There has been a growing concern and skepticism from all quarters, viz, political leaders, the shareholders and customers in France on the explanation of Socite Generale the French banking giant that whether a single trader was alone responsible for creating such a whopping loss of U.S.$7.14 BILLION which is one of the largest financial […]
There’s Wrong, and Very Wrong
The world outside the City is having to learn a new vocabulary to keep up with events in the financial markets. Last year’s buzzword was sub-prime, now SocGen’s rogue trader has introduced us to equity derivatives. Jérôme Kerviel lost €4.9bn (£3.7bn) by dealing in them, and outsiders may ask two questions. How can a single […]
Contagion To Asia Confirmed With Bank of China Holding $10 Billion In Subprime Securities
As of 12:52 Eastern, Wall Street is in the green after positive reports from the Commerce Department regarding new home sales and U.S.-made durable goods. Those reading from July – so they indicate that the economy is still vibrant and growing prior to the credit debacle, which really went buzurk in August. All three big indexes […]
Effects of Outsourcing IT Positions to Low Cost Countries
BACKGROUND: Off shoring – the transfer of high wage U.S. jobs to lower cost overseas locations especially in Banking Industry is enabled by improved communications technologies and driven by the desire of corporations to establish a business presence in potentially lucrative foreign markets as well as to take advantage of the lower costs of production […]
Carbon Offsetting
<div> </div> <p> </p> <div> </div> <p> </p> <p>“Be a hero! Save the world from global warming!” reads a Google ad on a webpage about carbon offsetting. As much as we might all like to think of it that simply, the reality is it’s just a little more complex. Carbon offsetting is basically the process of reducing the net […]
The Babe Ruth Effect
<p>On Thursday, the Dow closed down 390 points, its second worst fall in 2007. The last such massive plunge this year came in February when bluechips fell a whopping 416 points.</p> <p>NASDAQ closed 56 points lower while the S and P 500 fell 44 points.</p> <p>Crude was lower by about half a dollar, while gold finished […]