbc.co.uk/1/hi/business/7783236.stm Link to comment Share on other sites More sharing options...
TopGun Posted 15 December, 2008 Share Posted 15 December, 2008 (edited) Supposedly the golden girl Nicola Horlick... her fund is 35% in on this fraud. Shows how the tables are made of cards or less. And how bankers have had an easy ****ing ride for ages. I await TDD and St George. Edited 15 December, 2008 by TopGun Link to comment Share on other sites More sharing options...
saint1977 Posted 15 December, 2008 Author Share Posted 15 December, 2008 (edited) Supposedly the golden girl Nicola Horlick... her fund is 35% in on this fraud. Shows how the tables are made of cards or less. And how bankers have had an easy ****ing ride for ages. I await TDD and St George. The whole system is as rotten as a pear. It's all very well Cameron wanting to make those involved accountable but remember David, Maggie's de-regulation started all of this although this is far from an anti-Tory post as Blair and Brown are even more culpable IMO. Brown in particular has let investment banks and hedge funds dodge tax that most small businesses have had to bear and this is why we've been so popular with the likes of Abramovich. This is a real chance for the Tories to reinvent themselves away from the disasterous later Thatcher years (not the TU-Busting earlier ones) in a One Nation mould and to support people that want to kick on in life whilst shunning big corporations and the creaming off of so much money and assets. Hard work leading to prosperity over greed for the sake of it. State funding of parties and kick the corporates out of UK politics. As for Madoff, he's proof that Wall St/The City is full of manure and it's no better than going into your local branch of Ladbrokes and sticking several Billion on a horse. Real money has to be earned by real work eventually. Bet Coventry fans are fearful now, SISU stand to get decimated by this, if they went into administration that would only leave 2 relegation spots to fight for. Even our green, raw side might stand some chance on those odds. Edited 15 December, 2008 by saint1977 Link to comment Share on other sites More sharing options...
TopGun Posted 15 December, 2008 Share Posted 15 December, 2008 The whole system is as rotten as a pear. It's all very well Cameron wanting to make those involved accountable but remember David, Maggie's de-regulation started all of this although this is far from an anti-Tory post as Blair and Brown are even more culpable IMO. Brown in particular has let investment banks and hedge funds dodge tax that most small businesses have had to bear and this is why we've been so popular with the likes of Abramovich. This is a real chance for the Tories to reinvent themselves away from the disasterous later Thatcher years (not the TU-Busting earlier ones) in a One Nation mould and to support people that want to kick on in life whilst shunning big corporations and the creaming off of so much money and assets. Hard work leading to prosperity over greed for the sake of it. State funding of parties and kick the corporates out of UK politics. As for Madoff, he's proof that Wall St/The City is full of manure and it's no better than going into your local branch of Ladbrokes and sticking several Billion on a horse. Real money has to be earned by real work eventually. Bet Coventry fans are fearful now, SISU stand to get decimated by this, if they went into administration that would only leave 2 relegation spots to fight for. Even our green, raw side might stand some chance on those odds. Good post. Link to comment Share on other sites More sharing options...
sfcuk fan Posted 16 December, 2008 Share Posted 16 December, 2008 The whole system is as rotten as a pear. It's all very well Cameron wanting to make those involved accountable but remember David, Maggie's de-regulation started all of this although this is far from an anti-Tory post as Blair and Brown are even more culpable IMO. Brown in particular has let investment banks and hedge funds dodge tax that most small businesses have had to bear and this is why we've been so popular with the likes of Abramovich. This is a real chance for the Tories to reinvent themselves away from the disasterous later Thatcher years (not the TU-Busting earlier ones) in a One Nation mould and to support people that want to kick on in life whilst shunning big corporations and the creaming off of so much money and assets. Hard work leading to prosperity over greed for the sake of it. State funding of parties and kick the corporates out of UK politics. As for Madoff, he's proof that Wall St/The City is full of manure and it's no better than going into your local branch of Ladbrokes and sticking several Billion on a horse. Real money has to be earned by real work eventually. Bet Coventry fans are fearful now, SISU stand to get decimated by this, if they went into administration that would only leave 2 relegation spots to fight for. Even our green, raw side might stand some chance on those odds. That is something that I had noted. Did we have a lucky escape by not being taken over by Sisu ? Link to comment Share on other sites More sharing options...
Pancake Posted 16 December, 2008 Share Posted 16 December, 2008 That is something that I had noted. Did we have a lucky escape by not being taken over by Sisu ? I cant for the life of me find any reference online (bar this site) linking SISU to the Madoff scam. Can someone post a link please? Link to comment Share on other sites More sharing options...
bridge too far Posted 16 December, 2008 Share Posted 16 December, 2008 Every day, I wake up thankful that I invest with an ethical bank instead of with a get rich quick merchant But I feel very sorry for 'small' investors who have lost houses and pensions because of this awful scam. Link to comment Share on other sites More sharing options...
St Landrew Posted 16 December, 2008 Share Posted 16 December, 2008 Every day, I wake up thankful that I invest with an ethical bank instead of with a get rich quick merchant But I feel very sorry for 'small' investors who have lost houses and pensions because of this awful scam. Every day I wake up thankful that I have no money to invest..! Link to comment Share on other sites More sharing options...
