MARBS SUMMER PARTY CAPITAL

Monday, 26 March 2012

 

Forget friending. A new Facebook app allows users of the social network to identify and share people, places and things as “enemies” for all to see. The app, called EnemyGraph, lets you list anything with a Facebook presence — ranging from “friends,” to foods, to products, movies or books — as an enemy. Since the app launched March 15, it’s seemed to appeal especially to users with a liberal bent. Some of its most-selected nemeses so far include Rick Santorum, Westboro Baptist Church and Fox News. The app was developed by a professor and two students at the University of Texas at Dallas. Dean Terry, who directs the school’s emerging media program, helped conceptualize the project, while graduate student Bradley Griffith and undergraduate Harrison Massey built the app. Griffith said EnemyGraph has so far accumulated some 400 users. But more importantly, its creators say, press coverage has helped meet the team’s goal of sparking a larger conversation about the nature of social media and Facebook in particular. “One thing that has always struck me is the enforced niceness culture,” Terry told Mashable. “We wanted to give people a chance to express dissonance as well. We’re using the word enemy about as accurately as Facebook uses the word friend.” But the app has utility beyond simply sparking a philosophical debate, Terry adds. Researchers and marketers have long gathered information on social media users based on what they support, but at the expense of possibly overlooking another valuable data source. “You can actually learn a lot about people by what they’re upset about and what they don’t like,” Terry says. “And the second thing is that if you and I both don’t like something, that actually creates a social bond that hasn’t been explored in social media at all, except with Kony and some big examples like that.” Terry and Griffith teamed up last year to create Undetweetable, a service allowing Twitter users’ deleted tweets to be uncovered posthumously. That project gained some attention as well but Twitter quickly forced it to shut down. Terry wouldn’t be surprised if EnemyGraph meets a similar fate from Facebook. “My guess is it goes against their social philosophy and purpose,” he says. “It is a critique of their social philosophy for sure.” Do you like the EnemyGraph idea? Let us know in the comments.

 

A  study has discovered a direct link between the number of friends you have on Facebook and how much of a “socially disruptive narcissist” you are—giving us one more reason to tone down our Facebook addictions. Researchers at Western Illinois studied 294 college students and found that those with more friends on Facebook tended to score higher on the Narcissistic Personality Inventory questionnaire. They tended to respond more aggressively to comments, change their profile pictures more often, and updated their news feeds more regularly than others. This may not be all that surprising, but it does provide a bit of motivation to re-evaluate what Facebook does for you, if you fit into one of these categories (and if not, at least you can stop feeling bad about not having very many Facebook friends—it’s probably a good thing). None of this is to say Facebook is inherently bad, of course. It’s still a great way to keep in touch with family and friends, especially after you’ve fixed all of its annoyances—you might just want to dial back on all the photo tagging. While you’re at it, you can also move some of those friends to your Acquaintances list using Facebook’s new tool, which will hide them from your news feed more often.

Sunday, 25 March 2012


Pakistani intelligence officials say dozens of French Muslims have been training with the Taliban in northwest Pakistan. The officials said on Saturday they were investigating whether Mohamed Merah, a Frenchman of Algerian descent suspected of killing seven people in southern France, had been part of this group. Merah traveled to Pakistan in 2011 and said he trained with al-Qaida in Waziristan. He was killed in a gunfight with police Thursday in the French city of Toulouse. The officials said 85 Frenchmen have been training with the Pakistani Taliban in the North Waziristan tribal area for the past three years. Most have dual nationality with France and North African countries. The officials spoke on condition of anonymity because they were not authorized to talk to the media.

Saturday, 24 March 2012

HOLIDAYMAKERS can pay for the cost of a break in the sun by buying their prescription drugs while abroad. Legally they can purchase their prescribed drugs -- at a fraction of the cost here over the counter -- in Malaga, Marbella , Faro or Lisbon. Those on long term medication and covered by the Drug Payment Scheme, who cough up €132 a month, can particularly benefit. For example, a patient on holiday in Marbella recently bought the three main elements of her prescription. Prescribed for the treatment of high blood pressure, high cholesterol and to reduce risk of cardiovascular problems they cost her almost four times as much in Dublin as in Spain. The products -- Lipitor, Cozaar Comp and Tritace -- in their generic form came to €108.13 in Dublin for a month's supply. In Marbella the same medicines are sold under a different name for €63.72 for two months' supply. That is a saving of €152.54 for two months. On that basis a six month prescription for the three tablets would cost €648.78 in Dublin as against €191.16 in Spain -- a staggering saving of €457.62. The Irish Medicines Board and the Revenue Commissioners both confirmed that medication, prescription and non prescription, bought for personal use within the EU or outside may be brought back in to the State legally. imported They agreed that travellers are permitted to import on their person or in their baggage "a reasonable amount of such medicines for personal use". "Anyone entering the State may bring their personal medication with them and that personal medication should be no more than any amount that may be obtained on a prescription, for example up to a three months supply. "Any amount being imported above a level that would be considered to be normal personal use, could be considered to be a commercial quantity and for business purposes." This "personal use" exemption does not apply to products imported by other means, ie. in the post, by express couriers or in merchandise. Revenue said that the law of the country where you are visiting will dictate whether your Irish prescription will be accepted or whether you will require a doctor's prescription from that country. They advised it is always a good idea to have a copy of your prescription in your possession so that customs officers can verify it by contacting the dispensing pharmacy and the doctor who issued it.

Pimps Arrested in Spain for 'Barcoding' Women

Police in Spain arrested 22 alleged pimps who purportedly tattooed women with bar codes as a sign of ownership and used violence to force them into prostitution.  Police are calling the gang the "bar code pimps." Officers freed one 19-year-old woman who had been beaten, held against her will and tattooed with a bar code and an amount of money — €2,000 ($2,650) — which investigators believe was the debt the gang wished to extort before releasing her. The woman had also been whipped, chained to a radiator and had her hair and eyebrows shaved off, according to an Interior Ministry statement.All those arrested were of Romanian nationality and had forced the women to hand over part of their earnings, the statement said. The women were tattooed on their wrists if they tried to escape, the statement said. Police also seized guns and ammunition. It was not immediately clear when the raids took place. Police seized €140,000 ($185,388) in cash, which had been hidden in a false ceiling, a large amount of gold jewelry and five vehicles, three of which were described as luxury cars. The gang was made up of two separate groups, referred to as "clans" in the statement, each dedicated to controlling prostitution along fixed stretches of a street in downtown Madrid. One of the alleged ringleaders who was identified only by the initials "I.T." is wanted by authorities in Romania for crimes linked to prostitution, the statement said. The women were controlled at all times to ensure "money was taken off them immediately," the statement said.   Sex is a multibillion-dollar industry in Spain, with colorfully lit brothels staffed mainly by poor immigrant women from Latin America, Africa and eastern Europe lining highways throughout the country. Prostitution falls in legal limbo: it is not regulated, although pimping is a crime. The northeastern city of Barcelona plans to introduce regional legislation in coming weeks banning prostitution on urban streets.


The banker was left for dead by a lone gunman as he returned to his home in Canary Wharf on Tuesday evening. Scotland Yard detectives are investigating the attempted assassination, which Mr Gorbuntsov’s lawyer believes was a retaliation attack after the banker gave evidence in a 2009 attempted murder case. Mr Gorbuntsov, who fled to London because of his fear of reprisals, had recently submitted new evidence to Russian police about the attempted murder of Alexander Antonov, another Russian banker. The case was closed three years ago when three Chechen men were jailed for attempted murder. But police have never discovered who organised the attempted hit. Officers re-opened the case on March 2 this year after Mr Gorbuntsov submitted his new testimony.

Friday, 23 March 2012

Milan Jurisic

Gang that assassinated Serbian prime minister admits making 'face mask' out of member's skin

A GANGSTER who helped orchestrate the Serbian prime minister's assassination in 2003 was allegedly made into a stew and eaten by his associates after falling out with his gang leader.
 
Police believe Milan Jurisic (above) was beaten to death with a hammer, skinned and boned with a sharp knife and then put through a meat grinder at a flat in Madrid in 2009.
 
The Zemun clan, a notorious faction of the Serbian mafia that once had connections with the Serbian government, police and media, allegedly made a face mask from Jurisic's skin before turning him into stew and eating him for lunch.
 
It apparently took the gang five days to clean up what is being described as "the house of horrors".
 
Sretko Kalinic, nicknamed 'The Butcher' and known as the gang's hitman, confessed to the crimes when he was arrested in Croatia last year, according to the Daily Mail. Kalinic admitted that he "literally dismembered" Jurisic and then threw his remains into Madrid's Manzanares river.
 
This week, Spanish officers discovered documents at the scene of the crime supporting The Butcher's account. They also found 50 bones in the river and are currently awaiting identification from forensics.
 
Jurisic was one of 12 men found guilty of arranging the 2003 murder of Prime Minister Zoran Djindjic, who was killed by a sniper as he approached a government building in Belgrade.
 
Jurisic was on the run when he was murdered, having been convicted in his absence to 30 years' jail by the Belgrade Special Court for Organised Crime.

It is believed Jurisic had fallen out with the leader of the Zemun cklan, Luka Bojovic, either over money or a woman.
 
