The Stench of Corruption and Greed Overwhelms Britain's Financial Services Industry

Britain's tarnished financial services industry and banking sector seems intent on bringing about its own self destruction. Over the years there has been a litany of scandals eg:

- endowment mis-selling
- subprime mortgages
- PPI mis-selling
- LIBOR fraud
- NatWest computer meltdown
- Northern Rock, RBS etc etc to name but a few

However, it seems that the industry is determined to add to its list of self inflicted shame and dishonour. Step forward the usual suspects ie; Barclays (a familiar name), HSBC, Lloyds and RBS which have all admitted to mis-selling interest rate hedges to small and medium sized business customers.

Barclays, HSBC, Lloyds Banking Group and Royal Bank of Scotland have all agreed to immediately halt the sale of complex interest rate hedges to smaller businesses and have pledged to compensate potentially thousands of customers who have been screwed by them.

According to the Telegraph the FSA is of the view that about 28,000 businesses had been sold interest rate hedges.

Another nail in the coffin of the tarnished reputation of the UK's financial services industry.

The financial services industry is now fully immersed in its own self created shit, and quite clearly is on the verge of implosion.

End of the Bed Bench

For forever, I've had my eye on the Colette bench from Crate & Barrel for the foot of our bed.  I love the sleek design, linen fabric, and nailhead trim, and the dimensions were perfect. 

But I couldn't bring myself to pay that much for it- $599 plus tax and shipping charges.  

So, I kept looking for less expensive alternatives.  I found some below and of course, pinned them to my Pinterest board.  

I finally chose a bench after seeing a reasonably priced one on Overstock, at just $250 including shipping!  It's the Renate Coffee Table Ottoman




It got good reviews for the fabric and I think the dimensions are right (18 inches high x 28 inches wide x 48 inches deep) since I didn't want one that was too short for our king-sized bed.  I'm thinking of painting the legs, but we'll see after it arrives, which should be Monday! I love fast shipping!

I'll be sure to show you what it looks like in person as soon as it arrives!

Have a great weekend!

Diamonds Aren't Forever!

Despite saying that he won't resign, the smart money is on Bob Diamond resigning from Barclays within a matter of days.

Question For The British Bankers Association

Why are you only now "shocked" at the revelations about LIBOR being rigged, when over three years ago Zerohedge wrote the following?

"Everyone knows there is something very screwy about LIBOR...."

You could have asked your board to investigate at the time, the board is after all rather well placed to know what is going on with LIBOR as it contains senior executives from banks such as Barclays.

Barclays Shares Collapse

Barclays shares are now down 10%.

This is the largest fall in nearly a year.

I wonder where bottom is?

Hostess/Housewarming Gift

Our super sweet friends were kind enough to host us at their home in Austin for a weekend visit.  I didn't plan far enough in advance to bring them a gift during our stay, but I was sure to send a little thank you when we got back home.



These perfectly packaged bar soaps were $5 at World Market and I know our friends (well, especially the wife) would love them.

Each soap is individually wrapped in a beautiful floral paper and they smell so good.  

Although I do believe our friends will enjoy this gift, I understand that it really is the thought, energy, and intent behind the gift that means so much.  The time to write a handwritten word of thanks is extra special in our face-paced and what can be, impersonal, world of emails and text messages.

I realized later that I could have been crafty and frugal and wrapped a less expensive bar of soap and labeled it myself, like I saw on Creature Comforts blog.

via Creature Comforts Blog 

Isn't that cute?! (By the way, Creature Comforts is a new-to-me-blog that I got happily lost in for well over an hour after popping over last night.  I think you might like it too.)



Do you have a great hostess or housewarming gift you've given or received?  I'd like to collect a few things and have them ready to go so I don't show up empty-handed next time!

Osborne's Statement on Barclays Fraud

I see that the Treasury state that George Osborne is to make a statement on the Barclays fraudulent manipulation of LIBOR:

"HM Treasury ‏@hmtreasury

The Chancellor will be making a statement to Parliament at around 1215 about the FSA investigation into bank borrowing rates, known as LIBOR"

You will observe that they have politely avoided using the word "fraud".

Whilst the avoidance of the word "fraud" may suit the sensibilities of those in Whitehall I suspect that, once people who owe Barclays money (eg mortgages, personal loans etc) wake up to the fact that the rates that they paid were based on the fraudulent manipulation of LIBOR, the word "fraud" will be liberally peppered across the myriad of class action suits that are bound to arise.

