I’ve read the Department of Labor complaint of former Deutsche Bank employee Eric Ben-Artzi that, among other things, alleges that the German bank violated SEC, GAAP and IFRS (International Financial Reporting Standards) requirements and probably also Sarbanes Oxley, and have had follow up conversations with him and his counsel. The charges are specific and sufficiently well supported to merit serious investigation. In their efforts to dismiss his charges, defenders of the bank’s position overlook the public reporting requirements for complex financial transactions like the one in question, a leveraged super senior (LSS) trade. Nor does their Panglossian “everything worked out for the best” argument stand up to scrutiny.
Deutsche’s CFO issued a statement on Thursday justifying the bank’s actions; we’ll address that after providing some context.
Friday, 14 December 2012
Capital Business » Dubai Bank denies claims of insider theft
Dubai Bank has refuted claims it is involved in dubious deals and theft of customers’ money as alleged.
The bank’s chairman Hassan Zubeidi says claims of insider theft as portrayed in media reports are malicious and only aimed at damaging the bank’s reputation.
“We observe all banking regulations at all times. The reports about insider theft are malicious,” Zubeidi said.
The bank’s chairman Hassan Zubeidi says claims of insider theft as portrayed in media reports are malicious and only aimed at damaging the bank’s reputation.
“We observe all banking regulations at all times. The reports about insider theft are malicious,” Zubeidi said.
Al Meera plans rights issue to fund Oman, Qatar expansion | Oman Observer
With a strategic and aggressive expansion plan set in motion last year, 2012 has proven to be resounding success for Al Meera Consumer Goods Company QSC and all its subsidiaries. The Company saw a number of Memorandums of Understanding (MOUs) that further reinforced its market position, expand product offerings and outlets to its customers, and streamline internal operations. Significantly, Al Meera also extended its footprint to include the Sultanate of Oman.
"Our expansion into Oman capitalises on the successes we have had in Qatar and transfers it to this regional and important market," explained Dr Mohammed Nasser al Qahtani, Deputy Chief Executive Officer of Al Meera. "This expansion into Oman further diversifies our income portfolio, a value-added element for all our shareholders."
"Our expansion into Oman capitalises on the successes we have had in Qatar and transfers it to this regional and important market," explained Dr Mohammed Nasser al Qahtani, Deputy Chief Executive Officer of Al Meera. "This expansion into Oman further diversifies our income portfolio, a value-added element for all our shareholders."
‘Made in KSA:’ Saudi Arabia unveils first locally manufactured truck
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| Isuzu President Susumo Hosoi honors Commerce and Industry Minister Tawfiq Al-Rabiah at the unveiling of the first “Made in Saudi Arabia” truck in Dammam. (Image courtesy AN photo by Boutros Ayad) |
Saudi Arabia’s trade minister has unveiled the first “made in KSA” truck during a ceremony in the kingdom’s eastern city of Dammam.
Tawfiq al-Rabee'a, the trade and industry minister and the director general of the Saudi Industrial Property Authority “Modon,” drove the truck, the International Isuzu company’s first product inside the kingdom.
Foreign diplomats, government officials, executives and prominent businessmen attended at the inauguration.
PRAGMATIC CAPITALISM – Rail Traffic: Economy Continues to Soften
“The Association of American Railroads (AAR) today reported declines in weekly rail traffic for the week ending December 8, 2012, with U.S. railroads originating 292,206 carloads, down 1.6 percent compared with the same week last year. Intermodal volume for the week totaled 240,098 trailers and containers, down 0.3 percent compared with the same week last year.
Twelve of the 20 carload commodity groups posted increases compared with the same week in 2011, with petroleum products, up 59.5 percent; lumber wood and products, up 18.6 percent, and metallic ores, up 16.6 percent. The groups showing a decrease in weekly traffic included grain, down 15.3 percent; metals and products, down 11.9 percent, and coal, down 9.7 percent.
Weekly carload volume on Eastern railroads was down 0.5 percent compared with the same week last year. In the West, weekly carload volume was down 2.4 percent compared with the same week in 2011.
Twelve of the 20 carload commodity groups posted increases compared with the same week in 2011, with petroleum products, up 59.5 percent; lumber wood and products, up 18.6 percent, and metallic ores, up 16.6 percent. The groups showing a decrease in weekly traffic included grain, down 15.3 percent; metals and products, down 11.9 percent, and coal, down 9.7 percent.
Weekly carload volume on Eastern railroads was down 0.5 percent compared with the same week last year. In the West, weekly carload volume was down 2.4 percent compared with the same week in 2011.
Video: EM bond bubble? | beyondbrics
Generationally low bond yields in the developed world have driven investors to the developing world’s debt. But do we now have an emerging markets bond bubble? Bhanu Baweja, head of emerging markets fixed income strategy at UBS, discusses the outlook for EM bonds with Robin Wigglesworth, capital markets correspondent.
UN makes changes to telecommunications treaty | GulfNews.com
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The new agreement will come into effect in January 2015.
The last time the treaty was updated was in 1988 in Melbourne, Australia.
Weird happenings with blogspot.com with a witness present this morning, it has totally delayed my day.Tks for testimony @marwayehia
—Rupert Neil Bumfrey (@rupertbu) December 14, 2012