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  1. #106
    action-reaction arco's Avatar
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    Default ING closes another fund and delays CDO fund meeting

    ING has delayed a unitholder meeting originally scheduled to be held before March 31 to determine the fate of its two major collateralised debt obligation (CDO) funds.

    by David Chaplin

    The news comes at the same time as the group has decided to close another fund managed on behalf of a group of advisers – the $6.5 million Private Portfolio Service (PPS) Diversified Trading Fund.


    Goodreturns.co.nz
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  2. #107
    action-reaction arco's Avatar
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    Default Govt's deposit guarantee put to the test

    Monday 2nd March 2009

    The government's deposit guarantee scheme is set to have its first test-run, as of today.
    Mascot Finance will be the first company to test the scheme since its inception in October last year, after the company was placed into liquidation today, owing $70 million to 2,558 investors.


    All eligible Mascot investors will get 100% of the money they are entitled to under the crown's scheme, Treasury secretary John Whitehead says.


    More here................................



    http://www.sharechat.co.nz/news/scne...e.php/c986abb6
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  3. #108
    Guru peat's Avatar
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    Default

    yes thats a serious worry that the guarantee is getting tapped so quickly. it was always just going to be an easy way out for lesser-rated finance institutions. Seems their loan portfolio wasnt too well diversified and when the major customer defaults its all over goodnight nurse. except its not coz they are indeed A Lucky Mascot

    2558 people with 70mill all up. u tell me - are they idiots? or are they actually pretty clever? i believe that they still get all their interest payments. so they are losing time but not really money and they'd possibly already given time.
    and its safe as houses ah no , a lot safer than houses
    For clarity, nothing I say is advice....

  4. #109
    action-reaction arco's Avatar
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    Default A total of 72 deposit takers have been granted the Crown guarantee.

    Tax payers money being using to pay these defaults.
    .

    The Government says it had no reason to believe that Mascot Finance would fail when it granted it a taxpayer-funded deposit guarantee in January. Questions over whether the Crown should have given Mascot Finance a guarantee arose after if it went into receivership seven weeks after getting a guarantee.



    A total of 72 deposit takers have been granted the Crown guarantee.


    More here on Stuff.co.nz
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  5. #110
    action-reaction arco's Avatar
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    Default ??????? Hard to Believe

    .


    A former Blue Chip managing director has bought a South Island finance company and wants to raise $50 million in term deposits.
    Nick Wevers and his associates bought Priority Finance, a Christchurch business founded by Noel and Kent Gillman, which has since had its name changed to Viaduct Capital. A new prospectus has been registered for the term deposit issue.
    The money would be backed by the Government's deposit guarantee scheme, Wevers said.


    The full ariticle from NZ Herald
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  6. #111
    Legend minimoke's Avatar
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    Default

    Quote Originally Posted by arco View Post
    Friday December 12, 2008, 1:28 am EST

    I still can't quite get my head around the enormity of the numbers in the Madoff case.
    l
    Heres another one - he's just been sent to the Big House for 150 years. http://www.stuff.co.nz/business/worl...d-to-150-years

  7. #112
    action-reaction arco's Avatar
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    Default Comparing CFD providers

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  8. #113
    action-reaction arco's Avatar
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    Default Xforex arrrives in NZ - $2000 bonus

    I spotted this new? broker advertising - "Xforex arrives in New Zealand'.

    Not sure who they are just yet, but may be US based.
    Last edited by arco; 23-09-2009 at 08:19 AM.
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  9. #114
    action-reaction arco's Avatar
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    CFTC Charges James Ossie and CRE Capital Corporation with Operating a $25 Million Foreign Currency Ponzi Scheme

