Friday, June 29, 2012

The Stench of Corruption and Greed Overwhelms Britain's Financial Services Industry

Britain's tarnished financial services industry and banking sector seems intent on bringing about its own self destruction. Over the years there has been a litany of scandals eg:

- endowment mis-selling
- subprime mortgages
- PPI mis-selling
- LIBOR fraud
- NatWest computer meltdown
- Northern Rock, RBS etc etc to name but a few

However, it seems that the industry is determined to add to its list of self inflicted shame and dishonour. Step forward the usual suspects ie; Barclays (a familiar name), HSBC, Lloyds and RBS which have all admitted to mis-selling interest rate hedges to small and medium sized business customers.

Barclays, HSBC, Lloyds Banking Group and Royal Bank of Scotland have all agreed to immediately halt the sale of complex interest rate hedges to smaller businesses and have pledged to compensate potentially thousands of customers who have been screwed by them.

According to the Telegraph the FSA is of the view that about 28,000 businesses had been sold interest rate hedges.

Another nail in the coffin of the tarnished reputation of the UK's financial services industry.

The financial services industry is now fully immersed in its own self created shit, and quite clearly is on the verge of implosion.

Diamonds Aren't Forever!

Despite saying that he won't resign, the smart money is on Bob Diamond resigning from Barclays within a matter of days.

Thursday, June 28, 2012

Question For The British Bankers Association



Why are you only now "shocked" at the revelations about LIBOR being rigged, when over three years ago Zerohedge wrote the following?
"Everyone knows there is something very screwy about LIBOR...."
You could have asked your board to investigate at the time, the board is after all rather well placed to know what is going on with LIBOR as it contains senior executives from banks such as Barclays.

Barclays Shares Collapse

Barclays shares are now down 10%.

This is the largest fall in nearly a year.

I wonder where bottom is?

Osborne's Statement on Barclays Fraud

I see that the Treasury state that George Osborne is to make a statement on the Barclays fraudulent manipulation of LIBOR:
"
The Chancellor will be making a statement to Parliament at around 1215 about the FSA investigation into bank borrowing rates, known as LIBOR"
You will observe that they have politely avoided using the word "fraud".

Whilst the avoidance of the word "fraud" may suit the sensibilities of those in Whitehall I suspect that, once people who owe Barclays money (eg mortgages, personal loans etc) wake up to the fact that the rates that they paid were based on the fraudulent manipulation of LIBOR, the word "fraud" will be liberally peppered across the myriad of class action suits that are bound to arise.

Wednesday, June 27, 2012

Barclays Fined $450M for Libor Manipulation - Dude I Owe You Big Time!

Barclays will pay at least $450M to US and British authorities to settle a probe into the manipulation of Libor.

Page 15 FSA Report:
"On 26 October 2006, an external trader made a request for a lower three month US dollar LIBOR submission. The external trader stated in an email to Trader G at Barclays 

“If it comes in unchanged I’m a dead man”. Trader G responded that he would “have a chat”. Barclays’ submission on that day for three month US dollar LIBOR was half a basis point lower than the day before, rather than being unchanged. 

The external trader thanked Trader G for Barclays’ LIBOR submission later that day: 

“Dude. I owe you big time! Come over one day after work and I’m opening a bottle of Bollinger”.

Libor is the benchmark for about $360 trillion worth of financial contracts worldwide. 

The fine of course may be but the tip of the iceberg, if victims of this manipulation (eg mortgage holders) were to sue Barclays via a class action.

Barclays Rigs Libor

Advice from Zerohedge to anyone with a Barclays variable rate mortgage between 2005 and now:
"Our advice to anyone who had an adjustable rate mortgage in the period between 2005 and today: sue the living feces out of Barclays, and all other banks who crawl out of the woodwork with purported settlements. 

Because due to their undisputed mark manipulation, it is absolutely safe to say that ARMs, which rely on Libor for interest rate formation, were grossly manipulated by the same idiot traders who left written evidence of their manipulation year after year. 

Now it is their turn to pay."

Greece Will Run Out of Money By Mid July




Source @Pawelmorski

Question For NatWest and Stephen Hester

Where's my money?

