Inside Job director Charles Ferguson caused a stir with his Oscar speech, but his suggestion that people should be jailed over the financial meltdown is simplistic
It was an easy line for an eager crowd. Picking up an Oscar for his scattergun credit crunch documentary Inside Job, director Charles Ferguson got a cheer from Hollywood's finest for a rant about the absence of prison time handed down to Wall Street banking bosses.
"Forgive me," Ferguson told his fellow movie-making luminaries. "But I must start by pointing out that three years after a horrific financial crisis caused by massive fraud, not a single financial executive has gone to jail. And that's wrong."
The baldness of his sentiment, widely shared by the public on both sides of the Atlantic, has caused a stir in the financial community. Interviewed afterwards by the Wall Street Journal, Ferguson expanded on his theme, declaring that "there should be dozens or even perhaps hundreds of senior financial executives in prison now".
Unfortunately, it's just not that simple. Ferguson's remarks are in tune with his entertaining, polemical film, which contains interviews with financial players ranging from George Soros to Christine Lagarde, Nouriel Roubini and Eliot Spitzer. Using the briefest of quotable snippets from each, the documentary builds a crude argument that the global financial meltdown was a conscious "inside job" caused by greedy, ruthless, mendacious, out-of-control bankers.
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Showing posts with label lossing money. Show all posts
Showing posts with label lossing money. Show all posts
Sunday, 6 March 2011
Sunday, 13 February 2011
10 Ways to Save Money Now
10 ways to save money
1. Learn to cook your own food: Now I know this may sound daunting, and I know everyone things cooking takes hours. Simple look in a cook book or even better on the internet and cook nice simple food. Pasta (buy dried or fresh) is always a good starting point. Preparing food in larger quantities saves money in the long run. You’ll have to spend a day or two cooking for the month, but you’ll save both money and time over the course of the month by having all your meal prepared and frozen.
2. Write a shopping list: Monthly food shopping forms a significant part of the a house holds outgoing. Write a shopping list prior to shopping - also very importantly NEVER shop when you are hungry. Always plan your weekly meals and most importantly look at what you are buying, don't think that the 2 for 1 is cheaper, the individual KG or 100g prices could be significantly more.
3. Use a market: Not only can you buy much healthier food, but it is also much cheaper. The cost of most fruit and veg in the supermarket starts from £1.50 but at your local market get a whole bowl of fruit or veg for only £1. Also don't forget you are also supporting a smaller local company.
4. Consider own brand products: If you don't have access to a market, buy supermarket own brand food. Tin tomatoes cost 33p across all supermarkets.
5. Set up a direct debit : Set up direct debts for all your bills and other out goings to avoid charges.
1. Learn to cook your own food: Now I know this may sound daunting, and I know everyone things cooking takes hours. Simple look in a cook book or even better on the internet and cook nice simple food. Pasta (buy dried or fresh) is always a good starting point. Preparing food in larger quantities saves money in the long run. You’ll have to spend a day or two cooking for the month, but you’ll save both money and time over the course of the month by having all your meal prepared and frozen.
2. Write a shopping list: Monthly food shopping forms a significant part of the a house holds outgoing. Write a shopping list prior to shopping - also very importantly NEVER shop when you are hungry. Always plan your weekly meals and most importantly look at what you are buying, don't think that the 2 for 1 is cheaper, the individual KG or 100g prices could be significantly more.
3. Use a market: Not only can you buy much healthier food, but it is also much cheaper. The cost of most fruit and veg in the supermarket starts from £1.50 but at your local market get a whole bowl of fruit or veg for only £1. Also don't forget you are also supporting a smaller local company.
4. Consider own brand products: If you don't have access to a market, buy supermarket own brand food. Tin tomatoes cost 33p across all supermarkets.
5. Set up a direct debit : Set up direct debts for all your bills and other out goings to avoid charges.
Monday, 31 May 2010
FSA warns City banks over client funds
• Financial Services Authority threatens to step in to ensure client funds are kept separate
• Concern over handling of assets first surfaced after Lehman Brothers' collapse
City firms are being warned by the Financial Services Authority that they face fines and public reprimands unless they comply with its request to name the individuals responsible for ensuring clients' money is kept separate from overall funds.
A letter from Sally Dewar, managing director of risk at the FSA, warns that the regulator could go as far as to demand that a company appoints a "skilled person" – an expert from outside the firm – to conduct the necessary work to provide a report to the regulator.
She gives firms until 30 June to respond to a request first made in January, when the regulator found "significant weaknesses" in the ways that client funds were being handled by companies providing investment banking services.
