Preview from Europe: The Bears Are Back

Post-euphoria, is the market rally over after the S&P 500 fails to break through the key 800 level? The last two years have taught us that the sometimes sharp and misleading bear market rallies we have witnessed are clustered around Government sponsored event announcements. Drum roll, the next such poorly stage managed show is Geithner’s last stand (see below). Yet more “Buy The Rumour BUT Sell The Fact.”

Today’s Market Moving Stories

• In a populist tabloid headline grabbing measure, the US House passed a controversial, possibly unconstitutional, bill that gives two middle fingers to AIG (AIG), Fannie (FNM), Freddie (FRE) and your other favourite TARP recipients. There is to be a 90% tax on bonuses paid to employees with family incomes above $250,000 at companies that have received at least $5 billion in government bailout money.
• Senior members of Merkel’s team are saying that the ECB has a plan to rescue any member in the Eurozone under difficulty. A leaked report says that the rescue fund could be tapped in 24hrs if necessary. This is a big statement of support for Ireland (which gets specific mention) and any other periphery countries - Austria and Club Med. For Ireland it would mean an increase in the corporation tax level if it wanted to receive, but that’s no great surprise.
• The Fed’s move to turn on the printing presses has led to fears of inflation roaring its ugly head down the road. The US commodities index was up 6% yesterday, as investors bought oil and gold and other commodities. People are buying commodities as a hedge against both inflation and a falling dollar.
• The ECB is under increasing pressure to cut rates and adopt quantitative easing. EUR hit its highest trade weighted level this year, and the EURUSD rose to $1.37. Last week’s Swiss franc devaluation also raised concerns about competitive devaluations. The ECB has so far resisted calls for quantitative easing (QE); maintaining that it was more important to support banks directly. There are also practical complications that the ECB would face due to its supra-national structure. That said, the ECB can’t escape the race to the bottom.
• A quick glance at the front pages of the gloomy German press this morning and one can’t help but opine that jobs cuts are beginning to hurt in Germany. FT Deutschland leads with the story that ThyssenKrupp (TYEKF.PK) will cut 3000 permanent jobs. As the fall in German manufacturing output is increasingly perceived as being permanent, companies are expected to reduce production and staffing as the crisis continues. Recall that unemployment is of course the ultimate lagging indicator. The paper says in a separate front page article that the German government, privately, expects the economy to contract by 5% this year. This is not yet reflected in the official forecasts.

Geithner Set To Fail The Doorstep Challenge
If we are to believe the press, Tim Geithner, in his last act as US Treasury Secretary, is about to flesh out the details of the public-private “partnership” fund. These details, if and when they arrive, may not be convincing. Back in February, Geithner was strong on rhetoric, aiming for the “largest benefit at the least cost to the taxpayer”. Let’s see. The major difficulty is how to attract private capital, without the taxpayer paying out too much and without marking down bank holdings too heavily. The public seems to be in no mood for capitalists to get an above-normal profit, whatever risks they take. And the government is only making it worse, by hitting on bonuses and investors. So the Administration’s task seems Herculean.

Equities

• Barclays (BCS) is on the slide this morning on a Guardian story that it may have made £1bn through tax avoidance. Not good PR.
• Credit Suisse (CS) has put out a sell note on Deutsche Telecom (DT).
• Cell phone makers Nokia (NOK) and Ericsson (ERIC) are also notable drags on the major European bourses this morning after a profit warning from Sony Ericsson Mobile Communications.
• FedEx (FDX) posted a 75% drop in Q3 income missing estimates and casting a shadow over the broader economy.
• Oracle (ORCL) beat the Street and offered its shareholders a dividend for the first time.
• Nike (NKE) issued what amounted to a profit warning, saying that its future orders for spring merchandise fell by 10%. Nike sells its merchandise to retailers in advance, so a decline in such sales can speak more to the company’s bottom line in the spring than for the current quarter.
• Johnson & Johnson (JNJ) is the subject of a health probe by Shanghai’s Food and Drug Administration, which is investigating claims that chemicals used in some of the firm’s baby products are carcinogenic. J&J has denied the claim, explaining the chemicals in question are used only in trace amounts considered safe by the U.S. Food and Drug Administration.
• Following a High Court ruling, Kerry (KRYAY.PK) is to proceed with the purchase of the consumer foods business Breeo for a consideration of €140m (reduced from a prior amount of €165m). The Breeo assets include the Dairygold, Galtee, Shaws, Roscrea, Mitchelstown, Calvita and Sno brands in addition to a chilled foods distribution service. These, in an Irish context, are a powerful range of brands and augment the capabilities within Kerry’s original business and those acquired as part of the Golden Vale takeover in 2001.
• Confirmation that the Irish government is actively looking at forming a bad bank to hold risky financial debt gave Bank of Ireland a 14.65% gain.

