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Opinion: This scheme has 2 big holes to drive trucks through
I called for a bank deposit insurance scheme in March and again last week. I should have been careful what I wished for. We now have a scheme that Rod Petricevic could (in theory) use to launch new government-guaranteed finance company to repurchase loans from the receivers for Bridgecorp. It could also be used by Doug Somers-Edgar to fire up the Money Managers empire again. Allan Hawkins could start raising money for his Budget Loans finance company and promise that it was backed by the government. Yet it may do nothing to solve the fundamental problem facing our major banks -- a shortage of wholesale funding between banks. Our banking system could still freeze up in the same way that the European and US systems have and this plan does not stop that. Let me explain.
This is a deposit guarantee scheme for all deposits by non-banks (ie people and businesses) in banks, building societies, credit unions and finance companies. Everyone taking deposits can apply and can in theory be accepted. All depositors, except other banks, can be sure their money will be guaranteed by the power of the government to tax. As long as the deposit taker hasn't breached its trust deed (ie hasn't defaulted on interest or capital payments on time) then the Reserve Bank can accept them into the scheme. Currently that clause rules out Petricevic, but not Somers-Edgar, who has only closed his finance company to new deposits rather than breached his trust deed. It would also be open to convicted fraudster Allan Hawkins, who currently does not take money from the public for his finance company. The scheme is extraordinary in its scale, breadth, depth and scope. It guarantees everything for two years, except for the deposits that banks and other financial institutions hold in each other. It was thrown together in a hurry and it is far from perfect, which is understandable. But it can be improved. Don't get me wrong. We needed something extraordinary to deal with an extraordinary situation in the Northern Hemisphere. Even the head of the International Monetary Fund has said there is a significant risk of a systemic meltdown in the banking system. Europe's governments are taking drastic action to save their system. There's a couple of huge holes and inconsistencies to be addressed or we risk a repeat of the sort of deluge into dodgy finance companies that helped get us into this mess. We also risk not dealing with the core of the problem, which is the freezing of lending between banks in the Northern Hemisphere migrating down south. Firstly the finance company truck. As I hinted at the top, there really is not much to stop Rod, Allan and Doug applying for a guarantee. Whether they'll get one is another thing. The Reserve Bank is still working out the rules. They may well include exclusions for bankrupts, alleged liars, convicted fraudsters and anyone they deem not to be "fit and proper." They should include what I call the 'fancy car' test. Anyone with a late model sports car should be excluded. But there's nothing specific to block these type of property developing Bentley coupe driving wide boys from starting up finance companies yet. Every finance company wannabe will be licking their licks. They'll be working on schemes and dreams about new developments or buying bankrupt holes in the ground as we speak. Just imgaine. They will be able to offer deposits at 10% with a government guarantee. If they're quick enough they'll be able to do their business before the two years runs out and leave an even bigger smoking hole in the ground for the government (ie the taxpayer) to clean up. Let's hope the devil in the details from the Reserve Bank closes this big hole. The second big truck sized gap in the scheme explicitly rules out bank deposits in other banks as being covered by the scheme. This effectively means inter-bank lending is not covered. Why is this important? Currently more than a third of New Zealand bank lending is funded from international wholesale markets, which means our banks have borrowed from other banks overseas. The scheme announced in Australia yesterday does provide a government guarantee for these inter-bank loans. There is now a big risk that foreign banks will see they can be guaranteed if they pull their money out of New Zealand banks and put them into Australian banks. Much of this foreign short term wholesale lending done by New Zealand banks is done with either parent banks in Australia or one of the other three Australian banks so withdrawing it would be pointless. However, the risk is with the non-Australian foreign banks pulling their money out of New Zealand and moving it to Australia. As I write European governments are announcing a government guarantee scheme for inter-bank lending there, similar to the British government guarantee offered for such lending by British banks. Currently the inter-bank markets within Australia and New Zealand are not frozen. They are definitely frozen in Europe and the United States. There is a risk that freeze will extend to New Zealand and Australia. When it does our Reserve Bank will have no choice but to expand the scheme to wholesale deposits too. There is another problem with the way this scheme has been developed and announced. Helen Clark took the dangerous decision to include it as the centrepiece of her election campaign launch yesterday. She also didn't inform National Leader John Key and Finance spokesman Bill English before doing it, and neither did the Reserve Bank Governor, it seems. Key and English have supported the scheme to remove the danger of a political fight endangering confidence in our system. But they are being forced to sit on their hands while Clark and Cullen display their "decisiveness" courtesy of the power of incumbency. Clark could have announced it this morning in tandem with Key and English and painted it as a 'war cabinet' style act of broad government. Instead, she chose to portray it as the act of a decisive, responsive government. Only days earlier Cullen had downplayed the idea and has actively opposed it over the years. This is policy making on the hoof dressed up as a bold plan to use the power of government for good. Playing politics with confidence in our banking system is a corrosive and dangerous thing to do. Helen should have held her breath and done the decent, statesmanlike thing. It may well come back to haunt us all.
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61 Comments
What I don't get is...
What I don't get is... if everything is guaranteed.... will all the rates offered converge? I mean, why should I buy safe NZ government Kiwibonds at 6% if I can get guaranteed deposits at 10% in a finance company? I think everyone will pull their money out of government bonds, out of banks even, and into finance companies. And that just seems entirely backwards, causing the money to move to it's lowest and worst use.
Mike Dilger, A very, very
Mike Dilger,
A very, very good point. South Canterbury CEO Lachie McLeod agreed with me today when I asked if this meant finance company rates would converge. In theory all deposit rates should be the same. If the government was being fair, it would also be setting deposit rates at the same time as guaranteeing the system.
They should have said "as
They should have said "as at COB on Friday".
But it's all government money now anyway.
I believe finance companies will
I believe finance companies will still offer a slightly higher return than banks as they still have to entice people away from the banks which are easier to deal with than a finance company.
They will also be competing with PIE deposits with its large tax incentive (30% vs 39%).
Although the deposit is guaranteed, the return is not so you are still running the risk of not getting any return on your money and this should also be reflected in the finance company interest rates.
I am not a fan of Finance companies (especially in a recession) and will continue to leave my money in PIE deposits in the short term.
Cullen has overstepped the mark by guaranteeing finance companies.
So Bernard you're saying that
So Bernard you're saying that this Labour policy has even MORE holes in it than the EFA? I had thought that was a mathematical impossibility. Still I guess both will serve their political purpose, so in a sense they're watertight.
A couple of holes? More
A couple of holes?
More like Swiss cheese. Like you Bernard I was for a bank guarantee scheme to stop capital flight but this goes way over the top as you, I and almost every other correspondent on this site has discussed.
What i don't get is surely if we mere mortals can see the pitfalls from spending a couple of minutes considering, discussing and arguing the points why don't they see it and why are these questions not asked by more in the media. Did you read John Armstrong's piece in the Herald? More like a party political broadcast ignoring all the detail.
Is there still a round table anywhere? i certainly hope the RBNZ and other parties get input on the details.
The main problem will be what will be the exit strategy which doesn't involve us owning every toxic asset ever created in the last five years and the next two or more while they end up with a garage of fancy cars.
Labour is fast losing credibility with me but as it is a complex issue the headline probably grabs the votes and the detail doesn't loose any that matter to them. But please for the sake of the country they must have a broadly based think tank on forming the details or cutting it back..
Andy I agree. We hope
I agree. We hope to provide the forum for debate here.
I welcome any comments pointing out more holes in the Swiss Cheese. I know the Reserve Bank will appreciate it too. I suspect they read this stuff occasionally....
Here's hoping
I have played as safe
I have played as safe as possible with my money for years. Most of my $2mil bank deposits are in Rabo and Kiwibank with a few hundred grand spread around the Aussie banks.
I was tempted and even wrote away for the glossy brochures from five star finance etc finance companies but always kept away from them.
I think it is ridiculous that the Govt is now including finance companies in the guarantee.
I can understand banks being included.
I was about to make a large purchase in Kiwi bonds today but held off when I got the reserve bank email.
Lets hope that the criteria for finance companies to apply to be in the deposit insurance scheme cull out the shonky ones.
I'd just like to reinforce
I'd just like to reinforce what Bernard said. Don't worry about some "official" think tank telling you what to think. You will find it all on here and on other similar blogs.
Blogs like these are a forum for real debate and provide voices for those who would never be heard but have something interesting and helpful to say.
So are the bank deposit
So are the bank deposit guarentee really a CLAYTONS ,or made at a Labour party launch to say TRUST US WE DONT KNOW WHAT WE ARE DOING?EXCEPT WE WILL DO IT ANYWAY ?AND THEY HAVE.NOW THE CHICKENS HAVE COME HOME 23 HOURS LATER.I ALWAYS THOUGHT THEY COULDNT RUN A BATH, A FAMILY ,OR A SHOWER.
I'm all for deposit backing
I'm all for deposit backing but this is quite an extreme version. This would pretty much take the risk out of investment into institutions and could easily cause imbalances in investment vehicles. The other thing is if its unlimited, in today's market this could push our currency up as huge amounts of money flow in from overseas?
I am sure some inventive folk are already dreaming up schemes to fleece this.
One could start their own "finance company" and invest in anything to have it backed by the government, should it flop they get there principle back and start again.
