Tuesday, December 9, 2008

+++ US Treasury Bills Trade at Negative Yields +++

For the first time in history, not even in 1929, $27 billion of three-month bills were sold at a discount rate of 0.005% and are now trading at negative yields. Investors will get back less than they pay for them for the security of actually being repaid. That shows real fear in the markets.

Unfortunately British Gilts are not considered such a safe bet…

Ronald McDonald Higher Rated than Gordon Brown

Every day the pound hits a new record low and the markets now see Britain as a bigger credit default risk than McDonald’s Corp. So much for “Britain is best placed to weather the global financial turbulence”. The global capital markets think Gordon is a bigger clown than Ronald:

Exclusive : Tribune Mystery Buyer is a Capitalist

Kevin McGrath, coyly described in the press release as “a Labour activist”, is the mystery purchaser of 51% of the failing socialist newspaper Tribune. The former parliamentary candidate and multi-millionaire property fund manager is behind the purchase of the venerable paper for £1. These socialists are really no good at business. Guido would have given them twice as much for the shares…

UPDATE : Kevin McGrath is a founder member and equity partner in Foreign & Colonial’s REIT Asset Management, a specialist investment, finance, and asset management company, which currently manages approximately €5 billion of commercial property investments. REIT has offices in London, Germany, Sweden, India and Israel.

In addition to his directorship with the Trust, Kevin is an Elected Member of Royal Institution of Chartered Surveyors, a former non executive Director of QPR football club, a current non executive Director of two plcís, a Trustee of the GSA Conservatoire, Director of the McGrath Charitable Trust, Trustee and Treasurer of the Lyric Theatre Hammersmith, a Member of Property Investment Forum, and a School Governor of the Ellen Wilkinson School for Girls.

Kevin was the Labour Party Parliamentary Candidate for the North East Hampshire constituency at the 2005 General Election.

Source : here.

+++ BBC : Ross Quits 2012 Role +++

Inevitable really.

A New Approach to Whistleblowers

The Chinese don’t arrest whistleblowers, they treat them. An idea for Jacqui?

The Resurrection of Saint Hain

Harold Evans in the Guardian this morning defends Hain on the grounds that “everyone does it”. The “it” being late declaration or non-declaration of donations. Tell that to a judge.There was an absolutely nauseating revision of history by Hain himself in the Guardian immediately after the decision not to prosecute was announced. In it he made the preposterous claim that

“… when, to my horror, I discovered the problem, I went straight to the commission, and also told the media. There was no exposure by tabloid or political opponents. It was me who outed me …”

Hold on a second Peter, didn’t you tell the press last April:

“I have felt since February last year and throughout the course of my deputy leadership campaign and its aftermath that I was increasingly the victim of scapegoating and dirty tricks. Someone has persistently been sending material designed to discredit me to the right wing Guido Fawkes website. Some of the material has also been sent to the Western Mail…. There has been a concerted attempt to get the Guido Fawkes website to run damaging stories about the campaign.”

Printing the truth is such a “dirty trick” isn’t it?

Guido knew his accounts were fishy as early as May 2007 and revealed on the morning of Dec 3, 2007 details of an undeclared donation, Guido contacted Hain’s SpAd Joe Carberry with the details, later that afternoon Hain went to the Electoral Commission.

So when Hain says there was no exposure by opponents and he outed himself he is not only being untruthful, he is contradicting himself. If Guido and the Guardian’s own David Hencke, hadn’t been digging relentlessly I very much doubt Hain would have come clean.

Peter is very keen to rehabilitate himself and to that end is peddling another myth: that he was cleared. He wasn’t cleared, he just was not prosecuted. Not proven guilty is not the same as innocent.

David Hencke expressed surprise yesterday that no one could be held responsible for undeclared donations totalling £100,000, half of which came from the mysterious Progressive Policies Forum.

Phil Taylor, the former Hain SpAd who quit working for Hain after Guido exposed him working on the leadership campaign at the taxpayer’s expense, had a revealing Facebook exchange last week which deserves wider circulation:Sleazy lobbyist Steve Morgan is desperately trying to put the blame on Phil Taylor for unreported donations that arrived after he had quit the campign. If Hain couldn’t be charged as the regulated donee, surely Steve Morgan, who took over as campaign manager after Phil Taylor resigned, should be held responsible. His office collected the cheques and he was the campaign manager.

Hain is already trying to portray himself as an innocent victim of his underlings incompetence, despite legally the buck stopping with him. He clearly needs someone he can trust and rely on in his personal office. Just as well he “employs” his 80 year-old mother at the taxpayer’s expense to look after his interests, such a shame she never actually visits his office…

Zimbabwe is One Big Death Camp

That “what if” discussion as to whether assassinating Hitler in 1940 would have saved the jews seems to be relevant to contemporary Zimbabwe. The country has become a giant death camp, a hungry bedraggled populace and thousands dying in the streets from cholera.

There is no available remedy under international law. The Americans have had some success with offering multi-million dollar rewards – they found Uday Saddam Hussein in that way and dealt him justice the same day. Perhaps a humanitarian minded African billionaire might be that way inclined, failing that, what is Ross Perot doing nowadays?


Seen Elsewhere

From the IRA to Windsor Castle | WSJ
Coulson: Everything You Need to Know in 6 Seconds | MediaGuido
Mo Ansar’s Silence | Adrian Hilton
Gove Loses WWI Battle | Conservative Woman
5 Reasons Labour Likely to Win General Election | Sunny Hundal
Dave Surrounded By Topless Women | Sun
UN Loony says Britain Most Sexist Country | Sun
Farage is a Good Reason to Leave the EU | Dan Hannan
UKIP Blocked Expenses Questions | Times
NHS Showdown Coming | Paul Goodman
Sons of Brown | Telegraph


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Cathy Jamieson MP, Labour’s Shadow Treasury minister, commenting on Treasury analysis of the economic impact of tax changes…

“If the Treasury is looking at the economic impact of tax changes, then surely it should examine the impact of the rise in VAT and cuts to tax credits? George Osborne’s £12 billion VAT rise knocked confidence, helped to choke off the recovery and has cost families £1,350 over the last three years.”



orkneylad says:

What’s he been doing FFS, mining bitcoins?


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