And Finally… Play The Layoffs Game

Disclosures: None

Comments

[rcprofit:]

Tax the Bonuses..... Yeah Baby!!!

Finally a good idea…… Way to take back some control of the waste-less spending of the hard earned money we the TAX payers are paying for, by severely taxes the Bonuses of our failed Corporate American Corporations!

Mar 20 08:25 AM

[rcprofit:]

"Controversial, possibly unconstitutional, bill." We can throw the constitution out the window after what these companies did.... Though as Obama said on Jay Leno last night "what they did was legal," when referring to pretty much everything that is going on taday in corporate America.... I wish Leno asked him a few clarify questions!

Mar 20 08:27 AM

[kelm:]

There needs to be a massive strengthening of the regulations and associated laws but that takes deliberation. What we are getting instead is ad hoc laws being passed retroactively on activities that achieve nothing in he grand scheme. Think about how much time congress spent on the "bonuses" ($170 millionish) vs the trillions of other problems. When do we see SEC leadership getting the axe or indeed, arrested for abject failure to detect a Madoff or Stanford? When are the congressmen and senators who had oversight over the SEC called to account?

Mar 20 09:58 AM

[I weep for ...:]

Read the actual bill it is available on the House's website. Despite how it has been reported it: taxes any individual whose salary and bonus combined is more than 125k. Households combined whose salary and bonus amount to more than 250K are also subject to the taking. So if you work at one of these banks, earn 100K a year and got a 26 K bonus and are the sole breadwinner of your house, the gov't will take your entire bonus. Does that seem fair to the over 116K employs of AIG who had nothing to do with the London based FP unit who work hard to provide for the familes and were counting on the bonus to pay loans and mortgages? Who are working hard to ensure that the company remains profitable to pay back the taxpayer! Wasn't that the whole point of the bailout? Or was it to pay the counterparties? Hmmmm... Oh, by the way, this tax doesn't actually tax the London based employees that everyone wants to flog. And it doesn't tax Merril Lynch because unlike AIG they are still allowed to lobby Congress. Can't wait for our best and brightest to go to Zurich, Banco Sociale and other foreign entities and the US Economy collapes. Way to go!

Mar 20 10:43 AM

[EUARTE:]

The Fed at the beginning of this crisis was caught without leadership and knowing what to do. Nothing has changed.

Mar 20 12:03 PM

[Victhom:]

I guess "The Guardian" news paper in UK should look below the iceberg...LOL

•Barclays (BCS) is on the slide this morning on a Guardian story that it may have made £1bn through tax avoidance. Not good PR.

Lots of Banks in Caymans Islands...LOL

207.57.79.93/banks.html

just to name a few "600" present...

CAYMAN OFFSHORE SERVICES

----------------------...


BANKS

----------------------...

Alexandria Bancorp Limited
P.O. Box 2428, Grand Cayman, Cayman Islands, B.W.I.
Phone: [phone], Fax: [phone].
Email: [e-mail]
Contact: Frank Flanagan - Managing Director, David Dobson - Trust and Corporate Services
Wholly owned by Guardian Capital Group Limited, Toronto, Canada and our services include: Private banking (min. deposit US$100,000), trust and company formation and administration, mutual fund administration, investment management, Alexandria mutual funds money market and equity funds - min deposit US50,000 Subsidiary companies in BVI and Barbados


----------------------...

