The U.S. v. U.K. battle continues. Remember all that talk about how the taxpayer might actually see a profit from all these bailout efforts? You know, when the Treasury or the Fed or whatever sold all this stuff back to dumb moneyinvestors with a long-term perspective at prices higher than they paid? Well, The Bank of England is a bit ahead of us there.
The Bank of England revealed yesterday that it had racked up record profits of almost £1 billion in the year to February as its fee-earning activities burgeoned amid the global financial and economic turmoil.
During a crisis that has brought some of the mightiest forces in global banking to their knees — and some to collapse and oblivion — the Bank emerged as having thrived while famed commercial institutions foundered.
Figures released yesterday in the Bank’s annual report showed that in the 12 months to February 28 it raked in profits before tax of £995 million. This marks a more than fivefold rise from £197 million in 2008 and is the biggest figure since its establishment in 1694.
This little note after the main article made our day, however:
The proportion of banknotes found to be counterfeit has more than doubled in a year, the result of three “major criminal gangs” pumping fake notes into the economy, the Bank of England said.
As if there isn’t enough inflation going on….
Bank of England makes £1bn profit from bailouts after riding to rescue of high street lenders [The Times Online]
You paid yourself fees?
Keep your Amy Winehouse !
America has just lost. CNBC can’t even word “steel frames” correctly.
Too fish, didn’t chips.
Criminal gangs? Are we going to just sit back and let them talk about the Fed this way?
I can actually almost blow myself. Those naked yoga classes at Equinox are really starting to pay off.
William Rast
http://www.nypost.com/seven/05192009/news/regionalnews/manhattan/violent_crime_wave_jolts_trendy_downtown_170010.htm
if we send them out st thugs for a couple of months would they come back speaking cockney? At least there would be some charm to it…
St thug exchange program anyone?
This is a little off topic but a little interesting:
“GM bankruptcy plan eyes quick sale to government”
http://www.reuters.com/article/innovationNews/idUSTRE54H6AN20090519?feedType=RSS&feedName=innovationNews&rpc=22&sp=true
Looks like the FED knows how to make money also. Operating Income of $43billion seems good
http://www.economist.com/finance/displaystory.cfm?story_id=13579025
“Upcoming Congressional Rating Agency Roast”
http://zerohedge.blogspot.com/2009/05/upcoming-congressional-rating-agency.html
Is there an implication that the Bank of England got paid off with fake money in this story?
If that is the case, would you rather the be government not getting paid back, or the government getting paid back with fake money?
what BOE made, a determined chinaman pissed away in a single year
next time, try harder, BOE
19 May 2009 – Press Briefing
Singaporean tycoon sues Citigroup’s private bank after $1bn loss
Oei Hong Leong, ranked Singapore’s 29th richest person by Forbes last year with a net worth of $210m (€155m), has sued Citigroup’s private bank for negligence and misrepresentation after suffering a $1bn loss on foreign exchange and bond trades last year, the Straits Times reported on Tuesday.
Oei alleged that Citigroup, with which he has a 30-year association, presented an inaccurate picture of his trading exposure on several occasions, leading him to assume more positions than he would have taken otherwise, the publication said, citing court documents.