Barclays Fined $450M for Libor Manipulation - Dude I Owe You Big Time!

Barclays will pay at least $450M to US and British authorities to settle a probe into the manipulation of Libor.

Page 15 FSA Report:

"On 26 October 2006, an external trader made a request for a lower three month US dollar LIBOR submission. The external trader stated in an email to Trader G at Barclays 

“If it comes in unchanged I’m a dead man”. Trader G responded that he would “have a chat”. Barclays’ submission on that day for three month US dollar LIBOR was half a basis point lower than the day before, rather than being unchanged. 

The external trader thanked Trader G for Barclays’ LIBOR submission later that day: 

“Dude. I owe you big time! Come over one day after work and I’m opening a bottle of Bollinger”.

Libor is the benchmark for about $360 trillion worth of financial contracts worldwide. 

The fine of course may be but the tip of the iceberg, if victims of this manipulation (eg mortgage holders) were to sue Barclays via a class action.

Barclays Rigs Libor

Advice from Zerohedge to anyone with a Barclays variable rate mortgage between 2005 and now:

"Our advice to anyone who had an adjustable rate mortgage in the period between 2005 and today: sue the living feces out of Barclays, and all other banks who crawl out of the woodwork with purported settlements. 

Because due to their undisputed mark manipulation, it is absolutely safe to say that ARMs, which rely on Libor for interest rate formation, were grossly manipulated by the same idiot traders who left written evidence of their manipulation year after year. 

Now it is their turn to pay."

Greece Will Run Out of Money By Mid July

Source @Pawelmorski

Cupcake Pin Cushions

When I decided to take up sewing, I thought first of my Grandma, the handiest, thriftiest woman I know.   She said I should get a basic Singer sewing machine, so off to the store I went and came home with my first machine.  I've still never made anything other than pillows and curtains, but my Grandma encourages me.  Look at the adorable cupcake pin cushion she sent me- so sweet!  Using it reminds me of her and I love that feeling.

She also sent me this handy pin cushion/scrap pail.  The pin cushion is filled with sand so it keeps the pail from falling off the sewing table.  I adore the fabric- precious little flowers on a lively green background.  

My Grandma and I don't live close, so these tangible gifts help me feel near to her.  And she reads my blog daily- looking mainly looking for pictures of James:)



If you'd like to try making your own pin cushion, for yourself or a friend, you can check out the tomato pin cushion tutorial via Martha Stewart.

Question For NatWest and Stephen Hester

Where's my money?

Greek Government Disintegrates

Having lost its Finance Minister the Greek government, of less than a week, has now lost its Deputy Minister for Shipping (Vernikos) who has resigned this afternoon.

Greece Names New Finance Minister

With the resignation of Vassilis Rapanos the yet to be sworn in Greek Finance Minister, from his hospital bed on Monday, Greece's new Finance Minister has been named as Yannis Stournaras (the man who led Greece into the Euro using fraudulent data).

It is assumed that he will be able to remain in office at least long enough to be sworn in, before being rushed to hospital.

Above, in case you are wondering, is a photo of the Athens Finance Ministry (courtesy of ZDF).

The BLT

Typically on summer nights our dinners tend to be a little lighter, and lately we've been enjoying a simple BLT sandwich.  It's absolutely delicious and so easy to prepare.  And cleanup is a breeze since you're not really cooking, rather, assembling.

=

Y U M M Y!

For these sandwiches I used a fresh tomato slices, thick cut bacon and butter lettuce.  French bread lightly toasted with a spread of mayo brings it all together.

I could eat these everyday! What's your go-to summer dinner lately?

NatWest's Death March To Self Destruction II

Day 8 of NatWest's ongoing death march, and NatWest sent the following email to their hapless customers this morning at around 07:48:

"Dear ****,

We know that our current technical issues may still be impacting a number of our customers as we work to clear the backlog.

To make it easier for our customers experiencing difficulties accessing cash we have made the following arrangements. All our current account customers who have an RBS, NatWest or Mint credit card in good order can now:

*	Withdraw up to an additional £100 over their limit on their credit card, with over-limit fees or charges automatically waived or refunded
*	For Cash withdrawals on their card, cash advance fees as well as one month's worth of interest on the transaction will be waived or refunded

For all current account customers we will:

*	Automatically waive or refund overdraft fees and charges on current accounts for customers who have been impacted

We are making these commitments today and there is no requirement for any customer to take further action to benefit from these changes.