As the BBC reports, Bojovic himself was arrested in a restaurant in Valencia, Spain last month, wanted for more than 20 murders in Serbia, the Netherlands and Spain. He is also suspected of involvement in the 2003 assassination. · 





Freedom of information in Spain came one step nearer Friday after the recently-elected government agreed to introduce a bill in response to widespread disgust over corruption and mismanagement by elected officials of both main political parties. The country's Cabinet agreed to put forward legislation that will allow Spaniards to find out more about how their money is spent by government. Spain, which is struggling to get its public finances under control, is one of Europe's few countries without wide-ranging freedom of information legislation. "It is a law whose main goal is improve the credibility of and trust in our institutions, especially government ones," Deputy Prime Minister Soraya Saenz de Santamaria said. The legislation will take months to come into effect, after an unprecedented 15-day period in which the general public can make suggestions on what should be accessible to them and how the law should work. After that, the bill has to be go through normal Parliamentary procedures. Though the salaries of the prime minister and government ministers are already public information, as are the national budget and much other money-related data, not all of it is easy to access. But under the new bill, information on subjects including senior public servants' salaries and detailed data on government contracts and subsidies will be published online. Spaniards will also be able to file requests for other kinds of information providing it does not breach national security or personal privacy. The goal of the new law is to make public officials at all levels much more accountable for how they spend taxpayer money. People will be able to get information just by the click of a mouse. "It is a law that tries to give rigor to compliance with budget and financial obligations that were unknown until now, but will serve to restore credibility to all levels of government," Saenz de Santa Maria said. News of the Cabinet's support for a package that should make for more open government comes as the country struggles to avoid the same fate as other indebted European countries. The newly-elected conservative government is trying to convince investors that it has a strategy to deal with its debts so it won't follow Greece, Ireland and Portugal in needing a bailout. Concerns have swelled recently after figures showed the country's borrowing last year was way more than expected, due in large part to overspending by regional governments but also because the economy is shrinking and laying siege to tax revenues. And a new code of good governance included in the law will make it easier to fire government officials — and ban them from serving anew for up to 10 years — if they do things such as fail to set or meet deficit-reduction targets under a balanced budget law, planned for 2020.

Spanish carrier Iberia on Friday launched a new low-cost airline, Iberia Express, which aims to claim a stake in the highly competitive no-frills sector of the European market. The new airline is part of a plan by parent company International Consolidated Airlines Group to increase profitability after the merger of its component parts, British Airways and Iberia. Iberia Express will initially cover Vigo, Santiago and Granada on Spain's mainland and its island destinations of Minorca, Ibiza, Fuerteventura, Lanzarote and La Palma. It will expand internationally to Ireland, Italy, Greece, Latvia and Netherlands, chief executive Luis Gallego said at a news conference. "The containment of costs will allow Iberia Express to grow and compete with the low-cost operators," said Gallego, adding that although the new airline will be managed independently, it will employ Iberia's maintenance and other services. Inaugural flights will take off Sunday, although the company's website was not up and running Friday afternoon. Prices begin at (euro) 25 ($33) one-way with a surcharge for checking in luggage and booking seats in advance. The new company employs 500 staff and has a fleet of four Airbus 320 planes, although there are plans to increase this to 14 aircraft by the end of the year and up 40 by 2015. The airline is the subject of a protracted labor dispute between Iberia Lineas Aereas de Espana SA and Spain's main pilots' union, Sepla — which held 12 days of work stoppages in December and January to protest the low-cost airline. Sepla pilots argue Iberia Express would mean job losses among the 1,600 pilots who work for the main airline — a claim disputed by Iberia. Sepla had announced nine days of strikes in April and May but called them off following government mediation and has agreed to negotiate further with Iberia.


A former Russian banker is in a critical condition in hospital after he was shot several times in east London. German Gorbuntsov was shot by a man armed with a sub-machine gun as he entered a block of flats in Byng Street, Isle of Dogs, on Tuesday. Aleksander Nekrassov, a former Kremlin advisor, told the BBC that Mr Gorbuntsov was a "key witness" in the case of a murder attempt on another Russian banker, Alexander Antonov, in Moscow in 2009. He said: "It looks like a contract hit to be honest because a sub-machine gun is not really a weapon that would be used by some amateur"

Wednesday, 21 March 2012


Dear Reader,

In the UK alone, more than 7 million people are taking cholesterol-lowering statins. This is extremely worrying when you consider the damage these over-prescribed drugs can inflict, with side effects ranging from liver dysfunction and acute renal failure to fatigue and extreme muscle weakness (myopathy).

Slowly tearing us apart

Even more concerning are the side effects that crop up after long-term use, which are often not linked to statins. For example, one study monitored the symptoms of 40 asthma patients for a year. 20 of these patients started statins at the outset of the study, while the remaining 20 did not.

The results showed that those patients on statins used their rescue inhaler medications 72 per cent more often than they had at the start of the study, compared to a 9 per cent increase in those who were not taking statins. The researchers also reported that patients taking statins had to get up more frequently at night because of their asthma and also had worse symptoms during the day...

Worsening asthma symptoms is just the beginning. More recent research has linked statins with an increased risk of developing type 2 diabetes, depression, Alzheimer's disease and dementia.

Still, doctors are very quick to reach for their prescription pads and push these drugs. There appears to be an unofficial (but widely practiced) 'statins for all' approach... especially if you are aged 50 and over.

Luckily, some mainstreamers are slowly catching on to what we've been saying for nearly a decade. In 2011, research published in the Archives of Internal Medicine drew attention to the fact that there is inadequate medical data available that proves the benefits of statins, and that many studies fail to acknowledge the most commonly reported adverse effects of statins.

The fact remains (and your doctor may still deny this) that in total, statins cause serious damage in about 4.4 per cent of those taking them, in comparison to the 2.7 per cent statin users benefiting from them... and it looks as if this message is finally getting through to medical authorities.

A case in point is simvastatin or Zocor. After being on the market for almost 3 decades and causing havoc and distress with its horrendous side effects, the American Food and Drug Administration (FDA) finally issued a warning about the use of this drug... saying that even the approved dosage can harm or even kill you!

Yep! Kill you!

All well and good

It's all fair and well and good that the FDA flagged this warning, but what's the point if doctors continue to prescribe these drugs left, right and centre?

Professor Sarah Harper, director of Oxford University's institute of population ageing, recently said that the UK's "love affair" with prescription medicine, shows how people choose to pop pills rather than follow a healthy lifestyle.

She cited the widespread use of statin drugs to 'help' protect against heart disease and lower cholesterol, instead of eating healthily, quitting smoking, reducing alcohol intake and taking regular exercise.

By all means, I applaud Prof Harper for pushing the message that living a healthy life plays a big part in preventing disease, but why blame patients for being a bunch of pill poppers when doctors hand out drugs with reckless abandon... and recommend taking preventative drugs to ever younger age groups. So in fact, the white coats should be labelled as Big Pharma's drug pushers, because they're part of the problem... especially considering that so many people put their entire trust in their doctor and would never dream of questioning their advice. Most people take what they say as gospel.

Then there's the media, inundating Joe Public with inflammatory headlines like: 'Statins could help fight breast cancer' or 'Statins can prevent infections like pneumonia'... Not to mention their reporting on botch studies showing the 'unintended benefits' of statins, like their potential to prevent pneumonia, combat diabetes, reduce the risk of oesophageal cancer, breast cancer and prostate cancer — all of these so-called benefits are of course not yet proven, and highly unlikely. Still, they reach the front pages!

So, yes we might have turned into a pill popping public, but it's the mainstream and the media that have created this monster all with the help and backing of the puppet master: Big Pharma. Because as you and I know all too well, it's all about the money. 


Two police officers were injured in a shoot-out in Toulouse on Wednesday with a gunman claiming links to al Qaeda and who is believed to responsible for the killing of four people at a Jewish school and three soldiers in southwest France. Interior Minister Claude Gueant said that the 24-year-old man had made several visits to Afghanistan and Pakistan and had said that he was acting out of revenge for France’s military involvement overseas. “He claims to be a mujahideen and to belong to al Qaeda,” Gueant told journalists at the scene of the siege. “He wanted revenge for the Palestinian children and he also wanted to take revenge on the French army because of its foreign interventions,” Gueant said. Heavily armed police in bullet-proof vests and helmets cordoned off the residential area where the raid was taking place, in a suburb a few kilometres from the Ozar Hatorah Jewish school where Monday’s shootings took place. Reuters witnesses at the scene heard several shots at about 04:40 a.m. British time. Gueant said that police were also talking to the brother of the gunman, who is a French citizen from Toulouse. Police sources told Reuters that a man had been arrested earlier on Wednesday at a separate location in connection with the killings. The gunman’s mother had also been brought to the scene of the siege in a northern suburb of Toulouse to help with negotiations, Gueant said. “Negotiations with the suspect are ongoing, gunfire has been exchanged,” the minister said. He said that France’s President Nicolas Sarkozy had been informed of the situation at 03:00 a.m. (02:00 a.m. British time), when the raid began. Authorities believe that the gunman in Monday’s school shooting is the same person responsible for killing three soldiers of North African origin in two shootings last week in Toulouse and the nearby town of Montauban. The same Colt 45 handgun was used in all three attacks and in each case the gunman arrived on a Yamaha scooter with his face hidden by a motorcycle helmet. The killings come just five weeks before the first round of France’s presidential elections in which immigration and Islam have been major themes as Sarkozy seeks to win over voters from far-right leader Marine Le Pen.

