| Le rogue trader
TROUBLE had been expected but nothing like this. Widespread concerns that Société Générale, France’s second-largest bank by market capitalisation, had more subprime-related woes to reveal were proved right on Thursday January 24th, with the announcement of a €2.05 billion ($3 billion) write-down on its exposure to mortgage-related investments and to creaking bond insurers. But those numbers were a sideshow to something far more shocking. The bank also revealed that a single trader had racked up a further €4.9 billion loss by taking unauthorised bets on futures linked to European stockmarkets. Trading in SocGen’s shares were suspended on Thursday morning but it will not escape punishment. .
Share market plunges
Wall Street itself was closed for a holiday, but a big fall on a key futures contract signalled a slump on the opening tonight. Tags: business-economics-and-finance, finance-markets, stockmarket, futures-markets, currency-markets, australia .
Refco ex-VP pleads guilty
A former senior executive at Refco Inc. became the first company official to plead guilty to defrauding investors in the failed trading giant on Wednesday, one day after a Mayer Brown lawyer was indicted on criminal charges.
Santo Maggio, former executive vice president, admitted in a New York federal court that he "participated with others to hide the true financial health of Refco." He worked at Refco from the late 1990s to October 2005, when the futures and commodities broker collapsed after disclosing that an entity partially owned by former Chief Executive Phillip Bennett owed the company about $430 million.
The debt stemmed from client losses that had piled up since the mid-1990s, according to federal prosecutors. Mayer Brown partner Joseph Collins, who represented Refco for more than a decade, helped hide the debt for several years, prosecutors charge in his indictment.
Probe: Soc Gen trader had no accomplice
Investigators of a $7 billion fraud at French bank Societe Generale say that the only trader implicated in the scandal acted alone. Investigators also said Wednesday they found no evidence that there were any personal monetary gains made through the allegedly unauthorized positions taken by futures trader Jerome Kerviel. In an interim report, internal investigators at France's second-largest bank said procedures were followed correctly but they failed to stop Kerviel, 31, who is accused of carrying out trades that forced the bank to mop up almost 5 billion euros ($7.33 billion) in losses. "At this stage of the investigations, there is no evidence of embezzlement or internal or external complicity," according to a report by a committee charged with investigating the losses.
Tuesday Morning Rangers Notes
It should take little more than a brief glance at my most recent piece to determine who falls into which category. Quite an admission coming from somebody whose sports idol growing up during the mid-90's was, in fact, Jason Kidd. Or, for that matter, coming from somebody who was devastated to the brink of tears at the age of nine, when Kidd was dealt to the Phoenix Suns in December 1996. But those days have long since passed. And though I'll always hold a special place in my heart for Kidd, the magic that once upon a time drew me in to the point of downright obsession with the Mavericks is gone. Probably forever. As far as I'm concerned, however, that same magic has just begun with Ian Kinsler and the Rangers. With that bit of sports reminiscing out of the way, onto some of the latest Rangers-related quick hits! ● According to T.R.
Wal−Mart and bondinsurers sets the stage for today's trading
Credit Suisse fell 9.2 percent to 51.55, the most since October 2002, after saying it wrote down the value of some asset-backed securities in the first quarter. Net income in the first quarter to date will be reduced by about $1 billion, the Zurich-based bank said in an e-mailed statement today. BNP Paribas SA, France's biggest bank, slipped 1.2 percent to 59.7 euros after Bernstein cut its price estimate 18 percent to 69 euros, citing a reduction in earnings forecast for lenders taking account of a possible recession in the U.S. Bernstein cut its price forecast on UniCredit SpA, Italy's largest bank, 9 percent to 6.1 euros. The stock slid 1.5 percent to 4.85 euros. Credit Agricole SA, the country's second-largest bank, dropped 3.4 percent to 17.27 euros.
How Brand Utility Changes the Ad Model Online
On top of that, we often want to participate in and even be part of the entertainment (this desire to participate is nothing new really; it's called "folk culture"!). This is where the brand as a utility fits in. Instead of funding online entertainment by interrupting it with messaging (or force-fitting it with product placement), marketers can start doing things that enrich the audience's entertainment. Brands can provide, enhance, and develop Web 2.0 (define) technologies that accompany entertainment as part of our evolving viewing habits. How do we support entertainment with brand utilities? Luckily for advertisers, Web 2.0 technologies are cheaper and more accessible than ever. Marketers must learn about the existing and emerging technologies available to them.
Snowkite expedition to cross North Dakota begins Monday Feb, 11th
Snow kiting is another way to demonstrate that conservation not only saves and pays, but it can be a lot of fun to boot! Snow kiting expedition to cross North Dakota Their first attempt at this snowkiting expedition last year had to stop because of open water and lack of snow. This years expedition to snowkite across begins Monday Feb 11th. You can keep track of our adventurers with daily call in reports starting Monday Feb 11th on KFGOs Jack and Sandy show. March 1st, they'll make their premier presentation of the expedition from 9 am to noon at the historic Fargo Theater. Tune in to Jack and Sandy and come to the Fargo Theater 9 am to noon March 1st to learn more and show your support. No admission thanks to the sponsors of the event.
Rewards spur China’s gold rush
After more than doubling production in the past two years, the managers at the Habahe Huaitai gold mine in Xinjiang have factored in a similar surge this year. There are numerous reasons for the rise, including better knowledge about the project's reserves, but above all, a spokesman said, increases are being driven by higher global gold prices. .
|