Elle & British embassy ...

                                                                                                  CLICK TO SEE MORE








                                                                                                dress: Software (Dragana Ognjenovic),
                                                                                                shoes: bershka,
                                                                                                clutch: mona,
                                                                                                earrings: gift,
                                                                                                ring: non branded,
                                                                                       ph.thanks to Branislava (Divine  world of fashion)
                                                                                               






                                                                                                      ph. me


Yesterday, my blogger girls and I were at a reception at the beautiful residence of British embassy. Our hosts for that night were her Majesty`s Ambassador Michael Davenport and Elle (Serbia issue) magazine. For the first time the whole issue of Elle is dedicated to one country - Great Britain. We also had chance to see the premier of "I married a Serb" movie (author and director: Anberin Pasha) , which is a story about five women from Britain, who where married for love and moved to Serbia. Very touching story with a great dose of British sense of humor.
More than great evening, that`s for sure, thanks to Elle&British embassy!

I was wearing a gorgeous Software dress (from our famous designer Dragana Ognjenovic -you can see the green version from the runway here) which is a part of her new collection for this summer! Matched with silver high heels, little bit of jewelry and lightly picked up hair, i was ready in a snap! ;)
Hope you will like it!

Tuesday, June 26, 2012

Greek Government Disintegrates

Having lost its Finance Minister the Greek government, of less than a week, has now lost its Deputy Minister for Shipping (Vernikos) who has resigned this afternoon.

Greece Names New Finance Minister




With the resignation of Vassilis Rapanos the yet to be sworn in Greek Finance Minister, from his hospital bed on Monday, Greece's new Finance Minister has been named as Yannis Stournaras (the man who led Greece into the Euro using fraudulent data).

It is assumed that he will be able to remain in office at least long enough to be sworn in, before being rushed to hospital.

Above, in case you are wondering, is a photo of the Athens Finance Ministry (courtesy of ZDF).

NatWest's Death March To Self Destruction II

Day 8 of NatWest's ongoing death march, and NatWest sent the following email to their hapless customers this morning at around 07:48:
"Dear ****,

We know that our current technical issues may still be impacting a number of our customers as we work to clear the backlog.

To make it easier for our customers experiencing difficulties accessing cash we have made the following arrangements. All our current account customers who have an RBS, NatWest or Mint credit card in good order can now:

* Withdraw up to an additional £100 over their limit on their credit card, with over-limit fees or charges automatically waived or refunded


* For Cash withdrawals on their card, cash advance fees as well as one month's worth of interest on the transaction will be waived or refunded
For all current account customers we will:
*
Automatically waive or refund overdraft fees and charges on current accounts for customers who have been impacted
We are making these commitments today and there is no requirement for any customer to take further action to benefit from these changes.

We appreciate this has caused an unacceptable level of inconvenience, and to help further we are again extending opening hours in over 900 NatWest branches from 8am until 7pm today.

For further support, please call us on either 0161 931 9959, 08457 77 77 66 or 0800 656 9639. Alternatively, for the latest information and answers to common questions please visit natwest.com

Yours sincerely,


Chris Popple
Managing Director, Retail Banking"
On the NatWest site Stephen Hester (CEO of RBS) is expecting the problems to last all week, as branches are going to remain open longer than normal all week:
"The problems of the past few days have caused disruption and inconvenience for our customers as well as for many customers of other banks. 

I am very sorry for the difficulties people are experiencing. Our customers rely on us day in and day out to get things right, and on this occasion we have let them down. This should not have happened.

Right now my top priority, and the priority of the entire RBS Group, is to fix these problems and put things right for our customers. 

This is taking time, but I want to reassure people that we are working around the clock to resolve these problems as quickly as we are able.

I also want to be clear that where our customers are facing hardship or difficulty we can and will help them. Our staff have already helped thousands of customers to access cash and we will continue to provide this service on a 24 hour basis while we work to resolve the problems. 

I also want to reassure customers that no one will be left permanently out of pocket as a result of this, and again, they should contact us directly about this.