Guest Dark Sotonic Mills Posted 16 December, 2008 Share Posted 16 December, 2008 Every day I wake up thankful that I have no money to invest..! Indeed, currently the RBS are very concerned at the level of their deposit in the bank of DSM. Link to comment Share on other sites More sharing options...
saint1977 Posted 16 December, 2008 Author Share Posted 16 December, 2008 I cant for the life of me find any reference online (bar this site) linking SISU to the Madoff scam. Can someone post a link please? It's less a link but more of an observation that Hedge Funds - of which SISU are one - are being dropped like hot potatoes in the markets. Some are not making the huge profits that they were and many are not getting the investment at all. It doesn't just hit the super rich either - it reduces inter-organisational and bank lending further and hits pensions. Hedge Funds have been a key growth engine in the last 10 years but confidence in them has been shattered and the bubble may be about to burst badly. Link to comment Share on other sites More sharing options...
RoswellSaint Posted 16 December, 2008 Share Posted 16 December, 2008 Every day, I wake up thankful that I invest with an ethical bank instead of with a get rich quick merchant But I feel very sorry for 'small' investors who have lost houses and pensions because of this awful scam. For once it seems that it is the rich guys that got scammed this time - from what I have read so far. BTW, is there such a thing as an ethical bank anymore? Link to comment Share on other sites More sharing options...
bridge too far Posted 16 December, 2008 Share Posted 16 December, 2008 For once it seems that it is the rich guys that got scammed this time - from what I have read so far. BTW, is there such a thing as an ethical bank anymore? There is in the UK - the Co-operative Bank. I doubt there is in the US, quite frankly. Roswell, I think some individual investors (pension plans) got their fingers burned too. Link to comment Share on other sites More sharing options...
RoswellSaint Posted 16 December, 2008 Share Posted 16 December, 2008 There is in the UK - the Co-operative Bank. I doubt there is in the US, quite frankly. Roswell, I think some individual investors (pension plans) got their fingers burned too. There probably are several small banks in the US that would qualify as ethical, just hard to find among the big names. The current banking mess probably has my dad, a salt of the earth, career small town banker, spinning in his grave. He hated what he saw happening to the banks even back in the 80's. Link to comment Share on other sites More sharing options...
Seaford Saint Posted 16 December, 2008 Share Posted 16 December, 2008 Hampshire County council got a mention because they have invested their pension with madoff Link to comment Share on other sites More sharing options...
dubai_phil Posted 16 December, 2008 Share Posted 16 December, 2008 The trouble with all this bank stuff is a sort of collective insanity. What ever happened to the old maxim "If it's too good to be true, it probably is" I had a savings plan in a professional operation, it's already lost 40% of what I put in for my pension before this happened. It isn't just the rich, it is people who put money into funds who put money into funds who put money into the likes of Madoff. I'm with the lock them all up and throw away the keys brigade. All this debt boom was just like this city - all built on sand and no substance Link to comment Share on other sites More sharing options...
saint1977 Posted 19 December, 2008 Author Share Posted 19 December, 2008 http://news.bbc.co.uk/1/hi/england/hampshire/7785077.stm Looks like it wasn't as bad as the Icelandic scandal but backsides will still be on the line at the Castle. Moreover, plenty of wealthy investors will be asking why the Hedge Funds they used neglected to carry out proper checks. The next few years are going to be very painful as the amount of available credit shrinks against the huge debt burden and the reduced tax income (a frightening amount of Income Tax & VAT debt is effectively uncollectable) will hit public services, no doubt about it. However, long-term the warnings were there about levels of business and personal debt and sub-prime - I mean there were TV documentaries years ago about Northern Rock's board's antics. The fact that we will now have a sizeable stake in big banks and some big companies gives us a chance to repair capitalism, make is sustainable again, stop the bull and blinding by science and make great pay for great work the order of the day. Creaming off millions in Golden Handshakes, Goodbyes and easy bonuses is a thing of the past and people need to adjust to it. If CEOs want state aid, they have to take huge pay cuts and sign away unrealistic bonuses - our money, our rules. Link to comment Share on other sites More sharing options...
bridge too far Posted 19 December, 2008 Share Posted 19 December, 2008 It would seem from this http://news.bbc.co.uk/1/hi/business/7790161.stm that the public sector is in a fairly good state to meet increased demand and falling revenues. It remains to be seen if this is the case. Tonight on BBC1 10 o'clock news (I think) Robert Peston is going to talk about 'new' capitalism. Should be interesting, I think. Link to comment Share on other sites More sharing options...
saint1977 Posted 19 December, 2008 Author Share Posted 19 December, 2008 It would seem from this http://news.bbc.co.uk/1/hi/business/7790161.stm that the public sector is in a fairly good state to meet increased demand and falling revenues. It remains to be seen if this is the case. Tonight on BBC1 10 o'clock news (I think) Robert Peston is going to talk about 'new' capitalism. Should be interesting, I think. Thanks for the heads up, I'll make a point of watching that. Link to comment Share on other sites More sharing options...
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