Eugene Levy in Recreation of Grapes of Wrath Pics (VF)

Stuff I’m Reading this Morning…

The exact date that the Chinese stock market will collapse.  (MoneyScience)

Stick a fork in CIT Group, 1908-2009.  (Bloomberg)

They caught the runaway Credit Sueeeeesse broker, and no, he wasn’t at Le Cirque.  (NYT)

Virginia is for Usury.  (LOLFed)

JPMorgan smokes their numbers, 28 cents vs 4 cents expected…get ‘em Jamie!  (TheStreet.com)

AIG is selling off assets on the sly…you crafty, crafty umm…insurance executives.  (ProPublica)

Remembering how much Jimmy Carter sucked.  (The New Republic)

To survive the new economy, think more with your right brain.  (USA Today)

A gallery of famous people who dropped out of high school.  (CityFile)

The CEO of Janus departs after an atrocious tenure with $7 million…how much are your failures worth?  (footnoted.org)

Tyler Durden exposes the mockery of asset diversification in our highly-correlated world.  (ZeroHedge)

The cast of Taking Woodstock poses for an updated Grapes of Wrath dust bowl photo shoot.  (Vanity Fair)

Goal 20: Swiss bank secrecy has protected funds (and the identity of the owner of those funds) in Swiss banks for over 300 years and the rules have been basically the same since the major reforms in 1934.

This evening, I reviewed the terms and conditions for opening an bank account with UBS and Credit Suisse. Of course, there are many private banks in Switzerland as well and perhaps I should review a few of those as well.

Paris, le 10 juillet 2009

Mise au point de l’AMF sur les règles d’accès aux données individuelles sur les portefeuilles de valeurs cotées en France

A la suite d’une lettre envoyée par la banque helvétique Crédit Suisse à ses clients et d’articles parus dans la presse suisse et française, l’AMF souhaite dissiper toute mauvaise compréhension concernant les règles d’accès aux données individuelles sur les portefeuilles de valeurs cotées sur un marché réglementé français.

1. Le champ de compétence de l’AMF défini à l’article L.621-1 du code monétaire et financier est inchangé : l’AMF n’a aucune compétence en matière fiscale et n’est pas autorisée par la loi à divulguer à l’administration fiscale française les informations qu’elle recueille lors de ses contrôles et enquêtes.
2. Lors de ses enquêtes portant sur la recherche d’abus de marché (manquement d’initié, manipulation de cours, fausse information), l’AMF peut être amenée à demander des informations sur des transactions portant sur des titres cotés sur un marché réglementé français ou sur des opérations réalisées à partir de la France sur un titre coté sur un marché réglementé d’un autre Etat membre de la Communauté Européenne ou partie à l’accord sur l’Espace économique européen.
   L’AMF n’a pas le pouvoir de requérir directement des établissements financiers situés en Suisse les informations nécessaires à la conduite de ses enquêtes. Pour ce faire, l’AMF s’adresse à la FINMA, l’autorité suisse de régulation du secteur financier, avec qui elle a signé, en 1999, un accord de coopération et d’échange d’information1.
3. L’AMF ne peut dévoiler publiquement des informations d’ordre individuel que dans les cas strictement prévus par la loi (publication d’une sanction, d’une injonction, etc.).
4. Par ailleurs, la lettre de Crédit Suisse semble faire état d’obligations de déclaration à l’AMF et aux émetteurs français auxquelles seraient tenus les déposants de Crédit Suisse. Pour lever toute ambigüité, l’AMF rappelle que le régime de déclarations tel que fixé par la loi française (franchissement de seuil, déclarations des dirigeants sur leurs propres titres) n’a pas été modifié récemment et ne s’applique qu’aux personnes concernées sans qu’il y ait besoin d’organiser au n¡veau des établissements un « accord de transfert de données pour les placements en France ».

1 L’AMF adresse toutes ses demandes d’informations à destination de la Suisse à la FINMA et inversement, la FINMA adresse ses demandes d’information à destination de la France à l’AMF

A roundup of last week’s hedge fund launches, closures, index performance, trends, regulatory, legal and financial events pertaining to the alternative investments world.

Last week, we heard of fund launches from PCE Investors (liquid macro); FX Concepts (currency UCITS); Minsen, Shangya, Huiding Zixia (domestic China); Ospraie (equity + commodity); Differential Investment Partners; Rydex SGI (L/S commodity); Thames River (Africa); Sabre (managed futures); and Blacksquare (UCITs FoFs).

As for start-ups, a former Morgan Stanley team set up a company under the umbrella of Dutch global macro fund Worldview to focus on strategic asset allocation for institutional clients; a former AIG manager launched VOC Capital in London to offer commodities futures absolute return strategies; the Active Trader Forum hedge fund hotel has started providing desks for jobless NY traders; and Ronnie Wu, CIO of Penjing Asset Management Ltd is to start a pool of money dedicated to seeding new hedge funds.

JWM Partners closed its Relative Value Opportunity II fund and JWM’s London chief Adrian Eterovic is planning a new fund.

- The Credit Suisse Alternative Index Replication indices were flat in June but positive YTD;
- Newedge CTA Index -1.77%, -4.51% YTD, Short-Term Traders Index -0.37%, -0.89% YTD;
- HFRX Absolute Return Index -1.19% (est.), -2.57% YTD;
- Hennessee’s main index +0.64%, +11.74% YTD;
- HFRI Fund Weighted Composite Index +0.13% (est.), +9.41% YTD;
- Absolute Return Composite index returns +0.40% (est.), +6.30% YTD;
- Credit Suisse/Tremont Hedge Fund Index +0.48% (est.), +7.23% YTD;
- Eurekahedge Hedge Fund index -0.02% (est.), +9.38% YTD, asset inflows of $4bn (+0.3%) to $1.33tn;
- HedgeFund.net’s index +0.28%, +9.23% YTD, assets +0.38%, but -8% in 2009;
- Barclay Hedge Fund Index +0.63% (est.), +11.18% YTD, Barclay CTA Index -0.81% (est.), -0.74% YTD;
- And all four hedge fund strategies published by Dow Jones Hedge Fund Indexes posted positive returns in June.

Full story: http://www.opalesque.com/AMW/48/Review_of_hedge_fund_launches_closures_trends48.html

The largest private equity firm that also In 1985, Stephen A. Schwarzman, Blackstone’s Chairman and Chief Executive Officer, and Peter G. Peterson, who retired from the firm in 2008, co-founded The Blackstone Group with a shared secretary and a balance sheet of $400,000.

Today Blackstone is large with total fee-earnings assets under management of $92.2 billion as of March 31, 2009.

They are also looking to get into the insurance business along with affliates of Goldman Sachs and Credit Suisse with an insurance company named Insphere Insurance Solutions. They will focus on small business and middle-income market companies.

Insurance is uncharted territory for private equity funds, it will be interesting to follow up and see how Insphere fairs.

