It is not looking good financially in the United States with further banks going under. The U.S is further ahead of us in Great Britain in terms of the subprime crisis. However, the near collapse of the American mortgage lenders Fannie Mae and Freddie Mac must have scared the daylights out of the financial elites in the
Land of the Free.
There has always been debate whether Fannie Mae and Freddie Mac benefitted from a federal guarantee and now we know. However, the U.S financial authorities have
(it appears) been quicker in acting.
www.searchaccountant.co.uk
Financially, the country cannot afford Iraq and Afghanistan. The U.S must pull out of both countries or get other allied countries to pay for the costs. We are in a certain situation similar to the Vietnam War, which led or at least happened at the same time as the near collapse of the American financial system.
Tuesday, 29 July 2008
Tuesday, 22 July 2008
Sorry to waste my readers' time navel gazing.
Dear Reader, sorry to waste your time navel-gazing. This concerns the "will he or won't we" over the poor benighted rights issue in UK mortgage bank Bradford and Bingley.
After a long venerable period as the amalgamation of several building societies,
Bradford and Bingley is looking at a troubled future. The £400m rights or capital raising operation will plug the gap for now but being contractually committed to buying uncertain mortgages from U.S group GMAC seems both a waste of time and money.
www.searchaccountant.co.uk
In Bradford there are accountants, who can help individuals and
corporates.
Well, I don't have to think about it until later in the month but in a rash moment
I promised the Missus to cough up the funds for the operation. It is only £184 but
the hols are drawing near and you can't spend the same pound twice. The 184 quid is going either to the bank rescue or to form part of the spending money required for the jolly jaunt in Spain. This last bit makes me very angst-ridden when I contemplate
the performance of sterling against the euro since the start of the New Year.
This has not been good but I am surprised that there has not been more public
comment.
I have looked at the B and B documentation and while not fully understanding the accounts, I can understand the bank has got itself in a right pickle what with
the GMAC deal, which means more self-certified (liar) mortgages on the books.
After a long venerable period as the amalgamation of several building societies,
Bradford and Bingley is looking at a troubled future. The £400m rights or capital raising operation will plug the gap for now but being contractually committed to buying uncertain mortgages from U.S group GMAC seems both a waste of time and money.
www.searchaccountant.co.uk
In Bradford there are accountants, who can help individuals and
corporates.
Well, I don't have to think about it until later in the month but in a rash moment
I promised the Missus to cough up the funds for the operation. It is only £184 but
the hols are drawing near and you can't spend the same pound twice. The 184 quid is going either to the bank rescue or to form part of the spending money required for the jolly jaunt in Spain. This last bit makes me very angst-ridden when I contemplate
the performance of sterling against the euro since the start of the New Year.
This has not been good but I am surprised that there has not been more public
comment.
I have looked at the B and B documentation and while not fully understanding the accounts, I can understand the bank has got itself in a right pickle what with
the GMAC deal, which means more self-certified (liar) mortgages on the books.
Monday, 21 July 2008
UK bank Halifax has a flop with its rights issue.
The UK banking group HBOS (Halifax Bank of Scotland) have experienced a flop with its rights issue or capital raising issue. Just 8 pct of Halifax's shareholders have taken up the rights and the bank's main underwriters Morgan Stanley and Dresdner are looking for other investors right now.
The missus is in the quandary of whether to take up the rights at Bradford and Bingley, a much smaller operation than Halifax, in its £400m capital raising operation.Both Halifax and Bradford and Bingley have been sitting ducks for short-selling due to the long process of raising new money from a rights issue (you have the right to buy shares in the proportion of those you
own).
Royal Bank of Scotland benefited from being first in the queue with its £12bn issue although no one seems to want theScottish banking group's Direct Line. I am a Direct Line customer and feel a bit sad that RBS wants to sell it. This is so to raise more cash following the expensive acquisition of
the majority of Dutch banking group ABN Amro.www.searchaccountant.co.uk
The missus is in the quandary of whether to take up the rights at Bradford and Bingley, a much smaller operation than Halifax, in its £400m capital raising operation.Both Halifax and Bradford and Bingley have been sitting ducks for short-selling due to the long process of raising new money from a rights issue (you have the right to buy shares in the proportion of those you
own).