• Concern over handling of assets first surfaced after Lehman Brothers' collapse
City firms are being warned by the Financial Services Authority that they face fines and public reprimands unless they comply with its request to name the individuals responsible for ensuring clients' money is kept separate from overall funds.
A letter from Sally Dewar, managing director of risk at the FSA, warns that the regulator could go as far as to demand that a company appoints a "skilled person" – an expert from outside the firm – to conduct the necessary work to provide a report to the regulator.
She gives firms until 30 June to respond to a request first made in January, when the regulator found "significant weaknesses" in the ways that client funds were being handled by companies providing investment banking services.
Sunday, 19 July 2009
Banking reform proposals outlined
Opposition parties are setting out details of how they would regulate banking, following the loss of billions of pounds in the credit crunch.
Lib Dem Treasury spokesman Vince Cable is expected to argue that large, failed UK banks are the "financial equivalent" of the Chernobyl nuclear disaster.
And taxpayer-owned Lloyds and Royal Bank of Scotland should be broken up.
Meanwhile, Shadow Chancellor George Osborne wants to give the Bank of England more regulation powers.
However, he also wants to curb the personal power of the governor of the Bank by vesting the responsibility for supervising financial institutions in a new financial policy committee. This would include independent appointees.
The Tories, in their 52-page "plan for sound banking", also propose a raft of measures to protect and empower consumers.
These would include transforming the rump of the current Financial Service Authority (FSA) into a consumer protection agency and also forcing banks to give the consumers more useful information on what they charge.
Treasury minister Lord Myners called the proposals "window dressing that ignore the failures that led to the global financial crisis".
"While George Osborne talks about who's in charge, we are focused on the lessons of the crisis, including greater scrutiny of the shadow banking sector and a crackdown on excessive City bonuses.
"The Tory proposals would abolish an independent, expert regulator, while diverting attention from banks that took excessive risks that led to this crisis."
'Not hostile'
Meanwhile, Mr Cable will use a speech later to argue major reform is needed to make banks a lesser threat to the UK economy.
He will tell the London Stock Exchange he believes there is a long-term role for state banking, and will argue the banks in which taxpayers have a stake should be broken up into smaller parts before being returned to private ownership.
Tory financial plans
Mr Cable will also call for highly-paid bankers to publish details of their pay and bonuses and will repeat his calls for the FSA to keep its role as banking regulator.
"Some aspects of the financial services industry are simply too big for the British economy to manage safely," he will say.
"The large, failed, British banks are the financial equivalent of Chernobyl. Like the former Soviet Union, the UK became over-reliant on dangerous financial reactors."
To prevent Britain from becoming the next Iceland, "radical safety measures" were needed, he will argue.
"My approach to the City is not one of hostility, or of obsequiousness. I recognise its importance.
"But it needs 'tough love', not the freedom to run amok."
Earlier this month, Chancellor Alistair Darling said banks would have to hold more capital and announced plans to strengthen regulation.
He intends to set up a new Council for Financial Stability, which would see the FSA, the Bank of England and the Treasury meeting regularly and reporting on the systemic risks to financial stability.
sourced from THE BBC
Lib Dem Treasury spokesman Vince Cable is expected to argue that large, failed UK banks are the "financial equivalent" of the Chernobyl nuclear disaster.
And taxpayer-owned Lloyds and Royal Bank of Scotland should be broken up.
Meanwhile, Shadow Chancellor George Osborne wants to give the Bank of England more regulation powers.
However, he also wants to curb the personal power of the governor of the Bank by vesting the responsibility for supervising financial institutions in a new financial policy committee. This would include independent appointees.
The Tories, in their 52-page "plan for sound banking", also propose a raft of measures to protect and empower consumers.
These would include transforming the rump of the current Financial Service Authority (FSA) into a consumer protection agency and also forcing banks to give the consumers more useful information on what they charge.
Treasury minister Lord Myners called the proposals "window dressing that ignore the failures that led to the global financial crisis".
"While George Osborne talks about who's in charge, we are focused on the lessons of the crisis, including greater scrutiny of the shadow banking sector and a crackdown on excessive City bonuses.
"The Tory proposals would abolish an independent, expert regulator, while diverting attention from banks that took excessive risks that led to this crisis."
'Not hostile'
Meanwhile, Mr Cable will use a speech later to argue major reform is needed to make banks a lesser threat to the UK economy.
He will tell the London Stock Exchange he believes there is a long-term role for state banking, and will argue the banks in which taxpayers have a stake should be broken up into smaller parts before being returned to private ownership.