Ansbacher (Cayman) Limited
P.O. Box 887, George Town, Grand Cayman, Cayman Islands, B.W.I. 20 Jennett Close Tel: [phone] Fax: [phone] Telex: CP 4305
Contact: Bryan Bothwell - Managing Director, Gary Linford - Executive Director, Gary Crossan - Manager Trust Dept., Indy Singh - Head of Corporate Services Dept., Nestor Castillo -Head of Banking.



----------------------...

Banco Bilbao Vizcaya
P.O. Box 1115, George Town, Grand Cayman, Cayman Islands, B.W.I. Eliaabethan Square Ttl: 809-949-779() Fax: [phone] Contact: Enrique Arranz--Ceneral Manager; Elias Beniflah--Deputy General Manager Services: BBV, a major provider of banking and other financial services in Spain, also has an extensive international presence. Private banking clients in Grand Cayman thus have access to the full range of services available through our group network.



----------------------...

Banco Bradesco, S.A.
P.0. Box 30327 SMB, Grand Cayman, Cayman Islands, B.W.1. Caledonian House, 3rd Floor, Mary Street Tel: [phone] Fax: [phone] Telex: 4264 BIIADESCO CP Contact: Joao Albino Winkelmann-Manager Services: Promoting and providing support to international trade related financing, in line with the strategy of the Bradesco's head office in Brazil.



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Banco do Estado de Sao Paulo,
S.A. P.O. Box 1811, George Town, Grand Cayman, Cayman Islands, B.W.I. The Clarion Grand Pavilion Hotel, 2nd Floor, West Bay Road Tel: [phone] Fax: [phone] Tclex: 4296 BANESGC CP Swift: BESPUS33ACAY Contact: Dorival Soares de Mello-General Manager; Odiwaldo T. Sancinetti--Manager Services: Incorporated in Brazil with limited liability.



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Banco do Estado do Rio Grande do Sul, S.A.
-Banrisul P.O. Box 31499 SMB, Grand Cayman, Cayman Islands, B.W.I. British American Centre, First Home Tower Tel: [phone] Fax: [phone] Contact: Alexandre Pedro ronzi--General Manager Services: International trade-related transactions, private banking, asset management.


Banco Economico, S.A.
P.O. Box 1112, George Town, Grand Cayman, Cayman Islands, B.W.I. British American Centre, Building 3, 2nd Floor, Dr. Roy's Drive Tel: [phone] Fax: [phone] Telex: 4223 BESA CP Contact: Andre Neeser--Manager Services: Deposit accounts, private banking, investment management and advisory services; trade financing and letters of credit.



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Banco Portugues Do Atlantico
P.O. Box 30124 SMB, Grand Cayman, Cayman Islands, B.W.I. Scotia Building, 4th Floor, Cardinal Avenue Tel: [phone] Fax: [phone] Telex: 4283 ILEK Contact: Alvaro Cortes--Managing Director; Valdemar B. Lopes--Deputy General Manager Services: Banco Portugues Do Atlantico, Portugal's largest commercial and international bank, offers a comprehensive range of corporate and customer-tailored private banking services to its international customer base. We also offer agency representation to international banks as well as company incorporation and registered office services to individual and corporate clients.



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Banco Real S.A
Grand Cayman Branch P.O. Box 473, George Town, Grand Cayman, Cayman Islands, B.W.I. Genesis Building, 3rd Floor, ~ennett Street Tel: [phone] Fax: [phone] Contact: Luis Flavio Nogueira Da Silva-General Manager; Wilson Coelho Do Vale-- Assistant Manager Services: Branch of a Brazilian bank, headquartered in Sao Paulo, Brazil. The branch was established in 1974, under category "B" license. Its operations consist primarily of promoting and providing support for international trade financing and investments for its corporate clients.



