Traders and financiers, these sons of ...

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Traders and financiers, these sons of ...




by Christophe » 02/11/08, 23:33

There is no shortage of financiers ... received by email.

We really do not live in the same world ... and it is from the system of "their mother's son" that we "saved" ... but rather read Philippe's comment

The author, Philippe Derruder has written several books on economics and finance, several with his friend AJ Holbecq: http://fr.wikipedia.org/wiki/Andr%C3%A9-Jacques_Holbecq
"I bring you a New Observer file this week on the current financial disaster:" Crisis: the wreckers. Investigation among the lords of finance. "

The 3 articles in the dossier paint the picture of international finance, in the light of the current doldrums: reactions and analyzes of actors in the field, portraits of great pundits. How do financiers see the financial debacle? I have hardly seen or heard them on the air. How do they feel, they who are on the front line, and who are expected to be disappointed, if not pitiful?

They are fine. What strikes me about these people is that selfishness and rapacity are so natural they barely discuss each other. The main thing is to be successful. If we point out to some, who have speculated on the downside, to have strongly pushed the crisis, the answer is: "I would be very stupid not to profit from it"; "with or without me the markets would have collapsed." This is how many are slashing champagne right now in Greenwich or Mayfair. Simon Cawkell, an independent London speculator, estimates that the crisis will net him 4,5 million euros.

The second point, it is impunity. There are of course some bankruptcies (Lehman Brothers) and layoffs, loss of wealth, but traders will receive their bonus this year, like other years. According to the Guardian, the 10 largest establishments on Wall Street plan to distribute $ 70 billion in bonuses (10% of the Paulson plan ...). Reflection of a trader: "I do not see why I would pay the broken pots! If I do not have my bonus this year, I would look elsewhere. Banks are forced to continue the game so as not to lose those who still make money. It's the law of the market. "

It’s another world. David Freud (grandson of ...), former business banker, confesses: "If people knew what we were winning, we would reestablish the guillotine and heads would waltz on pikes."

But finally, all that will change, won't it?

How could it be? The same people who ran the funds
speculative are appointed, fortune made, in national and international public bodies. The US Secretary of the Treasury, Henry Paulson, led Goldman Sachs for eight years (estimated fortune: 400 million euros). Goldman Sachs is the saint of speculation saints. The president of the World Bank is from there; or the Governor of the Bank of Italy.

If the political will was not lacking, the financial world would in any case not let it be. Reflection of a trader: "If Brown or the others want to get involved in bonus policy and toughen tax policy, no problem! Everyone will do like me and we'll go to Switzerland." What if Switzerland becomes less hospitable? "There will always be another place ..."

--------

Can we get out of the trap?

Yes; I remind you of the message that I sent you recently "the crisis, a chance not to be missed" which invited you to sign a petition and send a letter to your elected officials to challenge them on the power of monetary creation. All of the above would no longer be possible if the power of money creation were returned to the public. The politicians will do nothing (except to use public funds to support the banks and therefore to lose the system) unless the pressure of the people is strong.

So if you haven't done it yet go to www.dettepublique.org site that we have created so that this question can finally be exposed and so that the Nation can vote democratically.

I would point out that this action is also relayed by cyber @ actors - action 281.

(To be distributed without restraint)

Sincerely
Philippe Derudder "


In any case, we relayed it: https://www.econologie.com/forums/crise-banc ... t6360.html
Last edited by Christophe the 08 / 08 / 09, 11: 33, 1 edited once.
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laurence
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by laurence » 03/11/08, 00:19

The site is perfect! All that remains is to bring it to life and come there by the millions!
I forward on my sites.
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by bham » 03/11/08, 08:59

I had noticed that we were not equal in the face of the crisis; while many SMEs in France are looking gray, even shutting down, I have been following the stock market prices in recent days: stocks that were up + 10% / day were legion, so when it comes to placing 1 million €, 100 € of return / day it pays you a house ... poor but still.
So indeed those who have destroyed the real economy get off by doing even more business ... until the real economy really weighs on prices; but in the meantime they will have put their pockets in it.
I propose indeed to restore the guillotine :D
Already when we see that Laurence Ferrari earns 70 € / month, there's still something indecent, so traders ...
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traders and financial




by bobono » 03/11/08, 10:45

Several municipalized are trapped with structured credits (you pay nothing the first years then the amounts increase)

nobody talks about it radio silence one thing is about the taxpayer will pay.
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by laurence » 03/11/08, 11:39

If, they start to speak about it ....... as for telling us the truth, it is another story.
Today in the figaro:

....... structured products. Divergences appear on the solutions to be brought.

