Posted by seumasach on October 26, 2008
All of this only confirms that it is nonsense to talk of the government nationalising or part-nationalising the banks.
Time for government to insist that loopholes are closed
Ian MacWhirter
It has always been a scandal that banks connived with wealthy clients to use offshore tax havens to avoid paying income tax. But the use of offshore vehicles by banks such as Northern Rock and Royal Bank of Scotland has had far more profound consequences than loss of tax revenue.
Posted in Financial crisis | Tagged: financila collapse, off-shore tax havens | Leave a Comment »
Posted by seumasach on October 21, 2008
21st October, 2008
French President Nicolas Sarkozy has called on European Union countries to set up their own sovereign wealth funds.
Posted in Uncategorized | Tagged: financila collapse, Multipolar world | Leave a Comment »
Posted by seumasach on September 16, 2008
Bank of America is buying Merrill Lynch for $45 billion, AIG needs an emergency $40 billion bail-out from Uncle Sam to stay afloat, and Lehman Bros is kaput. Whew! The financial world has been turned upside-down overnight and the opening bell hasn’t even rung at the NYSE. It’ll be a rough day of trading ahead. Paul Krugman summed up the prevailing feeling of anxiety on Wall Street like this:
“Will the U.S. financial system collapse today, or maybe over the next few days? I don’t think so — but I’m nowhere near certain. You see, Lehman Brothers, a major investment bank, is apparently about to go under. And nobody knows what will happen next.”
Posted in Financial crisis | Tagged: failing banks, financila collapse, Lehman | Leave a Comment »
Posted by seumasach on September 16, 2008
“Goldman’s profits are likely to have been hit by a dramatic fall-out in commodity prices in August, an area in which the bank is known to take significant positions”
Neatly sidestepping the sub-prime market Goldman look to have been caught up in the commodities bubble. Note that oil has hit $92 on Asian markets this morning: the bubble has burst.
James Quinn
16th September, 2008
Goldman Sachs chairman Lloyd Blankfein is today expected to reassure shareholders in the top-tier investment bank about the outlook despite the turmoil facing financial markets following the collapse of Lehman Brothers.
Posted in Financial crisis | Tagged: failing banks, financila collapse, Goldman | Leave a Comment »
In These New Times 