We appreciate this has caused an unacceptable level of inconvenience, and to help further we are again extending opening hours in over 900 NatWest branches from 8am until 7pm today.

For further support, please call us on either 0161 931 9959, 08457 77 77 66 or 0800 656 9639. Alternatively, for the latest information and answers to common questions please visit natwest.com

Yours sincerely,


Chris Popple
Managing Director, Retail Banking"

On the NatWest site Stephen Hester (CEO of RBS) is expecting the problems to last all week, as branches are going to remain open longer than normal all week:

"The problems of the past few days have caused disruption and inconvenience for our customers as well as for many customers of other banks. 

I am very sorry for the difficulties people are experiencing. Our customers rely on us day in and day out to get things right, and on this occasion we have let them down. This should not have happened.

Right now my top priority, and the priority of the entire RBS Group, is to fix these problems and put things right for our customers. 

This is taking time, but I want to reassure people that we are working around the clock to resolve these problems as quickly as we are able.

I also want to be clear that where our customers are facing hardship or difficulty we can and will help them. Our staff have already helped thousands of customers to access cash and we will continue to provide this service on a 24 hour basis while we work to resolve the problems. 

I also want to reassure customers that no one will be left permanently out of pocket as a result of this, and again, they should contact us directly about this.

We have doubled the usual number of staff in our call centres, and for the first time ever we will open 1,200 branches across the country on a Sunday from 9am to 12pm. We are also extending opening hours in over 1,000 branches on Monday 25th June from 8am to 7pm, and on Tuesday 26th June to Friday 29th June from 8am to 6pm.

Once again I am very sorry for the inconvenience."

Customers of NatWest should be warned that various criminals are now trying to take advantage of the chaos, and are sending out phishing emails.

As to what caused the glitch rumours abound that it was caused by software upgrade implemented by an outsourced IT function in India, NatWest are currently denying this. At some stage however, they will have to identify and explain exactly what when wrong and why it went wrong.

NatWest's Death March To Self Destruction

As we enter day 7 of NatWest's technical meltdown and its death march to self destruction, the hapless and hopeless bank has warned its 17 million customers that the problems may well last for a few more days.

Neither the customers nor the financial regulators are particularity impressed with NatWest's handling of this. Andrew Tyrie, the chairman of the Commons Treasury select committee, is quoted by the Telegraph:

 “It seems scarcely credible that something like this, which has caused problems for hundreds of thousands of people, could have gone on for so long. No doubt the committee will want a full explanation.” 

Still there is good news for the shareholders. The glitch has meant that the capital reserves of NatWest have been boosted and, even better, the bank made some short term profits by providing customers with an 0845 number (ie one that costs the customers money) to ring to complain (NatWest have relented and now provide a free number and will reimburse the costs of the calls).

All in all a shambles by anyone's standards!

4th of July LINK Party!

The temperatures are rising, the days are getting longer and lazier, and the beach beckons for a splash in the water.  Summer is officially here and July 4th is just a week and a half away.  Got any plans?  We're hosting a little backyard BBQ, complete with red, white, and blue decor, hamburgers and hotdogs, beer and margaritas, and inflatable swimming pools to keep the kids cool.



I've been collecting supplies along the way like mini flags, patriotic cupcake liners and those adorable little dollar pails sold at Target.  I have no idea how it's going to all come together, but I'm really looking forward to it!

via A Field Journal

I thought it would be fun to host an impromptu LINK PARTY to celebrate the occasion.  Link up anything 4th of July related- it can be a delicious recipe, a crafty creation, or a home decor item.  Anything to celebrate the red, white, and blue is invited!



The party will go live on Sunday evening at 8:00 p.m. central time, July 1st.  I'll keep the party open until Saturday July 7, in case you want to post how you celebrated July 4th this year.  I can't wait to see what you've got to share!

Feel free to grab a button for the link party below.

NatWest Apologises

NatWest sent the following email to its customers this morning at 03:36:

"Dear *****,

We apologise to all of our customers who have been affected by our current technical issues. These resulted in money credited to customers accounts overnight not appearing in their balances as it should. This problem is strictly of a technical nature, we have fixed the initial problem and our priority has been to work round the clock to sort the backlog as soon as possible.

We appreciate this has caused an unacceptable level of inconvenience, and to help you we have over 900 of our branches extending their opening hours today until 6pm. Branches will also be open on Sunday 24th June from 9am to 12noon. Staff in our branches are ready and available to answer any customer questions and help with emergency needs.

Or, please call us at 08457 888 444.

