keith pirelli

2 Comments

    • ON: Sun Apr 13th 11:11 AM
      Commented on:
      How Much Are Goldman's Level 3 Assets Worth?
      Ex Goldman Sachs Bernanke and Paulson will blame rating agencies, mortgage brokers liar loans and the weather for the current credit crisis. You will not hear them criticize Goldman Sachs bank that packaged and sold CDO's whilst shorting their own product because they knew it was toxic garbage. They paid out $16.9 billion dollars in bonuses for 2007 and Lloyd Blankfein; the current CEO paid himself a healthy $70 million dollar twelve month’s limited labour salary. Nobody criticizes Goldman Sachs whose motto is "We are long term greed". Watch this bank continue to profit from the misery of the masses, as they are the best in the business at it and always have been.Yep,create the crisis then help the suckers solve it. This is why they have revolving door access to the White House. Do not try and open and account with them, you do not have enough……… money. Smells funny.
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    • ON: Wed Dec 26th 09:22 AM
      Commented on:
      Can UBS Leadership Experience Spark Positive Results?
      Letter to UBS bank.
      Dear Thomas,
      So the inevitable finally transpired and those dumb, contrived financial inventions, UBS so likes to sell to its investors, have come back to haunt the bank and big time. I should be happy that you finally became trapped in your own greed and gullibility, yet in reality, I feel nauseated that so many deluded people, allowed themselves to be swamped in a sea of CDO junk. I have stated on numerous occasions, the excesses of the property market asset explosion, would eventually implode.
      How stupid to offer loans to people with limited financial credibility, against an inflated asset value, with near mythically low interest rates as the initial carrot. Then bundle the loan into tranches of semi-securities to be marketed to other instituitions.The property market starts to contract a little and already the party is over. There is no incentive for anyone to struggle to service an increasing home loan on a decreasing asset, and this will become increasingly painfully apparent in the months to come.Decieved potential homeowners will just walk, or perhaps in many instances, run away. Now the problem is the banks and it did not need a rocket scientist to anticipate the sad outcome. It all happened exactly the same in the UK in 1989/90.It will happen again. Remember discussing Long Term Capital's implosion with me Thomas. How checks and balances were now in place to stop it happening again? How long did Dillon Read last under UBS banks jurisdiction? Longer than a Marks and Spencer prawn sandwich almost? Yet your bank trys to market itself as a leader in wealth management, yet in reality your funds underperform, your forex team lose money for years, and different sections of your bank do not even know each others prognosis for the financial future.
      Well you will pleased to know that Gam V US Trading nearly equaled base rates after five years of sucking up commissions and expenses, so only the administrators made money and I lost.. But now UBS has lost a great deal more, including much of its credibility. Will you learn? Next time you try and earn a commission on one of your dumb financial products, will you even try and consider the client, or even try and understand the toxic waste you are selling? I doubt it and you will inevitably pay again. So eventually, I suppose, there really is some natural justice in the sordid financial world, and UBS bank got what it so richly deserved.
      You all have a Happy Christmas now, from your favorite ex client.
      Sincerely,
      Keith Pirelli
      PS They are on to you....business.timesonline.c...
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