Se Ubs continua a fare il muso duro con l’autorità fiscale statunitense, Credit suisse, (CS) starebbe invece cedendo alle pressioni del governo francese. Infatti, nel timore di ritorsioni da parte di Parigi,la seconda banca svizzera ha accettato, secondo diverse fonti di stampa, di rivelare al fisco francese l’identità dei propri correntisti che hanno titoli di borsa francesi.

Con questa mossa,Credit Suisse (CS) cerca di evitare problemi con il fisco francese dopo la firma della convenzione fiscale firmata da Parigi e Berna lo scorso 11 giugno. Con una lettera datata 24 giugno, Credit Suisse ha comunicato ai propri clienti che l’Autorità dei mercati finanziari è ora “autorizzata a richiedere la comunicazione dell’identità di tutti gli investititori che hanno in portafoglio titoli francesi”. E se qualcuno rifiutasse? Per il giornale svizzero Le Temps ,CS venderà d’autorità, in mancanza di risposte dagli interessati, le azioni francesi “al prezzo del giorno”.
La notizia è importante per capire come potrebbe finire l’altro braccio di ferro, quello fra Ubs e il fisco americano. Lo scorso febbraio Washington aveva ottenuto da Ubs 780 milioni di dollari e l’impegno a ottenere l’identità dei titolari americani di conti presso la banca svizzera. Il sospetto, o la quasi certezza della giustizia americana, era che in quei conti fossero finiti milioni di dollari sottratti al fisco americano. Ubs, in realtà, ha accettato di togliere il velo a 250 nomi di propri clienti. Solo una piccola parte dei 52mila ‘inseguiti’ dalla giustizia americana. Ecco che la decisione sui clienti francesi di Credit Suisse rischia di diventare un precedente preoccupante per gli americani con interessi custoditi gelosamente, fin qui, da Ubs. La banca svizzera finora ha tenuto duro: se traballa il segreto bancario in Svizzera, scricchiola uno dei pilastri del successo del sistema. E per di più in un periodo già difficile: i conti del 2008 registrano un rosso da 13 miliardi di euro. Colpa della crisi, certo, ma la divulgazione di dati dei propri clienti sarebbe un brutto colpo.

Per ora, dice Liberation, Ubs “incoraggia i propri clienti americani a consultare i propri fiscalisti” per mettersi in regola con la legge americana. Ma il giornale svizzero Sonntag rivela: Ubs sarebbe pronta a aprire un’altra volta il portafoglio, al processo in agenda a Miami, per chiudere la vicenda. Con un assegno da 3, forse 4,5 miliardi di dollari.

La lettre qui fait trembler les évadés fiscaux en Suisse | Eco89.

Breakfast Links for June 29, 2009

It looks like the Suisse banks may have had enough in the US:

UBS AG and Credit Suisse Group AG, the country’s biggest banks, have told Americans to move their money into specially created units registered in the U.S., or lose their accounts. Smaller private banks such as Geneva-based Mirabaud & Cie. are closing all accounts held by U.S. taxpayers.

(Bloomberg)

—

Forget July 4th, what are you guys doing for Bernie Madoff Sentencing Day?  I’m too tired to grill, so I’m having our event catered by Pastrami King.  The Ponzi King will have his day of reckoning in a NY court today, with his lawyers seeking a 12 year sentence and the rest of the world seeking an eternal one.  The NY Post will be updating their coverage throughout the day here: 

(NY Post)

—

Is Google worried about getting the Microsoft Windows treatment from the antitrust enforcers one day?  The New York Times thinks so:

Google handles roughly two-thirds of all Internet searches. It owns the largest online video site, YouTube, which is more than 10 times more popular than its nearest competitor. And last year, Google sold nearly $22 billion in advertising, more than any media company in the world.

With all those riches and more, how is Google a relatively small company, one that is vulnerable to competition and whose luck could turn any day?

(NY Times)

—

Bezeichnend, dass in der zweiten Tabelle mit den “Gewinnern” nur die ersten 3 platzierten auch tatsächlich Zuflüssen an Kundengeldern zu verzeichnen haben… Gefunden bei tagesanzeiger.ch:

1700 Milliarden Franken Kundengelder weg: Welche Banken wie viel verloren

Aktualisiert am 11.06.2009

Finanzkrise und Angriffe aufs Bankgeheimnis haben dem Schweizer Finanzplatz massiv zugesetzt: Insgesamt nahmen die Kundenvermögen im Jahr 2008 um fast einen Viertel oder 1700 Milliarden ab. Grosse Verliererin ist eine Privatbank.

Das Westschweizer Fachmagazin «Private Banking» hat die Geschäftsberichte der wichtigsten Banken ausgewertet und kommt zu einem besorgniserregenden Ergebnis: Die von Schweizer Banken verwalteten Kundengelder (Assets under Management), schrumpften im vergangenen Jahr um nicht weniger als 1700 Milliarden Franken.

Lagen bei Schweizer Banken im vergangenen Jahr noch 6900 Milliarden Franken, waren es letztes Jahr nur noch 5200 Milliarden Franken. Dabei zeigt sich, dass nicht nur die Grossbank UBS massiv Federn lassen musste – und auch viele Privatbanken verzeichnen einen Rückgang der Kundengelder von 20 und 30 Prozent. Spitzenreiter des Verlierer-Rankings ist die Schweizer Privatbank Syz.

Die UBS liegt mit einem Minus von 30 Prozent auf Platz 6 der Rangliste der schlechtesten Vermögensverwalter. Die Credit Suisse, die nicht unter den zehn grössten Verlierern rangiert, musste im Private Banking einen Kundengeldrückgang von 20,7 Prozent hinnehmen.

Die Verlierer im Bankenwesen 2008

Rückgang von verwalteten Kundengelder (AuM) per Ende 2008:

Bank Syz	-40.4%
Morgan Stanley	-33.0%
Fortis	-32.9%
ABN Amro	-30.9%
Banco Santander	-30.0%
UBS Private Banking Division	-30.0%
Schroder	-29%
Deutsche Bank	-28.8%
Lombard Odier	-28.2%
Merrill Lynch Bank (Suisse)	-28.0%

Den Vermögensabfluss bei der Grossbank UBS konnten die Gewinner der Krise – die Raiffeisen-Gruppe und die Kantonalbanken – bei weitem nicht kompensieren. Die Erhebung zeigt, dass ein ansehnlicher Teil der verwalteten Vermögen von den Kunden abgezogen und im Ausland platziert wurde.

Die Gewinner im Bankenwesen 2008

Zufluss von Kundengeldern (AuM) per Ende 2008:

Banque Cantonale de Genève	+18.2%
Raiffeisen-Gruppe	+5.9%
Zürcher Kantonalbank	+2.4%
Bank Wegelin	-1.5%
Luzerner Kantonalbank	-5.7%
Banque Pasche	-6.4%
St.Galler Kantonalbank	-7.4%
HSBC Guerzeller	-8.9%
Basler Kantonalbank	-9.4%
Berner Kantonalbank	-9.7%

Arg zugesetzt hat die Finanzkrise insbesondere den ausländischen Banken, die in der Schweiz angesiedelt sind. Unter den zehn grössten Verlierern befinden sich mit der Bank Syz und der UBS nur gerade zwei Schweizer Banken. Einen Verringerung der verwalteten Vermögen von fast 30 Prozent musste auch die Deutsche Bank hinnehmen – dies, obwohl die Grossbank unter der Leitung von Joe Ackermann das Sturmtief an den Finanzmärkten vergleichsweise gut umschifft hat.