Tuesday, 20 March 2012

 

French police are engaged in a siege with a man they are reportedly "confident" was responsible for the killings of seven people in the south west of the country. Two elite officers reportedly suffered minor injuries during a shoot-out with suspects in the ongoing pre-dawn raid in the Croix-Daurade district of the city of Toulouse. AFP news agency - which said up to six shots were heard in the raid - is reporting that police believe the gunman responsible for three attacks that killed three children, a rabbi and three soldiers is inside the target building. Four people were killed during the shootings at Ozar Hatorah school A source linked to the probe also told the news agency that a man claiming to be linked to al Qaeda was holed up in the building. The agency said the suspect being sought was 24 and had previously travelled to the border area between Pakistan and Afghanistan, which has been known to house al Qaeda safehouses. French news channel BFM TV said the suspects were linked to an Islamist group which it identified as Forsane Alizza. Sky News' Robert Nisbet, in Toulouse, said: "We know that someone is inside the building. It could one person, it could be more than one person. "I understand this is a relatively poor suburb of Toulouse. Obviously, there is an intense pressure on French police to solve this crime." The killings atOzar Hatorah Jewish school on Monday followed the shootings of four soldiers - three of them fatal - in two attacks over the previous eight days. All three of the soldiers killed were of North African descent. All of the attacks were apparently carried out by an assailant using the same gun and scooter. The victim's backgrounds had led to fears the killer was specifically targeting members of minority communities. Chief prosecutor in Paris, Francois Molins, who is monitoring the investigation in Toulouse, had warned there could well be more killings. "At this stage, everything is being done to identify, find and stop the perpetrator, of these three killings as fast as possible," he said. "In these exceptional circumstances, I think it is obvious that we are up against an extremely determined individual, who knows he's being hunted, who could strike again."

 

Oscar-nominated director Danièle Thompson is looking for 800 men and women to play Saint Tropez’s jet-set elite in her new feature-length production. So if you are keen to be on the big screen, head to Cogolin next week for your chance to be in the limelight! Thompson’s up and coming film ‘People who kiss’ (Des gens qui s’embrassent) needs an extras cast made up of almost one thousand men and women between the ages of 18 and 65. “Sexy, fashionable, elegant... that’s what we’re looking for,” said Thompson, who assures that previous experience isn’t necessary. Over five days of casting, Thompson and her team will whittle down an expected 3,000 applicants to just 800, who will make up the audience of a classical music concert. To register for auditions, head to the Maurin des Maures culture centre in Cogolin from Monday 26th until Thursday 29th. The selection process will begin on Saturday at 10am. All you need to do is turn up looking fabulous! The two days of filming are scheduled to take place sometime between 21st May and 8th June this summer.

 

A second person has been arrested on suspicion of murdering a man at the Norwich home of former boxing world heavyweight champion Herbie Hide. Tafadzwa Kahn, 25, of St Giles Street, Norwich, died from a stab wound at the house in Long Lane, Bawburgh, on Sunday morning. An 18-year-old man from the Norwich area was arrested on Tuesday. The first person arrested, a 16-year-old boy, remains in custody in Wymondham Police Investigation Centre. Detectives said the stabbing followed an argument at a party in the house. 'High visibility patrols' The property remains sealed while a forensic examination is carried out. Police said they would continue to provide high visibility reassurance patrols in the area. More than 100 people were at the party at the time of the stabbing. Police said earlier they were "fairly certain" Mr Hide was not on the premises at the time of the stabbing. Mr Hide told the BBC on Monday: "The reality of this right now is a man is dead. Imagine this - a lady was told her son has gone. Imagine that." A spokesman said a post-mortem examination found the cause of death was a stab wound to the body. Mr Hide and his family have relocated while investigations at the house continue. Mr Hide won the WBO (World Boxing Organisation) heavyweight title for the first time in 1994, beating American Michael Bentt, but lost it to another American, Riddick Bowe, the following year. He regained the title in 1997 and made two successful defences before losing to Vitali Klitschko in 1999.


Azhar Ahmed, 19, appeared at Dewsbury magistrates' court charged under the Communications Act 2003 with sending a message that was grossly offensive on March 8. In court a racially-aggravated public order charge was withdrawn, but Mr Ahmed, from Ravensthorpe, West Yorkshire, denied the new charge. Police and demonstrators outside Dewsbury Magistrates Court (Picture: PA) He has been bailed and is due to stand trial at Huddersfield magistrates' court on July 3. There was a large police presence outside court as 50 far-right protesters staged noisy demonstrations when he arrived and left. Mr Ahmed's court appearance came as the bodies of the six soldiers killed in Afghanistan on March 6 were repatriated to RAF Brize Norton in Oxfordshire. Demonstrators shouted when Azhar Ahmed arrived and left court (Picture: PA) They died when their Warrior vehicle was struck by an improvised explosive device in Lashkar Gah in the deadliest single attack on British forces since 2001. Sergeant Nigel Coupe, 33, of 1st Battalion The Duke of Lancaster's Regiment was killed alongside Corporal Jake Hartley, 20, Private Anthony Frampton, 20, Private Christopher Kershaw, 19, Private Daniel Wade, 20, and Private Daniel Wilford, 21, all of 3rd Battalion the Yorkshire Regiment.


Actor Jamie Waylett, who starred in the Harry Potter films, has been jailed for two years for being part of a violent mob during last summer's London riots. The 22-year-old, who played Hogwarts bully Vincent Crabbe in six of the films, was found guilty of violent disorder by a jury at London's Wood Green Crown Court. The actor, who had already admitted swigging from a stolen bottle of Champagne during the rioting, was cleared of intending to destroy or damage property with a petrol bomb he was pictured holding. He already has a previous conviction for cannabis possession. Waylett of Hillfield Road, northwest London, was with a gang of at least four people who went into Chalk Farm on August 8, the third night of violence in the capital. He was captured on CCTV at various points during the evening, often with his hood over his head. Buildings on fire in Tottenham during the riots Judge Simon Carr sentenced the actor to two years for violent disorder and 12 months for handling stolen goods, to run concurrently. Jailing him, the judge said: "A considerable amount has been said about what happened over those few days. Anyone watching the footage in this case can only imagine the mayhem that took place on the streets. "You chose to go out on to the streets on what was the third day of the violence. "You were pictured on a number of occasions with a bottle full of petrol with a rag as a wick. "I accept entirely the jury's verdict that you did not throw or have any intention of throwing it, but merely being in possession of it would have been terrifying to anyone who saw you." Waylett will be eligible for parole after serving a year in jail. The star, who had a shaved head and a goatee beard, wore a white shirt with an open collar and a dark suit to hear the sentencing. He nodded to the public gallery as he was led down to the cells.

Monday, 19 March 2012


At least four people, including three children, were killed, when a man on a scooter opened fire outside a Jewish school in Toulouse in southwestern France on Monday, officials said. The attack also left several injured, two of them seriously, and followed the killing of three soldiers in two separate shootings in the same region last week by a man who escaped on a scooter. BFM TV news channel said that the gun used in the attack at the Ozar Hatorah school was of the same calibre as that used in the soldiers’ shootings, but a spokesman for the interior ministry could not immediately confirm this. President Nicolas Sarkozy cancelled other appointments and was on his way to Toulouse on Monday morning, accompanied by Education Minister Luc Chatel and the president of the CRIF French Jewish association, Richard Prasquier. “I saw two people dead in front of the school, an adult and a child … Inside, it was a vision of horror, the bodies of two small children,” a distraught father whose child attends the school told RTL radio. “I did not find my son, apparently he fled when he saw what happened. How can they attack something as sacred as a school, attack children only sixty centimetres tall?” Several other people were injured, two of them seriously. A rabbi at the school, identified as Rahamim Sabag, told Israel’s channel two television that the dead were a 30-year old rabbi who taught at the school, the rabbi’s five-year-old son and two eight-year old children, one of them the daughter of the school’s principal. A spokesman for Israel’s foreign ministry, Yigal Palmor, expressed outrage at the killings: “We are following with great shock reports coming from Toulouse and we trust the French authorities will solve this crime and bring those responsible to justice.” A spokesman for the interior ministry said that security was being tightened at all Jewish schools in the country. About 50 investigators are already looking into the killings of two soldiers on Thursday in the town of Montauban, close to Toulouse, as they tried to withdraw money from a cash machine close to the barracks of the 17th parachute regiment. A third soldier was killed the previous weekend in Toulouse. Investigators had already confirmed on Friday that the same weapon had been used in both incidents.


Spanish regional savings banks Unicaja and Caja Espana have merged following the government's recent requirement that banks raise substantially their provisions set aside to cover toxic real estate exposure. The merger, in which Banco Caja Espana-Duero (Banco Ceiss) is effectively absorbed into Unicaja Banco, creates a group with approximately (EURO)80 billion ($104.9 billion) in total assets and a turnover of (EURO)120 billion ($157.4 billion), according to a joint statement released late Friday. The deal must first receive Finance Ministry and central bank approval and would require (EURO)850 million ($1114.86 million) of state aid, which is added to (EURO)525 million ($688.59 million) already injected into Caja Espana in 2010 by the Bank of Spain's restructuring fund (FROB).