Alternatively, for the latest information and answers to common questions please visit natwest.com

Yours sincerely,


Chris Popple
Managing Director Digital"

Stephen Hester (RBS CEO) has also issued a public apology on the NatWest website:

"Message to Customers from Stephen Hester RBS Group Chief Executive The problems of the past few days have caused disruption and inconvenience for our customers as well as for many customers of other banks. 

I am very sorry for the difficulties people are experiencing. Our customers rely on us day in and day out to get things right, and on this occasion we have let them down. This should not have happened.

Right now my top priority, and the priority of the entire RBS Group, is to fix these problems and put things right for our customers. 

This is taking time, but I want to reassure people that we are working around the clock to resolve these problems as quickly as we are able.

I also want to be clear that where our customers are facing hardship or difficulty we can and will help them. Our staff have already helped thousands of customers to access cash and we will continue to provide this service on a 24 hour basis while we work to resolve the problems. 

I also want to reassure customers that no one will be left permanently out of pocket as a result of this, and again, they should contact us directly about this.

We have doubled the usual number of staff in our call centres, and for the first time ever we will open 1,200 branches across the country on a Sunday from 9am to 12pm. 

Once again I am very sorry for the inconvenience."

There are still problems with some accounts, I for one could not draw any money out of an ATM yesterday afternoon (even though my account is in credit, the ATM told me there was insufficient funds in my account).

Greek Prime Minister In Hospital

The Greek Prime Minister Antonis Samaras has also been admitted to hospital, for surgery on his retina.

Greek Finance Minister Collapses

Seemingly Greece's new Finance Minister, Vassilis Rapanos, has collapsed and has been taken to hospital.

NatWest Technical Glitch - Day Three

NatWest and its hapless customers are having to endure a third day of technical problems with its online banking services. The problems are also affecting RBS and Ulster Bank.

The BBC reports that approximately 1,000 NatWest branches opened early today to help customers who are still unable to access their accounts because of technical problems.

NatWest said:

"Unfortunately we are once again experiencing technical issues with our systems and account balances have not updated properly overnight. 

This means where money has gone into a customer's account, there may be a delay in it appearing on their balance.

We can assure our customers that this problem is strictly of a technical nature and we continue to work hard to resolve this."

The Financial Ombudsman has advised what customers' rights are:

• Anyone out of pocket owing to a technical or systems failure has certain rights
• Banks should put customers back into the position they were in had the problem not occurred
• That does not mean extra compensation is a right
• Anyone affected should let the bank know about their situation as soon as possible
• Customers should check to see if any payments due from an account have bounced
• They should also keep a record of how the problem has affected them - just in case a formal complaint is required later

My advice to NatWest is simple, turn the system off and then on again!

my lil sweetie

Part of the fun of having kids is getting to watch how yours interact and play with your friends'.  Our 2 year old son, James, is pretty lucky to be one of the only little boys in a neighborhood full of adorable little girls.  Our good friends have the sweetest daughter and we often grab a quick bite together or sometimes catch each other walking around the neighborhood in the evenings.



The other day, we ate dinner at a local restaurant that has a huge outdoor deck where the kids could play nearby.  Aren't they just the cutest?!

And I die when James goes to hold her hand!  He loves to give hugs and kisses too, that lil heartbreaker.  

*  *  *  *  *  * 

Greece Devolves To Emerging Economy

Reuters reports that Greece is now devolving from a first world economy into an emerging economy.

MSCI has placed Greece on review for relegation to emerging market status, this will make it the first country to be thrown back out of developed equity indices.

Greece Has A Government

Samaras has been sworn in as Greece's new Prime Minister. Greece now has a government, for the time being.

The Oncoming Storm - Eurogeddon

Europe is poised to bailout Spain and Italy to the tune of £600BN, and the Telegraph reports that a  Bank of England policy maker has told traders to prepare for a devastating market seizure similar to the collapse of Lehman Brothers.

Batten down the hatches!

$100 Visa Gift Card Giveaway WINNER!

Thank you all so much for the blog birthday l o v e !  And thank you for checking out my Joss & Main Curator Collection.  It was really exciting to partner with them and I appreciate your interest and support:)  Now . . . I've been dying to see who won the $100 Visa gift card.

And the winner is  . . . 

Carol Ann, I have emailed you requesting your mailing address, so please email me back:)  

honeywerehomeblog@gmail.com

Interest Rates Under Review

The MPC has placed its interest rate of 0.5% "under review", as per the Minutes of the Monetary Policy Committee Meeting held on 6 & 7 June 2012.

