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Major Brit Mortgage Lender in Deep Trouble

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Major Brit Mortgage Lender in Deep Trouble

Via NY Transfer News Collective  *  All the News that Doesn’t Fit

Channel 4 News – Snowmail (UK) – Sep 14, 2007
http://www.channel4.com

Northern Rock crisis: a ‘dark grey day’

by Jon Snow

To a man who got a C in economics, A-level, today is a challenge. It’s
a much bigger challenge to those people who are managing the British
banking and treasury system.

When I was growing up in Yorkshire, Northern Rock was a not very large,
but extremely conservative, building society. Today it’s the fifth
biggest mortgage lender and it’s in trouble.

Indeed a former member of the Bank of England Monetary Policy Committee
(MPC), tells us tonight the bank will very quickly be taken over
altogether and probably won’t continue to exist in it’s current form.
It’s assets are sound, but he says bad decisions were made on growing
the bank far too fast, and taking risks in how they borrowed the money
in order to grow it.

The traditional way is for building societies and banks try to get
people to invest and save in their banks and then they lend the money
to people who need mortgages, but Northern Rock was heavily exposed to
borrowing money from an altogether different source – other banks and
financial institutions.

And the cost of borrowing between the institutions got so high that the
sums just didn’t stack up and they suffered a short term cash crisis.

- ————————————
Q&A: crisis at Northern Rock
– ————————————
What does the Bank of England’s decision to offer an emergency loan to
the mortgage provider mean?

Read our Q&A here: http://tinyurl.com/3bbkm
– ————————————

It has meant today a run on the bank with people queuing round the
block at branches all over Britain. Tonight we talk to the chief exec,
who’s under siege in his HQ, and we talk to a variety of experts, about
what it all means.

In the main it means that in the short term mortgages could be more
expensive and harder to get. Investors and customers for Northern Rock
are safe however much money people take out, because the Bank of
England has effectively given them a limitless fund to draw upon, for
now.

But what a former MPC member tells us tonight, and I’m not telling you
who he is because I want to keep his electrifying interview unique to
ourselves, was that this was a political decision, that it proves the
Bank of England whilst entirely independent from monetary policy, is
not independent when it comes to politically independent bail outs.

He believes the Bank of England and the treasury and the financial
services agency were all involved in putting support together for
Northern Rock – to him that proves that it was a politically motivated
decision. He thinks Northern Rock should have been allowed to sink and
that the normal insurance processes should have kicked in to save
customers fro the worst.

He says that it is a bad day for the Bank of England, a bad day for the
Treasury, and of course an appalling day for Northern Rock. He calls it
a "dark grey day" as opposed to a black day, because he believes that
the implications for the rest of the economy are not serious.

Faisal Islam reports tonight at seven, don’t miss it.

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Booming Brit Economy: UK's 12-year Housing boom is over

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Booming Brit Economy: UK’s 12-year Housing boom is over

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Financial Times – Sep 14, 2007
http://www.ft.com/cms/s/0/5c2ac6e2-62bc-11dc-b3ad-0000779fd2ac.html

Housing data hint 12-year boom is over

By Jim Pickard, Property Correspondent

The long-forecasted end to Britains 12-year housing boom is drawing
closer, new figures showingshowing a 2.6 per cent drop in house prices
in September seemed to suggest Friday.

A survey by Rightmove, the property website, showed the average asking
price in the UK was  235,176; down from  241,474 in August.

The fall was exacerbated by a drop in the number of four-bed homes
coming to market, which some blame on the introduction of home
information packs for large houses.

But it may also indicate a wider slowdown after five rises in interest
rates and the turmoil in bond markets had pushed up the cost of
mortgages.

Commentators are likely to wait for official government data before
concluding that prices are definitely falling.

However, the Rightmove data adds to a more gloomy picture of the state
of Britains housing market.

The average property sat on the market for 86 days, compared to only 70
in May, according to Rightmoves figures. The number of properties for
sale per estate agent has also risen; from 52 in December to nearly 66
today.

The figures came only a day after the Royal Institution of Chartered
Surveyors (Rics) published a survey that showed sentiment among estate
agents had soured.

Rics said the Rightmove survey could, if anything, understate the
negative sentiment which has hit the housing market in recent days.

Oliver Gilmartin, senior economist at Rics, said indices tended to lag
the market during housing slowdowns.

Rightmove attributed the fall in its index in part to the introduction
of Hips, which sellers of large houses now have to pay for. But Miles
Shipside, commercial director, acknowledged interest rates and the
credit squeeze had also damaged sentiment.

The boom had probably reached the peak, he said.

Asking prices in London were down by 2.5 per cent; the south-west down
4.1 per cent; and the south-east 3.3 per cent.

