By: pol_pak
26/04/2009
1:46 pm Yahoo! Profile:
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Should the title of this thread be changed to Accountancy Going Bad ?
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By: pol_pak
26/04/2009
1:45 pm Yahoo! Profile:
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http://www.businessspectator.com.au/bs.nsf/Article /When-financial-advice-backfires-pd20090424-RE9JZ? OpenDocument&src=rab
Commentary
4:57 PM, 24 Apr 2009
Robert Gottliebsen
When financial advice backfires
- - -start cut and paste- - -
Large segments of the Australian accounting and financial planning professions are in a state of shock this weekend.
The collapse of Timbercorp has jeopardised their highest income clients who bought forestry and horticultural assets in the Timbercorp schemes to gain big tax benefits. These high income clients include the nations top lawyers, doctors, surgeons, dentists, merchant bankers and of course, senior executives.
--deleted---
According to the latest Timbercorp accounts the best clients of financial planners and accountants owe an incredible $480 million to Timbercorp - $93 million is classed as a current asset and a further $387 million classed as long term assets.
A spokesman for the administrator Mike Smith told Business Spectator that the vast majority of these loans were full recourse so if the trees, vegetable and other crops did not realise the expected amounts then the official administration of Timbercorp can pursue those clients for the money. Houses will be sold if necessary.
- - -end cut and paste- - - |
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By: kraekan
26/04/2009
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Four more banks this weekend. Eight for April, not quite as many as February.
http://www.fdic.gov/bank/individual/failed/banklis t.html |
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By: brukevlay
24/04/2009
3:20 pm Yahoo! Profile:
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I look at it this way: You have $20,000 to invest. You keep $10,000 aside for any opportunity that could come your way.
You put up only $10,000 but you are able to buy the $20,000 worth if it is on 50% margin.
I agree. Too early to say what way it will go. I'm looking at a potential ascending, broadening wedge on the gold price.
The resistance line is in place but not the support. |
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By: kraekan
24/04/2009
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I wouldn't play gold on margin. I like to average in on the declines which wouldn't be so flash on margin.
DOM's just waiting to see what happens at the moment by the looks. Don't know which way it will go but wouldn't want to be short gold. ;) |
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By: brukevlay
24/04/2009
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.....up from $1.91 when it made it's double bottom late October to $5.35 now.
St.George give 50% margin loan if you want to go that way.
You either double your profit or double your loss. |
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By: brukevlay
24/04/2009
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What's gold going to do, kraekan?
DOM is hanging in there well. |
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By: kraekan
24/04/2009
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The crunch just keeps rolling along. With the loans the european banks have to eastern europe you'd think something might crack there eventually.
.....
"Germany's slump risks 'explosive' mood as second banking crisis looms.
...
.
.
Swiss risk advisers Independent Credit View said a "second wave" of debt stress is likely to hit the UK and Europe this year as the turmoil moves from mortgage securities to old-fashioned bank loans. A detailed "stress test" of 17 lenders worldwide found that European banks have much lower reserve cushions than US banks, leaving them acutely vulnerable to the coming phase of rising defaults. "The biggest risk is in Europe," said Peter Jeggli, Credit View's founder.
Deutsche Bank has reserves to cover a default rate of 0.7pc, against non-performing assets (NPAs) of 1.67pc; RBS has 1.23pc against NPAs of 2.43pc, and Credit Agricole has 2.63pc against NPAs 3.64pc. None have put aside enough money.
By contrast, Citigroup has reserves of 4pc against NPAs of 3.22pc; and JP Morgan has 3.11pc against NPAs of 1.95pc. " |
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By: brukevlay
12/04/2009
2:47 am Yahoo! Profile:
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| Srazyfool? That was a crange way to cpell it. |
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By: brukevlay
12/04/2009
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Srazyfool/foolhardy would rather see his glass as being half full rather than half empty. But he makes the mistake of holding it up and turning it up-side-down to look into it. Then it is empty but he finds some way of fudging to try to make it half full again.
eg. His glass holds 93 ounces. He lets 74oz. evaporate over a time, but it was possible to drink the lot or most of it when he seen how much it was evaporating. Now that the idiot let this much evopate and it holds only 19oz, he fills it to 38.5oz. and thinks he has done wonderfully. |
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By: brukevlay
12/04/2009
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He would rather his glass as being half full rather than half empty. But he makes the mistake of holding it up and turning it up-side-down to look into it. Then it is empty but he finds some way of fudging to try to make it half full again.
eg. His glass holds 93 ounces. He lets 74oz. evaporate over a time, but it was possible to drink the lot or most of it when he seen how much it was evaporating. Now that the idiot let this much evopate and it holds only 19oz, he fills it to 38.5oz. and thinks he has done wonderfully. |
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By: brukevlay
12/04/2009
2:18 am Yahoo! Profile:
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| Unfortunately, yes. |
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By: perceptions_now
11/04/2009
11:38 pm Yahoo! Profile:
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| Are you STILL here, Jim? |
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By: brainfailure.bruce
11/04/2009
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Yeap interesting times.........