We have doubled the usual number of staff in our call centres, and for the first time ever we will open 1,200 branches across the country on a Sunday from 9am to 12pm. We are also extending opening hours in over 1,000 branches on Monday 25th June from 8am to 7pm, and on Tuesday 26th June to Friday 29th June from 8am to 6pm.

Once again I am very sorry for the inconvenience."
Customers of NatWest should be warned that various criminals are now trying to take advantage of the chaos, and are sending out phishing emails.

As to what caused the glitch rumours abound that it was caused by software upgrade implemented by an outsourced IT function in India, NatWest are currently denying this. At some stage however, they will have to identify and explain exactly what when wrong and why it went wrong.

Monday, June 25, 2012

NatWest's Death March To Self Destruction

As we enter day 7 of NatWest's technical meltdown and its death march to self destruction, the hapless and hopeless bank has warned its 17 million customers that the problems may well last for a few more days.

Neither the customers nor the financial regulators are particularity impressed with NatWest's handling of this. Andrew Tyrie, the chairman of the Commons Treasury select committee, is quoted by the Telegraph:
 “It seems scarcely credible that something like this, which has caused problems for hundreds of thousands of people, could have gone on for so long. No doubt the committee will want a full explanation.” 
Still there is good news for the shareholders. The glitch has meant that the capital reserves of NatWest have been boosted and, even better, the bank made some short term profits by providing customers with an 0845 number (ie one that costs the customers money) to ring to complain (NatWest have relented and now provide a free number and will reimburse the costs of the calls).

All in all a shambles by anyone's standards!

Sunday, June 24, 2012

NatWest Apologises

NatWest sent the following email to its customers this morning at 03:36:
"Dear *****,

We apologise to all of our customers who have been affected by our current technical issues. These resulted in money credited to customers accounts overnight not appearing in their balances as it should. This problem is strictly of a technical nature, we have fixed the initial problem and our priority has been to work round the clock to sort the backlog as soon as possible.


We appreciate this has caused an unacceptable level of inconvenience, and to help you we have over 900 of our branches extending their opening hours today until 6pm. Branches will also be open on Sunday 24th June from 9am to 12noon. Staff in our branches are ready and available to answer any customer questions and help with emergency needs.

Or, please call us at 08457 888 444.

Alternatively, for the latest information and answers to common questions please visit natwest.com

Yours sincerely,



Chris Popple
Managing Director Digital"
Stephen Hester (RBS CEO) has also issued a public apology on the NatWest website:
"Message to Customers from Stephen Hester RBS Group Chief Executive The problems of the past few days have caused disruption and inconvenience for our customers as well as for many customers of other banks. 

I am very sorry for the difficulties people are experiencing. Our customers rely on us day in and day out to get things right, and on this occasion we have let them down. This should not have happened.

Right now my top priority, and the priority of the entire RBS Group, is to fix these problems and put things right for our customers. 

This is taking time, but I want to reassure people that we are working around the clock to resolve these problems as quickly as we are able.

I also want to be clear that where our customers are facing hardship or difficulty we can and will help them. Our staff have already helped thousands of customers to access cash and we will continue to provide this service on a 24 hour basis while we work to resolve the problems. 

I also want to reassure customers that no one will be left permanently out of pocket as a result of this, and again, they should contact us directly about this.

We have doubled the usual number of staff in our call centres, and for the first time ever we will open 1,200 branches across the country on a Sunday from 9am to 12pm. 

Once again I am very sorry for the inconvenience."
There are still problems with some accounts, I for one could not draw any money out of an ATM yesterday afternoon (even though my account is in credit, the ATM told me there was insufficient funds in my account).

Friday, June 22, 2012

Greek Prime Minister In Hospital

The Greek Prime Minister Antonis Samaras has also been admitted to hospital, for surgery on his retina.

Greek Finance Minister Collapses

Seemingly Greece's new Finance Minister, Vassilis Rapanos, has collapsed and has been taken to hospital.

Pane, amore e ...