The fall was less marked in other regions such as the West Midlands,
down 0.9 per cent, and Wales, down 0.2 per cent.

There were also striking variations within London where there have been
fears that some prices could be affected by falling expectations of
City bonuses as a result of market turmoil.

Kensington and Chelsea saw monthly growth of 0.7 per cent but asking
prices tumbled by 7.8 per cent in Brent and 7.7 per cent in Camden.

Copyright The Financial Times Limited 2007

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Booming Economy: The turmoil in global banking hits Brits

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Booming Economy: The turmoil in global banking hits Brits

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The Financial Times – Aep 14, 2007
http://www.ft.com/cms/s/0/5f0aa10c-62f8-11dc-b3ad-0000779fd2ac.html

Scramble to quit UK mortgage lender

By Peter Thal Larsen in London

The turmoil in global banking hit the streets of Britain on Friday as
thousands of Northern Rock customers queued up to withdraw their
savings from the UK mortgage lender after it was rescued by the Bank of
England.

As regulators and politicians called for calm, Northern Rock "
Britains fifth-biggest mortgage lender " scrambled to contain the
fallout after it became the first British bank in decades to be bailed
out by regulators. One person close to the situation said customers had
withdrawn about $2bn Friday but Northern Rock declined to comment on
the figure, which would amount to 4 per cent of its deposit base.

The rescue demonstrates the risks from a decade of financial innovation
in the capital markets, which allowed a small regional lender to wield
financial clout far greater than its network of 76 branches would
suggest.

It also shows how the turmoil in the financial system that resulted
from excessive lending to Americans with patchy credit histories
triggered the failure of a bank with no direct links to the US mortgage
market.
Shares in Northern Rock plunged more than 30 per cent as analysts
slashed their earnings forecasts for the bank. The news also dragged
down share prices for other UK banks such as Alliance & Leicester, HBOS
and Barclays.

The FTSE 100 saw sharp falls until US markets opened and helped soften
the bearish tone. As the day wore on, sentiment soured again. The list
of leading UK shares ended 74.6 points lower, almost 1.2 per cent down
at 6,289.3. The FTSE Eurofirst 300 was 16.2 points lower at 1508.1, 1.1
per cent down.

In the US, equity markets pared early losses after economic data showed
retail sales, excluding sales of vehicles, fell sharply in August. The
data cemented investors expectations of at least a quarter-point
interest rate cut from the Federal Reserve when policymakers meet on
Tuesday.

The commerce department reported retail sales fell 0.4 per cent in
August, excluding vehicle sales, compared with forecasts of a 0.1 per
cent rise, and a 0.7 per cent increase in retail sales in July. The
S&P500 was down 0.1 per cent to 1,482.45 by midday in New York. The Dow
Jones Industrial Average of blue-chip stocks fell 0.01 per cent to
13,423.66.

Financials were among the worst performers, after Merrill Lynch, the
worlds largest brokerage, warned that shaky credit markets had forced
it to adjust the value of securities linked to risky subprime mortgages.

Concern over Northern Rock and the ability of UK banks to maintain new
mortgage lending at attractive rates added to concerns about the
housing market and the economy in general.

Under the terms of the bail-out, the Bank of England will provide an
open-ended facility to Northern Rock, allowing it to access liquidity
by posting mortgages or mortgage-backed securities as collateral. The
rescue " finalised yesterday after days of negotiations involving the
Financial Services Authority and the UK Treasury " came just two days
after Mervyn King, governor of the Bank, insisted it would not
intervene to bail out the markets.

According to people familiar with the matter, several banks considered
buying Northern Rock. However, a deal was undermined by a shortage of
liquidity and uncertainty about Northern Rocks value. Adam Applegarth,
Northern Rocks chief executive, said the bank was not in talks with a
buyer.

Additional reporting by Chris Giles, Lina Saigol, Paul J Davies and
Saskia Scholtes in London

Copyright The Financial Times Limited 2007

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UN envoy: Islamaphobia on rise, especially in Europe

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UN envoy: Islamaphobia on rise, especially in Europe

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Reuters – Sep 14, 2007
http://www.reuters.com/article/worldNews/idUSL1485820920070914?feedTy…

Islamaphobia on rise, especially in Europe: U.N. envoy

By Stephanie Nebehay

GENEVA (Reuters) – The United Nations investigator on racism on Friday
condemned a rising trend of Islamaphobia, especially in Europe, where
he said it was being exploited by some right-wing political parties.

Doudou Diene, U.N. special rapporteur on racism, racial discrimination,
xenophobia and related forms of intolerance, also accused Switzerland’s
most popular party, the right-wing Swiss People’s Party (SVP/UDC), of
inciting hatred.

