Falcone - Midas of misery
Peat...check this one out
Midas of misery short on friends worldwide
A NEW YORK hedge fund manager with large investments in Australian companies has been singled out as "the Midas of Misery" after making massive profits through short selling. As the practice was examined in the United States and Britain yesterday, London's Daily Mail singled out the senior managing director of Harbinger Capital Partners, Philip Falcone, as a leading contributor to the decline in value of the British home loan giant HBOS. He is said to have made £280 million (AUD$640 million) by betting that HBOS shares would tumble.
http://business.smh.com.au/business/...0919-4k7l.html
Philip Falcone - a greedy pig
Haha at the name calling of Philip Falcon
Not only is he a greedy pig, but he has his very own greedy pig, with its very own room in a NY penthouse.
Are options to be banned as well? buying a put is a short , so is writing a call , so to be consistent you have to closedown that market yeh?
The Lehmans had already moved on.......
If there's anyone unaffected by the collapse of the Lehman Brothers investment bank, it may be the Lehman family.
The descendants of Mayer and Emanuel Lehman, two of the German Jewish brothers who lent the firm its name in the 1850s, remain a tightly-knit clan ensconced in New York's upper crust. But they have not been actively involved in the company since 1969, and family members say that they and their relatives are not even shareholders.
http://www.haaretz.com/hasen/spages/1022901.html
Europe's biggest banks face greater capital shortages
Europe's biggest banks face greater capital shortages than US counterparts;
Deutsche Bank has liabilities of €2 trillion - over 80% of the German economy
By Finfacts Team
Sep 24, 2008
http://www.finfacts.ie/artman/upload...sept242008.JPG
Europe's biggest banks face greater capital shortages than their US counterparts, but have become too big for any one European country to save, according to a commentary by European economists Daniel Gros and Stefano Micossi of the Brussels-based Centre for European Policy Studies.
That means a rescue of the European financial sector similar to the $700 billion plan proposed by the Bush administration, would be difficult, requiring coordination by the European Central Bank with the participation of all European countries.
The “overall leverage ratio” - a measure of total assets to shareholder equity - of the average European bank is 35, compared with less than 20 for the largest US banks, the economists say, and relatively small writedowns on their assets could have a devastating impact on a bank's capital.
“If ever they were forced into a firesale, they could go very quickly into insolvency,” said Gros, who is director of the Centre for European Policy Studies.
http://www.finfacts.ie/irishfinancen..._printer.shtml