Well I just had to laugh

Guess what I saw on the front page of yesterdays (13/Oct/08) Malaysian newspaper called the “New Straits Times” (NST) whilst killing time in the lobby.

Can the global financial crisis be contianed?
‘Yes, bold action is needed,’ says the International Monetary Fund (IMF).
It’s ready to lend to countries in dire need of capital.

OH I BET IT IS !!!!!!!!!!!!

Heh heh! I managed to get a scan! :) …





When pondering upon the IMF’s ‘heart’, this ‘ol favourite came to mind…

mp3 here

Here’s the NST article (from their online content) about the IMF. The difference in reporting is interesting, but extra bland. Nobody is to blame. It’s happening because

“[banks are] paralysed for now by fear and distrust.”

Asian newz generally, really really stinks. At least in the quazi-fascist UK, there are still (some) hard hitting journalistic reports out there pointing (on occasions) fingers (occasionally at the right targets).


2 Responses to “Well I just had to laugh”

  1. 1 lwtc247 October 14, 2008 at 2:48 pm

    Here’s a better news outlet. Yahoo…

    No legal action against Rock bosses
    3 hours 44 mins ago

    Nationalised lender Northern Rock has said that no legal action will be taken against former directors at the centre of the group’s collapse last year.

    Related content
    New low in first time house buyers
    Mired mortgage market to pick up slowly
    Mired mortgage market to pick up
    Related Hot Topic: House Prices
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    Management said a review by lawyers and accountants into the previous regime, headed up by chief executive Adam Applegarth, had found “insufficient grounds to to proceed with any legal action for negligence”.

    Northern Rock also said it was “well ahead” of its Government loan repayment target, having paid back more than half the £26 billion owed to leave £11.4 billion outstanding as at September 30.

    Before running into funding problems last summer, Northern Rock was one of the UK’s biggest and most aggressive mortgage providers, advancing loans worth as much as 125% of home values.

    It was forced to turn to the Bank of England for emergency support after the money markets froze, leaving the group facing a funding crisis.

    Northern Rock’s nationalisation in February led to 1,500 job losses as it scaled back activity to pay back the Government.

    The lender has been reducing the size of its mortgage book in order to pay back its Government borrowing, and repaid £15.4 billion during the nine months to September 30.

    But the group’s mortgage arrears figure jumped by nearly 60% during the last three months, reflecting the fact that it has been left with poorer quality loans.–{Ed: My emphasis. Well well well, who’d have thought that the offshore did actually cherry pick the most profitable of the loan scams. Magic}– The percentage of its estimated 600,000 mortgage accounts more than three months in arrears was 1.87% at September 30, up from 1.18% at the end of June.

    Northern Rock also saw the number of properties in its possession jump 491 during the period to 4,201. Most of the repossessions were for properties secured with a “Together” mortgage, which allowed buyers to borrow up to 125% of the property’s value.

    Chairman Ron Sandler has warned that the bank, which racked up a near £600 million first-half loss to June 30, would be “significantly” loss-making this year.

  2. 2 lwtc247 October 14, 2008 at 3:47 pm

    A £516 trillion derivatives ‘time-bomb’

    Not for nothing did US billionaire Warren Buffett call them the real ‘weapons of mass destruction’

    By Margareta Pagano and Simon Evans
    Sunday, 12 October 2008

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