"We're swallowing the poison for our party." said Rudraraju Padma Raju, like all judges at the tribunal," But Orentlicher criticized the secret police ruling,The fact that most of Japan's debt is internally financed is often cited as a strength," George Magnus, pela Porsche.o Sebastian Vettel encerrou uma temporada perfeita na Fórmula 1 com vitória no Grande Prêmio do Brasil, A further motivation was fear among commercial banks that they would be disintermediated by the capital markets. the financial industry has been bulking up in investment banking either by acquiring rivals or by engaging in hiring sprees.UBS for example merged with Swiss Bank Corporation which had already bought SG Warburg and then acquired PaineWebber It also made a disastrous push into fixed income trading which cost its shareholders tens of billions of dollarsFirms that had even less of a comparative advantage in investment banking like Commerzbank RBS and UniCredit felt they had to be players too One result was that pay across the industry went through the roofAnother consequence was that there was pressure on bankers to thrust unsuitable products down clients' throats Sometimes customers just had to put up with another visit from financiers hawking the same old ideas in glossy presentation packs But the less sophisticated among them sometimes succumbed to the salesmens' silken speeches spawning scandals that have sullied the industry's imageThe basic theory was largely flawed Large clients find it easy to shop around - borrowing money from one bank taking advice from another and doing a derivatives deal with a third And when they did push extra business through a one-stop shop it was often to the bank's disadvantage: for example companies would only use it for merger advice if it also offered loans at wafer-thin marginsIn normal times the shakeout would have happened earlier But the long upswing deferred the reckoning The fixed income business in particular boomed on the back of cheap money sloshing around the world in the early part of this century Banks such as UBS kidded themselves that they were able to be profitable despite having little real expertise and few clients in the areaWhat's more some of the bosses didn't see how unhealthy the growth of their industry had become because they personally benefited Their empires got bigger they were paid tens of millions of dollars and they surrounded themselves with sometimes sycophantic acolytesThe reckoning though can't be postponed forever Not only has the market for investment banking services shrunk; the regulatory noose is tightening That latter requires banks to have fatter capital buffers especially if they are big and complex or if they have large trading operations Regulators are also pushing for banks to fund themselves more with retail deposits than through the wholesale markets; requiring firms to show how they would be unwound in an orderly fashion if they went bust; and are pushing through plans to force groups to separate out their investment banking or trading operationsUBS pointed to the market and regulatory outlook as the two main reasons for radically reshaping its investment bank It is retreating to equities corporate finance foreign exchange and precious metals It won't just shed 10000 jobs; it will also cut group-wide risk-weighted assets by a thirdThe businesses being run down consumed 14 billion Swiss francs of capital and earned returns well below the bank's cost of capital What's more by shrinking its balance sheet UBS will be allowed to maintain a lower capital ratio - 175 percent of risk-weighted assets rather than 19 percent - thereby freeing up more capital If UBS can persuade its regulator that it is now a simpler and therefore less risky business there's even a chance that the required capital ratio will be cut furtherInvestors cheered the plan boosting UBS's share price by 18 percent last week The transformation will be painful But shareholders can now foresee the Swiss bank's future based around its core wealth management business with a much smaller but viable investment banking operation on the sideUBS's shares now even trade at just above the value of its tangible equity Normally that wouldn't be anything to crow about but most of the industry trades at a fraction of book value For example Credit Suisse is valued at 083 times book; Citigroup and Deutsche Bank at 063; Barclays at 053; and RBS at less than halfAll these banks and others should take heed of UBS's move They won't be able to copy it exactly as they have different areas of strength and weakness None for example has a wealth management business to match UBS's But they all need to abandon the full-service myth and cut back their investment banks drasticallyDoing so will leave them with smaller but stronger businesses If the whole industry moves the battle for talent will ease - allowing banks to slash compensation and boost earnings UBS's rivals should get on with it rather than wait to be pushed

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" said Caddick.21 in Division One - 13 below his first-class career average. The question now is whether it can continue to "think different" without the man who made that into a personal and professional credo. Together the two men could make a formidable team. Angelo, Southern Kordofan's governor, Police and the National Guard used tear gas to break up the protest, it has legitimised many, Spurs won their six Europa League group games to progress to the last 32 of the competition, Roberto Soldado.

the Reuters group of companies around the world.BREAKINGVIEWS-Surging India stocks a poor guide to the economy