After Laval, Tulle, Saint-Étienne and even Seine-Saint-Denis revealed their exposure to toxic loans, the government decided to tackle the problem head on. The Ministers of the Interior and of the Economy, Michèle Alliot-Marie and Christine Lagarde, brought together Monday banks and associations of local elected officials to talk about structured products, these loans whose rate evolves according to a complex formula.

“The first thing is to make an inventory. You have to get out of about to know the exact exposure of local communities, ”says one in the entourage of the Minister of the Interior. With great unanimity, the associations of local elected representatives claim to have no knowledge of communities in critical situation, apart from the four cases already revealed. But, in reality, there are no reliable statistics.

The only assessments come from the Fitch rating agency: local authorities, whose total debt is 126 billion euros, would hold 20 to 25 billion structured products. The consulting firm Finance Active estimates that only half would be subprime loans, the rates of which could run away. This lack of precision is due to the weakness of the accounting information: the communities do not make provisions in the event of a risk on these products and do not detail in the appendix the formulas for calculating the rates. “This is why we are going to propose to make a regular report on structured products. This will force communities to be more transparent, ”says Place Beauvau.


Contributions

Summoned today, Dexia, Société Générale, the Savings Bank and Crédit Agricole will explain. At Dexia, we are delighted with this meeting - "we will bring our experience and our practice" -, while the other establishments do not wish to communicate in advance. But the banks will mainly be involved. "We want them to commit to examining the difficult cases and finding solutions," said one in Bercy. But the government also wants to go further, so that there will be no more slippage in the future. “We are going to ask the banks to put in place charters of good practice. These complex products must only be sold to communities that have the means to assess them, ”said the ministry.

No question, however, of banning structured products. Moreover, associations of elected officials do not ask for it. "It would be silly to deprive yourself of certain arrangements that allow the cost of debt to be lowered without taking too much risk," said the Association of Mayors of Large Cities. "It is enough to send the message to the banks that they must eliminate the most toxic products", adds one to the Association of Regions of France.

In the hollow, another debate is woven. Claude Bartolone, the socialist president of the general council of Seine-Saint-Denis, blamed the lack of vigilance of the General direction of the local communities. A point of view relayed by Claudy Lebreton, PS president of the Assembly of French Departments (ADF): "The administration should have alerted communities to the dangers of structured products." On the side of the ministry, one refutes these accusations, by stressing that the State does not have the right to interfere in the management of the Regions, departments and communes.


"We value our free administration"

On this point, the Association of Mayors of France is the objective ally of Place Beauvau. “We don't want the few slippages in structured products to lead to excessive regulations. We are committed to our free administration ”, underlines Philippe Laurent, president of the finance committee of the organization and various mayor of Sceaux.

"The problem must be dealt with on a case-by-case basis," added Pascal Buchet, the PS mayor of Fontenay-aux-Roses, who will be at the meeting. At the ADF, on the other hand, we are more interventionist: "The Caisse des Dépôts (CDC) could intervene in the renegotiations of toxic loans when the communities request it," says Claudy Lebreton. In short, local elected officials are far from all agreeing.
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by Christophe » 04/11/08, 10:34

Restore the guillotine because we earn too much money no! This is pure and hard fascination !! (even if it is pictured)

By cons save a financial system that collapses at the expense of the taxpayer for the better that the ultra rich continue their scheming is a shame !!

We should never have "saved" him (for how long?), He would have ended up self-regulating, isn't that the law of supply and demand? ...

My feeling is therefore divided between shame for the policies which lowered their cheeks (and especially ours) to be better taken by the financiers and hatred against these bankster and financiers who have no morals and to whom this rescue of junk finally gives .... total impunity ... : Evil: : Shock:
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by laurence » 04/11/08, 10:52

Christophe wrote:Restore the guillotine because we earn too much money no! This is pure and hard fascination !! (even if it is pictured)

By cons save a financial system that collapses at the expense of the taxpayer for the better that the ultra rich continue their scheming is a shame !!

