Archive for February 11, 2013
The labyrinthine nature of the horse meat scandal was further emphasised over the weekend with the French authorities indicating that companies from Romania, Cyprus, France and the Netherlands were part of a supply chain that led to horse meat ending up in ready meals sold across the European Union.
France’s junior minister for consumer goods, Benoit Hamon, said French companies had bought frozen meat from a Cypriot trader who had received it from a Dutch food company supplied in turn by a Romanian firm.
Lasagne meals and burgers suspected of containing horse meat have been removed from supermarket shelves in Ireland, Britain, Sweden and France.
Aldi and Tesco have taken several products off their shelves in the Republic. The Food Safety Authority of Ireland (FSAI) warned consumers not to eat Findus beef lasagne, samples of which were found to have been contaminated with horse meat.
The UK’s Food Standards Agency (FSA) is to publish results of a second round of tests it has ordered food producers to conduct on a wider range beef products this week.
British environment secretary Owen Paterson said more contaminated products
full article at source: http://www.irishtimes.com/newspaper/breaking/2013/0211/breaking4.html
- French hunt horse meat fraudsters (independent.ie)
- U.K. Minister Says Horse-Meat Substitution Probably Criminal (bloomberg.com)
- Horse meat scandal spreads to 16 countries across Europe (independent.ie)
- Fears over horse meat scandal scale (standard.co.uk)
- Horse meat found in British stores ‘may be donkey’… (independent.co.uk)
- Horse meat found in British supermarkets ‘may be donkey’ (sott.net)
- Minister’s Fear Of Horsemeat Scandal Scale (news.sky.com)
- Horsemeat scandal leads to Romania (bbc.co.uk)
- Horse meat found in UK supermarkets ‘may be donkey from Romania’ (belfasttelegraph.co.uk)
- Europe’s horse meat scandal spreading (king5.com)
Thanks to a series of colossal failures that were impossible to hide, we now know that Futures Commission Merchants (FCMs) could instantly access billions of dollars that did not belong to them. Thanks to incriminating emails and ongoing settlements, we now know that a horde of banks can collude to rig key interest rate benchmarks for decades. This is what we now know after decades of malfeasance. Just imagine, then, what still goes on behind the curtain. Then again, with central banks printing trillions in fiat currencies in order that they might openly manipulate interest rates and market prices, it is abundantly clear that curtains are becoming optional. Consider the following: 14 central banks, representing a combined $16 trillion in bond and equities capitalizations, have followed the U.S. Federal Reserve down its zero percent path and have, already, printed more than $9 trillion. As Marc Doss from Wells Fargo notes, “That’s like creating the second-largest economy in the world out of thin air.”
Leaving the Fed alone for the moment (something they should have done to the markets in 2008), our journey starts with a recap of two of the most scandalous events in financial market history. These and other stories help expose the suspicious actions/inactions of regulators and policy makers, and comment on the sense of skulking uncertainty that has become embedded in the financial markets. We leave it to you to conclude whether the greater good is being served by those entrusted and empowered to marshal change.
More than a year has passed since MF Global (MFG) filed for bankruptcy. You may recall that MFG made massive leveraged bets in European debt, and when these bets started to come under pressure $1.6 billion mysteriously went missing from customer accounts. Below are some highlights and opinions of events thus far, starting from the CME‘s timeline……………………………
full article at source: http://www.marketoracle.co.uk/Article38905.html
- Fed’s Balance Sheet Tops $3 Trillion for First Time (blogs.wsj.com)
- Fed Easy Credit Becomes Inside Debate Focusing on Escape – Bloomberg (bloomberg.com)
- CHART OF THE DAY: Fed’s Balance Sheet Hits NEW RECORD $3 Trillion (dailybail.com)