He urged the withdrawal of the party’s controversial campaign poster
calling for expulsion of foreigners who commit serous crimes, depicting
three white sheep booting out a black sheep under the headline "For the
Security of All".

"In the current context, Islamaphobia constitutes the most serious form
of religious defamation," Diene said in a speech and report to the U.N.
Human Rights Council, whose 47 member states were holding a debate on
religious defamation.

More and more political leaders and influential media and intellectuals
were "equating Islam with violence and terrorism," and some were
seeking to "silence religious practices by banning the construction of
mosques", Diene said.

Pakistan, speaking for the Organisation of the Islamic Conference
(OIC), called the rise of Islamaphobia "alarming".

"Recent acts of defamation in the shape of blasphemous sketches in
Sweden and posters in Switzerland reinforce this conclusion. Such
blasphemy should not be encouraged in the name of freedom of
expression," Pakistan’s envoy Masood Khan said.

He said the 57-nation OIC, which represents 1.3 billion Muslims,
condemned terrorism in all its forms.

"The international media continues to use the misguided actions of a
small extremist minority as an excuse to malign the entire Muslim
world, as well as the religion of Islam," he said.

"SCAPEGOATING"

Diene, a Senegalese lawyer, said in his 21-page report to the Council
that Islamaphobia had grown since the Sept 11 2001 attacks on the
United States.

Worldwide, an increasing number of traditional democratic parties were
"resorting to the language of fear and exclusion, scapegoating and
targeting ethnic or religious minorities in general, and immigrants and
refugees in particular", he said.

In Europe, Muslims faced growing difficulties to establish places of
worship and carry out their religious practices such as dietary
regimens and burials, according to the U.N. envoy.

"Political parties with open anti-Islamic platforms have joined
governmental coalitions in several countries and started to put in
place their political agendas. In sum, Islamophobia is in the process
of permeating all facets of social life."

The Swiss SVP/UDC has launched a referendum to ban construction of
minarets in the Alpine country, home to 350,000 Muslims. A similar move
is underway in Cologne, Germany.

Switzerland’s delegation defended its system of direct democracy, where
multiple issues are put to referendum each year, saying it showed great
political transparency although "sometimes with exaggerated,
regrettable views being expressed".

"The Swiss government has repeatedly stated its commitment to fight
racism and the Swiss government will continue to take a clear stance
against all forms of discrimination and xenophobia," Swiss ambassador
Blaise Godet said.

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Israel: A Letter to Janet re the Sabra-Shatilla massacre

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Israel: A Letter to Janet re the Sabra-Shatilla massacre

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Counterpunch – Sep 14, 2007
http://www.counterpunch.org/lamb09142007.html

A Letter to Janet About Sabra-Shatilla

At least 1,700 Palestinians were slaughtered on Israel’s say-so, 25
years ago this week

By FRANKLIN LAMB

Dearest Janet,

It’s a very beautiful fall day here in Beirut today. Twenty-five years
ago this week since the massacre at the Palestinian refugee camps at
Sabra-Shatilla. Bright blue sky and a fall breeze. It actually rained
last night.  Enough to clean out some of the humidity and dust.
Fortunately not enough to make the usual rain created swamp of sewage
and filth on Rue Sabra, or flood the grassless burial ground of the
mass grave (the camp residents named it Martyrs Square, one of several
so named memorials now in Lebanon) where you once told me that on
Sunday September 19, 1982, you watched, sickened, as families and Red
Crescent workers created a subterranean mountain of butchered and
bullet-riddled victims from those 48 hours of slaughter. Some of the
bodies had limbs and heads chopped off, some boys castrated, Christian
crosses carved into some of the bodies.

As you later wrote to me in your perfect cursive:

"I saw dead  women in their houses with their skirts up to their waists
and their legs spread  apart; dozens of   young men shot after being
lined up against an ally  wall; children with their throats slit, a
pregnant woman with her stomach chopped open, her eyes still  wide
open, her blackened  face  silently screaming in horror; countless
babies and toddlers who had been stabbed or ripped apart and  who had
been thrown into  garbage piles.

Today Martyr’s Square is not much of a Memorial to the upwards of 1,700
mainly women and children, who were murdered between Sept. 15-18. You
would not be pleased. A couple of faded posters and a misspelled banner
that reads: "1982: Saba Massacer", hang near the center of the 20 by 40
yard area which for years following the mass burial was a garbage dump.
Today, roaming around the grassless plot of ground is a large old
yellow dog that ignores a couple of chicken hens and six pullets
scratching and pecking around.

Since you went away, the main facts of the massacre remain the same as
your research uncovered in the months that followed. At that time your
findings were the most detailed and accurate as to what occurred and
who was responsible.