Or just open a finance
Or just open a finance co ,with 2 years guarentee ?who cares if it fails ,after all the depositors money has been lost in the casino ,it is still guarenteed OR JUST PAY BRIBES OUT OF THE MONEY TO WHOEVER FOR FAVOURS? THIS ALL SOUNDS LIKE UTOPIA?UNDER THE PROPOSED SCHEME IT COULD BE A REALITY.
This Scheme is scary ,
This Scheme is scary , it seems that by given the tick to finance companies Helen is saying that risk vs.s return need not be thought of anymore.
the falling apart of finance companies was actually teaching New Zealand lesson , that Risk should be looked out .
what I see as the worst part of this Scheme small time high risk leaders will get free cover , were safer low risk banks will end up paying the government for the scheme full well knowning that they must be in it , cause the miss fear that is running through everyday investors would mean they wouldn't get deposits no matter what there credit rating.
the government should have really talked this through and left the gun in the pocket for another day or two instead the let it rip and we the tax payer may end up buy dearly for a scheme that seems bottomless and reckless.
I have spoken up for
I have spoken up for Cullen lately...but the extent this goes creates to many loop holes, and encourages money to go where its not in the best interests of the country
We would be better off with no guarantee than this bit of rubbish , too complex and open to total abuse...
I cant believe how short sighted and stupid Cullen is on this.
At least he should have kept it simple to start...As BH suggested..THEN maybe add to it...and pick up the political brownie points
To provide blanket cover, then try to pull it back is just messy, tactically stupid...
Unless of coarse Key was known to going to get on the band wagon and do th oneupmanship and go for the blanket cover...wouldnt be surprised.
"Anyone with a late model sports car should be excluded."
That I like, it will force them to buy very expensive classic sports cars, and instead of mine depreciating in tough times, just keep appreciating up to even more ridiculous values...I recon its overvalued like proprty, about 30 to 40%
I think we should wait
I think we should wait till we see the level of finance companies etc that get 'accepted' into the guarantee. It seems that deposit rates across the board are likely to drop now and this should benefit everyone except maybe depositors.
This could be a bold move with an un-expected and worthwhile outcome as folk start spending again with less risk of a personal rainy day.
Under the current scheme Bridgecorp
Under the current scheme Bridgecorp owed less than $5 billion so they would not have paid a cent for the guarantee on their doggy loans (if they had a guarantee). Is Labour giving National a white elephant when they get into power?
There is no mechanism for the government to cancel the guarantee later on if there is bad behavior by the companies and there is no regulation offered in any way. Over here in Ireland they are putting people to represent the public interest in the banks that have the 100% guarantee. In the UK the taxpayer is buying a share in banks, so when things get better the tax payer wins!. Why not here?
Time to start writing letters to Cullen, Helen and the newspapers!
When I first heard of
When I first heard of this I thought great now my saving are safe. After a days pondering Im not so happy. Is the situation really this serious, if it is then Im worried again. It dosnt solve the solvency /liquidity problem. Its almost total state control of our finances and it could be used to force down deposit rates.The banking crisis i suspect is the beginning of a bigger crisis so looks like we are in for more Fascist state control.
I went to Church on Sunday we have a great Pastor his words. Young people's idea of saving is when you get $200 off a stereo at Harvey Norman. They have no idea there is another type.
Im considering buying gold and heading to some tropical island, doing a bit of fishing and starting again in 5 years time.
Ian Walker, "This could be
Ian Walker,
"This could be a bold move with an un-expected and worthwhile outcome as folk start spending again with less risk of a personal rainy day."
Is this not what got us in the poo in the first place? The lesson should be that we need greater awareness of risk whilst avoiding panic. This guarantee has gone so far as to eliminate risk completely .... at least until the government goes bankrupt that is.
Extending this scheme to non-bank
Extending this scheme to non-bank deposit taking institutions, particularly finance companies is just another political insurance policy to get Labour back into power after one term.
Watch the fireworks as the scheme expires in two years time, 2/3 into National's term! Hopefully enough failed finance companies can amend their trust deeds to get back their companies back and start making more dodgy loans ... then we'll teach them pesky Nat's what politics is all about!
Anyone with money in NZ
Anyone with money in NZ banks should get on a plane pronto transfer to aussie open a bank account there ,transfer your funds there ?after that there will be no need for these fears.Australia were not in election mode or buying votes ,they nutted it through .Here for a one upmanship LABOUR PANICKED?I THINK WE WILL ALL PAY A HUGE PRICE FOR THEIR SHORTSIGHTED ENDEAVOURS.
Everyone seems surprised at the
Everyone seems surprised at the inclusion of non-bank deposit taking institutions - but what I'd be keen to explore is the "why"? The inclusion is obviously deliberate - and those who wrote the policy must have a reason.
I'm guessing it's this - the reliance of our domestic economy on urban development projects - i.e. growth in the built-environment - the construction sector. We don't have a manufacturing sector to speak of. We don't have a small component/manufacturing assembly sector. We don't have an R&D/research-based sector. We don't have a software development sector, or a big mining sector etc. etc. We have an agricultural sector but that's up to its eye-balls in debt and commodity prices are falling. Clearly, if you take out the construction/building sector - then the only growth sector in our economy is the bureaucracy.
Faced with that hard reality of where the major job losses are going to come from if the construction sector slows - it makes economic sense to back the non-bank (i.e. finance companies) deposit taking institutions.
And given these smaller guys (non-banks) don't have to pay - you'd have expected the big guy bank to be moaning their heads off ..... but NO. So, they too must all be happy about the scheme.
The lot of them (banks and non-banks) like it - and so my guess is they all expect they will get back to business-as-usual - just like before.
Bernard The Government is shooting
The Government is shooting from the hip. There are more controls coming plus the buyback of the BNZ...The problem is Cullen does not know which six gun he should use.
You need to read what the rest of the world thinks of us from Business Week today;
Business Week has NZ lumped in with Pakistan, Romainia, Iceland, Hungary, Turkey and Viet Nam.....now I am not sure if Cullen knows this information yet, but I am certain his spin Doctors did know the yanks mixed us in with the rif raf of thje world.
Tougher times are rolling in like a tsunami.
doesnt seem that long ago
doesnt seem that long ago when the topics were borrowing money to bet against currencies and buy shares and the money to be made,now it is kiwi bonds and who to blame.if you want to make serious money you have to gamble so now most of us are taking a bath,some will be wiped out and others will lose what they can afford.if you want to sing the blues you have to pay your dues.change is opportunity.
Kate I think its more
I think its more that in this climate of fear the big banks don't want to frighten all the sheeple
as you suggest, they are
as you suggest, they are large holes, somewhat easily spotted. I'd be surprised if they were not already recognized and on the way to being addressed regardless of the rancid partisan squawking going on in a comments section.
@ Dubious et al What
@ Dubious et al
What is your problem with Finance Companies.? TThe shonky ones have gone and there are now some excellent NZ companies out there providing much needed second tier lending to small/medium busnesses , investments in plant and equipment, farming etc. WE NEED THEM! Wrightsons, MARAC, South Canterbury , General Finance for example. If their deposits had not been equally guaranteed, there would be a flight of capital from NEW ZEALAND owned Finance Companies to AUSTRALIAN OWNED banks. Through no fault of their own, kiwi finance companies would go to the wall. Do you really want that?
regardless of what the end
regardless of what the end result of the scheme to save our soles ?one would think it is a lot easier to drive a car with a steering wheel rather than put one on while the car is in motion.hope that resolves the genuine angst of thinking people .not a bunch of mushrooms.
Aucklander, I don't have a
I don't have a problem with finance companies receiving a guarantee. But the real cost of that should be reflected in the costs of that finance company. The current plan means that the AA rated big banks are paying to insure sub investment grade finance companies.
You mention the Marac, South Canterbury, PGG Wrightson etc. Only two of them have investment grade credit ratings, and even those ratings are 7 notches below the big banks. Yet this scheme means they are suddenly judged to be AAA risks. This is ludicrous.
A decent deposit insurance scheme would have forced the institutions to themselves pay for the cost of that insurance. Instead we will have the people depositing in bank deposits receiving lower returns so that people can get higher returns (for the same risk) in the finance companies.
There is a possibility of a huge flight out of banks and into finance companies because they offer higher rates yet now have the same risk.
Do you really want to see little old ladies getting 5% in a bank and subsidising the returns being paid by an Allan Hawkins finance company?
Aucklander - I'll tell you
Aucklander - I'll tell you what my problem is.
1. The finance companies engage in riskier lending, yet their deposits will be guaranteed just the same. They are not regulated in the same way that banks are and pose a much greater risk to the taxpayer. I agree completely that they provide a helpful service to the productive sectors but also disagree that there will be a huge flight away from them as a result of the deposit insurance scheme. The ones that are left standing are the ones who have proven themselves to investors as being able to pick solid investments and manage their maturities. Deposit insurance will not help these companies, only invite poorer quality 2nd tier lenders back into the market.
2. Allan Bollard has stated that he will allow some of the companies that have breached their trust deeds to apply for the scheme, if they can sort their trust deeds out. Expect companies such as Hanover and Dominion Finance to approach their debenture holders with a plan to get their deposits secured by amending their trust deeds. There will be big unavoidable losses in these companies because of the very high risk lending that went on.
Do you want the taxpayer to cover these losses?
Whoever does not get accepted
Whoever does not get accepted is as good as bankrupt! It's as simple as that. Given what has happened in the past 12 months, and what is happening now, news that a company is not included will create a mad rush for the door.
Thats my take on why.
I have a cunning plan......