Die Bankiervereinigung geht davon aus, dass die Schrumpfung der verwalteten Kundengelder nicht in erster Linie auf einen Abfluss ins Ausland zurückzuführen sind. «Es handelt sich vielmehr um Umschichtungen und börsenbedingte Rückgänge», erklärt Sprecher Thomas Sutter auf Anfrage von Tagesanzeiger.ch/Newsnetz.

Die grössten Vermögensverwalter per Ende 2008

Verwaltete Kundengelder (AuM) per Ende 2008:

UBS Private Banking	1599 Mia. Franken
Credit Suisse Private Banking Division	788.9 Mia. Franken
Juliius Bär	338.0 Mia. Franken
Bank Pictet	312.0 Mia. Franken
HSBC Private Bank (Suisse)	153.0 Mia. Franken
Lombard Odier	127.0 Mia. Franken
Raiffeisen-Gruppe	124.8 Mia. Franken
Zürcher Kantonalbank	122.1 Mia. Franken
Union Bancaire Priveée	100.7 Mia. Franken
Bank Clariden Leu	94.0 Mia. Franken.

(dvp)

Erstellt: 11.06.2009, 16:58 Uhr

Le Crédit Suisse épinglé pour ses placements imbitables | Rue89.

Die Schweizer Börse SMX schloss heute 1.51% tiefer als gestern. Hauptverlierer waren einmal mehr die Financials angeführt von UBS (UBSN) und Credit Suiss (CSGN).

SMI 25.06.2009

Die UBS erwischte es besonders hart, mit einem Minus von 5.93%

UBS 25.06.2009

Auch die Credit Suisse verlor 4.05%

Credit Suisse 25.06.2009

Credit Suisse 25.06.2009

Neben den Financials gehören auch die Biotech Firma Syngenta (SYNN) mit -2.33% und Novartis mit -1.93% zu den Werten, die mehr als der Markt nachgaben.

Wenn dieser Beitrag wie ihr der Beitrag klingt den sie jeweils im Radio hören oder in ihrer Börsenzeitung lesen, dann deshalb, weil es sich dabei um Standardsätze handelt untermauert mit ein paar schönen Grafiken, dass macht’s interessanter und lenkt davon ab, dass der Inhalt keinerlei Hintergrundinformationen enthält.

Diese Informationen kann sich jeder auf der Website der SWX besorgen und analysieren, Spezialwissen nicht notwendig. Jedoch weiss man dann noch lange nicht, was im Hintergrund geschieht.
Mal geht’s rauf, mal geht’s runter.

Wieso irgendjemand sein Erspartes in so etwas ‘investieret’ ist nicht einzusehen. Banken sind da schon viel intelligenter, die ‘investieren’ Ihr Erspartes.

[Quelle Grafiken: SWX]

Die brillianten Investment Banker machen ihr Geld durch die kluge Auswahl von Investments, oder? Schauen wir uns mal das Werk dieser Talente, die unbedingt bei der Stange gehalten werden müssen, mal an.

Dabei zeigt sich, dass die Trades nicht die Haupteinnahmequelle für die meisten Banken sind. Hier sieht man wo die Einkünfte (anteilsweise) herkommen:

Einnahmequellen der Banken für 2006¹

Das Einkünfte der sechs Banken² , die ich mir anschaute, wurde im Durchschnitt zu 41% durch Kommissionen und Gebühren erziehlt, weitere 22% waren Zinseinnahmen. Dies sind auch gerade die traditionellen – und ziemlich langweiligen – Tätigkeiten von Banken.
Im Durchschnit wurde nur 29% des Einkommens durch Trades erziehlt.

Ich habe 2006 gewählt, weil dies das letzte Jahr war, in dem alle Banken schwarze Zahlen schrieben. Bank of America sticht hier heraus, da die Bank keine Investment Bank war und die Einnahmen fast ausschliesslich aus traditionellen Geschäften erziehlt wurden.

Falls Sie sich fragen, wieviel von den Reineinkünften in die Finanzierung von Kompensationen (Löhne, Boni) dieser Talente fliessen; so schaut das Verhältnis Kompensations-zu-Reineinkünften für 2006 aus:

Compensation to Net-revenue 2006

Im Jahre 2008 fielen bei einigen Banken die Einkünfte aus Trades durch den Boden. UBS verbrannte mehr als CHF 25 Milliarden (was durch die Einnahmen aus den Kommissionen und Gebühren, 22 Milliarden, und Zinsen, 6 Milliarden ein bisschen mehr als wettgemacht wurde), so dass am Ende die Reineinahmen bei 796 Millionen. Genaugenommen waren es 797, aber die UBS liess eine Million unter den Tisch fallen, und so stimmt die Summe im re-stated balance sheet (immer noch) nicht.

Credit Suisse schaut dabei im Vergleich geradezu gut aus, obwohl auch diese CHF 9.8 Milliarden verbraten hat.

In Zahlen sieht dies wie folgt aus:

Einkünfte für 2008

Das Verhältnis Kompensation-zu-Reineinkommen sieht für 2008 folgendermassen aus:

Compensation to Net-revenue 2008

Anmerkungen:

¹Doch, doch, die Zahlen stimmen und ergeben eins als Summe! Das ist ein OpenOffice Anzeige-Geschichte. Ich lasse lediglich zwei Stellen nach dem Komma anzeigen.
²Datenquelle ist der Jahresabschluss der jeweiligen Bank.

The brilliant investment bankers make their money by properly selecting their investments, right? So lets see what kind of talent needs to be retained so desperately by the banks.

It turns out, that trading is not the major source of income for most banks. Here is where the money is made:

Income Sources for Banks 2006¹

The income of the six banks² I looked at came on an average of 41% from commissions and fees, and 22% in interest. Which happen to be the traditional – and rather boring – activities of banks.
On average only 29% were made in trading. I chose 2006 because it is the last year all of the banks were in the positive. Bank of America is the outlier here, it was not an investment bank and made its money almost exclusively from traditional banking.

In case you are wondering how much of this net-revenue goes into financing compensation (salaries, bonuses) of that talent, this is what the compensation-to-net-revenue ratio for 2006 looks like:

Compensation to Net-revenue 2006

In 2008 for some banks the bottom fell out of their trading income. UBS  burned more than CHF 25 bln (which was a bit more than offset by the income in fees, 22 bln, and interest, 6 bln) so that in the end the net-revenue was 796 mln (actually it was 797, but they dropped a million, so the figures don’t add up in their re-stated balance sheet.
Credit Suisse almost looks good in comparision with ‘only’ CHF 9.8 bln burnt.