The old 7-storey Kuwaiti Embassy from where Sharon, Eytan, Yaron, Elie
Hobeika, Fradi Frem and others maintained radio contact and monitored
the 48 hours of carnage with a clear view into the camps was torn down
years ago. A new one has been built and they   are still constructing a
mosque on its grounds.

I am sorry to report that today in Lebanon, the families of the victims
of the massacre daily sink deeper into the abyss. No where on earth do
the Palestinians live in such filth and squalor. ‘Worse than Gaza!" a
journalist recently in Palestine exclaims.

A 2005 Lebanese law that was to open up access to some of the 77
professions the Palestinians have been barred from in Lebanon had no
effect.  Their social, economic, political, and legal status continues
to worsen.

"It’s a hopeless situation here now," according to Jamile Ibrahim
Shehade, the head of one of 12 social centers in the camp. "There are
15,000 people living in one square kilometer," Jamile runs a center
which provides basic facilities such as a dental clinic and a nursery
for children. It receives assistance from Norwegian People’s Aid and
the Lebanese NGO, PARD.   "This whole area was nothing before the camps
were here and there has been very little done in terms of building
infrastructure," Shehade explained.

Continued misery in the camps has taken a heavy psychological toll on
the residents of Sabra and Shatilla, aid workers here say. Tempers run
high as a result of frustration from the daily grind in the decrepit
housing complex. In all 12 Palestinian camps in Lebanon tensions and
tempers rise with increasing family, neighborhood, and sect conflicts.
Salafist and other militant groups are forming in and around Lebanon’s
Palestinian camps but not so much here in the Hezbollah controlled
areas where security is better.

In Sabra-Shatilla schools will run double shifts when they open at the
end of this month and electricity and water are still a big
problem.According to a 1999 survey by the local NGO Najdeh (Help), 29
percent of 550 women surveyed in seven of the 12 official refugee camps
scattered across Lebanon, have admitted being victims of physical
violence. Cocaine and hashish use are becoming a concern to the
community.

There is some new information about the Sabra-Shatilla massacre that
has come to light over the years. Few Israelis but many of the
Christian Lebanese Forces, following the national amnesty, wanted to
make their peace and have confessed to their role.  I have spoken with
a few of them.

Remember that fellow you once screamed at and called a butcher outside
of Phalange HQ in East Beirut, Joseph Haddad?  At the time he denied
everything as he looked you straight in the eye and made the sign of
the cross.   Well, he did finally confess 22 years later, around the
time of his youngest daughters confirmation in his local parish. Your
suspicions were indeed correct. His unit, the second to enter the camp,
had been supplied with cocaine, hashish and alcohol to increase their
courage. He and others gave their stories to Der Spiegel and various
documentary film makers.

Many of the killers   now freely admit that they conducted  a
three-day orgy of rape and slaughter that left hundreds, as many as
3,500 they claim,   possibly more, of innocent civilians dead in what
is considered the bloodiest single incident of the Arab-Israeli
conflict and a crime for which Israel will be condemned for eternity.

Your friend, Um Ahmad, still lives in the same house where she lost her
husband, four sons and a daughter when Joseph, a thick-set militiaman
carrying an assault rifle bundled everyone into one room of their hovel
and opened fire. She still explains like it was yesterday, how the
condoned slaughter unfolded, recalling each of her four sons by name,
Nizar, Shadi, Farid and Nidal. I asked Joseph if he wanted to sit with
Um Ahmad and seek forgiveness and possible redemption since has now
become a lay cleric in his Parish.   He declined but sent his
condolences with flowers.

Do you remember Janet, how we used to walk down Rue Sabra from Gaza
Hospital to Akka Hospital during the 75-day Israeli siege in ’82, as
you used to say "to see my people"?  Gaza Hospital is gone now.
Occupied and stripped by the Syrian-backed Amal militia during the Camp
Wars of ’85-87. Its remaining rooms are now packed with refugees. One
old lady who ended up there recited how it’s her 4th home since being
forced from Palestine in 1948.  She survived the Phalangist attack on
and destruction of Tel a Zaatar camp in 1976 fled from the Fatah al
Islam Salafists in Nahr al Bared Camp in May of this year and wore out
her welcome at the teeming and overwhelmed Bedawi camp near Tripoli
last month.

Most of your friends who worked with the Palestine Red Crescent Society
are gone from Lebanon. Our cherished friend, Hadla Ayubi has
semi-retired in Amman, Um Walid, Director of Akkar Hosptial, finally
did return to Palestine following Oslo, still with the PRCS.   And its
President, Dr. Fathi Arafat, your good friend, passed away in December
of 2004 in Cairo less than a month after his brother Abu Ammar died in
Paris.  They both loved you for all you had done for their people.