I have a cunning plan......
My new finance company, "Hawkicevic Corp." is now offering 3 month term deposits at 50% (thats right you read it) - completely government guaranteed. The capital will be carefully reinvested in third party loans, who will all default in precisely 3 months. But never fear, my customers will receive their deposit + interest anyway - and I get to repurchase my porsche via my oh-so very handy blind family trust that just so happens to be a secured creditor to the aforementioned third parties....
Ahhh government intervention in the market - it warms the cockles of every scheming ratbag's soul.....
I'm just an ordinary NZer,
I'm just an ordinary NZer, with a little grasp of what is happening but in my opinion Bank deposits should be guaranteed, and the deposits in the bigger more responsible finance companies, Marac, UDC, (which have links to the main banks anyway, and Marac is going for bank status) should be partially insured up to a certain amount of deposits, ie, up to $50,000. If you want 10% in this atmosphere, fine, all power to you, but you won't be getting any more than that amount back if it goes down.We need to encourage a run TO banks, (or discourage a run away) not the other way around.
Access to the scheme must be carefully looked at for the non banks.
The lack of bi/multi partisan input into this scheme is astounding in the light of this crisis. We almost need a 'war cabinet' type of situation. We need to see a display of statesmanship which we have not had in many a long year. Helen and Cullen, you are elected by the people, FOR the people not the other way round. Cometh the hour, cometh the man/woman. It's called PUBLIC SERVICE for a reason.
Still, I think the sun is still going to rise tomorrow :o)
Hi All, Some still seriously
Hi All,
Some still seriously do not get this whole thing. We are in the midst of one of the greatest financial extortion rackets ever put together. If our institutes fail, where do you think the money is going to come from to prop them up. It is going to be by the way of more of the central bankers electronically created credit, which we have now pledged to pay back out of the future taxes of the nation and if our system still goes under we have pledged all our mortgages as colateral, so if you were the privately owned central bankers and your intentions are law of the jungle, monopolist control, what would you want our system to do right now?
I heard several small businessmen on talkback today saying that the men in black had turned up to put them into receivership today?
Dubious "The finance companies engage
Dubious "The finance companies engage in riskier lending"
My impression from the past few weeks' turmoil is that banks have equally (if not more) been involved in considerable risk taking. And what about ANZ's promotion of ING? or ASB's involvement in Blue Chip? We should be supporting our remaining New Zealand finance companies which are solid and prudent in their management. If, as will probably happen, deposit rates in the Aussie banks and Kiwi non-banks begin to merge, there will be no flight of capital from one institution to the other.
You are quite right BERNARD
You are quite right BERNARD EXCEPT WHEN WAS LOGIC A GOOD IDEA IN THE PRESENT REGIME ?THAT INCLUDES BOLLARD.THE MORE I SEE AND HEAR ABOUT THAT LOT THE HARDER IT IS TO FEEL FINANCIALLY SAFE IN NZ .OF COURSE THEY SEEM TO DO AND SAY WHAT THEY WANT ,UNCHALLENGED BY MOST MEDIA ?ONE JUST HAS TO READ TODAYS NEWSPAPERS .AND WITHOUT A BEG YOUR PARDON THEY RUBBER STAMPED THE DEPOSIT PLAN.THERE ARE A COUPLE OF WOMEN IN ONE OF THE NEWSPAPERS WHO THINK ON THEIR FEET?THE MEN SHOULD BE ASHAMED OF DRAWING A WAGE.IN FACT THEY SHOULD BE PUT OUT TO PASTURE ASAP.
Hey Iain, Yep, first call
Hey Iain,
Yep, first call to Michael Laws this morning was a guy who turned up to work and was told to go home, construction industry in Waikato if I remember.
Unlimited government guarantee is a
Unlimited government guarantee is a moral hazard. This action is no different from the Bank's action of lending 100% mortgages. Instead of banks becoming bankrupt, we will face the risk of countries becoming bankrupt. Excessive debt is a devil and we feed it by socialising the private risks and losses.
Why is this blog so
Why is this blog so full of right wing whingerss and scare mongerers? Jill- you don't feel financially safe? Why? Antipodean banks are the amongst the soundest in the world- see here http://news.yahoo.com/s/nm/20081009/bs_nm/us_financial_soundest_banks . AND our bold deposit guarantee scheme is an example for the world. See here http://news.yahoo.com/s/nm/20081012/ts_nm/us_financial_australia_deposits
The sky is not going to fall and Rudd and Clark know that this is a clever and calculated risk simply designed to restore confidence. As Rudd says, why should our banks be discriminated against because of badly managed foreign banks being propped up by their foreign governments.
As for Mr Key, well sorry but there was a sense of urgency needed here not platitudinous dithering.
Simone, I disagree, this is
I disagree, this is a game of blind mans bluff or poker of the highest stakes.
Don't worry about Mr Johny Key, he is laughing all the way with his central banker work mates.
The question is not how
The question is not how well banks are managed in NZ and Australia. Irresponsinle lending by banks resulted in huge overseas debt for Australia and New Zealand. Government guarantee cannot remove the bankruptcy risks but can only socialise the losses, making poor much more poorer.
Simone, You do your arguments
You do your arguments no service by bringing out the Right / Left perception issue. If anything, I'm naturally left leaning. But my view of this action, by Labour, is that is its Madness in the Extreme. I understand where NZ had to play catchup after the Irish started this snowball of deposit guarantees. But why Finance companies? And why no cost to the finance companies
I don't view this a a Bold deposit guarantee scheme. I agree with Bernard, the way this scheme is currently proposed has too many holes.
I can now take my money out of Kiwibank and ASB and stick it in some finance company for an extra return courtesy of the deposit guarantee scheme.
No limits on how much I could stick in to that Finance company. All backed by the NZ taxpayer. And the finance company doesn't even have to pay for the insurance.!!!
Sounds like a good deal for the NZ taxpayer. Yeah, Right.
Hi Simone you cant be
Hi Simone you cant be serious?or is your money in a wobbly finance co?if it is you are getting a free lunch totally.YES SIMONE THERE REALLY ARE SANTA CLAUS"S OUT THERE ,HELEN CLARK MICHAEL CULLEN NOT FORGETTING THE APOLITICAL BOLLARD????
@ Gibber Simone, You do
@ Gibber
Simone, You do your arguments no service by bringing out the Right / Left perception issue.
Sorry? Moi?
@ Andy Labour is fast losing credibility with me
@ Dubious " Watch the fireworks as the scheme expires in two years time, 2/3 into National's term!"
@ Jill WHEN WAS LOGIC A GOOD IDEA IN THE PRESENT REGIME
Many good points above. I
Many good points above. I have another - why is NZ the only country in the world (as far as I know) to extend its deposit protection scheme way beyond the ordinary meaning of deposits (it also covers "debt securities")? Clearly to prop up the finance company sector.
There's a clear distinction between a deposit and a debenture/bond/convertible bond. Are pref. shares also covered? Some pref shares are considered debt rather than equity. How about debt securities issued by a bank/finance company/credit union that are held with an institution other than those covered by the scheme (e.g. debentures held in a sharebroker's account)? What about PIEs?
Maybe there's a sharp securities lawyer out there who can advise.
We SHOULD be supporting our
We SHOULD be supporting our best NZ owned finance companies esp if we are supporting Australian owned banks.
Jill, Are you p***ed because
Jill, Are you p***ed because your money is tied up at 5% and you were too afraid to do some risk taking like the big girls?
SIMONE ARE YOU TALKING ABOUT BIG GIRLS OR BIG THICK GIRLS WHO INVESTED IN FINANCE COs BECAUSE THEY LIKED THE PRETTY COLOURS ON THE COME IN SUCKER PROSPECTUS BLURB? NO SIMONE COMMON SENSE PREVAILS AFTER NEARLY 6 BILLION HAS BEEN LOST IN FINANCE COs .AT TIME OF WRITING NO BANKS HAVE CRASHED AND THERE ARE NO BANKERS HEADING FOR JAIL. JUST TO SHOW YOU ARE SUCH A GAMBLER I SUGGEST YOU PUT YOUR MONEY INTO THE KAMA SUTRA THATs LIKE THE PRESENT GOVT AND FINANCE COs FULL OF POSITIONS AND FLIP FLOPS.
Please lay off the all capitals, it makes comments very hard to read.
Bryan Spondre
Blog Producer
Aucklander, As a taxpayer, I'm
As a taxpayer, I'm happy to offer the guarantee but those involved in riskier lending should pay the increased cost of the guarantee. Under the current scheme that cost will be paid by the banks first and taxpayers second.
Can we avoid the personal nature of the comments above, please? We're a fine, upstanding family friendly site without too much biff. I like a robust debate but let's not get personal or abusive. It's more fun that way.
Ps Simone I almost forget
Ps Simone I almost forget to mention the RBNZ with their positions and flip flops on the guarentee deposit scheme especially on finance companies ,a copy of the KAMA SUTRA is on the way to dear old DR BOLLARD the original apolitical???just to keep his mind on the job ,perhaps he can share it with his advisors.
"Everyone taking deposits can APPLY
"Everyone taking deposits can APPLY and can IN THEORY be accepted."