Sunday, 18 March 2012

 

When faced with the prospect of the Spanish government waiving the collective €752m debt the nation's football clubs owe to the country's tax authorities, the reaction in Europe last week was one of outrage. The German tabloid Bild even asked how long the German taxpayer would be obliged to subsidise the wages of Lionel Messi and Cristiano Ronaldo. What they meant was that while the European Union members bailed out the Spanish economy, successful Spanish clubs were failing to meet their own tax obligations. Strictly speaking, Real Madrid have no tax debt among the €170m debt that the club carry, but Barcelona owe €48m of their overall €364m debt to the Spanish taxman. Uli Hoeness, the outspoken president of Bayern Munich, got to the point rather more quickly when asked about the proposal to excuse Spanish clubs their tax debt. "This is unthinkable," he said. "We pay them hundreds of millions to get them out the shit and then the clubs don't pay their debts." It is a uniquely modern European dilemma, encompassing EU bail-out funds and the competitiveness of the continent's respective leading clubs, all of which ultimately adds another fiendishly complex element to the concept of Financial Fair Play, as proposed by Uefa president Michel Platini. It is further proof that while Spanish football is undoubtedly top dog in Europe, with five teams in the quarter-finals of the two Uefa competitions, it is not without problems. As The Independent's Pete Jenson reported in these pages on Saturday, a government report in Spain last week disclosed that the equivalent of £625m is owed by Spanish clubs to the country's public purse, with £353m of that due from 14 of the 20 clubs in the top division. This is not money owed to banks, investors or owners. It is owed to the Spanish people. On a sporting level it is "financial doping" at its very worse. On a social level it is nothing short of a disgrace in a country where youth unemployment currently runs at 50 per cent. Not all top Spanish clubs are culpable and it was reassuring to read in the breakdown of club debt by AS newspaper that Athletic Bilbao, the team of largely home-grown Basque stars who left English football spellbound with their schooling of Manchester United last week, do not owe the taxman a cent. So too Real Sociedad, Getafe, Villarreal and Sporting Gijon. On the other hand, Atletico Madrid, currently eighth in La Liga and drawn against Hannover 96 in the quarter-finals of the Europa League, owe the Spanish public purse €155m (£128m), more than any other club. The money from the €50m sale of Sergio Aguero to Manchester City last summer went straight to the tax authorities. Valencia, who play AZ Alkmaar in the same stage of the competition, owe €6m in unpaid tax. When Hoeness expressed German football's bitterness that their government is, indirectly, subsidising the success of Spanish clubs it is the likes of Hannover he was talking about. Atletico's big signing was Falcao from Porto last summer, a £33m signing financed by third-party ownership deals. Hannover bought Mame Biram Diouf from Manchester United. Enough said. No one would pretend that British football is the perfect financial model, especially given Rangers' and Portsmouth's debts to HMRC. Even the Germans have had their problems with Borussia Dortmund and Schalke. But unpaid taxes at a time when public services are being cut and jobs lost are particularly repugnant. Real Betis, Real Zaragoza, Racing Santander, Levante and Mallorca (denied a place in last season's Europa League because of their finances) owe a total of €118m to the Spanish tax authorities between them. There are also suggestions that unpaid social security contributions by some Spanish clubs rival those eye-watering figures for unpaid tax. In the past, Spanish football has been protected by the assumption that punishing badly-run clubs would cause such a backlash against government by voters that it would not be politically expedient. There is no points penalty in Spain for going into the equivalent of financial administration as there is in England. But attitudes are changing. The governing political group Partido Popular has described the situation as "intolerable". The government was forced to disclose the figures of unpaid tax because of an official request by Caridad Garcia of the Izquierda Unida (IU) party. A spokesman for IU, José Luis Centella, made the connection last week between the financial hardship felt by the Spanish people and the clubs' failure to pay. "This is bad news for all the people who have lost homes and suffered from the cutbacks while there is this tremendous generosity towards football." Wisely, the Spanish sports minister Miguel Cardenal announced last week that the government had dropped any consideration of giving football clubs a clean slate on their tax debts. There has even been a call from the centre-left party PSOE to ban clubs with tax debts from competing in the league, a rule that, already in place in Italian football, would change the face of La Liga overnight. Were the Spanish tax authorities to call in their debts tomorrow, Barcelona would surely be able to find, or borrow, the €48m they owe. Atletico, on the other hand, would find themselves in the kind of dire situation currently enveloping Rangers. There is a lesson for English football that in the risky game of investment and borrowing that most clubs enter as they attempt to fulfil the ambitions of supporters and owners, there are certain obligations that are non-negotiable. Football clubs command such loyalty and affection that they are too often cut slack, but, as the situation in Spain is starting to show, there is always a limit. Ridicule of Richards the last straw Down the years, Sir Dave Richards has given every appearance of being invulnerable to criticism or error of judgement. He has survived adversaries in the Football Association such as Lord Triesman and Ian Watmore in recent years. The financial problems of Sheffield Wednesday, where he was chairman, do not seem to have had an impact on his reputation. He walked out on the 2018 World Cup bid in a huff and it all blew over. Which makes it all the more incredible that an ornamental fountain, and a slightly unhinged but largely irrelevant speech on football, should prove his undoing. It just goes to shows that a divisive figure in football administration can survive a great deal but once their mistakes start to make people laugh – it's over. Will City seize their chance to get Mourinho? When Manchester City meet Chelsea on Wednesday, the shadow of one man falls over both clubs. Jose Mourinho is the last card that the most ambitious football club owners can play. If all else fails, then give Mourinho the job and if that does not bring success then you really are out of options. In Spain, the mood is that Mourinho may stay at Real Madrid in the penultimate year of his contract next season or he may go back to England if the right job presents itself. Is that Chelsea or could it be City? If Roberto Mancini fails to win the title this season and Mourinho is willing to come then it places an idea in the heads of City's owners. It is not as if he is available every summer.

Savage cuts to the Greek health service have seen the country's HIV and Tuberculosis rates soar - sparking fears it is becoming a third world nation.

Aid agencies said the cutting of hospital budgets by an astonishing 40 per cent had also led to a sharp rise in the number of citizens being diagnosed with Malaria.

In the south, they said, it is reaching near endemic levels not seen since 1970s.

The scrapping of needle exchange services has seen the number of HIV and Aids sufferers in central Athens rise by 1,250 per cent in 2011 alone.

There are more prostitutes on the streets selling their bodies to make ends meet, while heroin addicts are finding it harder to come by anti-retroviral treatments.

There is also the first instances ever of the two illnesses being transmitted between mother and child - something usually equated with sub-Saharan Africa and not Europe.

Médecins sans Frontières Greece's Reveka Papadopoulos said the health service cuts, which saw widespread job losses, were putting social services 'under very severe strain'.

She added: 'If not in a state of breakdown. What we are seeing are very clear indicators of a system that cannot cope'. She said the 40 per cent cuts were on top of a 24 per cent increase in 2011 in demand for medical services.

This, she said, was 'largely because people could simply no longer afford private healthcare. The entire system is deteriorating'.

On the rise: The number of HIV and Aids sufferers in Greece is soaring

On the rise: The number of HIV and Aids sufferers in Greece is soaring

 

She added: 'There has also been a sharp increase in cases of tuberculosis in the immigrant population.

'Cases of Nile fever - leading to 35 deaths in 2010 - and the reappearance of endemic malaria in several parts of Greece.

 

 

 

'The simple fact of the reappearance of malaria, with 100-odd cases in southern Greece last year and 20 to 30 more elsewhere, shows barriers to healthcare access have risen.

'Malaria is treatable, it shouldn't spread if the system is working.'

Good news: Greece is set to receive the next tranche of bailout cash next week

Good news: Greece is set to receive the next tranche of eurozone bailout cash next week

The news comes as it was revealed Greece will get €5.9billion in new bailout money on Monday. It is the first slice of a new rescue package meant to keep the country afloat while it overhauls its economy.

Greece stands to receive a total of €172.7 billion from its partners in the 17-nation eurozone and the International Monetary Fund until 2016.

IS SPAIN THE NEXT GREECE? NATION SINKS FURTHER INTO MIRE

Spain now owes more money than it has done in the last 20 years, the Bank of Spain said.

For 2011 the country's public debt was 68.5 percent of gross domestic product, up from 61.2 per cent in 2010.

While it is a relatively low ratio, compared with its 16 eurozone peers who have an average 87.7 per cent, it has almost doubled from 36.3 per cent in 2007.

This is because there is a lack of economic impetus since the credit-and-construction bubble burst in 2008.

Spain has been ordered by the European Commission to cut its budget shortfall from 8.5 per cent of GDP in 2011 to 5.3 per cent this year and 3 per cent in 2013.

It has forced Prime Minister Mariano Rajoy to hunt for savings worth around €60billion.

This year's target is a compromise after Rajoy defied Brussels by ditching a much tighter goal of 4.4 per cent of GDP agreed by the previous government.     

But the task will be made tougher as the economy is thought to already be in its second recession in three years, with the government expecting output to shrink 1.7 per cent in 2012.

The cuts has led to the closure of 27 publicly run companies, some of which were duplicates - such as a water company.

Others included a loss-making entity tasked with stimulating Spain's small housing rental market and one created to back the Barcelona Olympics in 1992.    

The central bank also said Spain's 17 autonomous regions, blamed for the lion's share of the fiscal slippage last year, ran debt up by 17.3 per cent in 2011 to €140billion.

The data showed the country's wealthiest region of Catalonia, was the most indebted, closely followed by Valencia.  Both had debt-to-GDP ratios of around 20 per cent compared to an average of 13.1 per cent.    

Tighter controls over regional budgets imposed by the central government aim to bring their spending back under control this year, even if analysts retain doubts over their future compliance and banks' balance sheets.    

The sum includes money left over from the country's first rescue package and a new €130billion programme.

The disbursement was approved earlier this week, said Matthias Mors, the European Commission representative to the troika - the debt inspectors from the European Union, the European Central Bank and the IMF who are managing the Greek bailout.

The bailout, on its own, will not be enough to ease the country's financial woes.

An EU report released today said Greece must make a sustained effort to attract future investment and support export-led growth as it seeks to recover from a recession that is now in its fifth year.

But the report, prepared by the European Commission and the ECB, also said a bond swap deal with private creditors has made the country's debt load far more sustainable in the long-term.

The news has had a positive effect on European financial markets.

