Andy !
NHS ' safe in your Hands' ?
what did you say in Brighton ? or have you Goldfish memory!
Just what you have done with Mental Health and give it away to Cygnet (Americans) and Australians etc so they reap the fat margins and sit on the California coast as they have hit Gold !
well now you wish to pretend this si a one off exercise ?
This is the beginning of a terrible route to go? as it is all about cheapening the service & soon, the Doctors etc will be sent in from India & Africa as like the nurses today. It is cheaper whilst some reap the employment contrac margins, that are beig shared in the private sector at the expense of the NHS!!
Please Andy , wake up?
And why is Phil Hope hopeless!& not respond to e mail re his department?
Friday, 30 October 2009
Sunday, 18 October 2009
U.S. charges billionaire Rajaratnam with record insider Trading
Scandal hits corporate role models IBM, McKinsey
Deals targeted in Galleon insider trading case
People charged in Galleon insider trading case
What they said: Quotes from the insider trading case
Billionaire hedge fund founder Raj Rajaratnam and executives from some of the most prestigious U.S. companies were charged on Friday with the largest hedge fund insider-trading scheme ever.
Investigators said they used court-approved telephone wire taps for the first time in a Wall Street insider trading case, sending shivers through the hedge fund industry which has traditionally picked up and shared trading tips to make big profits.
At the center of the case are Rajaratnam, his Galleon hedge fund and two executives from hedge fund New Castle, which was a unit of Bear Stearns Asset Management before Bears Stearns Cos collapsed in 2008, but is still in operation.
Three executives from major American companies IBM, top consulting firm McKinsey & Co and the venture capital arm of chip giant Intel Corp are also facing criminal charges.
"This is not a garden-variety insider trading case," Preet Bharara, the U.S. Attorney for Manhattan, said at a news conference. He said the scheme made more than $20 million in illegal profits over several years. here
One of the criminal complaints accuses Rajaratnam, 52, considered the richest Sri Lankan in the world, of conspiring with Intel Capital treasury department managing director Rajiv Goel and Anil Kumar, a director of McKinsey & Co. The alleged offenses took place over three years starting in January 2006.
Galleon had as much as $7 billion under management, the complaint said.
Early on Friday evening, a U.S. magistrate judge in New York said Rajaratnam may be released on a $100 million personal recognizance bond secured by $20 million in cash and property.
In a brief appearance, Rajaratnam sat in court with his arms folded. The judge restricted his travel to a radius of 110 miles from Manhattan and Rajaratnam, a citizen of both Sri Lanka and the United States, surrendered travel documents.
A prosecutor argued that Rajaratnam was a flight risk, but his lawyer Jim Walden said: "A court's going to learn there's a lot more to this case. There is no way that this man is going to flee."
A second criminal complaint accused three other people -- New Castle portfolio manager Danielle Chiesi, New Castle general partner Mark Kurland and Robert Moffat, a senior vice president in the IBM technology group -- of insider trading crimes and earning millions of dollars in illegal profits.
"It shows that we are targeting white-collar insider trading rings with the same powerful investigative techniques that have worked so successfully against the mob and drug cartels," Bharara said.
All six were charged with securities fraud and conspiracy in two criminal complaints filed in U.S. District Court in Manhattan. Kumar was permitted to be released on a $5 million bond, Kurland on a $3 million bond, and Moffat and Chiesi on a $2 million bond. In California, Goel posted $300,000 cash for bail.
The six were also charged in a separate civil complaint by the U.S. Securities and Exchange Commission (SEC). The SEC said the accused traded on insider information from 10 companies.
"insider trading cases"
US charges billionaire Rajaratnam with record insider trading Friday,
UPDATE 7-US charges billionaire Rajaratnam with insider trading Friday,
US charges billionaire Rajaratnam with record insider trading Friday,
UPDATE 6-US charges billionaire Rajaratnam with insider trading Friday,
US charges 6 with hedge fund insider trading Friday,
Scandal hits corporate role models IBM, McKinsey
Deals targeted in Galleon insider trading case
People charged in Galleon insider trading case
What they said: Quotes from the insider trading case
Billionaire hedge fund founder Raj Rajaratnam and executives from some of the most prestigious U.S. companies were charged on Friday with the largest hedge fund insider-trading scheme ever.
Investigators said they used court-approved telephone wire taps for the first time in a Wall Street insider trading case, sending shivers through the hedge fund industry which has traditionally picked up and shared trading tips to make big profits.
At the center of the case are Rajaratnam, his Galleon hedge fund and two executives from hedge fund New Castle, which was a unit of Bear Stearns Asset Management before Bears Stearns Cos collapsed in 2008, but is still in operation.
Three executives from major American companies IBM, top consulting firm McKinsey & Co and the venture capital arm of chip giant Intel Corp are also facing criminal charges.
