UBS Goes Rogue: What Else Are Bankers Hiding In Their Drawers?

UBS revealed Thursday that a 31-year old trader for the firm lost $2 billion on unauthorized trades in London. In the supposed new world order of bank regulation and supervision--post Dodd-Frank financial regulation, and beefed up compliance rules from the SEC, NFA and their regulatory counterparts in Europe and Asia--it's inconceivable to me that traders can become 'rogue' for more than a few minutes, let alone overnight, weeks or months.

Source: http://www.forbes.com/sites/greatspeculations/2011/09/15/ubs-goes-rogue-what-else-are-bankers-hiding-in-their-drawers/

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BON APPETIT: 10 European Delicacies That Face Bans In The U.S.


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Europe is renowned for gastronomical finesse. Sampling the specialties of the continent can be wonderful providing that proverbial party in your mouth.

Sadly, not every dish can make it across the Atlantic in perfect form. There are rules, you see. Some of Europe's most celebrated (or notorious) delicacies have to be modified before they reach American mouths. Other are banned completely.

There's no doubt that if you dig hard enough you'll be able to find some of this stuff in the U.S., but, nevertheless, here's 10 European delicacies that face bans in America.

Haggis, Scotland

Sheep's heart, lungs and liver are minced, seasoned and boiled in a sheep's stomach. Haggis is traditionally eaten on Burns' Night, a celebration of Scottish poet Robert Burns. It's usually served accompanied by bagpipes and a rendition of Burns' own "Address to a Haggis."

Authentic haggis is hard to come by in the U.S. due to a ban on sheep's lung. There was talk last year of the ban being lifted, but it came to nothing. It is available in a (completely unauthentic) vegetarian variety, if you're that way inclined. You can also use sheep's tongue as a lung substitute.

Absinthe, Various Countries

Originating out of Switzerland, this is another product that's available in the U.S. but with limited authenticity.

Previously hard to come by until 2007, there are still regulations on the highly alcoholic spirit. Branding it as "Absinthe" is illegal (so many bottles just say "Absinth" instead). There's also restrictions on how the bottles are decorated. Importantly, the spirit can't contain thujone the naturally occurring chemical that gives truly authentic absinthe its fabled hallucinogenic effect.

Foie Gras, France

The controversial pate, made by force feeding geese via tube to fatten up their livers, was outlawed in Chicago in 2006, though it recently made a return to Chi-town's culinary scene.

That doesn't mean foie gras is off the hook though. The delicacie is due to be outlawed in California in 2012 though some chef's are saying they'll endure heavy fines to keep the dish on their menu.

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Source: http://feedproxy.google.com/~r/businessinsider/~3/_E-gN42lYHk/10-european-delicacies-that-are-banned-in-the-us-2011-9

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Bother Pay as you go? Benefits Of Using Pre-pay credit cards With regard to Overseas Telephone calls

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Source: http://www.legaldebthelponline.com/2011/09/14/bother-pay-as-you-go-benefits-of-using-pre-pay-credit-cards-with-regard-to-overseas-telephone-calls/

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Subway Construction Wreaks Havoc On The Upper East Side -- For The Next Five Years


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Home to Mayor Bloomberg, Spike Lee, Woody Allen, Ricky Gervais and many other notable celebrities, including Madonna and her $40 million mansion on 81st St, the Upper East Side is one of the wealthiest areas in the city.

But at the moment, on 2nd Ave. at 72nd St. it isn't as glamorous as it sounds.

Construction of the UES segment of the new subway line has been going on for over a year and won't be completed until at least 2016, according to MTA plans.

Current estimates for the first phase of the line's construction, which will extend from 96th St. to 63rd St., put the cost at almost $5 billion. The contract for the 72nd St. station is $431 million, funded entirely by the Federal Transit Administration.

Business Insider went to check out the site and see how it is coming along. While some residents and plenty of shop owners are annoyed by the inconvenience of the construction they are looking forward to having a convenient subway stop...eventually.