The reason for the "under review" status being the ongoing deterioration of the economic situation in Europe, and "weaker economic data from the United States and emerging economies".

"Overall, the Committee judged that, at the present time, a further reduction in Bank Rate would not have any advantages over an expansion of the asset purchase programme, though it would keep the position under review."

This means that it is highly likely that rates will be reduced in the very near future.

Spanish Bank Auditors Go On Summer Holidays

The Wall Street Journal reports that the deadline for auditors from Deloitte, KPMG, PwC and Ernst & Young to present full reports on the capital needs of Spain's financial sector has been delayed from July 31 to September.

For why?

Officially the reason being presented is the need for more time to complete the evaluation, and the fact that most of Spain (especially the government) is on holiday during the summer.

Amazingly enough the auditors, and those organisations that have commissioned the auditors to do the work (ie Spain's government, the International Monetary Fund and the European Central Bank), have agreed to a delay in order to allow people to go on holiday.

There are two possible conclusions to be drawn from this absurd excuse for a delay:

1 There is in fact no urgent need for any reform or further funding of the financial sector or, more likely,

2 There is something that has yet to emerge that people want hidden for the time being.


Draw your own conclusions.

Doubtless the "crisis" will not get any worse during the summer recess!

Euro0.5Trillion EU Exposure To Greece

€ Billion	Total Exposure to Greece
Eurozone:	Austria	15.5
	Belgium	17.7
	Cyprus	1.1
	Estonia	0.7
	Finland	8.5
	France	138.9
	Germany	139.4
	Greece	7.7
	Ireland	7.8
	Italy	84.9
	Luxembourg	1.3
	Malta	0.6
	Netherlands	30.7
	Portugal	19.8
	Slovakia	2.7
	Slovenia	2.3
	Spain	55.7
Non-Eurozone:	Bulgaria	0.2
	Czech Republic	0.3
	Denmark	0.5
	Latvia	0.0
	Lithuania	0.1
	Hungary	0.3
	Poland	0.4
	Romania	0.3
	Sweden	0.9
	United Kingdom	13.5
Total		551.8

Source Zerohedge

Roadmap To Banking Union - Secret EU Summit Document

Courtesy of the Telegraph the "limite" text is secret, restricted for the "eyes only" of diplomats and officials preparing for the 28 and 29 June European Council in Brussels.

#Grexit

"Now is not the time for any kind of discounts to Greece"
 German deputy government spokesman Georg Streiter.

Source Zerohedge.

Homemade Cookies in a Gift Jar

Gifts created with our own two hands are often the best kind of gifts to give and receive- especially the food kind!  I'm reminded of one of my best girlfriends, who happens to be a great cook, bringing us  a very tasty homemade lasagna after James was born.  It was such a beautiful gift, so very needed and appreciated at the time, and I could feel the thought and heart she put into making it.  And it didn't hurt that it was delicious!

My dad is a very generous and giving man, but not so big on receiving gifts.  My brother and I know he much prefers to be the gift giver, and would only want to spend time with us on Father's Day, so we decided on making dinner for him at his house.  My brother and his wife prepared the meal, and I brought dessert- homemade chocolate chip cookies.  Who doesn't love those?!  Made straight from the back of the Nestle's Tollhouse bag of chips.  That recipe never disappoints. 

I wanted my Dad to feel special, even though I was only bringing cookies, so I delivered them in a pretty gift jar.

I got my glass jar last minute at The Container Store, but I know you can find great deals on jars of all shapes and sizes at lots of other stores or online.  

I printed out a label with my heart's sentiment and included a pretty ribbon. I fell in love with this lace ribbon tape I found at Paper Source- isn't it sweet?!  I thought it added a nice touch to dress up the lid. 

I hope your weekend was fabulous!

The Dead Cat Bounce of The Greek Election

The markets are currently going through the motions of a dead cat bounce, in response to the results of the Greek election (which did not, at this stage, put Syriza into office).

However, the results show a deeply divided nation (29.7% to New Democracy and 27% to Syriza) which is going to need a third bailout by July if it is to avoid complete financial collapse.

In other words the fundamentals have not changed, and the problems that Greece and the Eurozone face have not gone away!

Whither Project Merlin? - Osborne's Maxed Out Plan A

Kudos to Mervyn King and George Osborne for gamely trying to shore up the British economy, against the oncoming Eurozone tsunami, with a £100BN support programme.