If you bough Wells Fargo on Wednesday you would be up by 30%..........
30% in a day.
WOW
Interesting times indeed! |
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By: perceptions_now
11/04/2009
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Two more banks gone, that makes 23 so far this year, compared to 25 for all of last year and last year wasn't a good year!
These last two are interesting, due to their names, which sums up the current situation quite well -
Cape Fear Bank
New Frontier Bank
Fear & New Frontiers, makes for interesting times. |
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By: brukevlay
21/03/2009
11:14 pm Yahoo! Profile:
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| Does anyone REALLY want to subscribe to this Crazy clown? |
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By: brukevlay
21/03/2009
1:55 pm Yahoo! Profile:
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Crazy,
Ok, So you want to keep on with this stupidity of having my name in your stupid IDs, scumbag?
This is to show you I don't buggerize about when I say something:
To anyone who maybe thinking of joining this fool's forum.
Ask yourself first, do you want to subscribe to an idiot's forum?
Just look at the stupid and childish way the buffoon behaves on this thing.
Is this the type of person you want to take advice from?
Not only that, he will lie about his "success." He never mentions his dogs and he has had plenty.
He is a poor, undisciplined trader. Apart from a little knowledge about candlestick TA, he knows bugger all else about it. His main reason to buy something is because it has a good one or two day advance. Forget about knowledge of fundamentals. He buys on "gut feelings" that often turn into belly aches, but you don't hear a lot from him about those trades.
He claims to be making a small fortune so why penny pinch for a few hundred or so extra per year?
I'll tell you why. Because that is probably where he makes the most money.
As he spends nearly all day on this with his stupidity, it appears he has little time left for his subscribers.
.......... That will do for starters Crazy. If you don't decide to take my name off your ridiculous IDs, that is only the beginning.
I don't give a rat's ar$e what you or anyone who can't past the end of their nose thinks about gold. Just get my name off your stupid IDs. |
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By: bruce_braincorrupted@rocketmail.com
21/03/2009
11:57 am |
Message deleted. |
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By: kraekan
21/03/2009
11:23 am Yahoo! Profile:
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Three more banks and a couple of credit unions gone.
...
"Calamitous day sees banks, credit unions seized
Three banks, two corporate credit unions taken over by regulators in evening
By John Letzing, Market Watch
Last update: 8:06 p.m. EDT March 20, 2009
Comments: 21
SAN FRANCISCO (Market Watch) -- The pace of the ongoing credit crisis quickened significantly Friday when regulators seized three banks and placed two large corporate credit unions into conservatorship, citing a need to "stabilize the corporate credit union system."
Banks in Colorado, Georgia and Kansas were closed by regulators, bringing the number of bank failures this year to 20, while the National Credit Union Administration Board seized corporate credit unions in California and Kansas that have a combined $57 billion in assets. Corporate credit unions are chartered to act as a sort of clearinghouse for the credit unions that serve consumers.
The Federal Deposit Insurance Corporation said that Stockbridge, Ga.-based FirstCity Bank was closed by regulators, adding that it will mail checks to FirstCity's insured depositors Monday morning. "
http://www.market watch.com/news/story/Cala mitous-day-sees-banks-cre dit/story.aspx?guid={1B67 729E-D317-41BD-9503-11DE3 E9B48AF} |
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By: bruce_withnobrain
28/02/2009
9:48 pm |
Message deleted. |
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By: brukevlay
28/02/2009
7:35 pm Yahoo! Profile:
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Perceptions,
Why do the failed banks need to be counted?
I mean any country that sits on it's hands and does nothing while a bunch of dishonest bankers bleeds it dry and at the same time bluffs the herd into thinking it is a government institution while it rips them of as well as the government, is bound to fail. Not only it's banks, the whole bloody country. I'm surprised it took nearly 100 years but it HAD to happen. Do you think anyone, apart from the only two honest politicians it seems to have will stop it from scoring a century or does anyone other than these two even give a rat's ar$e? They have till about Christmas 2013. I mean I thought Crazyfool was stupid for not knowing the ASX is in a bear market and gold is in a bull market, but the Yanks make even him look intelligent. |
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By: perceptions_now
28/02/2009
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20/02/2009 - Silver Falls Bank, Silverton, OR
27/02/2009 - Heritage Community Bank, Glenwood, IL
27/02/2009 - Security Savings Bank, Henderson, NV
Three more failed US banks, to add to the list.
That's 16, so far in 2009. |
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By: bruce_withnobrain
28/02/2009
4:01 pm |
Message deleted. |
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By: kraekan
28/02/2009
11:28 am Yahoo! Profile:
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Hopefully Australia will miss the worst of whatever comes Perceptions.
Not much happen on the failed list the last couple of weeks unless of course you count Citigroup. Maybe it takes a couple of weeks to work through the process? |
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By: perceptions_now
27/02/2009
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"Moody's predicts default rate will exceed peak in Great Depression"
kraekan,
Contrary to the opinion of some, I really hope that things do not proceed, in ways which I see as likely.
That said, all indications are not good. |
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