Exactly- on looking at the RBNZ press release it is clear that the guarantee is not automatic "" institutions must make an "initial" application http://www.rbnz.govt.nz/finstab/crown-guar-appform-v1.pdf (very rudimentary, let's hope the "proper" application has more detail) that requires approval before the guarantee is extended. Does anyone have any information/speculation on the criteria needed to meet approval? Do they even exist yet (especially for finance companies)? Will capitalisation be one of them? Evidently a list of approved/guaranteed institutions is to be posted on the RBNZ website daily. I can't find any there today even though one would expect the major institutions (trading banks) that applied yesterday would have their applications rubber stamped immediately. We really need to see some more fine print (a bit more than "there is a process to go through" - RBNZ) on this before jumping to conclusions. As for the issue of inter-bank deposits this omission is so obvious there must be reason/intention behind it.
"Does anyone have any information/speculation
"Does anyone have any information/speculation on the criteria needed to meet approval?"
We can certainly speculate that the best possible outcome from this dog's breakfast would be for the guarantee approval process to drive a level of regulation and oversight in the finance community that has previously been lacking. If the largesse of government means that such companies are going to receive identical credit ratings as the high street banks, then the least we can expect is that their transparency, reporting and capital requirements should also be similar.
"As for the issue of inter-bank deposits this omission is so obvious there must be reason/intention behind it."
A theory:- The big 5 high street banks (Westpac, BNZ, National, ANZ, ASB) already have a guarantee from the Aus government on inter-bank loans via their aus parent companies. This should be enough to keep money flowing between them and overseas banks. Are the aussie parent companies likely to leave their NZ subsidiaries floundering without funding? Probably not - and the gamble appears to be: "Why should NZ stump up for a further guarantee when we can bludge off the Aussies?" The sole NZ-owned high street bank, Kiwibank, is not particularly active in the interbank-market as its 'quaint and old-fashioned business model' relys almost exclusively on retail deposits. It would appear that as long as the money keeps flowing from Aus there are no vulnerable commercial inetrests to protect......
Also (and in a scary comparison to Iceland) - can NZ afford to guarantee the interbank loans? Does anyone know how big is that number?
Obviously a plan devised by
Obviously a plan devised by someone who knows that they won't be staying around to fully implement it or have to face the consequences.
Is it correct that the
Is it correct that the g'tee is limited to individual deposits up to $20k only?
Kiwi No. It's for everything
No. It's for everything (and their dogs...)
More details here. http://www.interest.co.nz/ratesblog/index.php/2008/10/12/have-your-say-g...
Interesting reading the variety of
Interesting reading the variety of comments. Most seem fairly based except for maybe a bit of understandable 'politicing'. Sure; in a perfect world govt guarantees such as this bring only big problems down the line. However the horse has well and truly bolted; the stable door being left open by regulators asleep at the switch. The US bailout of Wall St by taking over its toxic loans has been rightly rubbished and the new plan worldwide with govts buying a stake in dodgy banks should bring about tough inhouse re-regulation. In due course these stakes will probably return a profit to govts like BNZ and Air NZ bailouts did in the past. Its hard to see what better alternatives exist in the real world.
So when is there going
So when is there going to be an announcement on government controls on deposit rates?
Dosser Excellent point! This is
Excellent point! This is the inevitable result when applying such a blanket guarantee to such a wide variety of term deposits that range from very risky to risk free. The blunt instrument eventually requires price controls to keep it fair...
I see the Aus government
I see the Aus government has now extended the first home buyers grant to 21,000 to try and inflate a dead market that NEEDS to crash. Rudd has confirmed himself as a complete idiot.
Hi all dont dream its
Hi all dont dream its over.I just heard the elongated CULLEN saying on the deposit guarentee scheme that there were lots of things to be worked on or worked out .My my i said that it was policy on the hoof .Clark on her haste to launch her election campaign scheme has mislaid the nation AGAIN or is mislaid another name foe TRUST.jUST LIKE ANOTHER POLITICIAN WHO HELD UP A NO SIGN.
Helen HAD to announce the
Helen HAD to announce the scheme. Otherwise NZ would have been alone in the Western world without a deposit guarantee policy. There would have been a flight of capital. And, yes, there is still a lot of detail to work through but the government and Reserve Bank were working under urgency. These are extraordinary times.
just to reiterate again about
just to reiterate again about deposit policy on the hoof .Labour mislaid the nation on what the deposit scheme covered .Its now been learned that the Aussies scheme dosnt cover finance companies go figure.


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subset: commoncrawl


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Peter Ayliffe - Chairman and Non-Executive Director
Peter Ayliffe was President and Chief Executive Officer of Visa Europe from March 2006 to September 2013, where he was responsible for Visa's European business in 37 countries, accounting for some 30% of the worldwide expenditure on Visa cards. Prior to Visa Europe, Peter spent over 30 years in retail banking. He was a main Board Director with responsibility for Retail Banking at Lloyds TSB, one of the UK's leading banks. During this time, Peter was a Director on the Visa Europe Board and a Director on the Visa International Board.
He currently serves on the Board of the Chartered Management Institute as its past President, and is on the Board of the Coventry Building Society, Pennies, the digital charity box, and truRatings, the Point of Sale consumer feedback business.
Alastair Lukies - CEO, Monitise plc
Alastair has a proven track record of turning visions and concepts into real businesses. He founded Monitise in 2003. Three years later, Monitise was recognised as a 'Technology Pioneer' by the World Economic Forum and in June 2007 Alastair led the company's demerger from Morse and listing on the LSE's AIM market.
In January 2014, Alastair was appointed as a Business Ambassador for the financial services industry by the UK Government. He was named Non-Executive Chairman of fintech industry body, Innovate Finance, at its launch in August 2014. Alastair was awarded a CBE for services to mobile banking and charity in June 2014, and was named Entrepreneur of the Year at the 2011 Growing Business Awards.
Prior to conceiving, financing and successfully building Monitise, Alastair was a co-founder of epolitix.com, the portal for Westminster, Whitehall and the devolved institutions. Alastair leads key relationships with partners, industry stakeholders and major shareholders, plus corporate development for the global Monitise business.
Elizabeth Buse - CEO, Monitise Group
Elizabeth Buse joined Monitise in June 2014 as co-CEO, responsible for the company's operations, including sales, marketing, product, technology, finance and administrative functions. Prior to Monitise, Elizabeth spent 16 years at Visa Inc, most recently as Global Executive, Solutions, responsible for the company's merchant relationships, ecommerce, mobile and processing products. Before that, she spent three years in Singapore, running Visa's business in Asia Pacific, Central Europe, Middle East and Africa. She also held roles as Visa's Global Head of Product; Executive Vice President of Product Development and Management; and Executive Vice President of Emerging Markets & Technologies, leading all aspects of product strategy, development and growth.
Prior to joining Visa in 1998, Elizabeth served as Vice President of Strategic Initiatives for the Electronic Funds Division of First Data Corp. Elizabeth also serves as a Director of Travelport, a leading travel commerce platform listed on NYSE, and was a Director of Artio Global Investors Inc. from September 2009 to January 2013.
Lee Cameron - Deputy CEO & Chief Commercial Officer
Lee is Deputy Chief Executive Officer and Chief Commercial Officer at Monitise and has been a member of the group's Board since 2008. He is responsible for Monitise's legal and commercial activities and oversees the company's corporate development and M&A strategy. Lee has been associated with Monitise since its foundation and joined as a full-time employee in 2006 as General Counsel.
Called to the Bar in 1998, Lee later transferred to become a solicitor and was Legal Director at Morse plc, a FTSE 250 technology company, prior to joining Monitise. With extensive global experience in managing commercial and corporate cross-border transactions, Lee ensures Monitise continues to maximise the value of its Mobile Money network to the benefit of all participants.
Brad Petzer - Chief Financial Officer
Brad joined Monitise as Chief Financial Officer in 2013. He previously worked at TelecityGroup plc, a FTSE 250 company, where he was the Group's Financial Controller. At Telecity Brad supported the business through its Main Market listing on LSE and was responsible for the Group's reporting, planning, policies, risk and control. Prior to Telecity Brad held senior finance roles at Create Services, an online credit card provider and part of Lloyds Banking Group, and other technology companies. He is a qualified Chartered Accountant.
Colin Tucker - Independent Non-Executive Director
Colin has 30 years experience in the telecommunications and electronics industries. He was Deputy Chairman of Hutchison 3G and was Technical Director of Orange for ten years. Prior to joining the Monitise board in 2007, he was a board director of Morse plc.
Tim Wade - Independent Non-Executive Director
Tim, a qualified lawyer and accountant, is an independent non-executive director of Friends Life. He is a non-executive director of Macquarie Bank International Limited and ACE Europe Insurance, where he chairs the Audit Committees for both, and Access Bank UK Limited, where he chairs the Credit Committee. He is also the chairman of the national charity Coeliac UK.
Amanda Burton - Senior Independent Non-Executive Director
Amanda Burton was Global Chief Operating Officer at Clifford Chance LLP from 2010 to 2014. She joined Clifford Chance in 2000 from Meyer International plc, where she was Director and Chairman of its Timber Group. Amanda served nine years on the Board of Galliford Try plc as a Non-Executive Director, from 2005, and as Senior Independent Director and Chairman of the Remuneration Committee since 2008. She was appointed to the Board of Copthorn Holdings Ltd, the ultimate holding company of Countryside Properties PLC, as a Non-Executive Director in October 2014, and as a Senior Independent Director and Chair of the Remuneration Committee of HSS Hire Group Ltd in January 2015.