The FT reports that:

"the chancellor told a City audience on Thursday night that he was working with Sir Mervyn King, the Bank of England governor, to “deploy new firepower” amid fears that turmoil in the Eurozone could lead to a severe credit crunch and higher interest rates in Britain.

Mr Osborne’s aides spoke of a “maxing out of Plan A” – taking advantage of the country’s record of fiscal discipline and credibility with the markets to unleash an aggressive monetary policy offering cheaper loans to businesses and households."

The markets have reacted favourably (as they always do) to "hopeful" news.

This is all very well, if one could trust the banks to lend the money on to companies and individuals. However, all that the banks will do it use the £100BN to shore up their own balance sheets.

Not one penny of this will reach the business or individuals who need it, and would be the engines of growth for the British economy.

It would be better of Osborne took the £100BN and simply dropped it from a helicopter over the UK, that way he could be sure that it will have some positive effect on the economy.

Am I being too cynical?

I don't think so, have you all forgotten the hopes and hype wrt Project Merlin?

Whatever happened to that then?

Cyprus To Ask For Bailout?

It appears that Cyprus is to ask the EU for a bailout.

The EU has stated that Cyprus hasn't asked for a bailout, but that is what the EU said about Spain last Friday.

Spanish Bonds Now Junk

Spanish bond yields have hit an unsustainable 7%, ie they have become junk.

It is as though the "bailout" of last Sunday never occurred!

$100 GIVEAWAY (2 Year Blog Birthday!)

In celebration of two years of blogging (that's 607 blog posts!), I want to give back to my readers who make this blog worthwhile, in the form of a GIVEAWAY!  

I'll be giving away a $100 Visa Gift Card to one lucky reader!

My 2 year blog birthday serendipicously coincides with the launch of my curator collection on Joss & Main.  When I began this blog, I had no idea the people I would meet, the connections I would make or the opportunities I would have.  The offer to curate a collection for Joss & Main caught me completely by surprise, but I sure had fun browsing through their offerings and choosing goodies for the sale.  You'll be able to find things like the chandelier in my closet or the pendant lights in my kitchen.  There are also natural fiber and colorful rugs, gorgeous pillows, the coolest lamps and mirrors.  I can't wait for you to see!

In case you aren't familiar with Joss & Main, they are an online retailer that sells designer home decor items for up to 70% off.  You need to be a member to shop the site, but it's FREE to join, you just need an invitation.  I understand there is a wait list, but if you use my invitation, you can bypass the wait and sign up immediately. 

TO ENTER THE GIVEAWAY:

You've got several chances to win- just come back and leave a separate comment for each.

• Visit Joss & Main and view my collection and tell me what your favorite item is (the sale starts on June 14, 2012).


• Tweet, Blog, Pinterest, or Facebook about my collection on Joss & Main.   

The WINNER will be announced on Wednesday, June 20, 2012.  

The Euro Titanic Has Now Hit The Iceberg

Advice For The Oncoming Grexit

It is clear that Greece will leave the Euro, the only uncertainty being when.

Aside from George Osborne publicly stating that Greece may be forced to leave the Eurozone (ie sacrificed) in order to save the Euro, Greek banks have seen a marked increase in the pace of bank withdrawals as the general election nears (combined daily deposit outflows from the major Greek banks have reached 500-800 million euros over the past few days, with the pace picking up as the election draws closer).

Therefore what do you do if you are planning to travel to Greece (on business or for pleasure) in the coming weeks, and are caught up in a Grexit?

My personal advice is to take some spare cash with you in a sock (or equivalent). When Greece leaves the Euro there will be, at the very least, the following "events":

- an imposition of capital and border controls,
- atms will run out of cash
- foreign banks and companies will treat Greece as a "plague ship", and stop all financial dealings in the short-term
- credit cards will not be accepted by many establishments (in fact this is already the case)
- there will be issues of street and civil disorder to contend with
- airports will be full, as foreigners rush to leave

The above "events" are not pleasant to contemplate, but anyone who is planning to go to Greece in the coming weeks needs to be aware of what may happen.

Italian Bond Yields Beyond Danger Level

Italian bond yields have gone beyond the 6% danger level this morning.

For why?

No one believes, with good reason. that the Spanish "bailout" will be anything more than a short-term palliative.

Shellac French Manicure

So, you might remember back in January I decided to do away with my acrylic nails and let my own nails grow naturally.  Many of you suggested I try Shellac- and I did!  I love it and just learned that I can get a Shellac FRENCH manicure!!  I thought you had to go with one of the pre-selected colors only.  The good thing about the Shellac is that it's actually helped me keep some nail growth and the color does stay shiny for about two weeks!