----------------------...

Bank Bali
Cayman Islands Branch P.O. Box 31241 SMB, Grand Cayman, Cayman Islands, B.W.I. Micro Commerce Centre #203A, North Sound Road Tel: [phone] Fax: [phone] Contact: Hadi Lesmon~--Vice President; Ary Satrio--Assistant Manager Services: Commercial and syndication loans, corporate finance, treasury services, trade finance, investment funds management, guarantees.



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Bank of Bermuda (Cayman) Limited
P.O. Box 513, George Town, Grand Cayman, Cayman Islands, B.W.I. British American Tower, 3rd Floor, Dr. Roy's Drive Tel: [phone] Fax: [phone] Contact: Stanley G. Wright--Manager, Corporate Banking Services: Corporate banking services include: Bankline-pre-eminent among the bank's cash management services. Allows the client on-line access via their PC to the bank's computers. Global check is our exclusive interest bearing checking account, denominated in U.S. dollars or British pounds sterling, providing access to offshorefunds.



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Bank of Butterfield International (Cayman) Ltd.
P.O. Box 705, George Town, Grand Cayman, Cayman Islands, B.W.T. Butterfield House, Fort Street Tel: [phone] Fax: [phone] Telex: 4263 BFIELD CP Contact: Nicholas I. Duggan, FCIB-Managing Director; Coner O'Dea, ACADirector &Financial Controller; H. Camille Wight--Manager, Retail Banking Division Services: As one of the six clearing banks in the Cayman Islands, we offer a comprehensive range of personal and confidential services including: trust, corporate and private banking as well as investment management to our clients.



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The Bank of Nova Scotia
P.O. Box 689, George Town, Grand Cayman, Cayman Islands, B.W.I. Cardinal Avenue and Airport Lndustrial Park Tel: [phone] Fax: [phone] Contact: Colin McKie-Vice-President &Manager; Bruce F. Bowen~ommercial Banking Manager; Doyle R. Scott-Retail Banking Manager Services: Complete range of local and international personal, commercial and corporate banking services to selected clients. Serving Cayman for over 25 years Scotiabank is one North America's largest financial institutions operating in 44 countries through 1,400 branches and offices worldwide.



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BankAmerica Trust &Banking Corporation (Cayman) Limited
P.O. Box 1092, George Town, Grand Cayman, Cayman Islands, B.W.I. Fort Street Tel: [phone] Fax: [phone] Telex: CP 4234 BATCAYL Contact: Daniel Haase--Managing Director; Charles Farrington--Deputy Managing Director; Michael Carney--Deputy Managing Director. Services: Deposits, payments, Forex, S.B.L.C.'s. loans, personal trust services for tax and estate planning, corporate services for personal investment holding companies, mutual funds administration, captive insurance, investment management, safe custody.



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Barclays Bank PLC

P.O. Box 68, George Town, Grand Cayman, Cayman Islands, B.W.I. Cardinal Avenue Tel: [phone] Fax: [phone] Telex: CP 4219 Contact: Rolf Phillips--Manager Offshore Services; Farida Bedden--Senior Account Executive Services: As a full branch of the major British bank, Barclays provides a wide range of banking services to both the domestic and offshore11 sectors, including a multi-currency deposit service, securities trading, property finance and project finance.



----------------------...

Barclays Private Bank &Trust (Cayman) Limited
P.O. Box 487, George Town, Grand Cayman, Cayman Islands, B.W.I. Harbour Centre, 4th Floor, Mary Street Tel: [phone] Fax: [phone] Contact: Clive W. Black--Managing Director; Alan Symington--Deputy Managing Director; Kevin Brown--Trust Manager Services: Dedicated to the management of substantial personal assets. Private banking, investment management, trusts, company management, registered offices and bank agencies. Part of the Barclays PLC Group.