Paulette Garafalo - Independent Non-Executive Director
Paulette Garafalo is President of Brooks Brothers international, wholesale and manufacturing, and has been since 2010. She was previously CEO of the Americas at the luxury retailer Bally and held the position of CEO and Group President of the luxury apparel brand Hickley Freeman.
Tom Houghton - Non-Executive Director
Tom heads the Core Payments division of the business at Visa Europe. He joined Visa in 2011 as its Head of Processing, which accounts for 35% percent of the business' overall revenue. Tom has spent a lifetime working in the payments industry, starting out in the retail sector. He worked for a major US merchant retailer running development and deployment for in-store point-of-sale systems, merchandising, inventory, and distribution applications. He then moved to electronic payments group ACI Worldwide, where he spent 21 years in a variety of roles in both North America and Europe, leading product management, product development, customer support, sales and services divisions.


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Audi And INRIX Collaborate To Launch Connected Real-Time Traffic And Driver Services In Russia
Audi Owners First in Russia to Benefit from INRIX XD??? Traffic, the Most Advanced Real-Time Traffic Service Available
March 19, 2014 --
Related Keywords:Communications, Smart Phone, Sales, Sales & Marketing, Business Issues, Sales, Sales, Broadcast Technology, Russia, Science, russia, Other,
Source:PR Newswire.
All Rights Reserved


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JIB: Claim Your Favorite People, Places,
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Modern home accents with an IKEA eye for modernity, but the strength and durability of tradition construction. It can only mean Alessi. The Italian design brand has been cranking out home accessories for more than 80 years, so chances are, you're already a devoted follower. Alessi collabs with more than 500 designers, both established and up-and-coming, from around the world to bring the latest and greatest into your kitchen, den, bathroom, etc. From kitchenware and appliances, to jewelry and an exclusive t-shirt collection, yours is an Alessi kind of life. --Toni Kervina


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The mammalian retina is comprised of six major neuronal cell types and is subdivided into more morphological and physiological subtypes. The transcriptional machinery underlying these subtype fate choices is largely unknown. The LIM-homeodomain protein, Isl1, plays an essential role in central nervous system (CNS) differentiation but its relationship to retinal neurogenesis remains unknown. We report here its dynamic spatiotemporal expression in the mouse retina. Among bipolar interneurons, Isl1 expression commences at postnatal day (P)5 and is later restricted to ON-bipolar cells. The intensity of Isl1 expression is found to segregate the pool of ON-bipolar cells into rod and ON-cone bipolar cells with higher expression in rod bipolar cells. As bipolar cell development proceeds from P5-10 the colocalization of Isl1 and the pan-bipolar cell marker Chx10 reveals the organization of ON-center bipolar cell nuclei to the upper portion of the inner nuclear layer. Further, whereas Isl1 is predominantly a ganglion cell marker prior to embryonic day (E)15.5, at E15.5 and later its expression in nonganglion cells expands. We demonstrate that these Isl1-positive, nonganglion cells acquire the expression of amacrine cell markers embryonically, likely representing nascent cholinergic amacrine cells. Taken together, Isl1 is expressed during the maturation of and is later maintained in retinal ganglion cells and subtypes of amacrine and bipolar cells where it may function in the maintenance of these cells into adulthood.
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You are hereAbout Us / Status of Various Issues & Legislation / The Issues / Wild Animals / Sport Killing Maryland's Black Bears
Sport Killing Maryland's Black Bears
Sport Killing Maryland's Black Bears:
O'Malley Is Now To Blame
After hunters killed practically all of Maryland's black bears, the Maryland Department of Natural Resources (DNR) closed bear hunting season in the early 1950s, and placed our state's black bears on the endangered species list in 1972. Today, our bears are being killed once again.
A small population of black bears rebounded in Western Maryland, and they are now being killed for sport and recreation again, thanks to Governor Robert Ehrlich and now Governor Martin O'Malley. Here's what happened and how you can help stop it!
- In 2004 when Governor Robert Ehrlich ignored a 12-7 vote of the Maryland Administrative, Executive and Legislative Review committee's decision against reopening bear hunting season. Instead, Ehrlich accepted DNR's recommendation to open up a black bear hunting season. This pleased a small group of hunters bent on killing our bears with guns, and bows and arrows as recreational sporting activity.
- The Maryland Department of Natural Resources has yet to produce any scientific evidence supporting a need for holding these generalized bear hunts. Instead, virtually all of the written documentation points to requests by hunting lobby groups such as the Maryland Sportsmen's Association and others, asking DNR for a bear hunting season.
- Over pleas from local animal welfare supporters, letters, television messages, rallies, public debate, and requests by the Humane Society of the United States (HSUS), Governor Martin O'Malley continues to allow bear hunting. Another bear hunt is scheduled again for this fall in Western Maryland.
- DNR refused a $75,000 offer from HSUS to pay farmers for alleged crop damage caused by black bears in return for not opening bear hunting season.
- So far, hundreds of Maryland's bears have been needlessly and randomly killed, including 18 cubs weighing only 54 to 97 pounds. Another bear hunt is scheduled for fall, 2009.
- Bear hunting in Maryland represents a classic example of how the less than 3% of Marylanders who hunt, have a stranglehold on DNR policies and philosophy about wildlife management in our state. Time for change is long overdue.
Do This Now!
Call Governor Martin O'Malley's office at 410-974-3901. Express your outrage over this killing. Tell him that you will spread the word, and will not vote for him if he allows this to continue! And join MVFA if you have not done so already. Together we can save our bears - they have nobody but us!
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Wheeler's delayed choice experiment. Wheeler's delayed choice experiment is actually several thought experiments in quantum physics, proposed by John Archibald Wheeler, with the most prominent among them appearing in 1978 and 1984.[1] These experiments are attempts to decide whether light somehow "senses" the experimental apparatus in the double-slit experiment it will travel through and adjusts its behavior to fit by assuming the appropriate determinate state for it, or whether light remains in an indeterminate state, neither wave nor particle, and responds to the "questions" asked of it by responding in either a wave-consistent manner or a particle-consistent manner depending on the experimental arrangements that ask these "questions.
"[2] Delayed choice quantum eraser. A delayed choice quantum eraser, first performed by Yoon-Ho Kim, R.
Yu, S.P. Kulik, Y.H. Shih and Marlan O. Quantum eraser experiment. The double-slit quantum eraser experiment described in this article has three stages:[1] First, the experimenter reproduces the interference pattern of Young's double-slit experiment by shining photons at the double-slit interferometer and checking for an interference pattern at the detection screen.Next, the experimenter marks through which slit each photon went, without disturbing its wavefunction, and demonstrates that thereafter the interference pattern is destroyed.
This stage indicates that it is the existence of the "which-path" information that causes the destruction of the interference pattern.Third, the "which-path" information is "erased," whereupon the interference pattern is recovered. Elitzur–Vaidman bomb tester. Bomb-testing problem diagram.
A - photon emitter, B - bomb to be tested, C,D - photon detectors. Mirrors in the lower left and upper right corners are half-silvered. In physics, the Elitzur–Vaidman bomb-testing problem is a thought experiment in quantum mechanics, first proposed by Avshalom Elitzur and Lev Vaidman in 1993.[1] An actual experiment demonstrating the solution was constructed and successfully tested by Anton Zeilinger, Paul Kwiat, Harald Weinfurter, and Thomas Herzog from the University of Innsbruck, Austria and Mark A.
Kasevich of Stanford University in 1994.[2] It employs a Mach–Zehnder interferometer for ascertaining whether a measurement has taken place. Schrödinger's cat. Schrödinger's cat: a cat, a flask of poison, and a radioactive source are placed in a sealed box.
If an internal monitor detects radioactivity (i.e. a single atom decaying), the flask is shattered, releasing the poison that kills the cat. The Copenhagen interpretation of quantum mechanics implies that after a while, the cat is simultaneously alive and dead. Yet, when one looks in the box, one sees the cat either alive or dead, not both alive and dead. Popper's experiment. Popper's experiment is an experiment proposed by the philosopher Karl Popper.
As early as 1934 he was suspicious of, and was proposing experiments to test, the Copenhagen interpretation, a popular subjectivist interpretation of quantum mechanics.[1][2] Popper's experiment is a realization of an argument similar in spirit to the thought experiment of Einstein, Podolsky and Rosen (the EPR paradox) although not as well known. There are various interpretations of quantum mechanics that do not agree with each other. Bell test experiments. Bell test experiments or Bell's inequality experiments are designed to demonstrate the real world existence of certain theoretical consequences of the phenomenon of entanglement in quantum mechanics which could not possibly occur according to a classical picture of the world, characterised by the notion of local realism.
Under local realism, correlations between outcomes of different measurements performed on separated physical systems have to satisfy certain constraints, called Bell inequalities. John Bell derived the first inequality of this kind in his paper "On the Einstein-Podolsky-Rosen Paradox".[1] Bell's Theorem states that the predictions of quantum mechanics cannot be reproduced by any local hidden variable theory. The term "Bell inequality" can mean any one of a number of inequalities satisfied by local hidden variables theories; in practice, in present day experiments, most often the CHSH; earlier the CH74 inequality.
Stern–Gerlach experiment. Basic theory and description[edit] Quantum spin versus classical magnet in the Stern–Gerlach experiment Basic elements of the Stern–Gerlach experiment.
