xoxo!
Saturday, March 17, 2012
Friday, March 16, 2012
Hector Sants Resigns Again
Hector Sants (CEO of the failed, and soon to be defunct, FSA) has finally resigned from office.
He had resigned once before in 2010, and was due to leave in the summer of that year. However, he was persuaded by George Osborne to stay on to become deputy governor of a new regulator due to "go live" in 2013:
"As predicted on this site, George Osborne has sounded the death knell of the ineffectual and inept FSA (ironically, despite its lousy performance, FSA staff were paid nearly £22M in bonuses last year).
Osborne has stated that it will cease to exist in its current form, and a "Consumer Protection and Markets Authority" will be created.
Hector Sants, the CEO of the FSA, will stay to become the new deputy governor and chief executive of the new regulator. That announcement is to be treated with a degree of scepticism. The new body will be considerably less powerful than the FSA, and it is likely that as soon as the transition has occurred Sants will depart (as this in effect a demotion)."
As noted, this was in effect a demotion, as the Bank of England's role is to be considerably enhanced. Therefore it is not surprising that Sants has decided to step down this summer, his role in the new Prudential Regulatory Authority (PRA) body will be taken on by the Bank of England's Andrew Bailey.
Despite persuading him to stay on in 2010, Osborne doesn't seem to have offered official public thanks to Sants for his work.
He had resigned once before in 2010, and was due to leave in the summer of that year. However, he was persuaded by George Osborne to stay on to become deputy governor of a new regulator due to "go live" in 2013:
"As predicted on this site, George Osborne has sounded the death knell of the ineffectual and inept FSA (ironically, despite its lousy performance, FSA staff were paid nearly £22M in bonuses last year).
Osborne has stated that it will cease to exist in its current form, and a "Consumer Protection and Markets Authority" will be created.
Hector Sants, the CEO of the FSA, will stay to become the new deputy governor and chief executive of the new regulator. That announcement is to be treated with a degree of scepticism. The new body will be considerably less powerful than the FSA, and it is likely that as soon as the transition has occurred Sants will depart (as this in effect a demotion)."
As noted, this was in effect a demotion, as the Bank of England's role is to be considerably enhanced. Therefore it is not surprising that Sants has decided to step down this summer, his role in the new Prudential Regulatory Authority (PRA) body will be taken on by the Bank of England's Andrew Bailey.
Despite persuading him to stay on in 2010, Osborne doesn't seem to have offered official public thanks to Sants for his work.
Greece Under Foreign Occupation
Greece will have foreign financial experts, monitoring its "progress", in situ for at least the next two years.
Thursday, March 15, 2012
Emergency Oil Reserves Tapped
The US and UK have agreed (ahead of the US fleet boosting its presence in the Gulf, and SWIFT cutting Iran off from the world's financial system) to release reserves of emergency oil stocks.
UPDATE
The Whitehouse are currently denying the veracity of this report. Meanwhile the "inaccurate" report has had the desired effect of driving oil prices lower.
Funny that!
FURTHER UPDATE
The Prime Minister's official spokesman re Obama Cameron talks has admitted that the issue was discussed:
"The issue of oil supply was discussed but no decisions were made."
You can rest assured that the decision has been been made, and will be implemented on a predetermined date/event.
UPDATE
The Whitehouse are currently denying the veracity of this report. Meanwhile the "inaccurate" report has had the desired effect of driving oil prices lower.
Funny that!
FURTHER UPDATE
The Prime Minister's official spokesman re Obama Cameron talks has admitted that the issue was discussed:
"The issue of oil supply was discussed but no decisions were made."
You can rest assured that the decision has been been made, and will be implemented on a predetermined date/event.
Greece Is A Busted Flush - Greece Printing Its Own Euros
I have written on this site before that Greece is a busted flush. However, those of you who still doubt this, and cling to the hype spewed forth by the Eurozone that the second bailout will fix Greece may care to consider the following:
1 Greece is now printing its own Euros, because it has nothing left of value to offer the ECB as collateral for Emergency Liquidity Assistance (ELA)
2 Greece's unemployment rate rose to 20.7% percent in the last three months of 2011. Youth unemployment now stands at a staggering 40%.
3 Evangelos Venizelos (a rat leaving the sinking ship) has resigned as finance minister, thus undermining any attempts by Greece to push through the financial reforms it agreed to in exchange for the second bailout.
Greece is a busted flush!
1 Greece is now printing its own Euros, because it has nothing left of value to offer the ECB as collateral for Emergency Liquidity Assistance (ELA)
2 Greece's unemployment rate rose to 20.7% percent in the last three months of 2011. Youth unemployment now stands at a staggering 40%.
3 Evangelos Venizelos (a rat leaving the sinking ship) has resigned as finance minister, thus undermining any attempts by Greece to push through the financial reforms it agreed to in exchange for the second bailout.
Greece is a busted flush!
James, Age 2 (A Photo Word Collage)
I used Picasa to edit this photo. Picasa is a free photo editing software that is very user-friendly.
After uploading the photo, you click on "Text"
Then you can chose your font (whatever fonts you have on your computer), move them around, make them bigger or smaller, and choose what color you want to use. Then just hit "Apply" and save the picture.
*********
Subscribe to:
Posts (Atom)