What the Finance

Alliance & Leicester stock was down another 5% today. It has fallen a total of 16% in just one week’s time!

Societe Generale, France’s second largest bank by market value, uncovers a 4.9 billion euros ($7.1 billion) trading fraud. Institutional clients were eager to announce a trading ban with Societe Generale in all asset classes, until further clarification on this single future trader’s fraudulent trade and the actual losses.

Interesting piece of news… a Merrill Lynch trader, surely after taking a deep breath, thought if-not-now-then-when and sent out a mass email screaming out…the obvious!
Yes, we have all read or heard at some point the infamous Andersen’s tale “The Emperor’s New Clothes”…Just like that cute little boy, this trader, said: One of the craziest and [...]

Citigroup will reduced workforce by 17,000 to 24,000 employees, and it will take writedown of up to $24 billion, CNBC says.
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Goldman Sachs tipped to take over Northern Rock loans, writes the Irish independent and features comments from Ian Robinson, head of credit strategy.
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“I believe that the global credit crisis, far from taking a turn for the worse, is now almost over.”, claimed Anatole Kaletsky in today’s Times article. He even goes on explaining how there is not going to be any further recession in the US economy. On the contrary, Kaletsky draws the attention in the ‘lose-lose’ [...]