The Stern–Gerlach experiment involves sending a beam of particles through an inhomogeneous magnetic field and observing their deflection. The results show that particles possess an intrinsic angular momentum that is closely analogous to the angular momentum of a classically spinning object, but that takes only certain quantized values. Another important result is that only one component of a particle's spin can be measured at one time, meaning that the measurement of the spin along the z-axis destroys information about a particle's spin along the x and y axis. Davisson–Germer experiment. History and Overview[edit] According to Maxwell's equations in the late 19th century, light was thought to consist of waves of electromagnetic fields and matter was thought to consist of localized particles.
However, this was challenged in Albert Einstein's 1905 paper on the photoelectric effect, which described light as discrete and localized quanta of energy (now called photons), which won him the Nobel Prize in Physics in 1921. In 1927 Louis de Broglie presented his thesis concerning the wave-particle duality theory, which proposed the idea that all matter displays the wave-particle duality of photons.[2] According to de Broglie, for all matter and for radiation alike, the energy E of the particle was related to the frequency of its associated wave ν by the Planck relation: And that the momentum of the particle p was related to its wavelength by what is now known as the de Broglie relation: where h is Planck's constant.
Double-slit experiment. The double-slit experiment is a demonstration that light and matter can display characteristics of both classically defined waves and particles; moreover, it displays the fundamentally probabilistic nature of quantum mechanical phenomena.
The experiment belongs to a general class of "double path" experiments, in which a wave is split into two separate waves that later combine back into a single wave. Changes in the path lengths of both waves result in a phase shift, creating an interference pattern. Another version is the Mach–Zehnder interferometer, which splits the beam with a mirror. This experiment is sometimes referred to as Young's experiment and while there is no doubt that Young's demonstration of optical interference, using sunlight, pinholes and cards, played a vital part in the acceptance of the wave theory of light, there is some question as to whether he ever actually performed a double-slit interference experiment.[1]


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Our highly innovative, commercially focused, challenging and engaging training generates positive change. You want value for money, credible, professional and up-to-the-minute training that brings results you can measure. Dowding Training trainers have developed expertise in a wide range of learning and development disciplines; executive coaching, leadership development, management programmes, specific skills workshops, and team development events.
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Hyderabad: Andhra Pradesh Primary education minister S. Sailajanath is in a fix after the online portal Cobrapost alleged his role in money laundering in a sting operation.
Cobrapost on Monday claimed that Dr Sailajanath was the standard guarantor for Rs 25 crore 'black money' to be invested in a real est-ate project of his friend Dr P. Hariprasad, an orthopaedic surgeon who runs the Balaji Orthopaedic and Trauma Hospital in Tirupati.
The portal released the videos of the sting operation it conducted in Delhi, UP, Haryana, Rajasthan and Andhra Pradesh for six months.
Cobrapost stated that its journalist Syed Masroor Hasan approached Dr Prasad through a banker, saying that he wanted to invest Rs 25-crore black money belonging to a Delhi-based minister, in AP. Cobrapost said it recorded the conversations of Dr Sailajanath, Dr Prasad, former CBI inspector K. Srinivasa Rao, Indian Bank AGM R. Manohar, and two territory managers of Reliance Life Insurance in Hyderabad and Delhi.
It reported that Manohar guided the journalist to Dr Prasad, who wants "our minister" (a fictitious character) to invest his black money in his real estate project.
Sailajanath refutes money laundering charges
Online portal Cobrapostl reported that it was invited to Hyderabad where Vasu (former CBI inspector K. Srinivasa Rao) offered to help a journalist deliver Rs 25 crore to Dr P. Hari-prasad at Tirupati for his project through his racket.
The portal said it met S. Sake (referring to the surname of Dr Sailajanath), "who is minister of primary education with the AP government, with nine other departments under his charge, which shows the power he wields."
It said the minister stood guarantor for the safety of the "black money investment" in Dr Prasad's project. "This helps us uncover a nexus between the ban-ker and the hawala racket without any fear of law, with active patronage of political masters," it said.
When contacted, Dr Sailajanath refuted the allegations of money laundering, and said he only gave "matasayam" (verbal help) as he knew Dr Prasad as a junior in Kurnool Medical College.
"Dr Hari is a good man and he was my junior in KMC. When they came to me, I told them they can trust him," said Sailajanath. He added, "I was told Dr Hari didn't take the loan amount."
"I did nothing wrong. I tried to help my close friend Dr Harikrishna Prasad, who approached me seeking oral help to get Rs 25 crore by pledging his site towards development," the minister said.
Sailajanath added that Dr Prasad brought a person named Rajesh to him to extend oral support to get the loan.
"How do they link my name to money laundering for advising the lender verbally to sanction the loan on property," he asked. The minister alleged that the row was created to tarnish his image.
Dr Prasad said the bank official Manohar was his brother-in- law "who introduced me to these people as lenders who give loans after mortgaging property.
"I was working on setting up a hospital in Madhapur or Banjara Hills in Hyderabad for the past six months. I was looking for loans. I also wanted to do some real estate projects if I got enough money. This man identifying himself as 'Rajiv' (the Cobrapost journalist) came to me and offered a loan at the interest rate of one rupee. Ialso didn't receive any loan from them. It was only at the discussion stage."
Asked why he needed Rs 25 crore to set up a hospital, Dr Prasad said, "If we ask for a big amount, we get at least some. I met them in Delhi. They came to city and met us and I took them to the minister."
Srinivasa Rao alias Vasu, the former CBI cop, who Cobrapost alleged was the 'hawala operator', denied the allegation. "I quit the CBI job eight years ago and I am into real estate and civil construction. Dr Prasad is a good friend who comes for advice and clarifications," he told this newspaper.
"On that day he came to office with another person, and when they were discussing the loan, he sought my opinion. I just gave my opinion on legalities involved as I am also an advocate. It is false to say that I am involved in hawala operations," Rao said.
K. Madhumathi, territory manager, Reliance Life, Hyderabad, was found on the Cobrapost video saying, "See, many of my clients they give cash because they cannot invest directly through cheque because its …." and "Yesterday evening only I picked up one 50 lakh cash … aapke jaisa hi … he was not a politician but a businessman … very big businessman … toh unko kya hai ki his name should not come out …Because we block the names … because customer ka naam bahar nahi aana chahiye … name aane se ek baar Income Tax ko pata chal jayega na toh un logon ki life kharab kar denge …."
He continued, "Croron ka karte hain bhai sahib … ek crore to bahut chota amount hai … hum log yahan 50 crore, 80 crore ka karte hain …(we deal with crores, one crore is a small sum… we deal with Rs 80 crore)" M. Raghu, territory manager, Reliance Life Insurance, Delhi and Mr Chandrasekhar, sales manager, Hyderabad, were also caught in the sting operation.


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Cave Bianchi, Nice, France
7 Rue Raoul Bosio
France 06300
Tel: 33 4 93 85 65 79
France 06300
Tel: 33 4 93 85 65 79
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Sunday, 5 April 2015
Visit us on Easter Sunday and take part in our Easter egg hunt. Join us in the Learning Room to make and decorate your own Easter basket and then follow a treasure trail to find eggs hidden around the Royal Mews. ... Read more about Family Activities: Easter egg hunt at the Royal Mews
Thursday, 16 April 2015 to Friday, 17 April 2015
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Wells Fargo: Financial Winner
NEW YORK ( TheStreet) -- Wells Fargo was the winner among the nation's banks on Thursday, with shares rising over 2% to close at $37.42.
The broad indices ended with slight gains, as news of economic stimulus in Japan overshadowed rising U.S. unemployment claims.
The Nikkei 225 in Japan rose by 2.2% after the Bank of Japan announced aggressive monetary easing, increasing its monthly government bond purchases to about 7 trillion yen from roughly 4 trillion yen a month.
The Labor Department reported that initial unemployment claims in the U.S. increased by 28,000 to a four-month high of 385,000 in the week ended March 30 from 357,000 in the prior week. Economists polled by Thomson Reuters were expecting net jobless claims to decline to 350,000.
The four-week moving average for first-time unemployment claims increased by 11,250 to 354,520. The KBW Bank Index (I:BKX) rose 1% to close at 55.16, with all but two of the 24 index components showing gains.Big Four Cheap to Forward Earnings
First-quarter earnings season for banks will be kicked off by JPMorgan Chase (JPM - Get Report) and Wells Fargo (WFC - Get Report) before the market opens on April 12. As the broad recovery for bank stocks continues, the "big four" U.S. banks -- which also include Bank of America (BAC - Get Report) and Citigroup (C - Get Report) -- continue to have low relative stock valuations. For an outline on what to expect from the largest financial players next week, please see TheStreet's earnings preview for the big four. Jefferies analyst Ken Usdin said in a report on Thursday that, on average, regional banks trade for 1.5 times tangible book value and 12.6 times 2014 earnings estimates. The big four provide a stark comparison to those numbers.- JPMorgan's shares closed at $47.49 Thursday, trading for 1.3 times tangible book value, according to Thomson Reuters, and for 8.2 times the consensus 2014 earnings estimate of $5.81 a share. Analysts expect the company to report first-quarter earnings of $1.39 a share next Friday. The consensus EPS estimate for all of 2013 is $5.48.
- Wells Fargo's shares trade for 1.7 times tangible book value and for 9.6 times the consensus 2014 EPS estimate of $3.89. When the company reports its first-quarter results next Friday, analysts expect EPS of 88 cents. The consensus EPS estimate for all of 2013 is $3.65.