The FTSE 100 is today 0.45 per cent up at 5,967.43; France's CAC 40 is 0.54 per cent up at 3,599.37; and Germany's DAX is 0.33 per cent up at 7,168.37.

The report projects that, assuming interim targets are met, Greece's debt-to-GDP ratio will decline to below 117 per cent in 2020 and to below 90 per cent in 2030.

It was as high as 160 per cent of GDP before the debt relief deal was agreed with private creditors.

While progress has been made in reforming the economy, significant concerns remain, including inflation, a lack of credit available to households and business, and the need to regain competitiveness by reducing labor costs, Mors said.

'One of the priorities of this second program is the recapitalization of banks,' Mors said.

For one thing, bank deposits have fallen, he said. For another, the agreement to write down private debt 'will leave holes in the balance sheets of banks, because they held government bonds,' he added.

He said the new program includes €50 billion for bank recapitalisation. 'This is an enormous amount,' he said. Mors also warned that significant more belt-tightening lies ahead.

'The target for this year is a primary deficit of 1 per cent,' he said, referring to the budget balance before interest payments. 

'And the programme target for 2014 is a surplus of 4.5 per cent. And therefore people have to be aware that, in terms of fiscal adjustment, there's still a long way to go.' He said the Greek government will have to identify before this summer how it plans to close that gap.




Saturday, 17 March 2012

 

 The 23-year-old was said to be critically ill in the London Chest Hospital after falling to the ground at White Hart Lane in front of millions of television viewers watching the sixth round tie between Tottenham Hotspur and his club, Bolton Wanderers. Outside the hospital, the club's manager Owen Coyle said the following 24 hours were "absolutely crucial" and urged people to pray for the player's recovery. A Bolton spokesman said: "Bolton Wanderers can confirm that Fabrice Muamba has been admitted to the heart attack centre at London Chest Hospital where he is currently in a critically ill condition in intensive care. No further information will be issued at this stage. The club has requested the media to respect his family's privacy at this time." A packed White Hart Lane looked on with a worldwide audience watching live coverage on ESPN as the Trotters midfielder suddenly fell to the floor. Confusion turned to horror as medics sprinted on to the pitch to begin resuscitating the young man. Players looked shocked and watched in disbelief as the former England Under 21 star was treated with a defibrillator for several minutes before being stretchered off wearing an oxygen mask and taken to hospital. World Cup referee Howard Webb abandoned the game. As the message was relayed around the stadium with the score at 1-1, the fans applauded and chanted Muamba's name. Premier League chief executive Richard Scudamore said: "The thoughts of the Premier League, its clubs and players are with Fabrice Muamba, his family and Bolton Wanderers. We would like to praise the players, match officials, coaching staff and medical teams of both clubs at White Hart Lane for their swift actions in attending Fabrice. "The league would also like to commend the compassion shown by the fans of Bolton Wanderers and Tottenham Hotspur. We hope to hear positive news about Fabrice who is and has been a wonderful ambassador for the English game and the league at Arsenal, Birmingham City and Bolton Wanderers." Manchester United star Rio Ferdinand wrote on Twitter: "Come on Fabrice Muamba, praying for you." England striker Wayne Rooney wrote: "Hope fabrice muamba is ok. Praying for him and his family. Still in shock." Muamba's team-mate Stuart Holden, added: "Still praying for Fab, the guy is a fighter on and off the field. We love you bro."

 

Researchers have established a direct link between the number of friends you have on Facebook and the degree to which you are a "socially disruptive" narcissist, confirming the conclusions of many social media sceptics. People who score highly on the Narcissistic Personality Inventory questionnaire had more friends on Facebook, tagged themselves more often and updated their newsfeeds more regularly. The research comes amid increasing evidence that young people are becoming increasingly narcissistic, and obsessed with self-image and shallow friendships. The latest study, published in the journal Personality and Individual Differences, also found that narcissists responded more aggressively to derogatory comments made about them on the social networking site's public walls and changed their profile pictures more often. A number of previous studies have linked narcissism with Facebook use, but this is some of the first evidence of a direct relationship between Facebook friends and the most "toxic" elements of narcissistic personality disorder. Researchers at Western Illinois University studied the Facebook habits of 294 students, aged between 18 and 65, and measured two "socially disruptive" elements of narcissism – grandiose exhibitionism (GE) and entitlement/exploitativeness (EE). GE includes ''self-absorption, vanity, superiority, and exhibitionistic tendencies" and people who score high on this aspect of narcissism need to be constantly at the centre of attention. They often say shocking things and inappropriately self-disclose because they cannot stand to be ignored or waste a chance of self-promotion. The EE aspect includes "a sense of deserving respect and a willingness to manipulate and take advantage of others". The research revealed that the higher someone scored on aspects of GE, the greater the number of friends they had on Facebook, with some amassing more than 800. Those scoring highly on EE and GG were also more likely to accept friend requests from strangers and seek social support, but less likely to provide it, according to the research. Carol Craig, a social scientist and chief executive of the Centre for Confidence and Well-being, said young people in Britain were becoming increasingly narcissistic and Facebook provided a platform for the disorder. "The way that children are being educated is focussing more and more on the importance of self esteem – on how you are seen in the eyes of others. This method of teaching has been imported from the US and is 'all about me'. "Facebook provides a platform for people to self-promote by changing profile pictures and showing how many hundreds of friends you have. I know of some who have more than 1,000." Dr Viv Vignoles, senior lecturer in social psychology at Sussex University, said there was "clear evidence" from studies in America that college students were becoming increasingly narcissistic. But he added: "Whether the same is true of non-college students or of young people in other countries, such as the UK, remains an open question, as far as I know. "Without understanding the causes underlying the historical change in US college students, we do not know whether these causes are factors that are relatively specific to American culture, such as the political focus on increasing self-esteem in the late 80s and early 90s or whether they are factors that are more general, for example new technologies such as mobile phones and Facebook." Vignoles said the correlational nature of the latest study meant it was difficult to be certain whether individual differences in narcissism led to certain patterns of Facebook behaviour, whether patterns of Facebook behaviour led to individual differences in narcissism, or a bit of both. Christopher Carpenter, who ran the study, said: "In general, the 'dark side' of Facebook requires more research in order to better understand Facebook's socially beneficial and harmful aspects in order to enhance the former and curtail the latter. "If Facebook is to be a place where people go to repair their damaged ego and seek social support, it is vitally important to discover the potentially negative communication one might find on Facebook and the kinds of people likely to engage in them. Ideally, people will engage in pro-social Facebooking rather than anti-social me-booking."

 

One day in 1999 Duane Graveline, then a 68-year-old former NASA astronaut, returned home from his morning walk in Merritt Island, Fla., and could not remember where he was. His wife stepped outside, and he greeted her as a stranger. When Graveline’s memory returned some six hours later in the hospital, he racked his brain to figure out what might have caused this terrifying bout of amnesia. Only one thing came to mind: he had recently started taking the statin drug Lipitor. Cholesterol-lowering statins such as Lipitor, Crestor and Zocor are the most widely prescribed medications in the world, and they are credited with saving the lives of many heart disease patients. But recently a small number of users have voiced concerns that the drugs elicit unexpected cognitive side effects, such as memory loss, fuzzy thinking and learning difficulties. Hundreds of people have registered complaints with MedWatch, the U.S. Food and Drug Administration’s adverse drug reaction database, but few studies have been done and the results are inconclusive. Nevertheless, many experts are starting to believe that a small percentage of the population is at risk, and they are calling for increased public awareness of the possible cognitive side effects of statins—symptoms that may be misdiagnosed as dementia in the aging patients who take them. Fat and the Brain It is not crazy to connect cholesterol-modifying drugs with cognition; after all, one quarter of the body’s cholesterol is found in the brain. Cholesterol is a waxy substance that, among other things, provides structure to the body’s cell membranes. High levels of cholesterol in the blood create a risk for heart disease, because the molecules that transport cholesterol can damage arteries and cause blockages. In the brain, however, cholesterol plays a crucial role in the formation of neuronal connections—the vital links that underlie memory and learning. Quick thinking and rapid reaction times depend on cholesterol, too, because the waxy molecules are the building blocks of the sheaths that insulate neurons and speed up electrical transmissions. “We can’t understand how a drug that affects such an important pathway would not have adverse reactions,” says Ralph Edwards, former director of the World Health Organization’s drug-monitoring center in Uppsala, Sweden. Two small trials published in 2000 and 2004 by Matthew Muldoon, a clinical pharmacologist at the University of Pittsburgh, seem to suggest a link between statins and cognitive problems. The first, which enrolled 209 high-cholesterol subjects, reported that participants taking placebo pills improved more on repeated tests of attention and reaction time taken over the course of six months—presumably getting better because of practice, as people typically do. Subjects who were on statins, however, did not show the normal improvement—suggesting their learning was impaired. The second trial reported similar findings. And a study published in 2003 in Reviews of Therapeutics noted that among 60 statin users who had reported memory problems to MedWatch, more than half said their symptoms improved when they stopped taking the drugs. But other studies have found no significant link between statins and memory problems. Larry Sparks, director of the Laboratory for Neurodegenerative Research at the Sun Health Research Institute in Sun City, Ariz., goes so far as to say that “you’ve got a better chance of buying a winning lottery ticket, walking outside and getting hit by lightning and dying” than you do of suffering a cognitive side effect from statins. Vulnerable Genes? Many experts agree that for most people the risk is quite low, but they are beginning to believe the effects are real. “A subset of the population is vulnerable,” argues Joe Graedon, co-founder of the consumer advocacy Web site the People’s Pharmacy, which has collected hundreds of reports of cognitive-related statin side effects in the past decade. Some researchers believe these people have a genetic profile that puts them at risk.

