Thursday, November 27, 2008

Birds of a feather flock together.





Birds sit on wires in front of the logo of Swiss bank UBS at the Paradeplatz square in Zurich (click here)
REUTERS/Arnd Wiegmann
Mon Nov 17, 2008 11:34am EST
(Corrects paragraph 15 to say that shareholders will vote on new scheme at next year's AGM, not at Nov. 27 EGM)
By Jason Rhodes and Lisa Jucca
ZURICH (Reuters) - Swiss bank UBS axed bonuses for top executives Monday and said it would introduce a more transparent pay system in the most far-reaching changes on pay at a top European lender during the
credit crisis.
UBS, which is struggling in the subprime crisis and whose shares slumped to a new all-time low Monday, said Chairman Peter Kurer, Chief Executive Marcel Rohner and other executive board members would not get any bonuses this year.
Starting from 2009, top managers' bonuses will be blocked for at least three years instead of being paid immediately and executives will receive variable pay if UBS results warrant.
Under the new system, the chairman will only be awarded a fixed salary. Kurer's fixed-pay salary for this year was 2 million Swiss francs ($1.68 million), he said Monday.
"UBS is fully committed to taking its responsibilities seriously and correcting previous errors," the bank said....





If it happened at UBS, where are the rest of them?



UBS uncovers tax fraud cases (click title to entry, thank you)
David Gow
guardian.co.uk, Thursday November 27 2008 16.19 GMT
Troubled Swiss bank UBS today admitted it had uncovered a "limited number" of cases of tax fraud under both US and Swiss tax law.
The revelation came from the chairman, Peter Kurer, as US authorities continue to look into the tax advice UBS has given to thousands of Americans.
Kurer also told an extraordinary meeting of shareholders in Lucerne that bank secrecy was "not absolutely valid". He said bank secrecy "is not there to protect cases of tax fraud", adding: "Such an absolute pretence would only damage bank secrecy."
Switzerland and Liechtenstein are under global pressure to revise their banking secrecy laws as tax authorities clamp down on tax evasion by wealthy individuals holding accounts in both countries
Kurer's comments, in a speech long on criticism of the bank's arrogant culture in the past, suggest UBS is preparing to hand over details of clients' accounts to US authorities investigating tax fraud. But Kurer insisted UBS had not violated bank-client confidentiality.
Just two weeks ago
Raoul Weil, the head of UBS's private banking operations in the US, was forced to stand down after being indicted by a federal grand jury in a tax fraud case.
The department of justice alleges that 20,000 American clients have been systematically using Swiss bank accounts to conceal $20bn (£13bn) of assets from the Internal Revenue Service....

54 Day until Inauguration - Allies attacked - Nuclear Technology won't help this !

Commandoes Try to Clear Luxury Hotels Seized by Gunmen in Mumbai, India (Click title to entry, thank you)
By Anjana Pasricha New Delhi27 November 2008
Pasricha report - Download (MP3) Pasricha report - Listen (MP3)
The Indian prime minister says the terror attacks in the country's financial capital, Mumbai, were carried out by militants based outside the country. Meanwhile, commandoes have freed some people from the luxury hotels, the Taj Mahal and the Oberoi, which were invaded by heavily armed gunmen. An unknown number remain trapped or held hostage. There are several foreigners among the 101 people killed and more than 300 injured in the audacious and massive terror attack. Anjana Pasricha reports for VOA from New Delhi....


Imagine waking up to this reality in Mumbai and NOT finding it appauling. Imagine being the terrorists that killed 101 people and relishing every moment. Just imagine it, because, that is the cultural reality that still today on the USA Thanksgiving Day 2008 is pervading the regions of the world burdened with such elements.

There will no doubt be a rise in terrorist activity. The USA is moving back into Afghanistan to finish the work that was started in 2001. The terrorist networks are fully embedded in the 'care taking' of the Taliban and have resources to sustain them. I would expect to see an escalation in activity throughout the region, including Pakistan, Afghanistan and India.




Afghan car bomb kills four near U.S. Embassy (click here)
By Laura King 1:28 AM PST, November 27, 2008
Reporting from Kabul, Afghanistan --- A suicide car bomber set off a powerful blast Thursday near the gates of the U.S. Embassy, killing at least four Afghan civilians and injuring more than a dozen others.