The French paint you see in the picture below has been on for 4 days, so it's pretty recent.

Pretty huh?!  Have you tried it? What colors do you like best? 

Greek Scenarios

StockPundits has noted that the senior European Commission economy spokesman, Olivier Bailly, has told reporters that the European Commission is working on various "scenarios" for Greece. Whilst there are no "plans" for a Grexit, there are most certainly discussions about it.

Joss & Main (My Curator Collection Going Live June 14)

Are you familiar with Joss & Main, the online site that sells fabulous name brand merchandise for your home and lifestyle at prices well below retail, we're talking 70% off?  Everyday, they offer new sales that last for a limited time.  For example, right now the following sales are happening:

I check out their sales every day and often find items I'd love to have.  In fact, I just ordered this cart last week!

You need to be a member to shop the site, but it's FREE to join, you just need an invite, which I've included for you HERE. 

I was recently given the very cool opportunity to curate a collection for one of their sales (seriously, pinch me!), which will go live on Thursday, June 14, 2012.  I was careful to chose items that I had in my own home or would love to have in the future.  I hope you'll check out the sale and order some new goodies for your home:)  Feel free to spread the word as the sale doesn't last long.



Joss & Main also has an online magazine, Plume, chock full of great decorating and design ideas.  I recently talked to one of the editors, Donna Garlough, about how I like to keep things organized in my home office.  You can read the article here.

See you at the Joss & Main sale on Thursday!

The Spanish "Bailout" That Dare Not Speak Its Name

The market "relief" at the Euro100BN Spanish "bailout" that dare not speak its name has been somewhat short lived, Spanish 10-year government bond yields are now back above Friday's close.

For why?

Whilst the Spanish banks may have been saved in the sort term, the fundamentals remain unchanged. Spain has the highest unemployment and the third widest fiscal deficit in Europe, and its government is not regarded as being fiscally competent.

Next in line comes Italy, for which there is not enough money in the Eurozone to bail it out.

Y Viva Espana

Q: When is a bailout not a bailout?

A: When it is a Euro100BN "recapitalisation" of Spanish banks.

Spanish Bailout Mañana III

Spain will make a formal request for a bailout after the US markets have closed tonight.

Spanish Bailout Mañana II

The Eurozone has now confirmed that there will be an emergency teleconference tomorrow to discuss the Spanish bailout (which the Spanish still deny).

Crazy for Kate Spade

Have y'all seen Kate Spade's line of technological accessories?  They are super cute! 

I indulged in the fun, diagonal striped iPad and iPhone cases.

I dig the surprise bright pop of pink inside.  

What's your screen saver?  Mine is always James, but I change out the pics. 

Have a great weekend!

Spanish Bailout Mañana

Spain will request a Eurozone bailout tomorrow (Saturday) for its failing banks, this despite the fact that the Spanish government is still denying that they will ask for a bailout and the Eurozone has yet to confirm the emergency teleconference tomorrow.

The Linkedin Security Breach

Linkedin have yet to tell its members about the recent security breach that may have put millions of passwords at risk (reports now indicate that well over 6 million may have been hacked), or advise them as to what they should do.

This is not an example of effective crisis management, and will damage the brand, reputation and share value of the company.

Those of you who have a Linkedin account should not wait for Linkedin to contact you, but are strongly advised to change your passwords to new, more secure and unique ones.

EU Admits There Is No Plan

Finally the EU has admitted to what we have known all along, namely that it has no plan.

Specifically, in the case of Spain, there has been no request from the Spanish authorities for a bank rescue and that there is no EU rescue plan for Spanish banks.

I assume that this statement is meant to somehow reassure the markets?

Just remember, and repeat, as I have said many times before:

- There was no plan
- There is no plan
- There never will be a plan

The Vacuum At The Heart Of European Economic Policy

Nature abhors a vacuum.

The "leaders" of the Eurozone and ECB may care to ponder the above statement, in relation to their inaction and non existent "plans" for resolving the Euro crisis.

For why?

A political vacuum, caused by inactive, ineffectual politicians and hare brained economic policies, will be filled by scum such as the individual in the above video.

This is a portent of the future of Europe; if the "leaders" of the Eurozone et al do not get their acts together, Europe will descend into chaos to the benefit of the scum of the extreme right and left.