 

When the US Food and Drug Administration told the makers of cholesterol-lowering statins to add new side effect warnings to their labels last week, many of the 40 million statin users may have been unaware of the extent of the risks associated with these drugs that have been touted by some cardiologists to be safer than aspirin. No question, statins -- which include Lipitor (atorvastatin), Zocor (simvastatin), and Crestor (rosuvastatin) -- are relatively safe drugs, and they’ve saved thousands of lives over the past 20 years, particularly in men with established heart disease. But like any drug they can cause problems in some, including muscle aches, an increased risk of diabetes, and, gaining recent attention, memory loss. University of California-San Diego researcher Beatrice Golomb published a paper two years ago describing 171 statin users who reported that they had developed memory problems and dementia-like symptoms that the statin users attributed to their use of the medications. The vast majority experienced an improvement in their symptoms after stopping the drugs and many saw their symptoms return after going back on statins. Robert Grindell, a state employee from Makinen, Minn., told me his short-term memory began to deteriorate after he started taking Zocor in his early 50s. (He contacted Golomb after hearing about her research.) “My co-workers told me I was coming in to ask them the same question three times in one day,” he said. “I had a CT scan to determine if I had a stroke, but it came back fine; the next day, I couldn’t even remember where I had the test performed.” After learning that Zocor caused memory problems, Grindell decided to go off it and said within a few days he noticed an improvement in his memory, not having to glance down several times at a printed phone number as he dialed it to remember the digits. Unfortunately, the exact incidence of these memory problems isn’t known. Manufacturer-sponsored clinical trials show that they occur in fewer than 1 percent of users, but statin researcher Dr. Paul Thompson, chief of cardiololgy at Hartford Hospital, said the real incidence is probably much higher. He has a study expected to be published sometime this year that measured cognitive effects in statin users compared with those on placebos that he said will provide a better estimate; the findings can’t be disclosed until the study is published. The diabetes risks of statins are more well-established. One review study published last year calculated an extra two cases of type 2 diabetes in every 1,000 patients who took a high-dose statin (80 milligrams per day) compared with those who took a lower dose (20 to 40 milligrams). And one clinical trial found that statin users had about a 25 percent increased risk of developing diabetes over a two-year period compared with those who took placebos. Experts, though, agree that in people at high risk for heart disease, the increased diabetes risk is outweighed by the statin’s protection against heart attacks and deaths from any cause. The danger of muscle destruction from statins -- which can damage the liver and kidneys -- is also clear but slight. According to Thompson, about 1 in every 1,000 statin users will develop severely elevated levels of the enzyme creatine kinase, which indicates muscle death, and only 1 in 10 million die from developing an extremely severe case of the condition called rhabdomyolysis. Muscle aches are far more common: occuring in about 1 in 10 users, according to Thompson. “It seems to be more common in people who do a lot of exercise.” In fact, a study he conducted found that marathon runners taking statins developed a greater increase in creatine kinase right after their race compared with runners who weren’t on statins. “We also see more muscle aches in older people and women since they have less muscle mass,” he said. Lowering the statin dose or switching to a different statin doesn’t always help, Thompson said. “In our studies, those who develop statin myalgia tend to get it again and again; they’re body may get sensitized to statins.” There may also be a genetic component, with statin muscle aches occuring more often in those whose parents also had them. And there may be a link between memory loss and muscle aches. “In our database, the majority of patients who had cognitive problems also had muscle problems,” Golomb said. She recommends that those who are having memory loss or muscle aches speak to their doctor about going off statins -- especially if they’re not in a high-risk group for heart attacks. Those who get the most benefits are men under 65 who’ve already had a heart attack, she said. Women, elderly people, and those without heart disease get much smaller benefits from statins, and it’s unclear whether the drugs extend their lives. “Many patients have told me that their doctor said going off statins would kill them,” Golomb said, “but that’s not an accurate representation of the evidence.”


FOREIGN nationals not entitled to free treatment are said to owe Swansea Bay's ABM University Health Board more than £130,000 — the second highest figure in Wales. According to figures obtained by the Welsh Conservatives, only Cardiff and Vale UHB is owed more, at just over £200,000. ​ Darren Millar AM The Welsh Government has now said it is looking at further measures to help health boards recoup their costs. Figures obtained by the Tories following a Freedom of Information request show the money owed to the NHS in Wales more than doubled between 2008 and 2011. Of the £380,000 that was unpaid, at least £199,311 is still outstanding to Wales's seven health boards, while a minimum of £185,700 was written off after bosses exhausted efforts to be reimbursed. Shadow Health Minister Darren Millar AM expressed concern at the figures, arguing the Welsh NHS was in no position to be owing substantial sums of money. He said: "There are strict guidelines in place for explaining details of charges to patients who are required to pay. "The Welsh Government should look carefully at how well these rules are followed. "Any money written off by the NHS is regrettable when budgets are being squeezed so hard. The big rise evident in these figures is of great concern." The figures show that, in 2008/09, £70,815 had not been paid back. In 2010/11 that had increased to £257,713. And the Tories also claim there was been a downward trend in the rate of collecting money owed, down from 71 per cent in 2008/09 to 43 per cent in 2010/11. Some treatments, such as medical emergencies at A&E or compulsory psychiatric care, remain free of charge for everyone in Wales — regardless of where they are from or how long they have lived in the country. Other procedures, which include non-life-threatening outpatient care, are supposed to be paid for by non-EU residents. But the process and guidelines are far from straightforward as some countries have signed healthcare agreements with the UK. This makes its citizens exempt from some charges. ABM officials could not be contacted for comment. A Welsh Government spokesman said: "All visitors to Wales requiring NHS treatment are assessed as to their eligibility for free NHS treatment. "All treatment received in an accident and emergency department is free to all. "We have issued clear guidance to NHS organisations which states that they should recover the cost of caring for overseas patients who are not entitled to free care. "We are looking at what further measures can be introduced to support NHS organisations recover costs."

 

If the negative development in the Spanish housing market continues, it can – worst case – lead to renewed concern over that the Spanish state will need outside help – or even go bankrupt. Banks might face several hundred billion Euros in losses on the Spanish real estate market. This will mean a recapitalization of the Spanish banks – capital that can only come from the Spanish state. Now there is nothing new in that; but what is interesting is the free admission of a need to nationalize the Spanish banks. If you glace at the graph you will see the Danish housing market has dropped between 22% and 30% from the top – time and actual drop depending on market segment. As Danske Bank is roughly half the Danish finance sector it is hard to escape the conclusion that Danske Bank is in at least as big trouble as the banks in one of the more notorious frivolous and irresponsible economies in Europe. Danske Bank will presumably peg their flag to the difference in unemployment figure (Spain hovers around 20%). True as that may be; but unemployment figures are notoriously difficult to compare between countries. Not only do criteria differ; but the criteria differs over time – according to political convenience. It is kind of discussing distress on board the Titanic: “It’s only your end that is under water! I’m fine!!” That is the nearest to a Freudian slip admission of life threatening financial distress we can expect from Danske Bank. But it is time to bust a few myths before they come too much of age – and be established as “truths” – and draw some conclusions. 1)    Looking at the graph again prices on condominiums/flats/apartments had begun to drop way before the collapse of Lehman Brothers. Two years in fact. That was more due to a temporary rise in interest rates that made the calculations of monthly payments  – even to the least lunatic bank manager – clearly unrealistic. 2)    Generally sales were falling from mid 2007 – I trust the reader is can see through the regular seasonal variation to distinguish the trend. 3)    The collapse of Lehman Brothers and the perhaps inept handling of the resulting Credit Default Swap disaster had indeed nothing to do with the much deeper issue of banking irresponsibility and incompetence. Alan Greenspan has been quoted for saying that what surprised him was that banks had not taken preventive measures in their own interest. The forces of the free market self-regulating controls do NOT apply in the financial sector. 4)    The next major meltdown – which clearly is underway (Spain will not be able to meet the budget target agreed upon by Rajoy) – will in essence have nothing to do with the Greek debacle. Greece was/is – all things considered – handled more effectively than the collapse of Lehman Brother. To be fair: There was more advance warning and the cacophony of idiotic optimism had been quenched by German lack of sentimentality. 5)    You can see the lack of linkage to the Greek situation by the fact that the Danish and Spanish drop in housing prices (and lack of trade) is simultaneous. Danish banks were not exposed to Greek sovereign debt to ANY appreciable extend. Furthermore Denmark has a reasonably healthy export which is more than can be said about Spain. Still a near similar and at least simultaneous price drop in Denmark and Spain points to a factor nobody has wished to mention: The banks of both countries are to all intents and purposes deceased and with no future without state ownership.

Friday, 16 March 2012


The Spanish government approved Friday a controversial permit to explore for oil offshore the Canary Islands, in an area that could become by far the largest source of oil production in a country heavily dependent on crude imports. Approval of an exploration license marks the latest move in Spain's shift away from a policy of subsidy-dependent renewable energy projects as it seeks ways to improve its trade balance and steady its budget, but will likely face opposition from environmentalists and local government officials concerned about the threat of damage to the island's tourist-friendly, white-sand beaches.