In numbers this looks like this:

Income figures for 2008

In terms of the compensation-to-net-revenue ratio this looks like this:

Compensation to Net-revenue 2008

Notes:

¹Yes, the numbers DO add up! This is just an OpenOffice display thing. I only display two digits after the decimal point.
²Datasource is the annual report of the respective bank.

    Jeff Barcy graduated from Harvard Business School with a dream – to be the best business executive he could be. After taking Wall Street by the horns and working with the Los Angeles based Donaldson, Lufkin, and Jenrette, Jeff Barcy moved into management at Hearthstone, an investor of residential real estate. There, he raised their real estate opportunity fund to a whopping $1 Billion dollars.

     Jeff Barcy currently is the CEO of Ridgeback Partners and has been featured in such prestigious publications as Barrons and the Wall Street Journal. In today’s current housing market, James Hagerty’s article in the Wall Street Journal still rings true as far as Mr. Barcy’s savvy knowledge of the housing difficulties, with his anticipating and overriding those woes to financial success.

So what’s going on with sports sponsorship? It seems, given the current economic climate, that a number of companies are withdrawing their support for sports teams or leagues. Below are some of the main movers and shakers:

•  ING (the Dutch based bank and insurance company) confirmed that they will not renew their three-year sponsorship contract with Renault F1 and will end their presence in F1 beyond the 2009 season.  http://www.telegraph.co.uk/sport/motorsport/formulaone/renault/4641581/Renault-lose-ING-sponsorship.html
• RBS have also withdrawn their £20m F1 sponsorship deal from 2010 (although this is hardly a surprise given the bank’s recent financial meltdown). Although more controversial was Sir Jackie Stewart’s refusal to renegotiate down his £4m per year contract as ambassador for the bank (http://www.telegraph.co.uk/sport/motorsport/formulaone/4807981/Should-Sir-Jackie-Stewart-take-public-money.html )
• Williams are doubly hit though, in that one of their other main sponsors was Icelandic investment firm, Baugur, which collapsed under the weight over its debt. http://www.telegraph.co.uk/sport/motorsport/formulaone/williams/4807378/RBS-abandons-Williams-as-Honda-find-hope.html;
• BMW-Sauber’s partnership with the Swiss Bank, Credit Suisse, has also ended (although it has now been replaced by leading currency exchange broker, FxPro). http://www.f1network.net/main/s491/st141065.htm
• Anheuser-Busch (the world’s biggest brewer and supplier of Budweiser) will discontinue its sponsorship of the National Hot Rod Association, and its 30-year sponsorship of  the Kenny Bernstein Racing team. According to IEG research, in 2007, the brewer spent an estimated $360-365 million on sponsorship! http://www.reuters.com/article/sportsNews/idUSTRE52G3V720090317
• General Motors (the US carmaker) is launching a major cut back of its support of NASCAR, in particular, the Associated press reports that teams in the top-tier Sprint Cup series, the second-tier Nationwide Series, and the Nationwide and third-tier Camping World Truck Series will all lose funding. http://www.sportbusiness.com/news/169684/nascar-braces-cut-gm-support
• NIKE withdrew three athletes (Kelly Sotherton, Hannah England & Greg Rutherford) from the inaugural Super-8 Athletics event in Cardiff in a row over logos and kit (more detail to follow on the blog next week). http://www.sportbusiness.com/news/169627/sponsorship-row-ruins-uk-athletics039-super8
• The US PGA Tour had to reduce its prize money for the St.Jude Classic Golf tournament in Memphis from $6.1m to $5.6m after Stanford Financial Group cancelled its title sponsorship of the event following the arrest of its founder, Allen Stanford. http://www.sportbusiness.com/news/169605/pga-tightens-purse-after-sponsor-pullout
• The New Zealand PGA Championship tournament is seeking a new title sponsor after the HSBC banking group decided not to renew its agreement,  http://www.sports-city.org/news_details.php?news_id=8167&idCategory=31
• Garnier (part of the L’Oreal Group) has discontinued its sponsorship of the Australian Open Tennis in Melbourne. The event has also lost deals with GE Money and Mastercard, although its headline sponsor, KIA Motors is committed until at least 2013. http://www.sports-city.org/news_details.php?news_id=8120&idCategory=31
• Car maker, Volvo has withdrawn from the Asian Golf tournament in Bangkok this December, causing the event to be removed from the calendar. http://www.sports-city.org/news_details.php?news_id=8070&idCategory=31
• Although Virgin were announced as sponsors of Brawn GP, it may be that this sponsorship deal will not be renewed next year. The Virgin owner, Richard Branson, suggested recently on Radio Five Live that this was because the value of Brawn when they agreed this year’s deal was next to nothing, and now Brawn’s value has shot upwards of £50m, Virgin would not be able to afford a new deal with the team. http://www.guardian.co.uk/sport/2009/jun/21/virgin-brawn-sponsorship-formula-one

It is not all doom and gloom though for sports teams as:

• McDonald’s has recently confirmed that it does not plan to cut its 2009 global sponsorship budget. Johan Jervoe (corporate VP for Global Marketing) explained that while the company was not looking to cut any existing deals, they would adopt a more strategic and focused approach in future to supporting teams or events. In 2007 though, the firm was reported to have spent $125-130m on sponsorship! http://uk.reuters.com/article/idUKN0945981520090309?feedType=RSS&feedName=motorSportsNews&sp=true
• Michael Phelps has signed his first endorsement deal since the infamous ‘bong’ photograph earlier this year, with San Diego-based H2O Audio (a maker of waterproof headphones and audio accessories) http://www.sports-city.org/news_details.php?news_id=8443&idCategory=31
• Although AIG gave notice of their intention to end their £56.5m sponsorship of Manchester United earlier this year (following the company’s $85m bailout from the US government), the Premier League Champions have now agreed a four-year shirt sponsorship contract, starting from the  2010 season with Aon Corporation (another American financial giant). The contract is worth £80m and represents the biggest shirt sponsorship deal in football history. Ironic, given the fuss that has been made following Ronaldo’s ‘excessive’ transfer to Real Madrid. http://www.sports-city.org/news_details.php?news_id=8290&idCategory=31

You may remember, the takeover of chemical maker Huntsman Corp (HUN.N) agreement struck in July 2007 was among the last major leveraged deals signed during the boom ($6.5 billion deal). When the global credit markets froze up, it became impossible for Deutsche Bank and Credit Suisse to syndicate the deal’s heavy debt load. Apollo sought to cancel the deal, and Huntsman later sued to complete the sale. Huntsman sued Wall Street’s biggest players and already won a lawsuit and later agreed to settle the dispute with Apollo for a $1 billion payment. Huntsman is now suing Credit Suisse Group AG (CSGN.VX) and Deutsche Bank AG (DBKGn.DE) for more than $4.6 billion in damages for their role in the deal.

Those of us know, Peter Hunsman, could understand that he never would have agreed to sell company founded (1982) by his father if he thought the banks and Apollo would wiggle out of their commitment.