- Bank of America's stock closed at $11.90 Thursday, trading for 0.9 times tangible book value and for 9.1 times the consensus 2014 EPS estimate of $1.31. The company is scheduled to announce its first-quarter results on April 17, with a consensus EPS estimate of $23 cents. The consensus EPS estimate for all of 2013 is 98 cents.
- Citigroup's shares closed at $42.77 Thursday, trading for 0.8 times tangible book value and for 8.2 times the consensus 2014 EPS estimate of $5.22. Analysts on average expect Citi to post first-quarter EPS of $1.18 when the company reports on April 15. The consensus EPS estimate for all of 2013 is $4.61.
Wells Fargo
With "limited near-term catalysts for positive EPS revisions," Usdin wrote that his research team remains "biased toward a barbell strategy," with 12 picks among regional bank stocks. Wells Fargo is among the banks rated "buy" by Usdin, with a price target of $42.00. The analyst estimates the company will report first-quarter earnings of 87 cents a share, declining from 91 cents in the fourth quarter, and 88 cents in the first quarter of 2012. "We expect WFC's eleven quarter streak of Q-Q EPS growth to come to an end as softer mortgage banking and seasonality are simply too much to overcome," Usdin wrote. Jefferies expects Wells Fargo's mortgage revenue to decline by $200 million from the fourth quarter, from lower gain-on-sale margins as the market has pushed up long-term rates. On a positive note, Usdin has "confidence in WFC's ability to ratchet back expenses," and he expects a relatively small narrowing of the company's net interest margin from the fourth quarter. -- Written by Philip van Doorn in Jupiter, Fla. >Contact by Email. Follow @PhilipvanDoorn
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Steve Sunu
Articles By Steve Sunu
Showing results 2076-2095 of 2661
Nation Reacts to Aurora, Colorado Shooting at "Dark Knight Rises" Showing
Fri, July 27th, 2012 | Category: TV/Film
While a children's hospital has cancelled an appearance by Batman over concerns of upsetting young patients, "Dark Knight Rises" composer Hans Zimmer donates proceeds from sales of one of his songs to the Aurora Victims Relief fund.
X-POSITION X-TRA: Remender Unleashes "Uncanny Avengers"
Fri, July 27th, 2012 | Category: Comic Books
In a special X-TRA edition of X-POSITION, "Uncanny Avengers" writer Rick Remender answers your questions about one of the most anticipated titles for Marvel NOW!, with the fate of "Uncanny X-Force" and more.
Marvel Cancels "Thanos: Son of Titan" #1
Fri, July 27th, 2012 | Category: Comic Books
Marvel Comics' most recent Marvel Mailer retailer update lists the upcoming "Thanos: Son of Titan" #1 by Joe Keatinge and Richard Elson as cancelled. Update: Marvel's Stephen Wacker clarifies cancellation.
Dark Knight Rises, Iron Man 3, The Walking Dead: July 27th Comic Reel
Fri, July 27th, 2012 | Category: TV/Film
A "Dark Knight Rises" deleted scene surfaces! Joe Quesada teases "Iron Man 3!" "The Walking Dead" stars look forward to season three! Plus, Ron Howard tweets "Arrested Development" script and more!
Opena & Cassaday's Marvel NOW! Captain America Designs Revealed
Thu, July 26th, 2012 | Category: Comic Books
Marvel has released Jerome Opena and John Cassaday's Captain America designs for the upcoming Marvel NOW! publishing initiative, giving fans a closer look at the Sentinel of Liberty post-"AvX."
Dark Knight Rises, Thor: The Dark World, Total Recall: July 26th Comic Reel
Thu, July 26th, 2012 | Category: TV/Film
Where was the Joker in "The Dark Knight Rises?" Why is "Thor: The Dark World" filming in long tunnels? What does Len Wiseman have to say about "Total Recall?" Plus, an "Oldboy" update and more!
EXCLUSIVE: Justin Jordan Casts Light on Valiant's "Shadowman"
Thu, July 26th, 2012 | Category: Comic Books
Writer Justin Jordan and editor Warren Simons spoke exclusively with CBR about the resurrection of Jack Boniface in Valiant's relaunch of the popular "Shadowman," co-written and illustrated by Patrick Zircher.
CCI EXCLUSIVE: Penny Arcade and Cryptozoic Gather "Lookouts"
Wed, July 25th, 2012 | Category: Comic Books
Penny Arcade founders Jerry "Tycho" Holkins and Mike "Gabe" Krahulik, alongside writer Ben McCool and editor Cory Jones, spoke exclusively with CBR about the webcomic juggernaut's first ongoing comic series.
Captain America: The Winter Soldier, Dark Knight Rises, The Hobbit: July 25th Comic Reel
Wed, July 25th, 2012 | Category: TV/Film
Anthony Russo talks "Captain America: The Winter Soldier!" Christian Bale and Christopher Nolan discuss "Dark Knight Rises" ending! Will "The Hobbit" become a trilogy? Plus, "Arrow" and more!
X-POSITION: Remender Gives a "Final Execution" to "Uncanny X-Force"
Tue, July 24th, 2012 | Category: Comic Books
In the first of a special two part X-POSITION, Rick Remender answers fan questions about the current "Final Execution" arc in "Uncanny X-Force" and teases future developments for the team.
"Avengers Assemble" #7 Gives Thanos the Cosmic Cube
Tue, July 24th, 2012 | Category: Comic Books
Marvel has released a teaser image for "Avengers Assemble" #7 by Brian Michael Bendis and Mark Bagley, depicting Thanos with a Cosmic Cube in his clutches, asking "Who Needs An Infinity Gauntlet?"
Dark Knight Rises, Item 47, Booster Gold: July 24th Comic Reel
Tue, July 24th, 2012 | Category: Comic Books
Warner Bros. makes a substantial charitable donation to the Aurora, Colorado victims! Lizzy Caplan and Jesse Bradford talk "Item 47!" "Booster Gold" script in the works! Plus, "The Walking Dead" and more!
"The Dark Knight Rises" Has $160 Million Opening Weekend
Mon, July 23rd, 2012 | Category: TV/Film
Christopher Nolan's "The Dark Knight Rises" finishes its opening weekend below initial estimates, earning a respectable $160 million box office gross, breaking the record for 2D film opening weekend.
Man of Steel, Dark Knight Rises, Teenage Mutant Ninja Turtles: July 23rd Comic Reel
Mon, July 23rd, 2012 | Category: TV/Film
"Man of Steel" producer Charles Roven teases the upcoming reboot! Anne Hathaway hopes for a Catwoman "Dark Knight Rises" spinoff! A new animated trailer for "Teenage Mutant Ninja Turtles" hits! Plus, "Robocop" and more!
Starlord Rounds Out "Marvel NOW! Point One" Dossiers
Fri, July 20th, 2012 | Category: Comic Books
Marvel has released the final dossier image for its "Marvel NOW! Point One" teaser, revealing Starlord as the final name on Nick Fury, Jr.'s list of the movers and shapers of the future Marvel U.
"The Dark Knight Rises" Has Record-Breaking Midnight Gross
Fri, July 20th, 2012 | Category: TV/Film
Christopher Nolan's final installment in the "Batman" trilogy opens to a record-breaking $28-$30 million box office gross amidst the tragic shooting in Aurora, Colorado.
Dark Knight Rises, Man of Steel, Hulk: July 20th Comic Reel
Fri, July 20th, 2012 | Category: TV/Film
12 die and 50 wounded during a midnight "Dark Knight Rises" screening in Colorado, two new "Man of Steel" trailers leak and Guillermo Del Toro teases the "Hulk" TV series. Plus, "Stretch Armstrong" and more.
Will "The Dark Knight Rises" Defeat "The Avengers'" Opening Weekend?
Thu, July 19th, 2012 | Category: Comic Books
"The Dark Knight Rises" has already earned $25 million in advance ticket sales, but can Christopher Nolan's final Batman film unhorse the opening weekend record of Joss Whedon's "The Avengers?"
Dark Knight Rises, Item 47, Thor: The Dark World: July 19th Comic Reel
Thu, July 19th, 2012 | Category: TV/Film
Tom Hardy on Bane from "The Dark Knight Rises!" Lizzy Caplan and Jesse Bradford talk "Item 47!" Possible new characters in "Thor: The Dark World" revealed! Plus, "Arrested Development" and more!
Nick Fury, Jr. Brings Ant Man to "Marvel NOW! Point One"
Wed, July 18th, 2012 | Category: Comic Books
Marvel teases Marvel NOW! with another revealed dossier from Adi Granov's teaser image of Nick Fury, Jr. with five unknown characters involved in "Marvel NOW! Point One."


text:
Approximate size: 7.0 x 3.9 cm
Unfortunately this product is currently not available.
To the Boutique FinderSophisticated and modern, this delicate, multi-functional box is ideal for storing jewelry or other small trinkets. It combines a large number of tiny, faceted clear crystals with bold stainless steel, forming a striking contrast. The inside is lined with soft gray fabric. Decoration object. Not a toy. Not suitable for children under 15.