Spain's public debt soared to a record high at the end of 2011, Bank of Spain figures showed Friday, as Madrid struggled to slash costs and escape the eurozone debt crisis. Public debt amounted to 734.96 billion euros ($960 billion), equal to 68.5 percent of annual economic output at the end of 2011 -- up from 66 percent three months earlier and 61.2 percent at the end of 2010. The accumulated debts breached the European-Union agreed limit of 60 percent of gross domestic product (GDP) but was still below the eurozone average, which approached 90 percent in the third quarter last year. It was the highest public debt ratio recorded in Spain since statistics in the current format were first published in 1995. Spain's public debt is rising fast because of runaway annual public deficits that have shot past EU-agreed targets, in part owing to high spending by regional governments. The previous Socialist government, ousted by the conservative Popular Party in November elections, had forecast a debt of 67.2 of GDP for the end of 2011, aiming to curb it to less than 70 percent in 2014. But the European statistics unit Eurostat was not so optimistic. It forecast a public debt of 69.6 percent in 2011, 73.8 percent in 2012 and 78 percent in 2013. Spain's conservative government, which took power in December, has yet to announce a new public debt target. The public debt ratio has grown without interruption since the first quarter of 2008 when, after nearly a decade of fast growth and budget surpluses, which trimmed the debt, it amounted to 35.8 percent of GDP. The situation in the 17 regions is particularly worrying: at the end of 2011 their accumulated debt rose to 140.1 billion euros, or a record 13.1 percent of national GDP, from 11.4 percent a year earlier. Municipal debts, however, eased over the year to 35.4 billion euros or 3.3 percent of GDP. Regional governments enjoy a high level of autonomy, prompting concerns in financial markets that their spending could compromise the central government's deficit-cutting goals. Spain had agreed to cut its annual public deficit to 6.0 percent of GDP in 2011 but it overran that target by a wide margin and ended up reporting a deficit of 8.51 percent of GDP. After winning a slight relaxation from Brussels in its goals for this year, Spain is now aiming for an annual deficit of 5.3 percent in 2012 and 3.0 percent in 2013. But the regions are not entirely to blame. The central government's finances also deteriorated in 2011, as its public debt rose to 52.1 percent of GDP at the end of the year from 46.4 percent a year earlier.


The Ministry for Development has announced a delay in the opening of the second road bridge into Cádiz which will now not be open to traffic until 2013. Minister, Ana Pastor, said that not with all the money in the world could a 2012 opening be achieved. 2012 was the target date so that it coincided with the bicentenary of the 1812 Spanish Constitution which was signed in the city on March 19 1812. The General Courts of Spain were transferred there while in refuge from the Peninsular War. The Minister added, ‘It will take at least another 15 months, and that only if there is no wind’. The Ministry of Development says the suspension bridge is now 75% complete, but a fundamental part of the project, linking to the 13 pivot bases which are already showing in the middle of the Cádiz Bay is still to be done. The bridge is the largest road infrastructure project in Spain and has a cost of about 300 million € and will link Cádiz with Puerto Real. It will be known as the Puente de la Constitución de 1812, and not the ‘Puente de la Pepa’ which was the name given by the previous Minister, Magdalena Álvarez.

Thursday, 15 March 2012

IT MAY just be the single largest contrarian bet in the euro zone. Sheldon Adelson, a casino tycoon, is expected soon to choose between Madrid and Barcelona for a €16 billion ($21 billion) gambling resort. The euro-zone turmoil does not faze him: “It will take us four to five years,” he told Forbes magazine. “By then everything will be solved.” Mr Adelson’s Las Vegas Sands (LVS) hopes to create a “Euro Vegas”, capable of attracting the 1 billion people who live in the 50 countries within a five-hour flight from Spain. He chose the country because of the weather and because its unemployment rate, now at 23%, “assures us the support of the government”. The numbers are certainly eye-popping. LVS would invest €6 billion in a first phase to build four hotel strips—eventually reaching 12—as well as casinos, shops, restaurants, golf courses and convention centres. LVS says the project could create 260,000 indirect and direct jobs, enough for nearly half the unemployed in Madrid. Spain is already the fourth-largest holiday destination in the world, but LVS reckons Euro Vegas would attract 11m new tourists on top of the 57m a year Spain already gets, increasing tourism spending by €15.5 billion over the next ten to 15 years. In this section News of the world Good for you, not for shareholders Zimplats happens Watch this space »Place your bets on Euro Vegas Luxury on the cheap Nazis in space The view from Liverpool Reprints Related topics Gambling Barcelona Madrid Spain Madrid and Barcelona, used to battling it out on the football pitch, have won a promise of neutrality from the central government. Barcelona admits that Madrid has the edge so far, since it has been talking to Mr Adelson on and off since 2007. But Barcelona has not given up. Mr Adelson recently visited a beach-front site near the city’s El Prat airport, which like Madrid’s Barajas has plenty of spare capacity. National and local leaders are keen on the project but opponents are sceptical of LVS’s claims about job creation, and worry that the casino will become a “fiscal and legal paradise” of tax breaks and exemptions from labour laws—a charge which regional officials deny. However, LVS is thought to be seeking a relaxation of Spain’s ban on smoking in public places, and lower gambling levies. Whichever city won would also have to bear the cost of such things as transport links to the resort. Given Spain’s precarious public finances, and considering that, as Mr Adelson puts it, there are “tens of billions to be made” from the resort, the authorities ought to resist any temptation to splash out taxpayers’ money to win the deal. They will have to assuage public fears of encouraging gambling addiction, infiltration by organised crime and the environmental impact of such a giant construction project. As in Singapore, where LVS recently opened a big casino resort, Spanish officials play down gambling as a small part of the overall package. Another worry is that the project will not happen at all. Spain has had its share of unrealised property developments. A €17 billion casino complex in the desert of Aragon, proposed in 2007, remains unbuilt. But LVS has withstood the global downturn pretty well, and the success of its Macao and Singapore operations gives it plenty of financial firepower. LVS boasts that its Marina Bay Sands development has “moved the needle” in Singapore, with record tourism figures one year after its opening. Euro Vegas would be much larger. A casino resort may lack the prestige of, say, a technology cluster, but Spain will have to take a few gambles to get its soaring unemployment under control.

 

55 false security guards working in sensitive positions have been arrested in Madrid, Toledo, Cuenca and Badajoz. The National Police arrested the 55 who have all be established to have been working fraudulently, and some with jobs looking after explosives or acting as bodyguards. A statement from the National Police said those arrested lacked the necessary preparation for the work and were employed because of falsified qualifications. Some of them have a previous criminal record.

 

The Spanish Government has revealed that it wants to increase the tax on diesel vehicles because they ‘contaminate more’. The change will be a modification on the vehicle matriculation tax. The Secretary of State for the Environment, Federico Ramos, gave the news after meeting with the environment experts and said that in principle the regional administrations are in agreement. The local City and Town Halls say they now want to first analyse the financial consequences for them. Diesel vehicles not only pollute with CO2 but also emit Nitrogen Dioxide, and particles in suspension.


The ex Mayor of Alcaucín in Málaga, José Manuel Martin Alba, who was arrested for a second time with seven other people on Tuesday in the ‘Tristan case’, which comes from the ‘Arcos operation’, made a statement on Wednesday to the investigators of the UCO central operations unit of the Guardia Civil. La Opinión de Málaga reports that he denied knowing the land registry civil servants that he allegedly manipulated with false data to obtain the classification of building land. These plots were often purchased by foreign investors with the idea of building on them. However, the Guardia Civil has said that the land was not buildable and therefore a crime of fraud had taken place, and this part of the investigation is still under reporting restrictions. The declarations continue from the arrested civil servants from the land registry, some in payments, others in Hacienda, as well as three management auxiliaries. The Guardia Civil says that the civil servants, ‘coordinated by a lawyer, modified the data base of the land registry with the end of introducing the false information to give legal coverage to the construction of homes on non-buildable land. The Guardia Civil contends that in exchange they received illegal commissions. Rafael Yus from the Nature Studies Group GENA said that he was not surprised by the ex-Mayor’s new arrest. He said the modification to the land registry was ‘part of what they do here’ and claimed it was ‘a corruption which extends to other municipalities, but which it difficult to demonstrate’.

 

A Midlands woman who was given PIP breast implants that ruptured has recouped the full cost of the surgery from her credit card company. She said Lloyds TSB refunded her £3,700 on the grounds that she was sold faulty goods. The British Association of Aesthetic Plastic Surgeons (BAAPS) said the move should offer a "ray of hope" to other patients with PIP implants. The woman, a hairdresser in her 40s from the Midlands who does not want to be identified, underwent a breast enlargement operation in 2008. She discovered she had been given PIP implants last September when she found a lump and went to a breast cancer clinic. "I was quite worried, but I was told it was just a rupture of my implants. It was only later I realised there was a health risk. I was really quite poorly with it," she said. The woman had the implants removed on the NHS in October, and contacted a firm of solicitors to see if she could get her money back. Because the company that performed the surgery had gone into administration, she was advised to check if she paid by credit card. Having discovered that she did use plastic to pay for the procedure, she applied to Lloyds TSB for a refund and received the money in full three months later. The woman said the credit card company were "wonderful" and stressed that she only had to fill in one form to get the reimbursement. "If I had gone through the solicitors they would have taken a sizeable part of it. Women need to be aware they can easily do it themselves," she said. Fazel Fatah, a consultant plastic surgeon and president of BAAPS, said: "We're delighted that at least a proportion of women who chose this method of payment should now have recourse to securing reimbursement for what are clearly defective, substandard goods." Around 40,000 women in the UK received implants manufactured by the now-closed French company Poly Implant Prostheses (PIP), mostly in private UK clinics. The implants were filled with non-medical grade silicone intended for use in mattresses. Lloyds TSB said it could not comment on the woman's individual case. But a spokeswoman for the bank said: "One of the advantages of using a credit card to pay for goods and services is that consumers can make a Section 75 claim if there has been a misrepresentation or breach of contract, providing the cost is above £100 and less than £30,000. Every Section 75 claim is different and each one will be reviewed on a case-by-case basis."