That trash dump near the Sabra Mosque is now a mountain.  Yesterday I
did a double take as I walked by because I saw three young girls-as
sweet and pretty as ever I have seen — maybe 7 to 9 years old in rags
picking thru the nasty garbage. Their arms were covered with white
chemical paste.  Apparently whoever sent to scavenge sought to protect
them from disease. As I climbed thru the filth to give them my last
6,000 LL ($4) they managed a smile and giggle when I slipped on a
broken thin plastic bag of juicy cactus fruit skins and plunged to my
knees.

In some areas of the camps there are mainly Syrians.  Selling cheap
‘tax free’ goods.  Still some Arafat loyalists.  Mainly among the older
generation.  Palpable stress among just about everyone it seems.  One
young Palestinian explained to  me his worry that with the upcoming
Parliamentary election to choose a new President  scheduled for
September 25,   there may be fighting and his October  6 SAT exams may
be cancelled and he won’t be able to continue his studies.

When you and I last spoke Janet, it was on April 16 of that year and I
was en route to the Athens Airport to catch a flight to Beirut to be
with you, you told me you were working on evidence to convict Sharon
and others of war crimes.

Twenty years later, lawyers representing two dozen victims and other
relatives attempted to have Ariel Sharon tried for the massacre under
Belgian legislation, which grants its courts "universal jurisdiction"
for war crimes.There had been great expectations about the case among
the Palestinians and their friends, since as you remember, Sharon had
already been found to bear "personal responsibility" in the massacres
by an Israeli commission of inquiry which concluded he shouldn’t ever
again hold public office.   But hopes were dashed when the Belgium
Court, under US and Israeli pressure, decided the case was
inadmissible.I regret to report that all those who perpetrated the
Massacre at Sabra-Shatilla escaped justice.  None of the hundreds of
Phalange and Haddad militia who carried out the slaughter were ever
punished. In fact they got a blanket amnesty from the Lebanese
government.

As for the main organizers and facilitators, their massacre at
Sabra-Shatilla turned out to be excellent career moves for virtually
all of them.

Arial Sharon, found by the Israeli Kahan Commission Inquiry " to bear
personal responsibility " for allowing the Sabra-Shatilla massacre
resigned as Minister of Defense but  retained his Cabinet position in
Begin’s Government and over the next 16 years   held  four more
ministerial posts, including that of Foreign Minister, before becoming
Prime Minister in February, 2001. Following the Jenin rampage US
President Bush anointed him "a man of peace."

Rafel Eytan, Israeli Chief of Staff, who shared Sharon’s decision to
send in the Phalange killers and helped direct the operation was
elected to the Knesset as leader of the small ultra rightwing party,
Tzomet.  In 1984 he was named Agriculture Minister and Deputy Prime
Minister in 1996. He currently serves as head of Tzomet and is
jockeying for another Cabinet position in the next government.

Major-General Yehoshua Saguy, Army Chief of Intelligence: found by the
Kahan Commission to have made "extremely serious omissions" in handling
the Sabra-Shatilla affair later became a right-wing Member of the
Knesset and is now mayor of the ultra-rightist community of Bat-Yam, a
little town near Tel Aviv.

Major-General Amir Drori, Chief of Israel’s Northern Command: found not
to have done enough to stop the massacre, a "breach of duty", recently
was named as head of the Israeli Antiquities Commission.

Brigadier-General Amos Yaron, the divisional commander whose troops
sealed the camps to prevent  victims from escaping and  helped direct
the  operation along with Sharon and Eitan  was  found to have"
committed a breach of duty".   He was immediately promoted
Major-General and made head of Manpower in the army, served as
Director-General of the Israeli Defense Ministry and Military Attaches
at the Israeli Embassy in Washington. He is currently working for
various Israeli lobby groups as a scholar in ‘think thanks’.

Elie Hobeika, the Chief of Lebanese Forces Intelligence, who along with
Sharon master-minded the actual massacre fell out with the Phalange in
1980s under suspicion that he was involved in killing their leader,
Bachir Gemayal.

He defected to the Syrians, acquired three Ministerial posts in
post-civil war Lebanon Governments, including Minister of the Displaced
(many thought he know a lot about this subject) of Electricity and
Water and in 1996, Social Affairs.

 On January 24, 2002, twenty years after his involvement at
Sabra-Shatilla he was blown up in a car bomb attack in East Beirut.
Two of his associates who were also rumored to be planning to ‘come
clean’ regarding Sharon’s role were assassinated in separate incidents.
A few days before Hobeika’s death he stated that he might reveal more
about the massacre and those responsible and according to Beirut’s
Daily Star staff who interviewed him, Hobeika told them that his
lawyers had copies of his files implicating Sharon in much more than
had become public.  These files are now is the possession of his son
who, following Sharon’s death, may release the files.