If you dig deep, Huntsman never trusted Apollo (or any private equity in that matter), but went along with the deal since two of Huntsman’s primary lenders were chosen to back the financing (and Huntsman had a great deal of trust with these two banking institutions Credit Suisse and Deutsche Bank). On the other hand, these two banker were chosen by Apollo to woo Huntsman management away from Dutch chemical company Basell (a formative contender). The trial of Huntsman against two banks has begun on last Monday and it would be interesting to see the outcome? Will the justice be derailed in cumbersome legal process?

Can main-street folks trust Wall-Street? Do you ever wonder, why most private-equity firms do not do well in chemical industry transaction?

YouTube Not Just A Massive Money Pit, Study Says
Brian Deagon – Wed Jun 17, 5:49 pm ET

YouTube is losing far less money than popularly believed — though owner Google is in no hurry to correct the misperception, says technology outsourcing firm Ramp-Rate.

In a report set for release today, RampRate founder Tony Greenberg estimates that YouTube will lose just $174 million — 63% less than the $470 million loss forecast last April by investment bank Credit Suisse. The bank estimates YouTube’s revenue at $240 million.

RampRate, which specializes in negotiating and benchmarking digital content management strategies, said Credit Suisse overestimated YouTube’s bandwidth costs by a large margin and failed to account for other cost efficiencies.

The Credit Suisse report fueled widespread discussion on blogs that YouTube and other online video companies were doomed, a notion that may scare off potential challengers to Google’s (NasdaqGS:GOOG – News) wildly popular site.

“YouTube is soaring toward the future like a pigeon toward a plate glass window,” wrote Benjamin Wayne on one blog. He’s the CEO of Fliqz, an online video service provider.

Nonsense, says RampRate’s Greenberg.

“Google is building a Trojan-horse business model that protects their long term interests against telecom, cable operators and content owners that is as good as anything I’ve ever seen,” he said.

The RampRate report, “YouTube: Google’s Phantom Loss Leader,” aims to reverse the perception that online video distribution is a money-losing business, Greenberg says.

“I want to take the arrow out of the back of YouTube, which is being ostracized for losing money on video when they darn well have a pretty good reason for doing that,” Greenberg said. “We’ve researched and launched video monetization strategies that are profitable at a much smaller scale.”

Greenberg concedes that many online video firms have closed shop over the last year. But he argues that online video viewing will continue to mushroom.

Americans watched 16.8 billion videos in April, up 16% from March, with Google-owned sites accounting for 40% of that, according to market tracker comScore.

Google, which declined to comment for this story, has strategic reasons for letting people think YouTube loses money, Greenberg says. For one, it deflects a legal feeding frenzy among copyright lawyers looking to grab a share of the profit.

The belief also gives Google more leverage in negotiating deals with premium content owners and thousands of copyright holders whose content is posted on YouTube without the owner’s permission.

“Google is no doubt thrilled to let YouTube be known as a financial folly,” Greenberg said.

Playing the pauper helped Google in a court case vs. the American Society of Composers, Authors and Publishers, Greenberg says. ASCAP had sued YouTube for $12 million over music streamed through the service between 2005-08. A court last month ordered Google to pay $1.6 million.

Investors and entrepreneurs will regret forgoing the online video market based on Google’s shell game with content providers, the RampRate report says.

Google’s approach to YouTube is similar to what Apple (NasdaqGS:AAPL – News) did with its iTunes music service, said Alex Veytsel, a RampRate analyst and co-author of the report. Apple downplayed the profitability of iTunes, getting music producers to reluctantly agree to its 99-cent-per-song price.
“For years there was this perception that Apple was losing money hand over fist with iTunes,” said Veytsel. “That kept a lot of negotiators in check. Baseball owners have done the same thing to help them in negotiations with players.”

When Google has the right deals in place at favorable prices, the firm will unleash YouTube’s revenue potential, Greenberg says. YouTube, with 100 million unique viewers a month in the U.S. alone, and 1.2 billion videos viewed daily, has a Super Bowl Sunday size audience 365 days a year, he said.

“YouTube is the most powerful broadcasting platform in history,” he said.

While most of the videos viewed are short clips of user-submitted content that companies are reluctant to advertise around, Google will eventually reformat YouTube to be more ad-friendly.

“A video of a cat throwing up does not represent anything that is valuable, and in many cases is damaging to any brand,” Greenberg said

Source: http://news.yahoo.com

#15 - Private Banking

Swiss Private Banking
Min. deposit: $1 million

Rich people love multiple bank accounts; rich people love Swiss Bank accounts. Switzerland is an excellent choice due to bank secrecy, low risk, economic stability and let’s be honest who doesn’t love saying “wire it to my Swiss account”. Few industries are enshrouded by mystery as Swiss banking. Despite James Bond’s distrust of Swiss bankers, learn a few rules and you will be leading sparkling conversation that makes your wealthy compatriots envy your international financial knowledge.

Bankers will not install microprocessors under your skin, you won’t feel like James Bond withdrawing your cash and you certainly won’t have a Da Vinci Code key to tote around. In fact, private banking services in Switzerland are remarkably similar to private banking services in Cleveland, but who wants to go to Cleveland? What you do get is banking secrecy rivaled by few countries the world over. Clients may use Swiss banks to shield assets from spiteful spouses, intrusive government tax agencies, angry patients, unscrupulous business associates, greedy litigators or a host of leeches laying claim to the birthright of the fabulously wealthy.

Besides the intense secrecy laws that protect account holders, private banking has unrivalled levels of service far surpassing the common man’s mass market retail savings and checking accounts. Rich people can ensure they avoid teller lines, dirty ATMs, pens on chains and cattle-herding polyester ropes by liaising with their personal banker in the comfort of a private office. Services are extensive and typically include wealth management counseling services, investment advice and estate planning peppered with offside humor at the expense of poor people. While the minimum million dollars in assets in not particularly prohibitive, many private Swiss Banks will only extend an invitation to new customers based upon a referral from current customers. Nevertheless, during your next visit to St. Moritz, delay the departure of your Gulfstream, visit Zurich and engage bankers that have served European royalty for over 300 years. Unsurprisingly, you are unlikely to encounter Mr. Christoph Meili in the lobby.

as if we needed another reason to boycott nestle (known as osem in the zionist entity) along comes evidence that it is attached directly to the israeli terrorist forces:

The global Nestle food company is, for the first time in its history, producing a new breakfast cereal in the southern Israeli town of Sderot.

The new cereal was developed in Israel and is based on a technology that was originally developed for the production of Osem’s nougat-filled Bamba snack.

The new cereal will be named Crunch Rolls Nougat and is composed of cylindrical-shaped cereal filled with nougat.

The development of the technology began at Nestle’s research and development center in Sderot some seven years ago.

The technology, that is registered as a global patent, allows for the first time ever, the inflation of a corn or cereal product in the shape of a cylinder with open sides, through which the filling can be seen.

Up until now, Nestle has not produced any food products in Israel, and its products are imported to Israel by Osem.

It seems that the sweeping success of Bamba Nougat has prompted Nestle, one of the world’s leading breakfast cereal producers, to implement the new technology in its products as well.

