Soros on the financial storm
-
The international financier George Soros says the financial storm is set to get worse before it gets better.
Mr Soros told Newsnight that he expects more banks to collapse.
BBC News
http://news.bbc.co.uk/2/hi/business/7620195.stm -
This notorious Soros.
I don't trust him.
-
I trust him.
-
Originally posted by Poh Ah Pak:
This notorious Soros.
I don't trust him.
You don't trust his personality and character or
you don't trust what he said? -
b.b see.
-
Mahathir criticises Soros:
Malaysian Prime Minister Mahathir Mohamad has renewed his attack on U.S. based-financier George Soros in the latest issue of FORTUNE, the magazine said in a statement on Thursday. FORTUNE said that in a recent interview, Mahathir repeated his claim, first made about a month ago at the height of speculative attacks that hit all major southeast Asian currencies, that Soros was involved in the currency selling.
-
SINGAPORE (CNN) -- Hundreds of customers flocked to the Singapore office of troubled insurer American International Group Inc. (AIG) on Wednesday, many hoping to pull their investments and policies from the company.
People in Singapore queue outside the office of AIA, a subsidiary of AIG.
The crowd formed just hours after the U.S. Federal Reserve Board authorized the Federal Reserve Bank of New York to lend $85 billion to a crumbling AIG. In return, the federal government will receive a nearly 80 percent stake in the company.
One person who lined up in Singapore, retired teacher Wong Yoke Inn, said she was going to pull her investments from AIA even though it would cost her about $3,000 -- the equivalent of about $2,000 in the United States.She joined an orderly crowd whose members were each given a number and a time to return to meet with a representative of AIA Singapore -- AIG's division in the island nation.
AIA tried to allay investors concerns in a statement distributed outside the Singapore office and posted on the company's Web site."AIA Singapore has more than sufficient capital and reserves ... to meet our obligations to policyholders," the statement said.
"The funds maintained in Singapore are segregated from American International Group, Inc. (AIG) and are held specifically for the purpose of meeting our obligations to policyholders."
The U.S. government announced Tuesday night that it would act to save America's largest insurer from filing for bankruptcy. Such a move almost certainly would have further roiled world markets already reeling from the bankruptcy filling of Lehman Brothers and the sale of Merrill Lynch to Bank of America.CNN News
http://edition.cnn.com/2008/WORLD/asiapcf/09/17/aig.singapore/index.html
-
Fed rescues AIGU.S. authorities engineered an $85 billion (47.5 billion pounds) rescue of insurance giant American International Group Inc, staving off bankruptcy and bringing a measure of calm to shell-shocked global markets.The bailout, made amid a cataclysmic week for the financial sector, marks a reversal of Washington's vow not to step in and calls for the U.S. Federal Reserve to lend up to $85 billion to AIG for two years in exchange for a 79.9 percent equity stake...
http://www.swissinfo.ch/eng/news/
-
That's the least they could do after Sg helped bailed out some of their banks earlier... giving them a slight breather
-
John McCain & Barack Obama both have advisers tied to Wall Street mess
John McCain and Barack Obama both pledged to rein in Wall Street abuses Tuesday, but their campaign rosters include top advisers and moneymen with key roles in making the mess possible....
http://www.nydailynews.com/money/2008/09/16/2008-09-16
...To me, the most ominous flaw in our constitutional set-up is the fact that the federal government does not have control over of money and credit and does not have control of corporations. It is therefore not really sovereign. And it is not really responsible, because it is now controlled by these two groups, corporations, and those who control the flows of money. The new public financing of the Presidential elections is arranged so that they can spend as much as they want: voluntary contributions, not authorized by the candidate, are legal...
...To get back to sovereignty and the structure of the state, another cause of today's instability is that we now have a society in America, Europe and much of the world which is totally dominated by the two elements of sovereignty that are not included in the state structure: control of credit and banking and the corporation.
