|
ADVENT
UK News
Letter
-
N° 81 -
I
Accueil
/ Home News Letter I
April / Avril
2010
"
Euro consolidation ..."
"
Battle on capitol hill ..."
"
New ADVENT UK representation in UKRAINE ..."
"
ADVENT UK In ALGERIA ..."
"Building
Excellence in Business "
Patricia
GOODENOUGH, ADVENT UK
London - 29.04.2010
| |
|
Euro
consolidation
| |
|
EURO CONSOLIDATION - Our United Europe seems to be having
some headaches; basic differences of opinion on bailing
out Greece, Greek Government bonds are now "junk"
(such a nasty word), the Germans have come up with a legal
reason why they cannot be in the bailout party, the Euro
is on a see-saw, there is rain in Spain, the looming UK
elections look like father, son (go for it Cameron!) and
holy ghost (where on earth did Clegg come from?), AND we've
all lost money & time due to the Volcanic Eruption.
The Euro is supposed to be a reputable and sustainable world
currency, the Eurozone caretakers should unite their team
fast and all face in the same direction and consolidate!
|
Battle
on capitol hill
|
BATTLE ON CAPITOL HILL But the most riveting Battle
of the Titians was undoubtedly the USA Senate Subcommittee
(SSC) interrogation of Goldman Sachs (GS) on their business
activities prior to the sub-prime mortgage crisis. No reality
TV show could possibly have been more fascinating. The issue
is the difference in objectives and responsibility for GS
as a major market maker to the market, as a broker to their
clients, and as an active principal to their shareholders
(and themselves of course).
The
SSC did not ask anyone at GS to explain in layman's language
what a market maker is and how GS operates, so there were
a lot of misunderstandings in the question and answer process.
The SSC, led by their imposing President Carl Levin, was
relentless on business morals and ethics, the public's ongoing
anger at the financial entities role in the credit crisis,
the perception of client trust and belief in products sold
by GS, and the key point of conflict of interest in actively
selling complex mortgage derivative products to clients
when GS were hedging against these same products as principals
on their own account. And those bonuses, so popular!
The
GS team was clearly confused by some of the lines of interrogation
and were badly prepared on detailed documents; these guys
are not used to public interrogation, and had probably thought
the questions would be on procedures, not on morals. The
traders were uncomfortable and evasive, probably trained
by legal beagles "when in doubt, deflect". The
CFO David Viniar tried to explain the GS position on "going
short" and the firm's reactive risk management decisions
when the sub-prime market cascaded; not a happy bunny when
questioned about internal emails saying deals/products were
"shitty". The GS star in the shape of Lloyd Blankfein,
CEO of GS, was also surprisingly uncomfortable under the
SSC fire and the broadsides of the CSS on business morals
and client trust left him floundering. GS broadly speaking
didn't get it and needs to boot up quick on ethics!
BUT
it should not be forgotten that the stability of the financial
markets is absolutely essential. Regulatory reform to
prevent a future financial crisis - yes. Assassination of
GS and other financial institutions with all that this implies
- no.
|
News
ADVENT UK representation in UKRAINE
|
We have been working with Ukrainian projects for some time,
and we now have a representation office in Kiev; the new
Government is in place and Ukraine is entering a new period
of stability and growth. We're looking forward to working
closer with our Ukrainian clients and their projects and
acting as their European platform.
74G Saksaganskogo
01032 KIEV,
Ukraine
Tel +380443830086
|
ADVENT
UK in ALGERIA
We have 2 new colleagues to represent us in Algeria,
and we believe there is great potential in this beautiful
country. We are looking forward to our first visit next
month to meet members of the business community, and are
already studying several projects. Watch this space!
|
Le
réseau Advent UK
ADVENT
UK
|
Memo : Advent
UK is a company specialized in the management and piloting
of international projects. We research partners for
your projects, introduce you to financial institutions,
organise Joint Ventures, Mergers and Acquisitions,
and set up SPV companies in the United Kingdom and
other favourable British jurisdictions for international
projects.
We work in Europe and Russia, both strong & dynamic
economic zones.
Internet
> ADVENT-UK.com  |
ADVENT
UK
|
Pour aide mémoire,
Advent UK est une société spécialisée
en management et pilotage de projets internationaux.
Nous recherchons des partenaires pour vos projets, nous vous présentons des institutions financières, nous organisons Joint Ventures, Mergers
et Acquisitions, et également la création
et l'implantation de sociétés en Grande
Bretagne pour des projets internationaux.
Nous travaillons en Europe et en Russie, qui sont des
zones économiques fortes et dynamiques
|
Internet
> ADVENT-UK.com
|
ADVENT UK LIMITED
Suite 8, 28 Old Brompton Road, LONDON
SW7 3SS
GREAT BRITAIN
Tel. (44) 207 801 3080
Fax (44) 207 691 7969
Information
Office:
15 rue Clément Bayard
92 300 Levallois - FRANCE
Tel. + 33 (0)1 47 48 91 97
Fax. + 33 (0)1 47 48 02 22
Information
Office:
State Research Institute Test
Office 308
56 B Ligovsky
Prospect,
191040 ST PETERSBURG - RUSSIA
Tel: +7 812
712 0176
|
|