Osem’s nougat-filled Bamba was born at the request of soldiers who would eat Bamba with chocolate paste. The project was initially launched in a limited edition as a marketing campaign, but quickly became a hit.

In the first stages, the new cereal will be sold in Israel and was expected to be on shelves this week. The company also plans to market the new product around the world.

nestle/osem in najd, palestine (colony of sderot)

together against tyranny lists some of the many additional reasons to boycott nestle such as (click link below for footnotes/documentation):

Nestle owns over half of the Osem Group, Israel’s giant food manufacturer, and has immensely aided in the growth and development of the subsidiary company in Israel, including promoting Osem’s international trade via Nestle’s own distribution channels.

The Nestle Purina Israel, Director and Corporate Executive at Osem Investment Ltd and CEO of Osem International Ltd., Gad Propper, is the Chairman of the Israel-European Union Chamber of Commerce.

He is also Chairman of L’Oreal Israel, 30% owned by L’Oreal,another prominent supporter of Israel.

Peter Brabeck-Letmathe, Nestle’s CEO since 1997, was awarded the Jubilee Award by the Israeli Prime Minister Netanyahu, the highest tribute ever awarded by the “State of Israel” in recognition of those individuals and organizations, that through their investments and trade relationships, have done the most to strengthen the Israeli economy.

Peter Brabeck-Letmathe, CEO of Nestle, is also on the Board of Directors of L’Oreal, that has a history of breaking laws to support Israel. He is also a director of Credit Suisse, which is a board member of the Swiss-Israeli Chamber of Commerce. Brabeck-Letmathe is also on the foundation board of the World Economic Forum (WEC), which in 2006 removed from its Global Agenda Magazine an article that called for a peaceful boycott of Israel until it complied to international law and human rights. In contrast to the WEC’s promotion of peaceful free speech, the article was said to be “totally in contradiction to … the Forum’s mission and values”.

Nestlé, the world’s largest food company, set up their R&D Center in Israel (greatly enhancing Israel through their technical know-how, expertise and distribution channels). This R&D center was built on Sderot – stolen and illegally occupied Palestinian land that was once a town called Najd. The presence of Nestle’s plant effectively sabotages the Palestinians’ right to return as stated by UN Resolution 194 and also the Universal Declaration of Human Rights, Article 13, Section 2.

Nestle and Osem own over half of the goodwill and assets of Israel’s largest infant formula producer, Materna.

Through Osem, Nestle invests heavily in Israel’s development, such as $80m in new salad plants, logistics centers for distribution, development labs, and so on.

Nestle also partners with JNF through Osem. JNF is one of the foremost Zionist organizations that for decades has persistently uprooted Palestinians and destroyed their villages and towns to make way for Israel’s illegal expansion and occupation.

palestinian village of najd, 1948 palestine (colony of sderot)

the images here are of the nestle/osem company on the village of najd, which houses the zionist terrorist colony of sderot on which ariel sharon owns a farm and which he buried his wife on land which used to be a palestinian muslim cemetery.

lily sharon (ariel sharon's wife) buried on top of a muslim cemetery, najd, palestine

here are a few important facts from the lebanon boycott group about why one should boycott nestle:

* In 1997, Nestle invested 10% in the Israeli food company, Osem. It soon increased its ownership to 50.1% of the company, ie. the controlling share.

* Nestle-Osem runs several factories and research centers in Jewish-only settlements on lands confiscated from Palestinians.

* Nestle’s main Israeli site is in Sderot, a settlement that was founded near Gaza in 1951 to accommodate an influx of Sephardic Jews and to spread Jewish presence uniformly throughout Israel.

* Sderot is built on the lands of the Palestinian town Najd, which was ethnically cleansed in 1948.

* Today Sderot is home to 23,000 Jewish immigrants from Morocco, Ethiopia, and the former Soviet Union, half of whom came in the last ten years.

* Now a “development zone” in the words of the Israeli state, Sderot lacks basic facilities that make for a comfortable living. With a 10% unemployment rate among adults, a full 30% of the children living in Sderot depend on charity. 25% of the recent immigrants’ children do not finish school.

* Nestle-Osem runs a 700 m2 factory in Sderot, and in 2002 the company opened a 1,700 m2 research and development (R&D) center there.

* The Research & Development center in Sderot is considered particularly beneficial to Osem’s growth as it “gives [Osem] advantages in technological know-how and increased export opportunities through Nestle’s distribution network.”

* Nestle’s Sderot R&D also contributes to the development of Israeli education: “Schools receive assistance through the Join the Industry project which introduces various aspects of Israeli industry to the classroom. Senior managers visit schools and teach classes about their industry. Schools are also welcome to visit the Company’s factories. Students receive guidance from Osem’s executives.”

* In 2002, Nestle received a grant from the Israeli government for 24% of the cost of its Sderot research center. The Israeli government gives such grants to companies that can help it transform social problem sites into nice places to live.

* Building in development zones also means building over the remains of Palestinian habitation.

 When the old stone buildings and stubborn cactus plants are covered over, so, too, it is hoped, will be the grounds for the Palestinian Right of Return.

* In total, Nestle-Osem currently has over 4000 Israeli employees at 11 plants, with the following all in “development zones”: A Factory and an R&D at Sderot (Najd); A Tzabar Salads (an Osem subsidiary) plant in Kiryat Gat (Al-Faluja and Iraq al-Manshiyya); A ready-baked cakes factory in Ahihud; A logistics center in Nachsholim (Tantoura)

* How did Tantoura “develop” into Nachsholim?

* According to Israeli historian Teddi Katz, a major massacre in 1948 forced Palestinians to flee Tantoura. The mosque and graveyard of Tantoura were later ploughed and transformed into a sea-side parking lot for Nachsholim…. Do Nestle employees park there?

* As for Kiryat Gat, it is founded on the Palestinian villages of Al-Faluja and Iraq al-Manshiyya. Iraq al-Manshiyya’s cactus and village buildings are barely visible before the factories of Kiryat Gat.

* Al-Faluja was in Arab hands until 1949 when it was handed over to Israel through a UN armistice on the condition that “those of the civilian population who may wish to remain … are to be permitted to do so. . . . All of these civilians shall be fully secure in their persons, abodes, property and personal effects.” “Arab civilians . . . at Al-Faluja have been beaten and robbed by Israeli soldiers….” and “[the Israelis] were firing promiscuously” on the Arab population.” — Ralph Bunche, UN Observer, 1949

* “Nowadays we’d call the Al-Faluja events ethnic cleansing.” Noting that native Americans won compensation in several major cases once Congress adopted procedures for dealing with such claims, [the lawyer] said, “It sounds as if there’s potential in the long run for recovery here.” –Henry Norr

* Many companies active inside ‘48 enjoy low-skilled Palestinian labor because it is advantageous to use a captive resident population that is at once socially deprived (no insurance or union), politically oppressed, and able to provide its own food and board.


* What about the Nestle factory in Karni, Gaza? Human rights organization, Btselem has reported that PA area factories host even harsher conditions and less respect for employee rights.