Royal Bank of Scotland benefited from being first in the queue with its £12bn issue although no one seems to want theScottish banking group's Direct Line. I am a Direct Line customer and feel a bit sad that RBS wants to sell it. This is so to raise more cash following the expensive acquisition of
the majority of Dutch banking group ABN Amro.www.searchaccountant.co.uk
Thursday, 17 July 2008
Have Real Madrid got the readies for Ronaldo?
Have the Spanish football club Real Madrid got the readies to buy the Manchester United star Ronaldo? I believe that in the past Real Madrid have benefitted from
the support of the Spanish banks. However, these institutions are in the eye of a storm considering the credit crunch.
www.searchaccountant.co.uk
For instance, savings bank Caja Madrid and commercial bank Banco Popular are pretty
exposed to the collapse of Spanish property group Martinsa-Fadesa. While Real Madrid
has found it difficult to keep up payments on players. For instance, Madrid putting up the money for Anelka from Arsenal was a very tortured process.
I suppose the financial support for Real Madrid from the Spanish banks is an echo when they were the team of General Franco. The thing I noticed about Spanish football fans were that they were either Madrid or Barcelona. You could be in somewhere down south and see an outlet devoted to supporting one of the two clubs
when the local ones were Sevilla FC and Betis. I could never understand that.
the support of the Spanish banks. However, these institutions are in the eye of a storm considering the credit crunch.
www.searchaccountant.co.uk
For instance, savings bank Caja Madrid and commercial bank Banco Popular are pretty
exposed to the collapse of Spanish property group Martinsa-Fadesa. While Real Madrid
has found it difficult to keep up payments on players. For instance, Madrid putting up the money for Anelka from Arsenal was a very tortured process.
I suppose the financial support for Real Madrid from the Spanish banks is an echo when they were the team of General Franco. The thing I noticed about Spanish football fans were that they were either Madrid or Barcelona. You could be in somewhere down south and see an outlet devoted to supporting one of the two clubs
when the local ones were Sevilla FC and Betis. I could never understand that.
Tuesday, 15 July 2008
It looks pretty bad for share markets at the moment.
It looks pretty bad for share markets at the moment. Apparently, investors are not impressed by the rescue of Fannie Mae and Freddie Mac in the United States. Here, at home in good old Blighty I am worried that my modest portfolio is going to become
even more modest. The Daily Telegraph's Tracy Corrigan writes today that "The British banking system seems in a dreadful mess." She says that Alliance and Leicester is a drop in the ocean for Santander, the second biggest bank in
Europe.
I would recommend that bank shareholders lie down a bit and ponder why did they let those overpaid executives get away with it. There were siren voices all throughout
the past few years.
www.searchaccountant.co.uk
I wonder what the main shareholders are planning to do with "Fred the Shred" at Royal Bank of Scotland. However, you have to hand it to RBS. The Scottish bank got its
capital raising/rights issue off first in the queue and out of the way. Now RBS is in a hurried phase of selling off unwanted assets.
PS. I really like Tracy Corrigan's articles.
even more modest. The Daily Telegraph's Tracy Corrigan writes today that "The British banking system seems in a dreadful mess." She says that Alliance and Leicester is a drop in the ocean for Santander, the second biggest bank in
Europe.
I would recommend that bank shareholders lie down a bit and ponder why did they let those overpaid executives get away with it. There were siren voices all throughout
the past few years.
www.searchaccountant.co.uk
I wonder what the main shareholders are planning to do with "Fred the Shred" at Royal Bank of Scotland. However, you have to hand it to RBS. The Scottish bank got its
capital raising/rights issue off first in the queue and out of the way. Now RBS is in a hurried phase of selling off unwanted assets.
PS. I really like Tracy Corrigan's articles.
Monday, 14 July 2008
The Spanish Armada is coming: AL already captured!
