Europe recently held its bonds sales, and the only US bank allowed to appear was Morgan Stanley, JP Morgan and Goldman Sachs were excluded from the lucrative offerings worth hundreds of billions of euros
European Governments angry over what they see as a banking system that puts profits above the stability of the banking system itself no longer have the confidence that the excessive risk-taking culture of the big Wall Street banks has changed and they still cannot be trusted.
Arlene McCarthy, vice chair of the European parliament’s economic and monetary affairs committee stated “It is no surprise therefore that governments are reluctant to do business with banks that have failed to learn the lesson of the crisis. The banks need to acknowledge the mistakes that were made and behave in an ethical way to regain the trust and confidence of European governments”
European sovereign bond league tables are now dominated by European banks such as Barclays Capital, Deutsche Bank, and Société Générale, the Dealogic table shows. Their business model is usually seen as more relationship-based, while US investment banks have traditionally been focused on immediate deal-making.
Being left out of the government bond sales means missing out on one of the highest fee-earning opportunities of the year, especially given the density of the drought in mergers and acquisitions and in the stock market flotation’s!
Western European governments need to raise an estimated half a trillion dollars this year to refinance debts and pay for bank bailouts and rising unemployment.
Banks typically take a percentage of the total deal value for underwriting a bond issue, which could run into tens of millions given the ballooning sovereign debt sales this year. On a 1% fee, Barclays Capital would have pocketed $92m (£61m) from the $9.2bn European bonds it helped sell.
But the European governments have turned their back on Americas too big to fail, with a sharp criticism for the management and direction our banks have taken and the apparent assent from the white house.
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Once again the Vatican is under attack, but from within, as the Vatican once again finds itself at the center of a gay sex scandal involving a young chorister who allegedly procured men, including at least one seminarian, for a lay member of one of Pope Benedict’s inner circles.
Sex scandals are not a new phenomena with the Catholic Church sexual abuse has been a dominate factor in multi millions of dollars in settlements which have included some of the highest ranking church leaders.
The Church whose membership has recently undergone a divergence of views still clings to the centuries old agenda of avoiding adhocracies
Priests and nuns must remain abstinent and married to the church as such the church draws only those individuals who have their own agenda. And accordingly there is a vast amount of indiscretion within the circle of church officials
Planners and statisticians raised warning flags years ago. They said a steady decline in the number of men becoming priests coupled with thousands of ordained men turning in their collars added up to a looming crisis, which may yet be the downfall for one of the oldest pillars of Christianity
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The US has established a rival militia an anti Taliban force that has raised questions of not only the wisdom of this force but their future loyalty as well as the potential for Taliban infiltration.
US officials and Special Forces commanders in Kabul refuse to discuss them or even to acknowledge their existence.
However it is now known that they were established by the US to patrol villages close to the key southern city of Kandahar, the fighters wear bright yellow reflector belts so that their Special Force handlers do not mistake them for Taliban.
Mindful that these colorful belts could become a valuable currency in a conflict where subterfuge and camouflage are standard tactics, officers count them out and count them back at the end of each day.
The plan has been pushed by Stanley McChrystal, the top US commander in Afghanistan. US allies have been kept in the dark about the militia, which are run by a US Special Forces command that sits outside of Nato control.
There are divisions within the US government over the issue, with one official saying Karl Eikenberry, the US ambassador, is deeply skeptical about the scheme.
It is not widely supported by people living in the valley. One of the main fears is that if payments dry up, as the tendency has been, the informal police forces as they are referred to will turn to extortion and stealing from the local population to sustain themselves.
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Disclaimer: Never invest in any stock featured on our site or emails unless you can afford to lose your entire investment. CRWEFinance.com publisher and its affiliates and contractors are not registered investment advisers or broker/dealers. Our disclaimer is to be read and fully understood before using our site, reading our newsletter or joining our email list. Release of Liability: Through use of this website viewing or using, you agree to hold CRWEFinance.com report and Crown Equity Holdings, Inc. CRWE, its operators, shareholders, employees and/or contractors harmless and to completely release them from any and all liability due to any and all loss (monetary or otherwise), damages (monetary or otherwise) that you may occur. (read more ) Rule 17B requires disclosure of payment for investor relations.
For a thousand years, war has been the panacea of governments, with plunder as its greatest virtue. But today War isn’t what it has been. We live in a time where pilotless aircraft bomb and civilians are emasculated, where the enemy is around and often within our friendly circle, where friend and foe are the least known until we turn our back.
But this hasn’t stopped us. War is still the greatest profit machine known, but not for the common man, for the industrialist who power the Military Industrial Complex that require war to justify their existence.
War once used to generate employment, no longer carries that illusion today an economy based on war is not only a false economy but proffers a faltering display of wealth.
Yet we pander war.
Joe Biden, speaking for President Obama prompts Israel over Iran, with the illusion of something less than real, the undocumented nuclear build up.
Iran denies such intent, and those who are in the know have defended Iran, does the world know something kept from us?
Certainly Israel has a right to defend itself, as do we in the US, but to be sure evidence must be real and sustainable lest we embark on another folly and elicit countless and needless numbers of additional deaths to our consciousness.
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According to a survey from the Employee Benefit Research Institute’s annual Retirement Confidence survey, the percentage of workers who have less than $10,000 in savings grew to 43% in 2010, from 39% in 2009,
Workers who said they had less than $1,000 jumped to 27%, from 20% in 2009.
The gap between what Americans have saved and what they’d need for retirement is forcing workers to prolong their working years.
The Government is adding to this dilemma by increasing the age of retirement and the commencement of Social Security to 67, and possibly even later, the attitude seems to be that since Americans are living longer they should work longer before they consider retirement.
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Disclaimer: Never invest in any stock featured on our site or emails unless you can afford to lose your entire investment. CRWEFinance.com publisher and its affiliates and contractors are not registered investment advisers or broker/dealers. Our disclaimer is to be read and fully understood before using our site, reading our newsletter or joining our email list. Release of Liability: Through use of this website viewing or using, you agree to hold CRWEFinance.com report and Crown Equity Holdings, Inc. CRWE, its operators, shareholders, employees and/or contractors harmless and to completely release them from any and all liability due to any and all loss (monetary or otherwise), damages (monetary or otherwise) that you may occur. (read more ) Rule 17B requires disclosure of payment for investor relations.