Tory financial plans
Mr Cable will also call for highly-paid bankers to publish details of their pay and bonuses and will repeat his calls for the FSA to keep its role as banking regulator.
"Some aspects of the financial services industry are simply too big for the British economy to manage safely," he will say.
"The large, failed, British banks are the financial equivalent of Chernobyl. Like the former Soviet Union, the UK became over-reliant on dangerous financial reactors."
To prevent Britain from becoming the next Iceland, "radical safety measures" were needed, he will argue.
"My approach to the City is not one of hostility, or of obsequiousness. I recognise its importance.
"But it needs 'tough love', not the freedom to run amok."
Earlier this month, Chancellor Alistair Darling said banks would have to hold more capital and announced plans to strengthen regulation.
He intends to set up a new Council for Financial Stability, which would see the FSA, the Bank of England and the Treasury meeting regularly and reporting on the systemic risks to financial stability.
sourced from THE BBC
Monday, 26 January 2009
McDonalds to open 1,000 stores this year
[polldaddy poll="1314875"] | |
McDonald's to open 1,000 stores | |
US fast-food chain McDonald's says it plans to open 1,000 new restaurants this year. The world's largest hamburger chain also said fourth-quarter net income fell 23% to $985.3m (£710m), from $1.27bn a year before. Revenue fell to $5.57bn from $5.75bn, even though global same-store sales rose 7.2%, as the firm was hit by the strong dollar. In the US, the firm raised the price of its Double Cheeseburger in November. Announcing the results, chief executive Jim Skinner said: "For 2009 we plan to invest $2.1bn in capital to open about 1,000 new restaurants and reinvest in our existing locations." Despite beef, cheese, and other ingredients rising in price, the company reported an 8% fall in total operating costs and expenses. McDonald's has seen sales rise in the economic downturn, helped by its low prices and ubiquity of its outlets. In the quarter, its same-store sales in the US rose 5% on the year before. International same-store sales were also ahead, rising 7.6% in Europe and 10% in the Asia-Pacific, Middle East and Africa division. sourced from The BBC | |
McDonald's to open 1,000 new stores
Despite falling short of Wall Street expectations, the burger chain experiences better-than-expected profit and will open 1,000 new restaurants.
NEW YORK (Reuters) -- McDonald's Corp. reported a better-than-expected quarterly profit on Monday though revenue fell short of Wall Street expectations due to a stronger U.S. dollar, and its shares fell more than 2%.
The world's largest hamburger chain also said it would open 1,000 restaurants this year.
Fourth-quarter net income fell about 23% to $985.3 million, or 87 cents per share, from $1.27 billion, or $1.06 per share, a year earlier, when results included a large tax-related benefit.
Analysts on average were expecting earnings of 83 cents per share, according to Reuters Estimates.
sourced from CCN Money read full article
McDonalds to open 1,000 stores this year
[polldaddy poll="1314875"] | |
McDonald's to open 1,000 stores | |
US fast-food chain McDonald's says it plans to open 1,000 new restaurants this year. The world's largest hamburger chain also said fourth-quarter net income fell 23% to $985.3m (£710m), from $1.27bn a year before. Revenue fell to $5.57bn from $5.75bn, even though global same-store sales rose 7.2%, as the firm was hit by the strong dollar. In the US, the firm raised the price of its Double Cheeseburger in November. Announcing the results, chief executive Jim Skinner said: "For 2009 we plan to invest $2.1bn in capital to open about 1,000 new restaurants and reinvest in our existing locations." Despite beef, cheese, and other ingredients rising in price, the company reported an 8% fall in total operating costs and expenses. McDonald's has seen sales rise in the economic downturn, helped by its low prices and ubiquity of its outlets. In the quarter, its same-store sales in the US rose 5% on the year before. International same-store sales were also ahead, rising 7.6% in Europe and 10% in the Asia-Pacific, Middle East and Africa division. sourced from The BBC | |
McDonald's to open 1,000 new stores
Despite falling short of Wall Street expectations, the burger chain experiences better-than-expected profit and will open 1,000 new restaurants.
NEW YORK (Reuters) -- McDonald's Corp. reported a better-than-expected quarterly profit on Monday though revenue fell short of Wall Street expectations due to a stronger U.S. dollar, and its shares fell more than 2%.
The world's largest hamburger chain also said it would open 1,000 restaurants this year.
Fourth-quarter net income fell about 23% to $985.3 million, or 87 cents per share, from $1.27 billion, or $1.06 per share, a year earlier, when results included a large tax-related benefit.
Analysts on average were expecting earnings of 83 cents per share, according to Reuters Estimates.
sourced from CCN Money read full article
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