They still remember you in Burj al Buragne camp.  A few weeks ago one
old man told me: "Janet Stevens? No, I didn’t know her. He paused and
then said, .Oh!..you mean Miss Janet!   She spoke Arabic…I think she
was American.  Of course I remember her! We called her the little
drummer girl. She had so much energy. She cared about the
Palestinians.  That was so long ago. She stopped coming to visit us. I
don’t know why.  How is she?"

And so, Dearest Janet, I will be waiting for you at Sabra-Shatilla , at
Martyrs Square, on Saturday,   September 15, 2007.

You will find me patting and mumbling to that old yellow dog.  He and I
have become friends and we will pay our respects to the dead and I will
reflect on these past 25 years and we will watch for and wait for
you.   You will find us behind the straggly rose bushes on the right as
you enter.

Come to us, Janet.   We need you.  The camp residents need you, one of
their brightest lights, on this 25th anniversary of one of their
darkest hours.   You were always their mediator and advocate…and
until today you are their majorette for Justice and Return to their
sacred Palestine.

Forever, Franklin

Janet Lee Stevens was born in 1951 and died on April 18, 1983, at the
age of 32, at the instant of the explosion which destroyed the American
Embassy in Beirut.  Twenty minutes before the blast, Janet had arrived
at the Embassy to meet with US A.I.D. official Bill McIntyre because
she wanted to advocate for more aid to the Shia of South Lebanon  and
for the  Palestinians at  Sabra, Shatilla, and Burg al Burajneh
camps,   stemming from Israel’s 1982 invasion and the  September 15-18
massacre.  As they sat at a table in the cafeteria, where she had
planned to ask why the US government has never even lodged a protest
following the Israeli invasion or the Massacre, a van stolen from the
Embassy the previous June   arrived and parked just in front of the
Embassy.  Almost directly in front of the cafeteria.  It contained
2,000 pounds of explosives. It was detonated by remote control and tons
of concrete pancaked on top of Janet and Bill, killing 63 and wounding
120.   Remains of Janet’s body were found two days later, unidentified
in the basement morgue of the American University of Beirut Hospital by
the author. She was pregnant with our son, Clyde Chester Lamb III. Had
he lived he would be 24 years old. Hopefully taking after his mother he
would, no doubt, be a prince of a young man.

[Franklin Lamb's book on the Sabra-Shatilla Massacre, now out of print,
was published in 1983, following Janet's death and was dedicated to
Janet Lee Stevens.Lamb, Franklin P.: International legal responsibility
for the Sabra-Shatilla-massacre / Franklin P. Lamb - Montreuil: Imp.
Tipe, 1983 - 157 S. Ill., Kt.He can be reached at fpl...@gmail.com.  ]

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British bank rocked by panic withdrawals

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British bank rocked by panic withdrawals

Via NY Transfer News Collective  *  All the News that Doesn’t Fit

AFP – Sep 14, 2007
http://www.afp.com/english/news/stories/070914172730.btxyggv4.html

British bank rocked by panic withdrawals

LONDON (AFP) – Anxious customers of British bank Northern Rock rushed
to withdraw their savings Friday, forming lengthy queues in front of
branches after the lender was bailed out by the Bank of England.

Shares in Northern Rock, which issued a profits warning on Friday,
plunged 31.46 percent to 438 pence at the close, dragging the European
banking sector lower as investors fretted over potential difficulties
elsewhere.

The Bank of England (BoE) on Friday came to the rescue of Britain’s
fifth-biggest home loan provider, which said it was facing severe
difficulties raising cash to cover its liabilities amid the ongoing
global credit squeeze.

>From London to Edinburgh, panicking customers were pictured on British

television channels crowding outside Northern Rock branches to withdraw
their savings.

"I have withdrawn all my money," said one worried customer who wished
to remain anonymous outside a branch in Harrow, northwest London.

"I know everyone has been urged not to panic but I just felt safer
moving the money somewhere else rather than worrying about Northern
Rock’s financial position over the next few days," she added.

Analysts forecast that the troubled bank was very unlikely to go bust
despite the sight of queues in the street raising the spectre of a
"bank run."

A bank run is when customers withdraw savings en masse because of fear
a lender will become insolvent, which can force the bank into
bankruptcy.

"Northern Rock’s problems are a consequence of its particular reliance
on the money markets to fund its mortgage activities," Global Insight
economist Howard Archer said Friday.

"Furthermore, all of the indications are that it is in no danger of
going bust and that it has a good quality loan book."