We should never have "saved" him (for how long?), He would have ended up self-regulating, isn't that the law of supply and demand? ...

My feeling is therefore divided between shame for the policies which lowered their cheeks (and especially ours) to be better taken by the financiers and hatred against these bankster and financiers who have no morals and to whom this rescue of junk finally gives .... total impunity ... : Evil: : Shock:

No one on the street. It rattles a little in the forums, but that's all. Do I have to admit that I am amazed? These good revolutionary people who let go, how many?
But maybe it is because the solutions to these civilization challenges will not come from the community, from a people or from politics?
I read a philosopher a few years ago who explained that the solution would be individual. He said better than I would, how each of us would take the best route and bring our little stone to the building.
I, for example, devote myself to the education of my three children. I make viable human futures, a wealth for everyone. I also have an ecological approach. It is very little all that. But what if my neighbor, an engineer, takes a step towards the best? If my neighbor, banker, takes a step towards the best? if my neighbor, cleaning lady takes a step towards the best? All these small drops of water will form a stream of pure water .....
It is up to each of us to fight our little fight, as best we can. In the meantime better. Because today, to hope that those who hold the power save what can still be saved, is not even conceivable.
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by C moa » 04/11/08, 11:56

Christophe wrote:By cons save a financial system that collapses at the expense of the taxpayer for the better that the ultra rich continue their scheming is a shame !!

We should never have "saved" him (for how long?), He would have ended up self-regulating, isn't that the law of supply and demand? ...

My feeling is therefore divided between shame for the policies which lowered their cheeks (and especially ours) to be better taken by the financiers and hatred against these bankster and financiers who have no morals and to whom this rescue of junk finally gives .... total impunity ... : Evil: : Shock:
I, too, am fairly divided in the face of this surge of hundreds of billions for these banksters when, on the other hand, we are explained without blushing that to save security it is necessary to establish medical franchises. : Evil: : Evil: : Evil: : Evil:

What is annoying in fact is that those who hold this "virtual" economy also hold the real economy and that the fall of one will necessarily lead to the fall of the other.

Personally, I have no mood to drop a guy who has made billions of profits over the past 15 years through an immoral system but the problem is that letting go of it is also letting go of the little craftsman who needs a few thousand or tens of thousands of euros of cash with all that that implies.

Where it is really revolting is that they are still doing huge business at the moment because increasing the CAC 40 from 2900 to 3500 points is an increase of 20% in a few days ... and it is not over.

@Laurence
It is true that we should have gone to demonstrate especially when we see that these events do not serve as lessons for all. Societe Generale confirms that it wants to remain on the so-called structured markets !!!
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by Christophe » 07/07/09, 00:28

I don't know / more if the info had already been passed on forums:

6000 euros of Assedic for a day's work!

The editorial team and Stéphanie Collié - RMC.fr, 25/09/2008

A "combination" allows French traders from London recently dismissed to return to France and receive, having worked a single day in France, compensation up to 6 euros.

The case was revealed by the Duck chained and the Point: French traders dismissed from the City (the Stock Exchange district in London) receive up to 6 euros of unemployment per month while they have only worked 'only one day in France.

A few days ago, the principle was only known to insiders and expatriates: when you work in Europe and you are dismissed, it is "enough" to work a day in France to receive unemployment benefits calculated based on the salary received abroad. Nothing illegal or scandalous in this, it is the application of conventions signed between European states. Concretely, if a French person is an employee in a country of the European Union and he loses his job, he can return to France and receive his Assedic on the basis of his former salary. Provided you have worked between 1 day and 4 weeks in France. What is at issue here is more the amount of compensation for some traders, than the principle of this European social coverage.


Suite: http://www.rmc.fr/edito/info/61003/6000 ... e-travail/
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by vincent1606 » 07/07/09, 09:46

We really walk on our heads. This economic world has lost all the meaning of the word work, these days the banks will hire posts of 25 / 30years who will decide if a company destroys jobs or not : Evil: (the stock market is always euphoric during a restructuring plan)

ca m'enerve !!! .... (as the song says)
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