                                                                                                CLICK TO SEE MORE







                                                                                                 sandals: aldo,
                                                                                                 pants: zara,
                                                                                                 shirt: pull&bear,
                                                                                                 belt: accessorize,
                                                                                                 bag: Oasap,
                                                                                                 watch: michael kors,
                                                                                                 sunglasses: ray ban,
                                                                                                 ph. Branislava (Divine World of Fashion)
                                                                                                

Sometimes i have those silly ideas, that you will feel better in the summer if you  wear light pants and loose shirt, and guess what? I was wrong! This is not an island, there is no wind, i can`t see beautiful sea and my yacht is nowhere. So i will stick to my shorts and mini dresses, `till this hot weather treats us with some nice rain! ;)
Despite the temperature i spent lovely day with Branislava, Jelena and Jovana, by the river and we survived somehow!
Huge thanks to Branislava for  making these, more than perfect photos, we got that Italian vibe! ;)
Can`t wait to hear your opinion!

Enjoy, it`s Friday! ;)

 p.s. press and play  ....



NatWest Technical Glitch - Day Three

NatWest and its hapless customers are having to endure a third day of technical problems with its online banking services. The problems are also affecting RBS and Ulster Bank.

The BBC reports that approximately 1,000 NatWest branches opened early today to help customers who are still unable to access their accounts because of technical problems.

NatWest said:
"Unfortunately we are once again experiencing technical issues with our systems and account balances have not updated properly overnight. 

This means where money has gone into a customer's account, there may be a delay in it appearing on their balance.

We can assure our customers that this problem is strictly of a technical nature and we continue to work hard to resolve this."

The Financial Ombudsman has advised what customers' rights are:
  • Anyone out of pocket owing to a technical or systems failure has certain rights
  • Banks should put customers back into the position they were in had the problem not occurred
  • That does not mean extra compensation is a right
  • Anyone affected should let the bank know about their situation as soon as possible
  • Customers should check to see if any payments due from an account have bounced
  • They should also keep a record of how the problem has affected them - just in case a formal complaint is required later
My advice to NatWest is simple, turn the system off and then on again!

Thursday, June 21, 2012

Greece Devolves To Emerging Economy

Reuters reports that Greece is now devolving from a first world economy into an emerging economy.

MSCI has placed Greece on review for relegation to emerging market status, this will make it the first country to be thrown back out of developed equity indices.

On the wheels ...

                                                                                                CLICK TO SEE MORE




                                                                                             boots: mango,
                                                                                             shorts: primark,
                                                                                             shirt: zara,
                                                                                             bag: zara,
                                                                                             bracelets: ringeraja, accessorize,
                                                                                             sunglasses: ray ban,
                                                                                             belt: accessorize,
                                                                                             watch: thanks to Urban watch (click here)
                                                                                             ph. Tosa


 In one of the previous posts, i showed you a sneak peek of my new watches, which i got thanks to the lovely people from Urban watch (you can find them here) and i immediately start thinking how can i combine these two beautiful colors. This is what i`am up to at the end. Totally Isabel Marant inspired look, short leather boots on a bare legs, with tiny pink shorts and floral loose shirt, and a little bit of accessories. Messy hair. End of story.
Tell me, tell me, tell me, what do you think about it?

Happy 1st day of summer! ;)

p.s. top three tracks from the Isabel Marant SS/2011 runway, to get in that 80`s  groove, play it:  1 / 2 / 3 ! ;)


Wednesday, June 20, 2012

Greece Has A Government

Samaras has been sworn in as Greece's new Prime Minister. Greece now has a government, for the time being.

The Oncoming Storm - Eurogeddon

Europe is poised to bailout Spain and Italy to the tune of £600BN, and the Telegraph reports that a  Bank of England policy maker has told traders to prepare for a devastating market seizure similar to the collapse of Lehman Brothers.

Batten down the hatches!

Interest Rates Under Review

The MPC has placed its interest rate of 0.5% "under review", as per the Minutes of the Monetary Policy Committee Meeting held on 6 & 7 June 2012.