These are free of political controls and social responsibility, and they have largely monopolized power in Western Civilization and in American society. They are ruthlessly going forward to eliminate land, labour, entrepreneurial-managerial skills, and everything else the economists once told us were the chief elements of production. The only element of production they are concerned with is the one they can control: capital...
...The administrative system and elections are dominated today by the private power of money flows and corporation activities. I want to read you a summary from James Willard Hurst, "The Legitimacy of the Business Corporation in the Law of the United States from 1780 to 1970". He points out that there was powerful anti-corporation feeling in the United States in the 1820's. Therefore, it was established by the states that corporations could not exist by prescription: they had to have charters. They had to have a limited term of life and not be immortal. Corporations today are immortal: if they get charters, they can live forever and bury us all. They had to have a limited purpose. Who is giving us this bread made of sawdust? ITT: International Telephone and Telegraph, the same corporation that drove Ivar Kreuger to suicide in Paris in April 1931, when it actually was an international telegraph corporation, controlled by J P. Morgan...
-
Originally posted by Poh Ah Pak:
Mahathir criticises Soros:
Malaysian Prime Minister Mahathir Mohamad has renewed his attack on U.S. based-financier George Soros in the latest issue of FORTUNE, the magazine said in a statement on Thursday. FORTUNE said that in a recent interview, Mahathir repeated his claim, first made about a month ago at the height of speculative attacks that hit all major southeast Asian currencies, that Soros was involved in the currency selling.
I don't trust Mahathir also. Anyway, this thread is not about trust or no trust.
The financial storm can be coming to Sg after all. Those who put money into AIG better keep your eyes on the AIG's mother company in the US . There can be this possibility of it collapsing. -
...For almost fifty years, from 1880 to 1930, financial capitalism approximated a feudal structure in which two great powers, centered in New York, dominated a number of lesser powers, both in New York and in provincial cities. No description of this structure as it existed in the 1920's can be given in a brief compass, since it infiltrated all aspects of American life and especially all branches of economic life.
At the center were a group of less than a dozen investment banks, which were, at the height of their powers, still unincorporated private partnerships. These included J. P. Morgan; the Rockefeller family; Kuhn, Loeb and Company; Dillon, Read and Company; Brown Brothers and Harriman; and others.
Each of these was linked in organizational or personal relationships with various banks, insurance companies, railroads, utilities, and industrial firms. The result was to form a number of webs of economic power of which the more important centered in New York, while other provincial groups allied with these were to be found in Pittsburgh, Cleveland, Chicago, and Boston.
J. P. Morgan worked in close relationship to a group of banks and insurance companies, including the First National Bank of New York, the Guaranty Trust Company, the Bankers Trust, the New York Trust Company, and the Metropolitan Life Insurance Company.
The whole nexus dominated a network of business firms which included at least one-sixth of the two hundred largest nonfinancial corporations in American business. Among these were twelve utility companies, five or more railroad systems, thirteen industrial firms, and at least five of the fifty largest banks in the country.
The combined assets of these firms were more than $30 billion. They included American Telephone and Telegraph Company, International Telephone and Telegraph, Consolidated Gas of New York, the groups of electrical utilities known as Electric Bond and Share and as the United Corporation Group (which included Commonwealth and Southern, Public Service of New Jersey, and Columbia Gas and Electric), the New York Central railway system, the Van Sweringen railway system (Allegheny) of nine lines (including Chesapeake and Ohio; Erie; Missouri Pacific; the Nickel Plate; and Pere Marquette); the Santa Fe; the Northern system of five great lines (Great Northern; Northern Pacific; Burlington; and others); the Southern Railway; General Electric Company; United States Steel; Phelps Dodge; Montgomery Ward; National Biscuit; Kennecott Copper; American Radiator and Standard Sanitary; Continental Oil; Reading Coal and Iron; Baldwin Locomotive; and others...
-
Originally posted by 4sg:
I don't trust Mahathir also. Anyway, this thread is not about trust or no trust.
