|
Matters Financial |
16 June 2003
|
UK Not Ready for Euro
Gordon Brown, the British Chancellor of the Exchequer, announced last week that the UK has yet to meet four of the five "convergence criteria" required for Britain to even consider abandoning the pound sterling in favor of the Euro. Economic tests make sense, but in the end, politics will dictate the decision, and for now on those grounds, a resounding "NO" must be said to Britain joining the Eurozone. Click here to read more.
Waksal Gets the Max
Mr. Sam Waksal, former head of the bio-tech firm ImClone and friend of Ms. Martha Stewart, was sentenced last week to 87 months in prison for charges related to his insider trading activities. Many claim that this is justice done, and to the extent Mr. Waksal is punished, that is true. However, there is the matter of repairing the damage done to the market by his actions. Justice in that sense is nowhere in sight. Click here to read more.
Freddie Mac Under Scrutiny
The COO of Freddie Mac, a too-cutely nicknamed Government Sponsored Enterprise [GSE], has been forced out, and the organization is coming under scrutiny for misbehavior. This could make Enron and HealthSouth pale in comparison because of the nature of the entity's business. Unlike other scandals, this has the capacity to severely damage the US banking system. Click here for our view.