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Caledonian Bank &Trust Limited
P.O. Box 1043, George Town, Grand Cayman, Cayman Islands, B.W.I. Caledonian House, Ground Floor, Mary Street Tel: [phone] Fax: [phone] Contact: David S. Sargison--Managing Director Services: Category "A" licensed bank and trust company, licensed mutual fund administrator and insurance manager. Provision of corporate, trust and mutual fund administration services, registered office and accounting services.



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CIBC Bank and Trust Company (Cayman) Limited
P.O. Box 695, George Town, Grand Cayman, Cayman Islands, B.W.I. Edward Street Tel: [phone] Fax: [phone] Telex: 4222 CP Contact: Peter H. Larder--Managing Director; Tom Crawford-Deputy Managing Director, Banking Division; Ben Gillooly--Deputy Managing Director, Trust Division Services: Management and representation of offshore11 banks; fiduciary services for managed banks; full retail banking including term deposits, letters of credit, foreib~ exchange, checking and savings accounts. Inter-nation trade and project finance.



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Coutts &Co (Cayman) Ltd.
P.O. Box 707, George Town, Grand Cayman, Cayman Islands, B.W.I. West Bay Road Tel: [phone] Fax: [phone] Contact: Chris Fish--Managing Director, Gerry Williams--Deputy Managing Director; Andrew Galloway--New Business Director Services: Investment management, offshore11 trust structures, company formation and management, banking, mutual funds and managed banks.



----------------------...

Delta Bank and Trust Company
Grand Cayman P.O. Box 706, George Town, Grand Cayman, Cayman Islands, B.W.I. Genesis Building, 2nd Floor, Jennett Street Tel: [phone] Fax: [phone] Contacts: 1. Henrique D. Campos--General Manager; Ademar M. Ferreira--Manager; Leonardo M.S. Couto--Junior Trader Services: A full range of international private banking services ranging from money market accounts to sophisticated investment portfolio management.



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Deutsch-Sudamerikanische Bank AG,
Grand Cayman Branch P.O. Box 714, George Town, Grand Cayman, Cayman Islands, I3.W.I. Anderson Square Building Tel: [phone] Fax: [phone] Contact: Guenter Backer--Manager; David R. Ferry--Trust Manager Services: Trust services; company formation and registration; investment management services.



----------------------...

Dextra Bank &Trust Co. Ltd.
P.O. Box 2004, George Town, Grand Cayman, Cayman Islands, B.W.I. Tel: 809-Y49-7844 Fax: [phone] Contact: Peter Blackman-Managing Director Services: Private and investment banking, trustee services, company formation and administration, estate planning and administration, ship registration. Discount Bank &Trust Company (Incorporated In Switzerland)

P.O. Box 1047, George Town, Grand Cayman, Cayman Islands, B.W.I. Bank of Nova Scotia Building, Albert Panton Avenue Tel: [phone] Fax: [phone] Contact: Israel Behar-Manager Services: Private and offshore11 banking.

First Cayman Bank Ltd.

(This bank is in liquidation - for further information contact the liquidators.

IBT Schroder Bank &Trust Company

P.O. Box 1040, George Town, Grand Cayman, Cayman Islands, B.W.I. West Wind Building, 3rd Floor Tel: [phone] Fax: [phone] Telex:0293-4274 Contact: Rory Heary--General Manager; Virginia Suekoo--Corporate Officer Services: A subsidiary of the Industrial Bank of Japan based in New York City. Also affiliated with the Schroder Group. Offering bank representation in Cayman, Lnterbank deposits, U.S. dollar clearing and cash management services.

ITAU Bank Ltd.

P.O. Box 1379, George Town, Grand Cayman, Cayman Islands, B.W.I. Ansbacher House, 3rd Floor, Jennett Square Tel: [phone] Fax: [phone] Telex: 4284 Contact: Antonio Carlos Genoveze-General Manager; Luisa Vaquinhas-Assistant Manager; Gustavo Alegria-Assistant Manager Services: ITAU Bank Ltd. was incorporated in the Cayman Islands on 24 July 1992, providing offshore11 commercial banking ser vices under class "B" unrestricted banking and trust license. A wholly owned subsidiary (Banco ITAU S.A.) is established in Brazil.