The reason for the "under review" status being the ongoing deterioration of the economic situation in Europe, and "weaker economic data from the United States and emerging economies".
"Overall, the Committee judged that, at the present time, a further reduction in Bank Rate would not have any advantages over an expansion of the asset purchase programme, though it would keep the position under review."
This means that it is highly likely that rates will be reduced in the very near future.

Tuesday, June 19, 2012

Cool me down ...

                                                                                              CLICK TO SEE MORE










                                                                                              ph. via my Pinterest boards, here and here


Okay, these days i`m only thinking how to cool myself down, so i created two new boards on my Pinterest profile, and they are like a real summer survival kit for me!
Here are the top five things to do in a hot week:
1. make yourself some cool refreshment, ice cold lemonade, frozen pops, ice cream, or cocktail on a stick,
2. watch the "New girl" on repeat, till` the new episodes in September, imagine the kiss of Jess and Nick,
3. record the video on your parking lot, while you dancing like This, but be careful, you don`t want to find yourself on the concrete, cause you are drunk from those cocktails above,
4. wash your feet, we all know how can they become smelly from the ballet flats, oh us women, someone said ones that we are worst than men,
5. wear a pink lipstick or do whatever you like.

And if you are bored, you can always make a fashion blog! ;) Just kidding!

Have a nice day!











Spanish Bank Auditors Go On Summer Holidays



The Wall Street Journal reports that the deadline for auditors from Deloitte, KPMG, PwC and Ernst & Young to present full reports on the capital needs of Spain's financial sector has been delayed from July 31 to September.

For why?

Officially the reason being presented is the need for more time to complete the evaluation, and the fact that most of Spain (especially the government) is on holiday during the summer.

Amazingly enough the auditors, and those organisations that have commissioned the auditors to do the work (ie Spain's government, the International Monetary Fund and the European Central Bank), have agreed to a delay in order to allow people to go on holiday.

There are two possible conclusions to be drawn from this absurd excuse for a delay:

1 There is in fact no urgent need for any reform or further funding of the financial sector or, more likely,

2 There is something that has yet to emerge that people want hidden for the time being.


Draw your own conclusions.

Doubtless the "crisis" will not get any worse during the summer recess!


Monday, June 18, 2012

Euro0.5Trillion EU Exposure To Greece

€ BillionTotal Exposure to Greece
Eurozone:Austria15.5

Belgium17.7

Cyprus1.1

Estonia0.7

Finland8.5

France138.9

Germany139.4

Greece7.7

Ireland7.8

Italy84.9

Luxembourg1.3

Malta0.6

Netherlands30.7

Portugal19.8

Slovakia2.7

Slovenia2.3

Spain55.7
Non-Eurozone:Bulgaria0.2

Czech Republic0.3

Denmark0.5

Latvia0.0

Lithuania0.1

Hungary0.3

Poland0.4

Romania0.3

Sweden0.9

United Kingdom13.5
Total
551.8

Source Zerohedge

Your stare was holdin' ...

                                                                                               CLICK TO SEE MORE






                                                                                                shoes: versace,
                                                                                                shorts: primark,
                                                                                                shirt: h&m,
                                                                                                blazer: koton,
                                                                                                clutch: mona,
                                                                                                necklace: Na tufne,        
                                                                                                watch: michael kors,
                                                                                                sunglasses: ray ban,
                                                                                                ph. Olja


Okay, it`s Monday, it`s hot and it`s right time for some skin showin`! ;) "Shorty" outfit was for the Friday`s night out, but i wanted to capture the real colors, so i put my clothes on again and took the photos during the day light! This outfit can be also worn during the day, but we some ballet flats or white low cut sneakers, maybe with some rubber watch and sporty accessories instead of the golden ones. Perfect for the relaxed summer moments in downtown.
This is my first time in "show me some skin" section, and don`t judge me too hard! ;)
And now, disclaimers:
1. i didn`t use photoshop,
2. i have small cellulite holes in my thighs,but shh ... ,
3. i have lovely scar on my knee,
4.i waxed my legs,
5. my stomach will never be flat, but okay, that`s the whole another story ...
End of story.

Hope you will like it, especially my new necklace, which i got thanks to "Na tufne" jewelry! :)
Happy beginning of super hot week!