    Georgia Man and Corporation Allegedly Ripped Off 120 Investors

    Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) announced today that it charged James Ossie of Atlanta, Georgia, and his company CRE Capital Corporation (CRE) of Alpharetta, Georgia with operating a Ponzi scheme involving more than 100 people and approximately $25 million in connection with foreign currency transactions (forex). Ossie resides in Dawsonville, Georgia and is president and sole owner of CRE; neither has ever been registered with the CFTC.
    According to the CFTC’s complaint, Ossie and CRE promised pool participants that they would earn a 10 percent return on their money within 30 days by trading United States and Japanese currency pairs. The complaint further alleges that since June 18, 2008, rather than making money for pool participants, Ossie and CRE lost approximately $4.4 million trading forex. Finally, the complaint alleges that Ossie and CRE operated a Ponzi scheme, in which forex trading “profits” were actually paid from the principal of subsequent pool participants.
    “Investors must run the other way when approached by anyone claiming to guarantee exorbitant monthly returns, like those promised by CRE and Ossie. Such representations should raise an immediate red flag that such investment is too good to be true,” said CFTC Acting Director of Enforcement Stephen J. Obie. “We are seeing an uptick in Ponzi scheme cases because, in this economic climate, new investors cannot be found to perpetuate the scheme. As these schemes collapse, the CFTC will move swiftly to prosecute those who harm innocent investors.”



    http://www.cftc.gov/newsroom/enforce...pr5598-09.html
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  10. #115
    Guru peat's Avatar
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    IG Markets opening in NZ
    http://www.nzherald.co.nz/business/n...ectid=10602829

    "
    He thought IG's competitive advantages included the ability to provide New Zealand-dollar denominated products which removed foreign exchange risk from positions in overseas indices and commodities.
    IG runs a "hybrid" model where positions taken by clients may be "synthetic" - established by matching transactions within its global client base - or where positions result in the actual purchase of securities on relevant markets."
    For clarity, nothing I say is advice....

  11. #116
    action-reaction arco's Avatar
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    Default Billionaire among 6 nabbed in inside trading case

    Wall Street wake-up call: Hedge fund boss, 5 others charged in $25M-plus insider trading case



    • By Larry Neumeister and Candice Choi, Associated Press Writers
    • On 7:35 pm EDT, Friday October 16, 2009

    NEW YORK (AP) -- One of America's wealthiest men was among six hedge fund managers and corporate executives arrested Friday in a hedge fund insider trading case that authorities say generated more than $25 million in illegal profits and was a wake-up call for Wall Street.

    More
    http://finance.yahoo.com/news/Billio...94948.html?x=0
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  12. #117
    FEAR n GREED JBmurc's Avatar
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    Cool

    Quote Originally Posted by arco View Post
    I used E*Trade for my CFD trading in the past was shocked how much commissions they made from my trading added up over $10,000 from memory and as I lost money CFD trading,warrants,futures it was yet another reason why I trade only ord's an opts now for many $$$$$$
    Last edited by JBmurc; 18-10-2009 at 09:52 PM. Reason: Mi spellllig
    People don't have ideas, ideas have people

  13. #118
    action-reaction arco's Avatar
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    Default John Meriwether Set to Open New Hedge Fund (Again) after 2 Failures

    Unbelievable.

    ..................... the infamous John Meriwether, after driving his 2nd hedge fund into the ground early last year, [Mar 28, 2008: Founder of Long Term Capital Failing Again] has found a new round of suckers to invest with him again. For someone in my position this story is the type that creates the propensity to bang a head into a sturdy wall. Somehow a man whose "ability" required the Federal Reserve to make the first move that really set the entire precedent of "too big to fail" in 1998 by "rescuing" his hedge fund (along with the bankers!), and concurrently re-opened (and failed) a 2nd time, can walk on water and raise money with his magic wand. Details on the "original bailout" of Long Term Capital here - the amount, $3.5 Billion, that was considered "too big to fail" back then, is amusing in retrospect to what we've just done the past 18 months.

    More info

    http://finance.boston.com/boston/?GU...ChannelID=5895

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  14. #119
    Junior Member CFO's Avatar
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    Default

    So much for track record huh... When funds fail, there is always an external unforseen problem though, aint there? When they do well, the manager is the hero...

  15. #120
    action-reaction arco's Avatar
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    Default

    Jan. 14 (Bloomberg) -- Joseph Collins, Refco Inc.’s former outside lawyer, was sentenced to seven years in prison for helping Chief Executive Officer Phillip Bennett and other executives defraud investors of $2.4 billion.

    http://www.bloomberg.com/apps/news?p...d=a3gTuiHWluwc
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