"This is not a garden-variety insider trading case," Preet Bharara, the U.S. Attorney for Manhattan, said at a news conference. He said the scheme made more than $20 million in illegal profits over several years. here
One of the criminal complaints accuses Rajaratnam, 52, considered the richest Sri Lankan in the world, of conspiring with Intel Capital treasury department managing director Rajiv Goel and Anil Kumar, a director of McKinsey & Co. The alleged offenses took place over three years starting in January 2006.
Galleon had as much as $7 billion under management, the complaint said.
Early on Friday evening, a U.S. magistrate judge in New York said Rajaratnam may be released on a $100 million personal recognizance bond secured by $20 million in cash and property.
In a brief appearance, Rajaratnam sat in court with his arms folded. The judge restricted his travel to a radius of 110 miles from Manhattan and Rajaratnam, a citizen of both Sri Lanka and the United States, surrendered travel documents.
A prosecutor argued that Rajaratnam was a flight risk, but his lawyer Jim Walden said: "A court's going to learn there's a lot more to this case. There is no way that this man is going to flee."
A second criminal complaint accused three other people -- New Castle portfolio manager Danielle Chiesi, New Castle general partner Mark Kurland and Robert Moffat, a senior vice president in the IBM technology group -- of insider trading crimes and earning millions of dollars in illegal profits.
"It shows that we are targeting white-collar insider trading rings with the same powerful investigative techniques that have worked so successfully against the mob and drug cartels," Bharara said.
All six were charged with securities fraud and conspiracy in two criminal complaints filed in U.S. District Court in Manhattan. Kumar was permitted to be released on a $5 million bond, Kurland on a $3 million bond, and Moffat and Chiesi on a $2 million bond. In California, Goel posted $300,000 cash for bail.
The six were also charged in a separate civil complaint by the U.S. Securities and Exchange Commission (SEC). The SEC said the accused traded on insider information from 10 companies.
"insider trading cases"
US charges billionaire Rajaratnam with record insider trading Friday,
UPDATE 7-US charges billionaire Rajaratnam with insider trading Friday,
US charges billionaire Rajaratnam with record insider trading Friday,
UPDATE 6-US charges billionaire Rajaratnam with insider trading Friday,
US charges 6 with hedge fund insider trading Friday,
Thursday, 1 October 2009
Adam Applegarth hired by dubious ( american ) Apollo!!
Please all Google Apollo
and you will read much about this dubious and dishonest at times Investment vehicle , who now appear smart hiring an ex Northern rock failed banker ! as they wish to take advantage of Manchester area and the North distressed situations
they should be banned and the FSA should question their license
play hard ball with such questionable firms before s scandal hits the Uk shore
and you will read much about this dubious and dishonest at times Investment vehicle , who now appear smart hiring an ex Northern rock failed banker ! as they wish to take advantage of Manchester area and the North distressed situations
they should be banned and the FSA should question their license
play hard ball with such questionable firms before s scandal hits the Uk shore
NAMA beware ! Irish Propert Hole is much bigger than you appreciate
RBS, Lloyds Send ‘Shocking’ $4.4 Billion to Ireland
Royal Bank of Scotland Group Plc and Lloyds Banking Group Plc, rescued by British taxpayers last year, injected 3.03 billion euros ($4.4 billion) into their Irish units during the past 10 months amid rising real estate losses.
Records in Dublin’s Companies Registration Office show the two banks made a series of six payments, with the first in December and the most recent in August. RBS injected about 1.58 billion euros, while Lloyds sent 1.45 billion euros.
“The scale of that figure is quite shocking,” Brian Lucey, associate professor of finance at Trinity College Dublin, said in an interview. “They weren’t leaders in the Irish market. The figure just shows the level of clean-up needed.”
British banks invested in Irish real-estate developers at the height of the “Celtic Tiger” boom and are now writing down investments amid the worst property slump in western Europe. RBS, 70 percent government-controlled, and Lloyds, 43 percent taxpayer-owned, were bailed out by Chancellor of the Exchequer Alistair Darling with 37 billion pounds ($59 billion) of public money 12 months ago.
The Irish bailout’s sterling cost is 2.8 billion pounds, more than the 2.6 billion pounds spent by British taxpayers on military operations in Afghanistan last year, according to House of Commons Defence Committee figures. This year’s Afghan costs are forecast to be 3.5 billion pounds.
‘Hard to Understand’
“As an engaged shareholder, our priority is to protect and create value for the taxpayer,” a spokesman for U.K. Financial Investments, which manages the government’s bank shareholdings, said in an e-mailed statement today. “We will not intervene in operational management decisions,” he added.
“Many will find it hard to understand why British taxpayers are bailing out bad investments made in Ireland,” Vince Cable, economic spokesman for the opposition Liberal Democrat party, said in a statement. “This clearly shows that these banks are far from out of the woods.”