* In sum, Nestle: builds on stolen Palestinian lands; covers up the ruins; provides jobs and opportunities that realize the Zionist goal of a purely Jewish presence in Israel; then sells the products of such an apartheid system abroad so that the Israeli economy can flourish

* No wonder Nestle received in 1998 the Jubilee Award, “the highest tribute ever awarded by the State of Israel in recognition of those individuals and organizations, that through their investments and trade relationships, have done the most to strengthen the Israeli economy.”

* Since 1977, Nestle has been the subject of an international boycott for its deceptive promotion of artificial baby milk as a superior alternative to mother’s milk.

* Nestle has attracted criticism for its use of genetically modified ingredients, the safety of which has not been tested.

* Nestle is, also, under attack for allowing its cocoa suppliers in Africa to enslave children.

* In 2000, Nestle donated $20 million to Holocaust reparations funds, because, “As the legal successor of [Nazi] corporations, Nestlé nevertheless accepts its moral responsibility to help alleviate human suffering, all the more so since this injustice was committed in the Company’s domain.”

* We demand that Nestle end its economic and moral support for a racist social system. The company must close its Israeli factories and sell its shares of Osem.

* If Nestle knows that in Sderot/Najd, Kiryat Gat/Iraq al-Manshiyya and Al-Faluja, and Nachsholim/Tantoura it cannot ever produce enough to cover the costs of business lost in the Arab world and abroad, then it will have no choice but to divest from Israel.

* Nestle’s Israeli adventure began only after the thawing of the Arab boycott in 1993, so let the company know that our objections to Israel have not been reduced by the “peace process” but rather increased.

* Britain’s largest union, UNISON, and Christian Aid, a major Christian activist group, have decided to boycott Nestle in addition to their general boycott of Israel goods.

* How do we boycott Nestle? Don’t buy: Nescafé, Taster’s Choice, Hills Bros, Cerealac, Nido, Fitness & Fruit, Appleminis, Cheerios, Chocapic Cornflakes, Shreddies, Golden Grahams, Trix, Perrier, Sohat, Vittel, Pure Life, Carnation, Libby’s, Nesquik, Maggi, Buitoni , Milkybar, KitKat, Quality Street, Smarties, Oreo, After Eight, Lion, Aero, Polo, Toll House Morsels, Crunch, L’Oréal, Alcon Eyecare, Mint Royal, Rowntree, Rolo, Minute Maid, Petit Gervals, Contadina, Alpo, Purina, Tidy Cats, Meow Mix, Mighty Dog, Friskies, Felix

nestle in the distance on the land of najd, palestine

for those who want a comprehensive list of nestle products check out this link to nestle’s website where you can see what other brands are a part of nestle/osem. you can also use the site to send a letter telling them why you are choosing to boycott their products. boycotts do not work unless the company is aware of your boycott. it is also worth noting that there is a longstanding boycott of nestle for its practices around the world of encouraging women to stop breastfeeding and use its infant formula instead, which is worth for the health of the baby and often complicated by factors related to unsafe drinking water, which is needed for preparing baby formula.

قطاع نستله

عام 1977 اشترت نستله 10% من شركة ”أوسم“ الاسرائيلية للأغذية. ثم زادت ملكيتها إلى 50.1% من أسهم الشركة المذكورة، بما يتيح لها التحكم فيها

تدير شركة ”نستله-أوسم“ عدة مصانع ومراكز أبحاث في مستوطنات يهودية صرْف صودرت من الفلسطينيين

أهم موقع لشركة نستله في دولة ”اسرائيل“ يقع في سيديروت، وهي مستوطنة أنشئت قرب غزة عام 1951 من أجل إسكان موجة من اليهود الغربيين ولتوزيع اليهود بشكل متجانس على امتداد أراضي الدولة

اليوم يسكن في سيديروت 23 ألف مهاجر يهودي من المغرب وأثيوبيا والاتحاد السوفياتي، نصفهم قدِم إلى هنا في الأعوام العشرة الأخيرة

والآن سيديروت، لكونها ”منطقة تنمية“ كما تسميها دولة ”اسرائيل“، تفتقر إلى التسهيلات الأساسية التي تضمن حياةً مريحةً لساكنيها. فثمة 10% من الراشدين عاطلون عن العمل، و30% من أطفالها يعيشون على الأعمال الخيريّة، و25% من أطفال المهاجرين الجدد لا يُنْهون مدارسَهم

ولكنْ دخلتْ نستله إلى سيديروت:
وهي اليوم تدير مصنعاً هناك مساحته 700 م2 . 
وفي العام 2002 أعلنتْ نيتها فتح ”مركز أبحاث وتنمية“ بمساحة م2 1700 م2

”هذا المركز يُفيد في نموّ شركة أوسم بشكل خاص لأنه يعطيها ”أفضليات الخبرة التقنية وفي زيادة فرص التصدير عبر شبكة توزيع نستله“

كما ان المركز يساهم في نمو قطاع التعليم الاسرائيلي:

”فالمدارس تتلقى المساعدة من خلال برنامج (التحق بالمصنع) الذس يعرِّف الطلاب على جوانب مختلفة من الصناعة الاسرائيلية.
ويزور مديرون من مناصب عالية هذه المدارس ويعلِّمون الصفوف عن تلك الصناعة.

كما يتّم الترحيب بزيارة الطلاب لمصانع الشركة. ويتلقون إرشادات من مديري أوسم.“

عام 2002 تلقّت نستله منحةً من الحكومة الاسرائيلية مقدارها 24% من كلفة مركز أبحاثها في سيديروت. وتعطي الحكومة الاسرائيلية مثل هذه المنح للشركات التي تساعدها على تحويل الأماكن التي تعاني مشاكل اجتماعية إلى أماكن ممتعة للسكن.

بناء المصانع في ”مناطق التنمية“ يعني أيضاً طمس بقايا الحياة الفلسطينية قبل 1948. ولعلّ اسرائيل تأمل في أن يؤدي طمس المباني الحجرية القديمة وشجرات الصبير العنيدة إلى طمس أي مبررات لحقّ الفلسطينيين في العودة.

الخلاصة أن نستله-أوسم توظف أكثر من 4000 اسرائيلي في 11 مصنعاً، فضلاً عن (وكله في مناطق تنمية):

مصنع ومركز أبحاث وتنمية في سيديروت (النجد)

مصنع ل“سلائط كزايبار“ (التابع لأوسم) في كريات غات (الفالوجة وعراق المنشية)
مصنع للحلويات الجاهزة في أحيحود
مصنع لوجستي في ناخشوليم (الطنطورة)

لنتأمل عن كثب ما هو الذي ”تنميه“ نستله تحديداً في الدولة الاسرائيلية

كيف، يا تُرى، ”تطورت“ الطنطورة إلى … ناخشوليم؟

بحسب المؤرخ الاسرائيلي تيدي كاتز، حدثت مجزرة كبرى عام 1948 أجبرت الفلسطينيين على مغادرة الطنطورة.
لاحقاً تم جرف جامع البلدة ومقبرتها، وحوِّلتا إلى موقف للسيارات لبلدة ناخشوليم.

