The distress over the global financial meltdown encompasses more than just frightening 401k statements and doomsday newscasts. We’ve now another impetus for headaches and acid stomachs. This week, Libya’s Qaddafi became a major shareholder in Unicredit, Italy’s largest bank, which might have prompted the Italian Prime Minister Berlusconi’s warning. “I have news that oil producing countries with large funds are buying heavily into our markets.”
So beyond China helping the United States with its perpetually unbalanced budget, we’ve got Arabs trolling for bargains. Berlusconi elaborated: “Now there are great opportunities for those who have capital, and I think that certain sovereign funds, and ones you would oppose, are hostile.”
I take it that it isn’t just moderate Saudi Prince Al-Waleed bin Talal bargain hunting in the major indices. I use the term ‘moderate’ because apart from his support for CAIR and his comments after 9/11 which elicited a rejection of his $10 million check, he’s been a revolutionary among his fellow Bedouins. He has supported women’s rights and hired the first female pilot in Saudi Arabia.
As gas prices have ballooned and the economy has slowed, “drill baby drill,” has become an increasingly popular refrain repeated at McCain rallies. More than just cheap gas, it’s our sovereignty at stake.
According to Rand, U.S. oil shale reserves represent three times that of Saudi Arabia. Yet, we would rather buy the oil from the Saudis, making them wealthy enough to buy large chunks of our corporations.
Only in America
Posted in économie, Conservative, economy, Italy, Money, news, opec, petróleo, Politics, Uncategorized
Tagged Berlusconi, gas prices, global financial crisis, global markets, Italian PM, Italy, market, McCain, Obama, oil, oil exploration, oil shale, saudi arabia, Wall St, world markets
Last night on Italy’s Lake of Como, eighty Barclay’s bankers and clients gathered together in the storied Villa Erba to celebrate with their fiddles as Rome continued burning around them. And while the paparazzi wary bankers spent two days and 700,000 Euros, the British Prime Minister traveled across Britain to sell his rescue package to hardworking British voters.
The bankers banned the paparazzi, but not the Greco di Tufo wine, ricotta stuffed ravioli, fillet of Brunello, apple pastry and chocolate mousse. Their sacrifice of the evening was to forgo a planned trip to La Scala, ostensibly due to the 13 percent of company value lost that day, but in reality, they wanted to avoid the aggressive paparazzi that would have been free to snap away in front of the legendary opera house.
It wasn’t just a once a year broker-client excursion. Just last week the oblivious bankers enjoyed a week in one of the Cote d’Azur’s finest hotels priced at around three thousand Euros per night.
The fury over the trips has little to do with class envy and everything to do with discretion. Hopefully, these Neros will be awakened to the reality of the global economic inferno, ignited by financial institutions like Barclay’s.
Posted in economía, economy, Italy, Money, news, Politics, travel
Tagged bailout, bank, bankers, banking, barclay's, barclay's managers, barclay's stock, British Prime Minister, brokers, clients, company value, depression, european banking, european markets, global crisis, global depression, global financial crisis, global recession, Gordon Brown, lost value, party, recession, rescue package, stock loss, stock market, stock market crash, stock value, UK, vacation