Under Prime Minister Gordon Brown’s “failed regulatory system, banks built up large exposures overseas on risky loans without putting up enough capital,” said Mark Hoban, an economic spokesman for the main opposition Conservative party, in an e-mailed statement. “Now those loans are turning sour, it is U.K. taxpayers who are picking up the bill.”
RBS spokeswoman Fiona MacRae did not comment on whether the bank planned to send further aid to its Irish unit. “Similar to other large international banking groups, we regularly transfer capital to and from our subsidiaries,” MacRae said in an e- mailed statement.
Property Collapse
Asked the same question on future aid, a Lloyds spokeswoman said it continued to provide capital and funding support “as we would do in the normal course of business and on an ongoing basis.”
Irish impaired assets deteriorated following the “collapse in liquidity in the Irish property markets,” Lloyds said in its half yearly earnings statement. About 14 percent of its Irish loan book was impaired at the half-year stage, the bank said.
In one case, RBS’s Ulster Bank division backed developer Sean Dunne, who paid a then-record price of 380 million euros for land in Dublin’s embassy district of Ballsbridge. His plans to build Ireland’s tallest skyscraper of 37 storeys on the site were blocked by municipal officials. The site’s value fell to no more than 100 million euros in March, the Irish Times reported at the time, citing unnamed property experts.
The CRO records show Ulster Bank Holdings (ROI) Ltd. has received four capital injections from RBS since February. Lloyds has provided its Bank of Scotland (Ireland) Ltd. unit with two payments since December.
Payments Surge
The banks’ payments to their Irish subsidiaries surged in the past 10 months. Earlier records show BoSI’s former owner, HBOS Plc, sent the unit a total of 538 million euros in the five years from 2003 to the end of 2007, according to CRO filings. HBOS was taken over by Lloyds in January. RBS injected a total of 1.01 billion euros into Ulster Bank in the seven years from 2002 to 2008.
RBS fell 2.4 percent to 51.7 pence at 12:03 p.m. in London trading. Lloyds dropped 1.9 percent to 101.75 pence.
Ulster Bank, which operates across the Republic and in Northern Ireland, has about 40 billion euros in mortgages and other property lending, while Bank of Scotland (Ireland) has about 23.5 billion euros, Bloxham Stockbrokers analyst Kevin McConnell wrote in a research note on Sept. 3.
Future Losses
House prices in Ireland have fallen 24 percent from their early 2007 peak levels, mortgage lender Irish Life & Permanent Plc said in a Sept. 28 report. Commercial property prices may drop 75 percent while development land values may slump 80 percent from their peak, Goodbody Stockbrokers said on Sept. 1.
U.S. banks have recognized about 60 percent of their expected losses, compared with 40 percent in both the euro area and the U.K., the International Monetary Fund said yesterday. Bank earnings will not be enough to offset future losses, the fund added. In the euro zone and U.K., “muted economic activity and rising unemployment are expected to push up loan losses.”
Ulster Bank warned of rising loan impairments for the rest of 2009 as it reported a nine-fold increase in bad loans and a first-half loss of 8 million euros on Aug. 5. The bank has cut 750 jobs across Ireland and closed three-quarters of its 60 First Active mortgage branches.
At the top of the property boom in Ireland in 2007, LLoyds’ Irish unit posted a pretax profit of 272 million euros, up 28 percent. In the same year, Ulster Bank profit rose 22 percent to 513 million pounds.
Bank of Scotland (Ireland) is the second-biggest holder of debt owed by Liam Carroll, a developer whose projects include the construction of Google Inc.’s European headquarters in Dublin. He’s failed three times to secure the protection of the courts for his companies, which owe 1.3 billion euros to banks.
Ireland’s government has propped up its two biggest lenders, Allied Irish Banks Plc and Bank of Ireland Plc with 3.5 billion euros each. The now-nationalized Anglo Irish Bank Corp. has received 4 billion euros in state aid.
Royal Bank of Scotland Group Plc and Lloyds Banking Group Plc, rescued by British taxpayers last year, injected 3.03 billion euros ($4.4 billion) into their Irish units during the past 10 months amid rising real estate losses.
Records in Dublin’s Companies Registration Office show the two banks made a series of six payments, with the first in December and the most recent in August. RBS injected about 1.58 billion euros, while Lloyds sent 1.45 billion euros.
“The scale of that figure is quite shocking,” Brian Lucey, associate professor of finance at Trinity College Dublin, said in an interview. “They weren’t leaders in the Irish market. The figure just shows the level of clean-up needed.”
British banks invested in Irish real-estate developers at the height of the “Celtic Tiger” boom and are now writing down investments amid the worst property slump in western Europe. RBS, 70 percent government-controlled, and Lloyds, 43 percent taxpayer-owned, were bailed out by Chancellor of the Exchequer Alistair Darling with 37 billion pounds ($59 billion) of public money 12 months ago.
