Are we in the middle of a financial meltdown?

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Just heard that Winalot has gone bust.

 

Apparently they've called in the official retrievers.

That is a terrible joke. I still laughed though :P

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Bah, just found out that a close friend of mine who held a Very Prominent place at Goldman Sachs lost his job along with 10% of the workforce. ... So now he's seeking legal advice as GS want to give him some money and sign a form that he won't sue.

That happens not only in the UK & in other companies - has been happening annually with my employer & here we are again: this time 15-20% cuts announced "some time in next quarter" so in each country the "Sozialausgleich" wheels start turning again.

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I've heard legend of a company that would make performance reviews every year and automatically fire the bottom 10%, year in year out. It's a bit ruthless, but not a bad way of doing business - though it obviously wouldn't work here..

There is a furniture outfit which does that. Bottom salesman gets the slip. What I don't know is why anyone would work for them.

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this for the turkey crowd to read tomorrow (others may look at it today)

 

http://www.financialsense.com/fsu/editoria.../2008/1030.html

Banks have stopped lending gold to each other for the same reason they don't lend fiat money to each other - they're not entirely sure they'll get it back. Therefore the lease rates have gone up, which, while in the past may have been a good forward indicator of price, may not be in these interesting times. Comex seems out of whack but again that could be a special case: a paper unwind would temporarily drive prices below physical spot; not necessarily a suggestion that physical will rocket. Maybe.

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I could hardly believe my eyes when I saw this ... it's all hands on deck in the UK

 

post-7447-1227802348.jpg

 

Q. What do the stock exchange and your wife have in common?

A. When they go down you never hear the end of it.

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There is a furniture outfit which does that. Bottom salesman gets the slip. What I don't know is why anyone would work for them.

Many firms adopted this bullshit managerialism doctrine which comes from McKinsey & Company. The most notorious of which was ENRON. (great article if you have the time)

 

 

I could hardly believe my eyes when I saw this ... it's all hands on deck in the UK

Obviously bullshit. Surely she'd work for the Burger King...

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RBS is a huge bank , operating in a large number of markets and countries, there is no way it can be allowed to go under.

I guess so. With 20 billion pounds of public money to underwrite its failed re-capitalisation, it's now 60% government owned. Ouch. Of course, making nationalised industries profitable again is something Britain excels at, so no fears there.

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