The Spanish Armada is coming!! Only just a few years yet. We don't seem to have the
warriors of the calibre of Drake and Frobisher to fight back. I suppose it is nice to
have an open, transparent market but is it helpful for our economy for Banco Santander to pick up Abbey National and Alliance and Leicester, two British mortgage banks, on the cheap?
In reality, the Financial Services Authority (FSA) must be delighted that
Santander has come in with a rescue bid, just shares and no cash on the table.
If memory serves me correctly, Alliance and Leicester nearly hooked a French group
willing to pay £15 a share. But it all fizzled out unfortunately. The acting
A&L bod is reduced now to talking about "a good fit".
It is all fine and dandy having an open market but what happens if the Russians,
Chinese, foreign sovereign funds start piling in? Would it be good for UK PLC?
I think Banco Santander is a powerful bank and its UK representative performed well
during a Gordon Brown meeting with the main banks when the Santander guy spoke up
for the building societies. It looks like the building societies will have to
huddle together anyway. The Portman deal with the Nationwide showed the way.
As for the Spanish Armada, Telefonica, Iberdrola and Agbar have also acquired sizeable businesses in the United Kingdom. I think only Barclays has returned
the favour with Banco Zaragozano, although Taylor Wimpey is probably
losing its shirt in Spanish property.
warriors of the calibre of Drake and Frobisher to fight back. I suppose it is nice to
have an open, transparent market but is it helpful for our economy for Banco Santander to pick up Abbey National and Alliance and Leicester, two British mortgage banks, on the cheap?
In reality, the Financial Services Authority (FSA) must be delighted that
Santander has come in with a rescue bid, just shares and no cash on the table.
If memory serves me correctly, Alliance and Leicester nearly hooked a French group
willing to pay £15 a share. But it all fizzled out unfortunately. The acting
A&L bod is reduced now to talking about "a good fit".
It is all fine and dandy having an open market but what happens if the Russians,
Chinese, foreign sovereign funds start piling in? Would it be good for UK PLC?
I think Banco Santander is a powerful bank and its UK representative performed well
during a Gordon Brown meeting with the main banks when the Santander guy spoke up
for the building societies. It looks like the building societies will have to
huddle together anyway. The Portman deal with the Nationwide showed the way.
As for the Spanish Armada, Telefonica, Iberdrola and Agbar have also acquired sizeable businesses in the United Kingdom. I think only Barclays has returned
the favour with Banco Zaragozano, although Taylor Wimpey is probably
losing its shirt in Spanish property.
Wednesday, 9 July 2008
St Albans accountants Gilberts looks at capital expenditure.
In its recent newsletter the accountancy firm Gilberts, which is based in the
picturesque English town of St Albans, has warned that "businesses must carefully
plan their capital expenditure programmes if they are to make best use of the new
£50,000 annual capital allowance (AIA)."
office@gilberts.co.uk
Gilberts notes that the maximum AIA entitlement for 2008 is not based on the calendar year but runs from the period April 1st to December 31st and amounts
to £37,000. In addition, "Companies that do not form a group, but are controlled by
the same person or persons, will also share just one AIA."
On a more serious note I am a bit worried that Ronaldo still wants
to play for Real Madrid but I suppose I cannot do anything about it. Why can't he fall for a Lancastrian lass rather than for some glamour model from Spain!!
www.searchaccountant.co.uk
I suppose that's football.
picturesque English town of St Albans, has warned that "businesses must carefully
plan their capital expenditure programmes if they are to make best use of the new
£50,000 annual capital allowance (AIA)."
office@gilberts.co.uk
Gilberts notes that the maximum AIA entitlement for 2008 is not based on the calendar year but runs from the period April 1st to December 31st and amounts
to £37,000. In addition, "Companies that do not form a group, but are controlled by
the same person or persons, will also share just one AIA."
On a more serious note I am a bit worried that Ronaldo still wants
to play for Real Madrid but I suppose I cannot do anything about it. Why can't he fall for a Lancastrian lass rather than for some glamour model from Spain!!
www.searchaccountant.co.uk
I suppose that's football.
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