The financial storm can be coming to Sg after all. Those who put money into AIG better keep your eyes on the AIG's mother company in the US . There can be this possibility of it collapsing.
ya, i agreed, capitalists are also big liars too, they are trained to speculate and bring your money into their pocket, but not one of them are transparent enough. So dun take chances, the stability is only temporary, -
Originally posted by Poh Ah Pak:
Fed rescues AIGU.S. authorities engineered an $85 billion (47.5 billion pounds) rescue of insurance giant American International Group Inc, staving off bankruptcy and bringing a measure of calm to shell-shocked global markets.The bailout, made amid a cataclysmic week for the financial sector, marks a reversal of Washington's vow not to step in and calls for the U.S. Federal Reserve to lend up to $85 billion to AIG for two years in exchange for a 79.9 percent equity stake...
http://www.swissinfo.ch/eng/news/
Go read up more. US authority engr this rescue because the shock waves of AIG collapse will send shock waves round the world.
Why? Because AIG are more than sub-prime mortgage load to the US market. It has too much international insurance reaches, laterally and horzonally, in term of both product and scale. It's collapse will be too great for the world economies to bear.
But what about other banks that are waiting in line to be rescue or wating to be collapse? AIG rescue cannot be total in package by the US govt because it will send the wrong signal to those banks waiting in line. -
Originally posted by angel7030:
ya, i agreed, capitalists are also big liars too, they are trained to speculate and bring your money into their pocket, but not one of them are transparent enough. So dun take chances, the stability is only temporary,hi angie mei mei
u so free like me arh..... -
Originally posted by Poh Ah Pak:
John McCain & Barack Obama both have advisers tied to Wall Street mess
John McCain and Barack Obama both pledged to rein in Wall Street abuses Tuesday, but their campaign rosters include top advisers and moneymen with key roles in making the mess possible....
http://www.nydailynews.com/money/2008/09/16/2008-09-16
...To me, the most ominous flaw in our constitutional set-up is the fact that the federal government does not have control over of money and credit and does not have control of corporations. It is therefore not really sovereign. And it is not really responsible, because it is now controlled by these two groups, corporations, and those who control the flows of money. The new public financing of the Presidential elections is arranged so that they can spend as much as they want: voluntary contributions, not authorized by the candidate, are legal...
...To get back to sovereignty and the structure of the state, another cause of today's instability is that we now have a society in America, Europe and much of the world which is totally dominated by the two elements of sovereignty that are not included in the state structure: control of credit and banking and the corporation.
These are free of political controls and social responsibility, and they have largely monopolized power in Western Civilization and in American society. They are ruthlessly going forward to eliminate land, labour, entrepreneurial-managerial skills, and everything else the economists once told us were the chief elements of production. The only element of production they are concerned with is the one they can control: capital...
...The administrative system and elections are dominated today by the private power of money flows and corporation activities. I want to read you a summary from James Willard Hurst, "The Legitimacy of the Business Corporation in the Law of the United States from 1780 to 1970". He points out that there was powerful anti-corporation feeling in the United States in the 1820's. Therefore, it was established by the states that corporations could not exist by prescription: they had to have charters. They had to have a limited term of life and not be immortal. Corporations today are immortal: if they get charters, they can live forever and bury us all. They had to have a limited purpose. Who is giving us this bread made of sawdust? ITT: International Telephone and Telegraph, the same corporation that drove Ivar Kreuger to suicide in Paris in April 1931, when it actually was an international telegraph corporation, controlled by J P. Morgan...
well research and well said....I agree with yr article.....
-
Originally posted by 4sg:
hi angie mei mei
u so free like me arh.....
me, ofcos free lah, me work at nite one mah, and beside, me invested well, so shake legs, wait for dividends and watch the world go round lor. -
Originally posted by angel7030:
me, ofcos free lah, me work at nite one mah, and beside, me invested well, so shake legs, wait for dividends and watch the world go round lor.
how's yr joo chiat pub? business good? yr gals good? -
Originally posted by 4sg:
Go read up more. US authority engr this rescue because the shock waves of AIG collapse will send shock waves round the world.
