NEW YORK (Reuters) - Jim Rogers, one of the world's most prominent international investors, on Thursday called most of the largest U.S. banks "totally bankrupt," and said government efforts to fix the sector are wrongheaded. http://www.reuters.com/article/newsOne/idUSTRE4BA5CO20081211
http://www.bloomberg.com/apps/news?pid=20601087&sid=avVnU01XRJWE&refer=home Dec. 12 (Bloomberg) -- Ecuadorean President Rafael Correa halted payment on foreign bonds he calls "illegal" and "illegitimate," putting the South American country in default for a second time in a decade.
Dec. 12 (Bloomberg) -- Arience Capital Management LP, a New York-based hedge-fund firm run by Caryn Seidman-Becker, is closing its sole fund because markets are "incompatible" with its investment style.
Arience, which manages more than $1 billion, plans to shut down by Dec. 31 and return about 95 percent of investors' money by the end of January, according to a letter sent to investors yesterday. The remaining assets will be paid after the firm's 2008 audit has been completed.
"We do not currently see a clear path to employ our disciplined process and gain the necessary conviction to become reinvested," Seidman-Becker said in a letter, a copy of which was obtained by Bloomberg News. "This decision stems from our belief that the current market environment is incompatible with our investment style and process."
http://www.bloomberg.com/apps/news?pid=20601087&sid=aqujIAc8iHe4&refer=home
Many traders were mad, some passionately and personally upset. One trader at a large investment management firm was quite vocal about his complete shock and anger towards Madoff and the situation.
"I've begun to lose faith in this business and I no longer know who to trust or who the people I trust really are," he says. "What has happened to this industry's integrity? How did we get to this place and how the hell are we going to get back to where we belong?"
http://www.advancedtrading.com/printableArticle.jhtml?articleID=212500158
http://www.ooyala.com/player.js?width=480&height=360&embedCode=RycWE2OitY0LKHsmCZjA3Ay7SlhgxPUe "Bernake's Billions"