The 2nd Subway, like the bus, is not in service. These small building size structures house the construction site for the subway. Construction workers take elevators down to the actual site which is over 50 feet underground.

But the MTA maintains it is Improving Non-Stop. What do you think?

Stores are blocked off by fences.

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Source: http://feedproxy.google.com/~r/businessinsider/~3/NJaE86gGD4A/photos-2nd-ave-subway-2011-9

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How Credit Education Can Help You

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If you feel like you are drowning in debt, you may benefit by turning to one of the nation's Credit Counselling Services. These services offer Credit Education. The entities that offer these services are approved by the government, but they are not run by the government.

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Source: http://ezinearticles.com/6544027

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The Event That Changed Wall Street: Lehman Brothers Collapsed Three Years Ago Today


Lehman Brothers collapsed three years ago today, and while now we know that this was just a symptom of a financial plague that was sweeping through our economy, it is arguably the event that devastated Wall Street at the time.

Larry McDonald, president and founder of the McDonald Advisory Group and author of the New York Times bestseller A Colossal Failure of Common Sense – the Inside Story of the Collapse of Lehman Brothers, is a former VP at Lehman Brothers who witness the demise of this iconic financial institution and along with many of his colleagues and friends lost millions.

Watch below as he tells us about the day of Lehman's bankruptcy and evaluates what Wall Street has learned from it.

Produced By: Kamelia Angelova and Robert Libetti

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Source: http://feedproxy.google.com/~r/businessinsider/~3/kOsQtkmE5d8/larry-mcdonald-on-the-collapse-of-lehman-2011-9

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Options Player Harvests Premium, Sells Ralph Lauren Calls

The strategist responsible for nearly all of the options volume on Ralph Lauren today appears to be taking the view that the price of the underlying shares are unlikely to soar above $155.00 within the next five weeks to October expiration. More than 9,900 call options changed hands at the October $155 strike against paltry previously existing open interest of just 372 contracts.

Source: http://www.forbes.com/sites/greatspeculations/2011/09/14/options-player-harvests-premium-sells-ralph-lauren-calls/

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Structured Settlements Lump Sums

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Source: http://www.legaldebthelponline.com/2011/09/14/structured-settlements-lump-sums/

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There Has Been An Unsettling Rise In Zombie Outbreaks Among Animals


caterpillar

Cases of animals being infected by behavior-modifying parasites are popping up throughout the animal kingdom, including zombie ants and rats that become sexually attracted to cats.

In an even creepier development, a virus affecting caterpillars is beginning to change behaviors as well, making it the first classic example of a zombie infection come to life.

According to Ars Technica, virally infected European gypsy moth caterpillars behave in a way that their healthy brethren never would. The virus makes the caterpillar climb to the top of a tree, die, and liquefy, so the virus can spread to other caterpillars via rainfall. Normally, these caterpillars stay deep in the soil or tree trunks to avoid detection -- but in order for the virus to propagate it needs to find a way into new hosts.

Scientists identified the "egt" gene as the affected area of the caterpillar brain. Removal or insertion of the gene caused the caterpillar to either continue regular function or to climb to the highest point in the area to die, respectively.

On the other hand, the aforementioned zombie ants are infected by a fungus that drives the ant to stumble drunkenly through the forests of Thailand. The zombie ants take a bite of a leaf around noon -- cued by either sunlight or humidity -- and remain there with their mandibles clenched until they die at sunset, allowing the fungus to spread to the leaf. 

A particularly twisted single-called parasite called Toxoplasma gondii infects rats. The parasite, which can only reproduce in cats, causes their hosts to pursue, rather than run from, their natural cat enemy. The cat eats the infected rat, allowing the infection to live on.

When the rats smell cat urine, they normally freeze and then run. But the infection activates the sexual arousal part of the brain instead, giving them "fatal feline attraction."

Doctors say that humans are not affected by Toxoplasma gondii in the same way as rats, though there are reports linking Toxoplasma to schizophrenia.

12 places to flee if the world goes to hell >

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