Why? Because AIG are more than sub-prime mortgage load to the US market. It has too much international insurance reaches, laterally and horzonally, in term of both product and scale. It collapse will be too great for the world economies to bear.
But what about other banks that are waiting in line to be rescue or wating to be collapse? AIG rescue cannot be total in package by the US govt because it will send the wrong signal to those banks waiting in line.
I think the Fed reserve will give up those banks, the economy had to re adjust itself, it cannot keep on helping its financial insitutions, given the wrong direction that these banks management adopted, the management must answer for their own mistakes, this is corporate responsibility, when time are great, bankers rewarded themselves with fat bonus, so now when they face a problem, they sit and wait for the US govt to help, no more.I think the world economy had been overheated for a long time, it time to cool it down. Pain, burnt and hurt will be there, but if you dun re adjust it and allow it to face it fault, worst may happen.
That is why i use to told my Daddy, dun critise socialism or communism etc etc and praise Capitalism, capitalism also had it flaws, and it happening now.
Angel
Financial CONN sultant
Joo Chiat thrift and loan
CNN
-
Originally posted by 4sg:
how's yr joo chiat pub? business good? yr gals good?
Excuse me Sir, i do not understand you. We are at financial storm, please align to the topic.Next please.
-
... errmm.. I am kind of suspecting old LKY knew about the recent crash in US exchange over Lehman's closure... don't you notice how conincidental it is that he had heart palpitations shortly before Lehman's closure was published?
... in all likelihood, he may have dumped a huge chunk of money (don't know where or who from) in it...
-
Originally posted by HyperFocal:
... errmm.. I am kind of suspecting old LKY knew about the recent crash in US exchange over Lehman's closure... don't you notice how conincidental it is that he had heart palpitations shortly before Lehman's closure was published?
... in all likelihood, he may have dumped a huge chunk of money (don't know where or who from) in it...
Please be reminded that Our MM LKY admitted to hospital got nothing to do with Lehman or lemon cases, he just miss the PRC nurses in there.next please
-
Originally posted by angel7030:
I think the Fed reserve will give up those banks, the economy had to re adjust itself, it cannot keep on helping its financial insitutions, given the wrong direction that these banks management adopted, the management must answer for their own mistakes, this is corporate responsibility, when time are great, bankers rewarded themselves with fat bonus, so now when they face a problem, they sit and wait for the US govt to help, no more.I think the world economy had been overheated for a long time, it time to cool it down. Pain, burnt and hurt will be there, but if you dun re adjust it and allow it to face it fault, worst may happen.
That is why i use to told my Daddy, dun critise socialism or communism etc etc and praise Capitalism, capitalism also had it flaws, and it happening now.
Angel
Financial CONN sultant
Joo Chiat thrift and loan
CNN
The world financial market is like a musically chair.
When the music is 'on'
The ones with the best running shoes and the longest legs get to 'chop' the best seats
and enjoy the best unfair advantages.
When the music is 'off'
The ones left seating on the chair are those with the worst running shoes and the shortest legs, 'stuck' on the seats and get to feel the sauna heat. -
Originally posted by angel7030:
Please be reminded that Our MM LKY admitted to hospital got nothing to do with Lehman or lemon cases, he just miss the PRC nurses in there.next please
... yeah right, like that is so true..? -
Originally posted by 4sg:
The world financial market is like a musically chair.
When the music is 'on'
The ones with the best running shoes and the longest legs get to 'chop' the best seats
and enjoy the best unfair advantages.
When the music is 'off'
The ones left seating on the chair are those with the worst running shoes and the shortest legs, 'stuck' on the seats and get to feel the sauna heat.Quite interesting sir, however, i will like to take it as a cooking pots, first the rich capitalists put all the ingredients into the pots, cook it slightly to produce the splendour aroma for all to come and add on their own ingredients, once many had took over the cooking, the rich capitalists will scoop up their share of soup with the most expensive ingredients and leave it to boil and start another pot and so on. And the rest of them who are with the first pot will either get burnt from overboiling or scramber with losses of not getting the soup, limping away in search of another pot.