D Day Anniversary

Today is anniversary of D Day; the day that the UK, USA, Canada and Free French re-entered Europe to rescue it from itself.

Judging by the inaction of the European politicians wrt the financial meltdown of Europe, it seems that another rescue from outwith Europe is required.

The EU "Master Plan"

The EU has decided to try to stop the ongoing meltdown of the Eurozone, by publishing new crisis management measures to avoid future bank bail-outs. The aim is to ensure losses are borne by bank shareholders and creditors, and minimise costs for taxpayers.

The main resolution tools are the following:

• The sale of business tool whereby the authorities would sell all or part of the failing bank to another bank;
• The bridge institution tool which consists of identifying the good assets or essential functions of the bank and separating them into a new bank (bridge bank) which would be sold to another entity. The old bank with the bad or non-essential functions would then be liquidated under normal insolvency proceedings;
• The asset separation tool whereby the bad assets of the bank are put into an asset management vehicle. This tool cleans the balance sheet of a bank. In order to prevent this tool from being used solely as a state aid measure, the framework prescribes that it may be used only in conjunction with another tool (bridge bank, sale of business or write-down). This ensures that while the bank receives support, it also undergoes restructuring;
• The bail-in tool whereby the bank would be recapitalised with shareholders wiped out or diluted, and creditors would have their claims reduced or converted to shares. An institution for which a private acquirer could not be found, or which could be complicated to split up, could thus continue to provide essential services without the need for bail-out by public funds, and authorities would have time to reorganise it or wind down parts of its business in an orderly manner. To this end, banks would be required to have a minimum percentage of their total liabilities in the shape of instruments eligible for bail-in. If triggered, they would be written down in a pre-defined order in terms of seniority of claims in order for the institution to regain viability.

Sadly, as with all EU "plans", there is a caveat. Even if these "plans" were to be enacted and to be effective, they will not come into force until 2014 at the very earliest.

These "plans" are therefore of no help or hope to the millions of people in Europe who are now unemployed, and to the millions of people who have seen their taxes squandered by EU politicians and Eurocrats who are frozen with fear and indecision like rabbits in the headlights of the oncoming financial juggernaut.

Master Sitting Room Makeover

Don't ya just love to see spaces "before" and "after"?  Sometimes progress is really slow-going and very small changes happen along the way, almost imperceptible until you add it all up and suddenly you end up with a result you're really happy with.  Case in point, our sitting room.  Not that it's "done" but it sure has come a long way.  One of the bookshelves is still bare, but the other one is styled for the time being.  And the shelves under the windows have been given some life with books and plants.  Let's take a look!

BEFORE- pretty much a blank slate.  The framed photo over the television was a birthday gift to my husband of a New York bridge, but the dark black didn't fit in with the look I was going for.  Originally, I thought it fit that area perfectly, but later I kept thinking we really needed something round there to break up all the hard lines. 

DURING- The addition of the Martha Stewart mirror from Home Depot helped lighten up the space. 

NOW- The colorful books added personality and the Made By Girl LOVE print is much more appropriate here than it was in our half bath.  The plants are really thriving here.  I water them when they start to limp and it seems to be working.  

I keep James' little chair there because he uses it to read or watch t.v. 

I picked up some books at Half Price Books and chose them by color and subject matter.

Here's the view from the master bath.  Looking at this view has me wondering if we should add drapes here??  

And we've definitely changed up the tall bookshelves, beginning with painting the cabinets and lining the backside with fabric.  

BEFORE

NOW

I just used things we already had on hand to fill in the shelves.  I probably could still use a few more books . . . 

My girlfriend got this statue for us when James was born.  So sweet. 

The woven basket holds our remote controls and keeps them where we can find them, out of James' hands.  I think I found it at Crate & Barrel.  

I didn't have a good place for this large canvas print of James, so I decided to try it in the bookcase and I like it there.  He was just two months old in those photos.  

I tried to find a few interesting pieces to add to the shelves, including the woven vase from Michael's and a decorative ball from West Elm. 

And, again, more books from Half Price Books, except Bloom, by Kelle Hampton, which I devoured in two nights!

And I've decided to keep some magazines in here too since I frequently like to read a little before bed.  

Eventually, I think I'd like to change out the big leather chair, and I still need to style the other bookshelf, which currently remains empty.  And on my nagging "to do" list is lower the two photos over the leather chair.  BUT, isn't it nice to just enjoy what you've accomplished so far, helping turn a blank space into a room that you enjoy being in?  

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