Lloyds Bank International (Cayman) Ltd.

P.O. Box 857, George Town, Grand Cayman, Cayman Islands, B.W.I. CIBC Building, 3rd Floor Tel: [phone] Fax: [phone] Services: Providing a full range of international private banking and trust services, company incorporation and portfolio management.

Mercury Bank and Trust Ltd.

P.O. Box 2424, George Town, Grand Cayman, Cayman Islands, B.W.1. Caledonian House, 3rd Floor, Mary Street Tel: [phone] Fax: [phone] Telex: 4331 MERCURY CP Contact: Volker Mergenthaler-Resident Manager Services: Company formation and registration, trusts, mutual funds administration and banking services.

Morgan Grenfell (Cayman) Limited

P.O. Box 1984, George Town, Grand Cayman, Cayman Islands, B.W.I. Elizabethan Square Tel: [phone] Fax: [phone] Contact: Nigel C. Bradley--Executive Director; Darren P. Riley--Secretary; Andrew R. Collins--Manager Services: Morgan Grenfell (Cayman) Limited is part of the Morgan Grenfell Offshore Group and wholly owned subsidiary of the Deutsche Bank Group and provides offshore11 administrative services to mutual funds, asset backed securitizations and banking services to inter-nation corporate clientele.

Mutual Security Bank (Cayman) Ltd.

P.O. Box 31120 SMB, Grand Cayman, Cayman Islands, B.W.I. Caledonian House, 3rd Floor, Mary Street Tel: [phone] Fax: [phone] Telex: 4278 MSB Contact: Andre Iton; Anthony Powell; Karen Parchman Services: Provides a wide range of private banking services to the international private and corporate client, including formation and management of companies. Small accounts are welcome.

PT. Bank Negara Indonesia (Persero)

P.O. Box 30708 SMB, Grand Cayman, Cayman Islands, B.W.I. First Home Tower, 2nd Floor Tel: [phone] Fax: [phone] Telex: 4291 BNICMN CP Contact: Thomas S. Pamell--General Manager; Martono Soeprapto-Manager Funds &Treasury; Tote Suharto-Loan Administration Officer Services: Specialises in loans to Indonesian companies and other Indonesian related business. Active in foreign exchange and money market activities for clients and own account.

Queensgate Bank and Trust Company Ltd.

P.O. Box 30462 SMB, Grand Cayman, Cayman Islands, B.W.I. Ugland House, South Church Street Tel: [phone] Fax: [phone] Telex: 4279 QBTC CP Contact: J.D. Hunter--Managing Director; M. Couch--Manager, Capital Markets; F.O. Flanagan-Vice-Chairman Services: Full range of financial services, professionally managed and in strictest confidence.

Royal Bank Of Canada

P.O. Box 245, George Town, Grand Cayman, Cayman Islands, B.W.I. Cardinal Avenue Tel: [phone] Fax: [phone] Telex: CP 4244 Contact: H.C. Chisholm--Manager; G.M. Dombowsky--Senior Assistant Manager; C.M. Chan-A-Sue-Assistant Manager, Customer Service &Operations Services: We cover all aspects of personal and commercial banking, trust and investment services, etc. As Canada's largest bank, we offer you international services through a worldwide network of branches and correspondents.

Schroder Cayman Bank and Trust Co. Ltd.

P.O. Box 1040, George Town, Grand Cayman, Cayman Islands, B.W.I. West Wind Building, 3rd Floor Tel: [phone] Fax: [phone] Telex: 0293-4274 Contact: Rory Heary--General Manager; Jeffrey Hodkin--Assistant General Manager; Greg Link--Assistant Manager Services: A member of the international merchant banking network of the London based Schroder Group. Full range of banking and trust services including: investment management, unit trusts, mutual fund administration, company formation and management, accounting and bank representation.