Article no.: 1143911


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I think what Rip was saying is that no matter how many points he scored coming off the bench; it couldn't overcome the hole they were starting in. Not that he couldn't produce. I have to agree with Lee on the proposed rotations. We need to find a way to break up Sheed and Dice on the floor. It is O.K. for spurts but we need to have the quickness that Max and Amir provide on the floor. I am hoping that if we stay with this line up that Curry somehow finds a way to sub early for Dice or Sheed with Max or AJ. He could keep the starting line up he has now to establish a rhythm but after the first 5-6 minutes; make that substitution. Keep Max, AJ and Kwame engaged because I think our success will depend on them a little. Not as 25-30 minute guys but as 5-10 minute change of pace players; especially when AI is back and coming off the bench. I would really like to see AJ and AI find some kind of chemistry on the second unit racing up and down the floor. I think they would compliment each other well because I am sure AJ would set screens and roll for AI all night long and be right with him on the fast breaks looking for a lob and dunk. It's all about putting the players on the floor that have the skills to play the same type of game. AI, AA and AJ want to run so let them while Stuck, Rip and Dice play the half court pick and pop game.
Great point about Stuck which Curry actually alluded to in a rare moment of clarity. And obviously i agree with the second as well especially your last sentence. Exactly. I think the AA/AI pair has the ability to be deadly. They compliment eachother so well. And while i want Amir to start; he could ver well flourish with that unit. I just really like his comfort level with Sheed. Bingo. At the risk of wearing out the edit button; Another really great point, and a strong case for Kwame to be getting consistent minutes.
Everybody gets one player they're allowed to dislike and not see any good in regardless of any actual facts. Now that Reggie Miller is retired, I'm onto Jameer. He's a bum.
Sheed played hard the last two games. His Miami performance was embarrassing. This is not a critique of anyone else, but I watch pretty much every damn minute, of every game, win or lose. I'm in the chat each night, and don't turn off the game, no matter how disgusted I get. Now that doesn't make me more qualified to have an opinion than anyone else, but I am observing each game. And readily admit my observations could be wrong. I'm certainly no analyst.
That doesn't explain the last 3 seasons. That doesn't explain that LB demanded effort, and ground it out of guys, and since he left, the ability to find another gear has disappeared when the going gets tough. I don't think there are any one or two factors that explain everything. It's the Piston Paradox to think "if only we played the right guys, at the right time, we would win every game". It's a paradox, because if it was as simple as managing the rotation, and not talent, skill, luck, effort, coaching, preparation, temperature, happiness, divine inspiration, motivation, excitement, passion, etc etc etc, then every other team could also optimize their lineup, which would lead to a tie outcome and a game that never ends as both teams are optimally matched for success. And no, I am not kidding. There is no roster panacea. Oh sure, we look better without a 3rd guard who needs monster minutes. Remember, Stuck was putting up 40, playing with AI. The addition by subtraction argument may have some merit, but if so, the chemistry issue is a non-factor, because we beat the Nuggets in Denver without two key pieces of the 3 man core of chemical excellence. None of this is simple. Obviously, we all have our pet theories and want to make it simple. But it isn't. It's not about, sit AI, play Amir (or sit Walt, sit Dice, play spellcheck, play bynum etc). My lord, if only the championship was that easy to attain. The mythology goes, Carlisle replaced Curry with Tay, and we took off on our great run. But the reality was, Ben Wallace called out his teammates for playing soft and the team coalesced around his leadership and became legend by gutting out a 7 game series win down 3-1 against Orlando.
I don't watch ANY games. Ever. And I agree with you almost 100 percent of the time on these particular issues (the current state of the team). I'm not sure what that means, exactly...maybe I should just shut up and stick to the fantasy threads, eh?
Never shut up. I need the backup. Just stop telling people you agree with me, but don't watch the games. lol
I'm just saying, 6 points from Sheed isn't exactly lighting it up. We were very guard heavy last night. 57% of our scoring came from Rip and Stuckey. Rip was the primary guy that had Rip's back. He led the game in scoring while shooting 61%! He got to the FT line for 10 attempts (only 1 less than Howard). He led the game in assists. He led the game in steals. The man he was guarding got 10 points, no free throws, and fouled Rip 4 times. Rip tore it up. Besides Rip and Stuckey, the rest of the Pistons shot a combined 34%. Rip attempted 18 shots last night. Iverson has attempted that many shots or more 15 times this year, yet he only has 1 game where he actually scored more than Rip did last night. It's an efficiency issue.
With the effort I am particularly talking about this season. Valid arguments can be made under Flip, the last 3 season, etc. This season i haven't seen an effort problem. I haven't seen the "hey, we're so good, we just have to show up" or "turn it on" attitudes. This team is aware they are not championship contenders and aware that to have a chance at success they have to put forth effort at all times. As much i love CB, he did have the laid back attitude that could have contributed to some of the arrogance (but IMO also was the team's confidence and cohesiveness so i guess a trade-off of sorts). The mind-set is evident when you hear a player say; "We still believe we are a playoff team" (not contender). This season i see massive amounts of frustration and some bad body language resulting from that, but i don't see quit and i don't see them not trying.
Sheed did a fantastic job on Howard. His game some nights is not based on a box score, but rather the performance of his matchup. When LaMarcus Aldridge pwns him, he's playing bad even if he puts up 16 and 8. When he scores 6, and Dwight Howard nearly gets ejected because he's flipping out with frustration, that is a masterful performance. As time goes on, I look less and less at the box scores, and more and more at what is going on like picks and hustle, movement and technique. I'm no analyst. The best in game analysts on this board that I have seen are BillLaimbeer and KGREG, then probably D4E and Dre. I try to notice what they notice because it seems to be a rounder picture of what is happening, rather than the confirmation biases of judging the game after we know the results. It's a known fact, we're more likely to free pass a 1 point win, than a 1 point loss, just because of the outcome, even if we fought like dogs to lose by 1, or just barely held on to a 1 one point victory in crunch time with the clock running out on our surging opponent.
This is really funny. I think you might want to watch the games then, because the effort most nights is just not there. They didn't play better against NOH, they played hard. They competed. They showed heart. Too much this season, that has been totally absent. Perhaps you've been seeing it for so long, you take it for granted. Until Sheed flipped out in NOH, it looked like none of these guys cared anymore, even AI and Dice, looked like they were defeated in that Miami game. It's nice that you believe that, but I don't think they do. I think they still think if they limp into the 8th spot, they can catch lightning in a bottle. It's always, after the All-star break, once the playoffs start. Sheed even made this comment a week or so ago, about how once the playoffs start, then they will really lock in. Like, heaven forbid they start locking in today or the day before. lol There is a difference between throwing in the towel and going through the motions. Most of these guys assume that you can keep going through the motions until the playoffs start. Big mistake. It's been our achilles heel for 4 and a half years. These fellas that I love so much, have never again matched the focus, sacrifice and intensity they had in 2004. If it ain't rough, it ain't right. Except when it is rough, then it is also not right.
I'm not saying Sheed didn't have a decent game, but I am saying that it didn't appear to me that he was sandbagging with AI and then suddenly turned up the effort to help his buddy Rip. Last time we played Orlando, AI started and Rip didn't even play. Sheed had 16 points and shut Howard down in the first half, only allowing 2 points. Sheed's effort was unrelated to Rip vs. AI and Sheed actually played better in the game with AI than he did in the game with Rip.
This is a completely subjective take. And i disagree totally. Frustration does not = lack of effort. Being frustrated and looking defeated because we are losing does not constitute not trying. I remember that comment and it was said during the midst of a very bad stretch. IIRC, He didn't say that. He said once you get into the PO's anything can happen. He kept saying that the team just needed to make the PO's and take it from there, and that's what he was telling the guys. I don't see how you could possibly call what they are doing "going through the motions". These guys look like they are about to commit suicide after each game. They are trying. IMO, it's clear as day. One of the reasons they look so defeated is because they are trying and still can't win. This is not the team of the "switch" era; not even close.
Please tell me you accidentally wrote this word. This should be censored by the language filters. I think the team has looked discombobulated from a lack of effort and from confusion about roles and starting lineups, etc. But I don't think that they were purposely dogging it to get Rip back in the SL and then just decided to get their act together all of a sudden. But, I didn't see the whole game, so my opinion is not based on any personal observation.
That's fine. I'm simply making observations based on energy, body language and facial expressions. I know. AI and Dice have been the guys getting frustrated. You're kidding right? This is a team of the switch era. This is the sunset lineup for that era of talented underachievement. This is the last shot at redemption. I know this team can compete for a title. If they want to. It isn't a lack of talent or experience holding them back.
Funny, I agree with this. But I also feel like this is the sunset lineup for that era of undertalented overachievement. I wonder if somehow both characterizations (of the era I mean) might be true.
No While i agree that talent is not holding them back, Michael Curry is and lack of confidence in themselves. Jon Barry's commentary last night was pretty good and being that he's closer to the team than most of the others, i take his the Pistons having trouble believing they are still good team as telling. And even with everything in place perfectly, i still don't know if this is a title contender. edited to add; Actually i take that back. With everything in place perfectly they will be, but i have alot more faith in Amir and AA's abilities than most people.
My opinion on that, is that if Rip is unhappy, Tay is unhappy. Sheed is unhappy. Grieve for one and all. I don't think the players had a mutiny with Joe and gave him an ultimatum about putting Rip back in the lineup. But these guys are all closer to each other, dare I say closer to Billups and Ben than Joe. And that creates conflict. As TaS pointed out, on the nights when we play good, we win regardless of who is in the lineup. Kwame, AI, Amir, Rip doesn't matter. Let's not forget the Joe Dumars is telling Curry who to play rumour, which I am inclined to believe it is true, because Curry called out whoever was doing it in the paper. There was simply too many low energy games, where the other team hit us, and we didn't hit back.


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