Here are a selection of excerpts in the news over the last 10 days. Despite the fact that personal greed drove the global economy to the very brink of the precipice, it would seem that the certain sections of society still have no real links to reality and one could argue, why should they because neither society nor the law hold them accountable.
Dexia (Franco-Belgian lender) lent €1.5bn of capital to its two largest institutional shareholders so that they could buy shares in ………….. Dexia. In a further interesting twist Dexia accepted its own shares as collateral for the loans. “Byzantine doesn’t even begin to describe this structure” was the reaction of someone briefed on the situation.
Investment banks are using gaps in global pay reforms to persist with some of their most contentious bonus payment practices.
Despite UBS losing $2.3bn, UBS Executives said that it would not force them to rein in this years bonus payments, as it set aside nearly 90 per cent of its investment banking revenues for staff pay.
Olympus, the Japanese camera maker are struggling to explain the $687m payment to a third part ‘advisor’ on their purchase of Gyru. This fee represented 1/3 of the total deal value. The consulting company, registered in New York was suddenly de-registered and disappeared shortly after being paid.
High end London properties are increasingly sold off-market by vendors who do not like the thought of selling to a wealthier buyer. ( My god – what is wrong with these people?)
This doesn’t even begin to touch on the US economic & political woes who seem to impact everyone with the exception of the top 1% (by wealth) and the politicians.
You would like to think that after a million odd years of evolution we may have evolved a little further.