Weaving in and out of morning rush-hour traffic near one of Kabul's busiest traffic circles, the bomber's Toyota Corolla struck several other cars before exploding, witnesses said.
It was not clear whether the bomber was attempting to strike at a NATO convoy in the area, or trying to get close to one of the embassy's heavily fortified entrances, the nearest of which was about 200 yards away, or intended to simply wreak havoc in a crowded commercial area.

No one inside the embassy compound was hurt, and all personnel were accounted for, said spokesman Mark Stroh. Most embassy workers were off for the Thanksgiving holiday....



...Mr. Karzai’s remarks, (click here) at a news conference with the secretary general of NATO, Jaap de Hoop Scheffer, reflected dwindling public support for the war here and Mr. Karzai’s own political vulnerabilities. In the United States, however, the incoming administration of President-elect Barack Obama is planning a significant increase in the Afghanistan war effort as it scales back the American military deployment in Iraq.
“How long will this war go?” Mr. Karzai asked. “Afghanistan can’t continue to suffer a war without end.”...




Rocket hits NATO truck depot in Pakistan (click here)
By RIAZ KHAN – 22 hours ago
PESHAWAR, Pakistan (AP) — Suspected militants fired a rocket Wednesday that hit a terminal for trucks carrying supplies to NATO and U.S. troops in Afghanistan, underscoring the insurgents increasing hold over parts of northwest Pakistan.
The rocket was one of two fired late in the day in the region's capital, Peshawar, said police officer Abdul Qadirwhich. The city, which sits along the supply route from Pakistan to Afghanistan, has seen an upsurge in violence in recent weeks, including the slaying of an American working on a U.S-funded aid project.
Neither of the rockets caused serious damage or any injuries, he said.
Qadir said officers were not sure whether the truck terminal was the target of the attack. The rockets are normally fired into the city from hills on its outskirts some 10 kilometers (7 miles) away.
Up to 75 percent of the supplies for Western forces in landlocked Afghanistan pass through Pakistan. Peshawar is a key stop for convoys en route to the Khyber Pass and on to Western Afghanistan....


Mumbai attacks put pressure on Pakistan talks (click here)
Carnage in India puts terrorist suspect extradition negotiations in the spotlight
Owen Bowcott and agencies
guardian.co.uk, Thursday November 27 2008 12.23 GMT
The Mumbai attacks will impose fresh strains on the fraught diplomatic relations between India and Pakistan.
Officials from both countries are due to meet in the Pakistani capital, Islamabad, next week to discuss the extradition of Islamist suspects linked to earlier bomb attacks in Mumbai.
Among key figures being sought by the Indian authorities is Dawood Ibrahim, a notorious gangster and fugitive, and the leaders of the Indian Mujahideen (IM). They are said to live in the Pakistani city of Karachi.
In the immediate aftermath of last night's attacks, the Pakistani president, Asif Ali Zardari, and his prime minister, Yousaf Raza Gilani, issued statements deploring the carnage in Mumbai.
The president's statement "stressed the need for taking strict measures to eradicate terrorism and extremism from the region"....


IMF bailout funds reach Pakistan, boost rupee (click here)
6 hours ago
KARACHI, Pakistan (AP) — Pakistan received the first tranche of a $7.6 billion loan from the International Monetary Fund on Thursday, a bailout package aimed at stabilizing the economy as it fights soaring Islamist violence.
The currency strengthened slightly against the dollar after the Central State Bank of Pakistan said the IMF had transferred $3.1 billion, part a rally that begin several weeks ago when it was clear that the fund would help.
The IMF agreed to lend money to banish the immediate risk of a currency crash and debt default in a country already creaking under the pressure of 25 percent inflation and slowing economic growth.
Al-Qaida and Taliban militants based close to the Afghan border are behind a spreading insurgency against Pakistan's secular government and are also blamed for rising attacks against Western forces in Afghanistan.
The IMF said in return for the money Pakistan had agreed to phase out energy subsidies, boost taxes and implement other money saving reforms. The rest of the money will be transferred to Pakistan in quarterly installments, subject to it implementing the reforms.
The government has said it now expects to receive more money from Western allies, which have said they do not want to see further turmoil in the country.

If The West continues to be defeated here, Afghan's Karzai will be exiled, the new Pakistani government risks being overthrown again, all progress in Kashmir will be lost and the terrorists of al Qaeda will continue to be hosted by the Taliban.


Happy Thanksgiving ! The beginning of the Macy's Day Parade was really quite spectacular, wasn't it?