The Irish bailout’s sterling cost is 2.8 billion pounds, more than the 2.6 billion pounds spent by British taxpayers on military operations in Afghanistan last year, according to House of Commons Defence Committee figures. This year’s Afghan costs are forecast to be 3.5 billion pounds.
‘Hard to Understand’
“As an engaged shareholder, our priority is to protect and create value for the taxpayer,” a spokesman for U.K. Financial Investments, which manages the government’s bank shareholdings, said in an e-mailed statement today. “We will not intervene in operational management decisions,” he added.
“Many will find it hard to understand why British taxpayers are bailing out bad investments made in Ireland,” Vince Cable, economic spokesman for the opposition Liberal Democrat party, said in a statement. “This clearly shows that these banks are far from out of the woods.”
Under Prime Minister Gordon Brown’s “failed regulatory system, banks built up large exposures overseas on risky loans without putting up enough capital,” said Mark Hoban, an economic spokesman for the main opposition Conservative party, in an e-mailed statement. “Now those loans are turning sour, it is U.K. taxpayers who are picking up the bill.”
RBS spokeswoman Fiona MacRae did not comment on whether the bank planned to send further aid to its Irish unit. “Similar to other large international banking groups, we regularly transfer capital to and from our subsidiaries,” MacRae said in an e- mailed statement.
Property Collapse
Asked the same question on future aid, a Lloyds spokeswoman said it continued to provide capital and funding support “as we would do in the normal course of business and on an ongoing basis.”
Irish impaired assets deteriorated following the “collapse in liquidity in the Irish property markets,” Lloyds said in its half yearly earnings statement. About 14 percent of its Irish loan book was impaired at the half-year stage, the bank said.
In one case, RBS’s Ulster Bank division backed developer Sean Dunne, who paid a then-record price of 380 million euros for land in Dublin’s embassy district of Ballsbridge. His plans to build Ireland’s tallest skyscraper of 37 storeys on the site were blocked by municipal officials. The site’s value fell to no more than 100 million euros in March, the Irish Times reported at the time, citing unnamed property experts.
The CRO records show Ulster Bank Holdings (ROI) Ltd. has received four capital injections from RBS since February. Lloyds has provided its Bank of Scotland (Ireland) Ltd. unit with two payments since December.
Payments Surge
The banks’ payments to their Irish subsidiaries surged in the past 10 months. Earlier records show BoSI’s former owner, HBOS Plc, sent the unit a total of 538 million euros in the five years from 2003 to the end of 2007, according to CRO filings. HBOS was taken over by Lloyds in January. RBS injected a total of 1.01 billion euros into Ulster Bank in the seven years from 2002 to 2008.
RBS fell 2.4 percent to 51.7 pence at 12:03 p.m. in London trading. Lloyds dropped 1.9 percent to 101.75 pence.
Ulster Bank, which operates across the Republic and in Northern Ireland, has about 40 billion euros in mortgages and other property lending, while Bank of Scotland (Ireland) has about 23.5 billion euros, Bloxham Stockbrokers analyst Kevin McConnell wrote in a research note on Sept. 3.
Future Losses
House prices in Ireland have fallen 24 percent from their early 2007 peak levels, mortgage lender Irish Life & Permanent Plc said in a Sept. 28 report. Commercial property prices may drop 75 percent while development land values may slump 80 percent from their peak, Goodbody Stockbrokers said on Sept. 1.
U.S. banks have recognized about 60 percent of their expected losses, compared with 40 percent in both the euro area and the U.K., the International Monetary Fund said yesterday. Bank earnings will not be enough to offset future losses, the fund added. In the euro zone and U.K., “muted economic activity and rising unemployment are expected to push up loan losses.”
Ulster Bank warned of rising loan impairments for the rest of 2009 as it reported a nine-fold increase in bad loans and a first-half loss of 8 million euros on Aug. 5. The bank has cut 750 jobs across Ireland and closed three-quarters of its 60 First Active mortgage branches.
At the top of the property boom in Ireland in 2007, LLoyds’ Irish unit posted a pretax profit of 272 million euros, up 28 percent. In the same year, Ulster Bank profit rose 22 percent to 513 million pounds.
Bank of Scotland (Ireland) is the second-biggest holder of debt owed by Liam Carroll, a developer whose projects include the construction of Google Inc.’s European headquarters in Dublin. He’s failed three times to secure the protection of the courts for his companies, which owe 1.3 billion euros to banks.
Ireland’s government has propped up its two biggest lenders, Allied Irish Banks Plc and Bank of Ireland Plc with 3.5 billion euros each. The now-nationalized Anglo Irish Bank Corp. has received 4 billion euros in state aid.
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