Sul America International Bank (Cayman) Ltd.

P.O. Box 30869 SMB, Grand Cayman, Cayman Islands, B.W.I. Genesis Building, 3rd Floor Return to Cayman Islands Home Page

Mar 20 12:45 PM

[Victhom:]

Few more banks here...LOL

Cayman Islands area code - (345)
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e Alexandria Bancorp Limited 945-1111 945-1122
e Altajir Bank 949-5628 949-6339
e BNP Private Bank & Trust Cayman Ltd 945-9208 945-9210
e Banca Unione Di Credito (Cayman) Ltd 949-7129 949-2168
e Banco Bradesco S A 945-1200 945-1430
e Banco Do Brasil S A 949-5907 949-8872
e Banco do Estado do Rio Grande do Sul S A Banrisul 949-6604 949-4834
e Banif-Banco International Do Funchal 945-8060 945-8069
e Bank Austria Cayman Islands Ltd 949-3800 949-2030
e Bank Danamon Indonesia 946-0046 946-0047
Bank Espirito Santo International Ltd 949-3128 945-6911
Bank Niaga Grand Cayman Branch 945-2003 945-2004
Bank of America Trust & Banking Corp 949-7888 949-7883
Bank of Bermuda (Cayman) Ltd 949-9898 949-7959
Bank of China 945-2000 945-2200
Bank of Credit & Commerce International (in liquidation) 949-4722 949-8258
e Bank of New York Trust Company 949-7734 945-1295
Bank Vontobel Cayman 945-9200 945-9201
BCN International Bank Ltd 949-9647 949-9651
BCP Bank & Trust Co. Ltd. 949-8322 949-7743
Bessemer Trust Company (Cayman) Ltd 949-6674 945-2722
BHD Cayman International Bank 949-0243 949-2439
e Butterfield Bank (Cayman) Limited (Fort St.) 949-7055 949-7004
e Butterfield Bank (Cayman) Limited (Compass Centre) 815-7557 945-2698
e Butterfield Bank (Cayman) Limited (West Shore) 949-8565 949-8406
CIBC Bank & Trust Company (Cayman) Limited 949-8666 945-2311
e Caledonian Bank & Trust Ltd 949-0050 949-8062
Cayman Islands Development Bank 949-7511 949-6168
e Cayman National Bank Ltd (Main Office) 949-4655 949-7506
e Cayman National Bank Ltd (West Wind) 949-6344 949-4215
e Cayman National Bank Ltd (Buckingham Square) 949-7137 949-5755
e Cayman National Bank Ltd (Centennial Tower) 946-3334 946-3453
Citco Bank & Trust Co Ltd 949-3977 945-3888
e Close Bank Cayman Limited 949-8455 946-9717
Coutts (Cayman) Ltd 945-4777 945-4799
Delta Bank & Trust Co 949-0437 949-9327
Deutsche Bank (Cayman) Ltd 949-8244 949-8178
e Dextra-Bank & Trust Co Ltd 949-7844 949-2795
Dresdner Bank Lateinamerika AG 949-8888 949-8899
Dundee Bank (Dundee Leeds) 946-8688 946-8691
e Fidelity Bank(Cayman) Ltd. 949-7822 949-4079
FirstCaribbean International Bank 949-7300 949-7179
First Cayman Bank (In Liquidation) 949-5266
Fortis Bank (Cayman) Ltd 949-7942 949-8340
Gerfiner Bank 946-2078 946-2079
Givens Hall Bank & Trust Ltd 949-8141 949-8295
Gulf Union Bank Ltd 949-5398
e HSBC Financial Services (Cayman) Limited 949-7755 949-7634
IBJ Whitehall Bank & Trust Co 949-2849 949-5409
Julius Baer Bank & Trust Co Ltd 949-7212 949-0993
e LGT Bank ln Liechtenstein (Cayman) Ltd 949-7676 949-8512
Mercury Bank & Trust Ltd 949-0800 949-0295
Merrill Lynch Bank & Trust Co (Cayman) Ltd 949-8206 949-8895
Midland Bank Trust Corporation (Cayman) Ltd 949-7755 949-7634
Morval Bank & Trust Cayman Ltd 949-9808 949-9794
Multi Banking Corporation (Overseas) Ltd 949-5765 949-3338
e National Building Society of Cayman 945-2014 945-2015
e NCB (Cayman) Limited 949-8002 949-4006
PDG Bank (Cayman) Ltd 946-6101
Piguet Bank & Trust Ltd 946-1378 946-1379
PT Bank Mandiri (Persero) Tbk 945-8891 945-8892
PT Bank Niaga 945-2003 945-2004
e Queensgate Bank & Trust Co Ltd 945-2187 945-2197
Royal Bank of Canada (Shedden Rd) 949-4600 949-7396
Royal Bank of Canada (Queens Court) 949-6836 949-9733
Royal Bank of Canada Trust Co (Cayman) Ltd 949-9107. 949-5777
Schroder Cayman Bank & Trust Co Ltd 949-2849 949-5409
Scotiabank (Cayman Islands) Ltd 949-7666 949-0020
Scotiabank Ltd (Fosters Airport Br) 949-7666 949-0118
Scotiabank Ltd (The Strand) 945-7066 945-7060
Sul America International Bank (Cayman) Ltd 949-0855 949-0866
Trade Link Bank 949-6675 945-5702
e Transocean Bank & Trust Ltd 949-7493 949-7524
Unicorp Bank & Trust Co Ltd 949-6800 949-6801
United Mizrahi Bank 949-9639 949-9639
e Venecredit Bank 7 Trust Ltd 949-6917 949-8017
Wachovia Bank & Trust Company (Cayman) Ltd. 949-0873 945-1295
Wing Hang Bank (Cayman) Ltd 949-6509