International ratings agencies Standard and Poor’s and Fitch cut their
ratings on the company and S and P warned of further downgrades if
credit conditions worsened.

But S and P stressed that the bailout by the Bank of England
"considerably strengthens Northern Rock’s funding and liquidity."

Northern Rock, which is based in the city of Newcastle, northeast
England, is the first major British financial institution to be
severely hit by the credit crunch sparked by the US home loan crisis.

A global credit crunch erupted last month, sparked by a crisis in the
US subprime, or high-risk, mortgage sector.

Banks became nervous about lending to each other because of fears about
bad investments linked to US home loans, leading to a shortage of cash
for lending purposes.

Central banks around the world have pumped billion of dollars of
emergency funds into the banking sector to enable banks to continue
normal lending practices.

The Bank of England said it had made available an unspecified amount of
cash to Northern Rock in the form of a liquidity facility.

This "will be available to help Northern Rock to fund its operations
during the current period of turbulence in financial markets while
Northern Rock works to secure an orderly resolution to its current
liquidity problems," the bank said.

A Northern Rock spokesman sought to reassure customers, saying that
"savings customers’ deposits are safe" and adding that "there will be
no impact on our borrowers."

However, many of the bank’s savers were ignoring similar assurances
from government ministers and BoE officials.

One queuing customer said: "I’m not sure about this, even though they
say it is going to be all right. If they are short of funds, what
happens to our funds?"

As well as hitting lenders globally, the world credit squeeze played a
major part in the dollar slumping to a record low against the euro this
week, and caused stock markets to plunge earlier this month.

Northern Rock also warned Friday that its 2007 profits could be 147
million pounds (214 million euros, 297 million dollars) lower than
expected.

"It will be a slog after a day like this to repair the bank and we are
up for the slog," Northern Rock chief executive Adam Applegarth told
Sky News.

Britain’s finance minister Alistair Darling, who authorised the BoE to
help the bank, said its problems might have been avoided had US banks
not been so willing to offer cash to borrowers with poor credit
histories.

Later at a meeting of European finance ministers in Portugal, he called
for "international action … to ensure that in the future we can
reduce the risk of this sort of turbulence occuring again."

Speaking before the meeting, Darling said it had been "some time" since
the Bank of England had been placed in such a situation, while some
commentators suggested it last occurred about 30 years ago.

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Rise of far right alarms Germans

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Rise of far right alarms Germans

Via NY Transfer News Collective  *  All the News that Doesn’t Fit

BBC – Dep 13, 2007 via rick kissell
http://news.bbc.co.uk/go/pr/fr/-/2/hi/europe/6991349.stm

Rise of far right alarms Germans

By Tristana Moore
BBC News, Berlin

News that the far-right National Democratic Party (NPD) is nudging
ahead of the mainstream Social Democratic Party (SPD) in the east
German state of Saxony has shocked many Germans.

According to a recent opinion poll by the Forsa Institute, support for
the neo-Nazi NPD is at 9%.

The poll suggests that the SPD would pick up only 8% of the vote if
there were regional elections, while the conservative Christian
Democrats (CDU) would still maintain a clear lead at 39%.

The main losers are the Social Democrats, whose support has shifted
to the new Left Party, at 27%.

Employment fears

For the last few years, voters in Saxony have turned to the neo-Nazi
party because they are disillusioned with mainstream politics and they
are increasingly fed up with the region’s high unemployment rate.

In 2004, in a surprise result, the NPD entered the regional parliament
in Saxony, after winning more than 9% of the vote. That was more than
the 5% share that parties need before they can sit in parliament.

"The survey shows that the NPD is a party that has strong support in
Saxony. The NPD is accepted as a normal party in some parts of the
state," said Manfred Guellner, director of the Forsa Institute.

"Many young, unemployed men support the NPD. They’re attracted to the
far-right ideology and the sense of belonging, and hope for the future,
which the NPD seems to offer them."

Indians assaulted

Social Democrats in Saxony were stunned when they heard about the
poll’s findings.

Saxony SPD leader Thomas Jurk said the poll was "harrowing". It was now
up to the SPD to reverse the party’s failing fortunes as quickly as
possible, he said.

The general secretary of the Central Council of Jews, Stephan Kramer,
has called for an open debate to help prevent the rise of far-right
parties.

"There should be general concepts that are drawn up to tackle the
problem as a whole," he said.

"It isn’t a question of raising more money for anti-far-right
initiatives, nor for launching more projects. What’s needed is a
co-ordinated approach, free from envy and without any political
in-fighting."

Alarm about the rise of the far right in Saxony was fuelled by last
month’s attack on a group of Indian men in the town of Muegeln, near
Leipzig.