فهل يصّف عمال نستله اليوم سياراتهم هناك؟

أما كريات غات فبنيت على أنقاض بلدتين فلسطينيتين:
الفالوجة وعراق المنشية

صبير عراق المنشية والمباني القديمة لا تكاد تظهر أمام مصانع كريات غات

كانت الفالوجا عربية حتى عام 1949، حين سُلِّمت إلى اسرائيل بموجب هدنة باشراف الأمم المتحدة شرط أن ”يسمح للسكان المدنيين الذين يريدون البقاء بذلك… وسيكون كل هؤلاء المدنيين آمنين تماماً في أرواحهم ومساكنهم وممتلكاتهم…“

لكنّ اسرائيل سرعان ما انتهكت بنود هذه الهدنة المذكورة.

”المدنيين العرب … في الفالوجة ضُربوا وسُلبوا على يد الجنود الاسرائيليين“ وراح هؤلاء يطلقون النار عشوائياً على المواطنين العرب Ralph Bunche, UN Observer, 1949

”اليوم بمقدورنا أن نسمّي أحداث الفالوجة تطهيراً عرقياً“

وقد لاحظ أحد المحامين الأميركيين أن الأميركيين الأصليين كسبوا تعويضات في عدة قضايا كبرى بعد أن تبنّى الكونغرس اجراءات للتعامل مع دعواهم فقال ”يبدو أن هناك إمكانية في المدى البعيد لاسترجاع (الأراضي والأملاك) هنا في (الفالوجة) أيضاً“ (Henry Norr)

والآن ماذا عن مصنع نستله في كارني، غزة

هناك عدة مصانع عاملة في فلسطين 48 تتمتع بيد عاملة فلسطينية ذات مهارات فقيرة، ذلك لأنه من المفيد لهذه المصانع أن تستغل جمهوراً سجيناً، ومحروماً من أية ضمانات صحية أو نقابية، ومسحوقاً سياسياً، بل وعليه أيضاً أن يؤمن بنفسه طعامه ومسكنه!

ذكرت منظمة ”بيتسالم“ لحقوق الانسان أنّ المصانع في مناطق السلطة الفلسطينية تعاني ظروفاً أشدَّ قسوةً وانتهاكاً لحقوق الموظفين من المصانع في مناطق 48

منذ عام 1977 ونستله تتعرض لمقاطعة عالمية بسبب ترويجها المضلِّل لحليب الأطفال الاصطناعي بديلاً من حليب الأم

كما تعرضت لانتقاد عالمي لسبب استخدامها موادّ معدّلة جينياً

عُرضةٌ أيضاً للهجوم لسبب سماحها لتجار الكاكاو والذين تتعامل معهم في افريقيا باستعباد الأطفال.

عام 2000 قدمت نستله 20 مليون دولار لصندوق تعويضات ضحايا الهولوكوست (المحارق النازية) والسبب أن نستله ”بوصفها خلفاً شرعياً للشركات (النازية) تقبل مسؤوليتها الأخلاقية عن المساعدة في التخفيف من المعاناة البشرية، ولا سيّما لأن هذا الظلم جرى في أراضي الشركة“

نطالبها بانهاء دعمها الاقتصادي والمعنوي للنظام الاسرائيلي العنصري. على نستله أن تغلق مصانعها الاسرائيلية وأن تبيع حصتها في شركة ”أوسم“.

إذا علمت نستله أنها لن تستطيع في سيديروت (النجد) وفي كريات غات (الفالوجة وعراق المنشية) وفي ناخشوليم (الطنطورة) أن تنتج ما يكفي للتعويض عن خسائرها في العالم العربي والعالم أجمع بسبب المقاطعة، فلن يكون أمامها إلاّ سحب استثماراتها من اسرائيل.

لنتذكَّر أن مشاريع نستله الكبرى بدأت بعد ذوبان المقاطعة العربية لاسرائيل عام 1993. 
فلتعلم هذه الشركة أنّ اعتراضنا على اسرائيل لم يخفّ بعد ”عملية السلام“، بل على العكس زاد.

، فضلاً عن منظمة UNISON كما أنّ أكبر اتحاد في بريطانيا، وهو 
، وهي منظمة مسيحية ناشطة كبرى، قد قررا CHRISTIAN AID 
مقاطعة نستله إضافة إلى مقاطعتها لكلّ البضائع الاسرائيلية

]]> http://businesstrends.wordpress.com/2009/06/08/luxury-home-owners-to-expect-financial-time-bomb-as-option-pay-adjustable-rate-mortgages-reset/ Mon, 08 Jun 2009 17:40:36 +0000 marvelousgirl http://businesstrends.wordpress.com/2009/06/08/luxury-home-owners-to-expect-financial-time-bomb-as-option-pay-adjustable-rate-mortgages-reset/

Adjustable rate mortgages (Pay Option ARM’s) were widely used in the hot housing market of recent years. Many households that took advantage of “Option Pay” loans or “teaser rate” loans (types of adjustable rate mortgages that holds down payments for an initial period or when the borrow selects a lower payment and defers interest and/or principle), are facing resets of their interest rates that can cause monthly payments to balloon upward of 65%.

Home owners list major payment adjustments. For example, a 1 million dollar mortgage taken out 36 months ago with an initial payment of $2,528 per month could jump to just under $7,000 per month.
Sean Reynolds, Managing Director of Mortgage Loan Restructuring at the Law Offices of Joseph R. Manning, Jr., A Professional Law Corporation that focuses on loan modifications, says the handwriting is on the wall, adjustments will mean multitudes of borrowers will be unable to make the higher payments and may be forced to sell their homes, or worse, lose them to foreclosure.

The firm cites statistics from 60 Minutes indicating that Option Pay Mortgages are the next wave of defaults that are now plaguing the Luxury Home Market. It’s a predictable time bomb. Reset dates indicate as much as 70% of “Pay Option” ARM loans may default over the next three years. Many home owners are now defaulting on the teaser rates indicating the inevitable when these loans reset. According to CNBC 12% of all mortgages in the U.S. are not current.
Many home owners locked in rates as low as 1 percent in the early stages of their Pay Option Adjustable (ARM). In almost every case these mortgage payments will more than double once the rate is adjusted. And that spells tragic news for homeowners — according to Credit Suisse, a third of loans are deeply delinquent and resets will begin to accelerate next spring, rising from about $4 billion resetting in March 2010 to a peak of $14 billion in September 2011. About $500 billion of Pay Option ARM loans are outstanding, according to the bank.
Further compounding the problem is many types of adjustable rate mortgages (ARMs) or Pay Option (ARM’s) carried heavy prepayment penalties that may make it difficult to refinance once the loan adjusts. Many of these loans also carried caps on the amount of interest that could be deferred causing a recast in as little as two years from the date the loan was funded.
“Consumers are in a real bind, especially in California and Florida,” said Sean Reynolds, Managing Director of Mortgage Loan Restructuring at the Law Offices of Joseph R. Manning, Jr.