 

Fighting eviction for failing to pay the mortgage on his home in Spain's capital, Nelson Castillo is now grappling not only with his own debts but also those of a family he does not know. The 39-year-old and his wife acted as guarantors of another Ecuadoran family's loan under a programme run by an agency that negotiated loans for immigrants. In return, that family acted as the guarantor for Castillo's loan. Now, both families are in arrears. And each of them is legally responsible for its own loan and for the loan it guaranteed. "We were two families and we did not know each other. Ecuadorans are like that. We had to sign the papers and that's it. Goodbye, and each side went its own way," said Castillo. Dozens of anti-eviction activists had gathered outside his Madrid apartment building on Tuesday to prevent court clerks and bank officials from ejecting Castillo and his family from their home. Inside the apartment a volunteer psychologist tried to comfort Castillo's wife, 40-year-old Kelly Herrera, who sat in distress on the couch while the couple talked to police. The couple were given until March 30 to pay their debt of 222,000 euros ($291,000) claimed by the bank. And they are still liable for the loan given to the other family. "Today they are demanding my loan. But later on they will demand the second," said Castillo. The couple's lawyer Rafael Mayoral had requested that the eviction be blocked for "humanitarian reasons" because their two children are minors and a knee injury prevents Herrera from working at the moment. But above all the lawyer argued that the couple are "victims of a swindle". The couple and nine other families are suing an agency, Central Hipotecaria del Inmigrante, which ran a system of "cross guarantors" for loans among people that did not always know each other. "It was a pyramid scheme of financial risk management," said Mayoral. Despite the investigation under way into the agency, the courts have refused to issue a moratorium on evictions. Last week the government approved a voluntary "code of conduct" for banks that aims to help poor homeowners settle their debts and reduce a wave of evictions brought on by Spain's economic crisis. For families whose members are all out of work and have no other source of income, the code obliges signatory banks to restructure their mortgage debt by for example lengthening the term of the loan or reducing its interest rate. The goal is to reduce the number of evictions in Spain, which amount to about 300,000 since the collapse of a property bubble in 2008. But the new code will not help Castillo and his family. "The bank did not give me any option, I wanted to give them the apartment in exchange for clearing my debt but they were not interested," he said. Castillo, a waiter, said with pride that he "only spent a few months out of work" since he moved to Spain in 1996. In 2006 he and his wife decided to buy an apartment while Spain was still in the midst of a property boom. The couple took out a mortgage with a variable rate that started out with a monthly payment of 900 euros. But as Euribor interest rates rose, their monthly mortgage payment shot up to 1,420 euros. "It became impossible to pay. I earned 1,000 euros a month and my wife also did not earn much. Things became complicated. I tried to reach an agreement with the bank but it was not possible. I stopped paying," said Castillo. Castillo said he did not know if the family which signed as the guarantor of his loan has suffered any consequences because he stopped making his mortgage payments. "I only met them the day we signed the papers," he said.

 

Spanish house prices tumbled at their fastest pace on record in the fourth quarter, a sign that a long-running property bust will continue to weigh on Spanish households and banks. House prices fall over 11.2% in the fourth-quarter of 2011-the fastest contraction on record. WSJ's Sara Schaefer Munoz has been looking at the data and analyzes how this affects its efforts to deal with its debt crisis. House prices fell on average by 11.2% in the fourth quarter from the same period a year earlier, well below the 7.4% decline in the third quarter, while prices of used homes was down 13.7% in the period, the country's statistics agency INE said Thursday. Both readings are by far the worst since INE started recording countrywide prices in 2007, the peak year for Spain's decade-long property boom. Previously, annual price declines had bottomed out at 7.7% in 2009, and analysts say house prices have only rarely fallen year-to-year since at least the 1970s. The drop indicates Spanish property prices are now correcting at a similar pace to that seen in the U.S. soon after the 2008 financial crisis, and may fall further at least this year. In previous quarters, price drops were somewhat contained, the result of support efforts by the government and banks, fearful of the effect of a housing collapse. Spanish banks hold more than €400 billion ($521.32 billion) worth of loans to the construction and real-estate sector, backed by collateral that loses value as property prices slide further. The amount is equivalent to around 40% of Spain's gross domestic product. TK Raj Badiani, an economist at IHS Global Insight, said government data indicates Spanish house prices are down more than 20% from the 2007-2008 peak, even though other evidence points to a possible drop of more than 30%. "The continued imbalance between the supply and demand of housing suggests that house prices will continue to fall throughout 2012," Mr. Badiani said. "The outlook remains bleak, with the demand for housing expected to shrink throughout 2012 with debt-laden households struggling to cope with a devastated labor market and limited access to credit." Last month, Spain's Finance Minister Luis de Guindos presented a clean-up plan that will force banks to set aside an additional €50 billion this year to cover losses from souring loans, mostly property-related. The plan also seeks to allow a faster correction of the property market this year, so that lower prices trigger some demand in the moribund sector. Earlier this week, INE data showed Spain's property sales continued their recent slide in January, with a 26% annual decline. Last year, just over 361,000 homes were sold in Spain, less than half the number sold in 2007. The clean-up plan and other reforms may only have a delayed effect on the euro zone's fourth-largest economy, the Ernst & Young consultancy said in a report. A lack of demand amid an economic contraction that may stretch until 2014 should keep house prices falling for the next three years, Ernst & Young added. Meanwhile, Spain's bond auction was a mixed bag Thursday, with the Treasury selling slightly less than the maximum targeted amount but paying mostly lower yields to investors. The infusion of cheap cash from the European Central Bank has buttressed bond markets across the 17-nation euro zone, but not always equally. Spain's government bond market hasn't kept pace, while Italy, which at the end of last year had been lumped together with Spain as possibly becoming the "next domino," has swapped places with Spain as the country having to pay less of a premium on its debt. The contrasting fortunes also reflects the market's confidence in Italy's ability to make progress on the fiscal front while Spain falters. Italy's economy is likely to record a primary surplus in 2012. Spain unilaterally revised its budget deficit targets and analysts are skeptical if even those targets will be met.

Wednesday, 14 March 2012

 

A Goldman Sachs director in London has resigned after publishing a devastating open letter accusing senior staff of being "morally bankrupt" and bent on extracting maximum fees from clients by offloading unsuitable investment products. Greg Smith, who has left his post as executive director of the firm's equity derivatives business in Europe, claimed that chief executive Lloyd Blankfein and president Gary Cohn have "lost hold of the firm's culture on their watch". He added that "this decline in the firm's moral fibre represents the single most serious threat to its long-run survival".. Smith's charges, which were swiftly denied by the bank, were published in Wednesday's New York Times and raised questions about the firm's relationship with existing clients, whom Smith claimed were referred to as "muppets". Lord Oakeshott, the Liberal Democrat peer and his party's former Treasury spokesman in the Lords, said the matter raised questions about any relationship between the UK government and Goldman. Smith, who joined Goldman as a summer intern and worked at the firm for 12 years, first in New York and then in London, claimed managing directors made their remarks about "muppets" in internal email. "I attend derivatives sales meetings where not one single minute is spent asking questions about how we can help clients. It's purely about how we can make the most possible money off them." Selected as one of 10 people, out of a firm of 30,000, to appear in a Goldman recruiting video which is played on college campuses around the world, Smith has hired and mentored new recruits and managed a summer intern programme for the bank. "I knew it was time to leave when I realised I could no longer look students in the eye and tell them what a great place this was to work," he wrote. He said junior analysts are absorbing a culture in which the most important question is "how much money did we make off the client?", and that hearing talk of "muppets," "ripping eyeballs out" and "getting paid" will not turn them into "model citizens". "Leadership used to be about ideas, setting an example and doing the right thing. Today, if you make enough money for the firm (and are not currently an axe murderer) you will be promoted to a position of influence." In response, Goldman Sachs denied that Smith was giving an accurate view of life at the company. "We disagree with the views expressed, which we don't think reflect the way we run our business. In our view, we will only be successful if our clients are successful. This fundamental truth lies at the heart of how we conduct ourselves," the bank said. Fast-track to promotion Smith claims to have advised the five largest US asset managers, Middle East and Asian sovereign wealth funds, and the world's two largest hedge funds. His letter did not name them, but Bloomberg ranks Man Group and Bridgewater Associates as the biggest hedge funds. The LibDem peer Oakeshott said: "We know in the City that Goldmans help themselves before their clients. Now here's the proof. Greg Smith says you get promoted there if you make enough money for the firm and you are not an axe murderer - and the people of Greece and the rest of the eurozone are paying the price after Goldmans cooked their books and Greece joined the euro at an unsustainably high exchange rate. Until this culture is stamped out, Goldmans are not fit and proper to receive a penny of British taxpayers' money or advise our government in any way." Goldman is among the gilt-edged market makers which help to facilitate trading in UK government bonds. Smith claims the fast-track to a Goldman promotion involves persuading clients to invest in stocks or other products "that we are trying to get rid of because they are not seen as having a lot of potential profit"; getting clients to trade "whatever will bring the biggest profit to Goldman" – referred to internally as "hunting elephants" and securing a job trading "any illiquid, opaque product with a three-letter acronym". Goldman has lost the "secret sauce" that allowed it to endure for 143 years and is at risk of losing its clients' trust, wrote Smith: "Goldman Sachs is one of the world's largest and most important investment banks and it is too integral to global finance to continue to act in this way. The firm has veered so far from the place I joined right out of college that I can no longer in good conscience say that I identify with what it stands for."

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