Cayman Brac & Little Cayman
Cayman National Bank Ltd (Tibbetts Sq, Cayman Brac 948-1551 948-1261
Cayman National Bank Ltd (Blossom Village, Little Cayman) 948-0051 948-0049

Mar 20 12:47 PM

[BM1087:]

Don't let the door hit them in the A*S! BTW: They can join Europe's best and brightest like Kerviel & Leeson.


On Mar 20 10:43 AM I weep for this country. wrote:

> Read the actual bill it is available on the House's website. Despite
> how it has been reported it: taxes any individual whose salary and
> bonus combined is more than 125k. Households combined whose salary
> and bonus amount to more than 250K are also subject to the taking.
> So if you work at one of these banks, earn 100K a year and got a
> 26 K bonus and are the sole breadwinner of your house, the gov't
> will take your entire bonus. Does that seem fair to the over 116K
> employs of AIG who had nothing to do with the London based FP unit
> who work hard to provide for the familes and were counting on the
> bonus to pay loans and mortgages? Who are working hard to ensure
> that the company remains profitable to pay back the taxpayer! Wasn't
> that the whole point of the bailout? Or was it to pay the counterparties?
> Hmmmm... Oh, by the way, this tax doesn't actually tax the London
> based employees that everyone wants to flog. And it doesn't tax Merril
> Lynch because unlike AIG they are still allowed to lobby Congress.
> Can't wait for our best and brightest to go to Zurich, Banco Sociale
> and other foreign entities and the US Economy collapes. Way to go!

Mar 20 01:24 PM

[rcprofit:]

Next year they'll just add the bonuses into their salaries. That's what the smart companies do.

Mar 20 03:03 PM

[Mad Hedge F...:]

Has anyone noticed that the economies with the biggest infrastructure stimulus packages, the US and China, are having the biggest bounces in their stock markets? Those with a “deer caught in the headlights” policy response, like in Europe are seeing a much less impressive move in their markets. Gee, do you think there is a connection?

Mar 20 03:51 PM