Archive for July, 2008
« Previous EntriesIs the recession worse in Europe than the US?
Tuesday, July 29th, 2008Last weekend was expensive for US citizens, who now owe $2,666 more per head than they did last week, following Congress’s emergency weekend session to bail out Fannie Mae and Freddie Mac. (You can read that story here)
However, is Europe faring any better? According to the Daily Telegraph, the euroskeptic British organ of right wing [...]
Are Nominee Directors Still a Good Idea?
Monday, July 28th, 2008That’s a question I’m often asked by clients in relation to offshore company formations, particularly in relation to Panamanian companies where nominee directors are standard. There’s a good article here.
Below is an extract:
What is the difference between Nominee Directors and Professional Directors
A Professional director is a term normally used to refer to nominee directors [...]
Two more US banks fail, nearly
Saturday, July 26th, 2008I’m losing count now, but I think these are respectively the sixth and seventh US banks to fail this year. Well, technically they didn’t fail. What happened was in one fell swoop, the FDIC lost $862 million, and First National Bank of Nevada and First Heritage Bank NA of California will reopen on [...]
US banks propped up by Fed. Who Else is Going to Lend to Them?
Saturday, July 26th, 2008U.S. banks’ direct primary credit borrowing from the Federal Reserve rose to the highest level ever this week, reflecting the growing need of the banking sector to rely on the central bank, according to analysts quoted by Reuters.
On the day of July 23, banks’ primary credit borrowings rose to $17.68 billion, the highest borrowing since [...]
UBS accused of fraud in US
Saturday, July 26th, 2008Just adding to the woes of UBS, the New York State Attorney General yesterday filed a multi-billion dollar civil lawsuit against the Swiss banking giant, for allegedly offloading troubled auction-rate securities owned by the bank and its senior staff on to retail investors.
The lawsuit charges UBS with falsely marketing and selling auction-rate securities as safe, [...]