During a town festival, eight Indian men were chased through the
streets of Muegeln by around 50 youths, who are reported to have hurled
racist abuse at them, including chanting slogans such as "Foreigners
Out!"

The men were beaten up and police are investigating.

The incident dominated the headlines and provoked outrage among many
Germans.

German Chancellor Angela Merkel condemned the attack as "extremely
deplorable and shameful".

Call for ban

Politicians on all sides called for new measures to tackle xenophobia
and far-right extremism, particularly in the former communist east of
the country.

With many far-right gangs, known as / Kameradschaften / , operating
freely in towns and villages, some politicians have once again demanded
that the NPD should be banned.

SPD leader Kurt Beck said he was going to put together a new legal
initiative designed to outlaw the NPD.

But other politicians are sceptical about such a move. Although many
Germans feel revulsion when they see NPD supporters during
demonstrations in city centres, when it comes to a political initiative
to ban the party, any attempt degenerates into bickering.

It is a controversial idea because the last effort to ban the NPD, back
in 2003, failed.

Germany’s constitutional court in Karlsruhe rejected the ban after it
established that most of the evidence against the far-right party was
inadmissible because it had been collected by government intelligence
agents who had infiltrated the organisation.

So the government in Saxony and the federal government remain in a
dilemma – on the one hand, there is a sense that "something has to be
done", but on the other hand, there is little consensus on what
measures should be taken to tackle far-right activities.

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What have been found in local Singapore………

Hello to all,
  I have heard a number of people saying that there is no films that
could have the indication like this. What I can say that theatre could
still do film but is known as pirate method of film rather than the
word no film to have which I give an example of film done in Lido is
that a title of a film is connected from different parts of it with
transparent stickers to form a full roll of film. You will find that
the indication on the screen show the chinese indication lan tiae or
rotten metal indication rather than the film indication. The meaning
of this is having a pirate method film is better than nothing to have,
this is the meaning of the whole issue. Have a nice day reading……

pu_n…@email.com
collected from sources

Comment (1)

Goods inclu DVD bought from webshops eg amaon.com

Hello to all,
  Amazon purchasess from Amazon.com websites which came in box
packages which comes under the control of WIPO which is called world
intellectual Property Law which could be viewed from www.un.org
webpage. The package on the box package contains indication of U.N and
ICC (International Criminal Court) and the far right contains
indication of copyright treaties (catching people whom own pirate) and
the country ‘open’ indication which comes from U.S Amazon.com shop
which sold UN copies of code 1 DVD in full film package. The
indication on the DVD is like this which contains the one indication
original. the indication for music CD is the original indication found
on the wrapped up music cd box. These DVD and music CD are by law to
have which are bound by copyright related issues. I hope the following
information is useful for your reference and have a nice day reading.

N/B: There are laws of western which is still running till goods gone
then the law will cease to operate. Westerns type of people are born
with like thiss and when they run the law that is like theis but the
law will be like thisss especially you buy western goods that are DVD
code 1 or other things from internet webshops.

Writteb by:

Dr, MR(from ST news) Msc Franc MBBS Prof-Dr (PhD) GPS Ang Poon Kah
pu_n…@email.com
MR for medical finding and drug finding for smart bomb news for cancer
drug and Antibodies.
Dr-Prof for TC (vetted by Cambridge, U.K) for ‘this’/money government
TC (vetted by Cambridge, U.K) for modern world, our society
TC (veted by Cambridge, U.K) for modern economics
Msc for lab testing for Avoxin, Bvaxin etc.
City: Bouna Vista

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RROMA-NIA – EU problems?… "EC president: "We hope not to activate the Agriculture safeguarding clause""…

http://english.hotnews.ro/EC-president-We-hope-not-to-activate-the-Ag…

EC president: "We hope not to activate the Agriculture safeguarding clause"

Romania has problems in spending the European funds allocated for
Agriculture and in identifying the property over land lots, said the
president of the European Commission, Jose Manuel Barroso, after meeting
prime minister Calin Popescu Tariceanu.
Barroso shown that, in case the necessary measures aren’t taken in time, the
Commission may activate the safeguarding clause for Agriculture.

On his turn, Tariceanu admitted that Romania is the country with the largest
amount of small lots, identification becoming a difficult process. Tariceanu
believes though that the delays will be recovered.

In order to avoid the lowering of funds, EC experts must be convinced that
the Integrated Administration and Control System for direct payments is
functional.

E’ mai possibile, oh porco di un cane, che le avventure
in codesto reame debban risolversi tutte con grandi
puttane!    F.d.A

Coins, travels and more:
http://s208.photobucket.com/albums/bb120/golanule/
http://gogu.enosi.org/index.html

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