Sometimes the only thing we do to avoid success is refuse to be energetic on our own behalf. – Barbara Sher in her book "I could do anything if only I knew what it was"
Mother tongue: Polish Joined: February 18, 2003 Location: Poland
RE: Understanding the Financial Crisis
More good news from the Warsaw Stock Exchange (soon to be owned by Deutsche Börse):
A thoroughly amended law on the trading of financial instruments, designed to stimulate the development of the Polish capital market, has come into force.
The law embraces the provisions of EU directives on financial instrument markets and on the financial reliability of investment firms and lending institutions.
Two years ago, the Markets in Financial Instruments Directive (MiFID) came into force, requiring the use of different categories of clients based on their various profiles. This means that there should be different levels of protection, allowing for the tailoring of the services offered according to a broad list of criteria such as financial knowledge, experience, risk tolerance and investment strategy. A recent check of Polish financial institutions showed that most of them do not care about who their investors are and keep pushing, for example, highly risky equity instruments to the retired and elderly...
Gerhard Strate, a well-respected lawyer based in Hamburg, has seen a lot of things over the years. But he still has a hard time believing the story of the Deutsche Bank funds db Kompass Life 1 and 2, calling it "unbelievable" and "absurd." The closed-end funds buy life insurance policies from Americans and assume responsibility for paying their future premiums. When the original policy-holder dies, the entire payout goes to the fund. It is like short-selling US life expectancy.<script type="text/JavaScript">
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Deutsche Bank collected some €500,000 ($750,000) from customers for its macabre money-making scheme. But the fund quickly turned into a mega-flop. So far, not one investor has received even a single dividend payment and some may lose their entire principal.
Chasing ambulances is really nothing. Now they will short sell your life.
Expert Mother tongue: English Posts: 1815 Joined: February 1, 2008 Location: United States
RE: Understanding the Financial Crisis
I heard a story on NPR (National Public Radio) regarding Bernie Madoff and how the SEC people totally missed what he was doing. They would ask for his confirmations to show that he was actually doing trades, and he would say, "yes, I will send them over", and he would then forget. But the SEC never followed up. And the reason is that many SEC people are making maybe $ 70,000 a year, but could make 10 or more times that, by just "crossing the street" and going to work for the very people being "watched". It is absurd. The FBI should - according to the person being interviewed - take it over, because that temptation would not exist.
Financial reports this month from federal regulators and industry analysts detail a new cycle of uncertainty that they fear could cripple the economic recovery. Billions of dollars in commercial debt will have to be paid back or refinanced at a time when property values have plummeted. About $500 billion will come due in 2010 alone and an equal amount every year through at least 2012, according to the Federal Reserve.
Many banks that cater to regional and community developments were largely unscathed by the residential mortgage meltdown. But now they are facing huge numbers of possible defaults by builders who erected thousands of office towers, condominiums and shopping centers with the easy credit available five years ago. With few tenants, those developments are turning into what industry insiders call zombie buildings.
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