The Lisbon treaty has been eight years in the making and is on the brink of coming into force, but not if Klaus gets his way

http://www.guardian.co.uk/world/2009/oct/14/vaclav-klaus-lisbon-treaty-czech?CMP=AFCYAH

Well, now we have Berlusconi batting for Blair

http://www.guardian.co.uk/world/2009/oct/14/silvio-berlusconi-backs-tony-blair

Bellezza! (As the Aussies might say.)

And they say laughter is the best medicine.

I would say extremely prudent reading the banks half year reports. Using the fair value may hurt more than it helps showing “better” figures. The near future Oct-Nov 2009 will tell ….

According to a survey conducted by Rothstein Kass in May 2009, private equity industry is skeptical about current market rally.   Based on survey, more than 90% of middle-market private equity fund managers believe that the credit crisis will last into next year.

Despite that pessimism, most firms hope to raise capital this year and plan to take a more active role in running their portfolio companies to combat the weak economy.  More specifically, 83% of respondents expect new investors to enter the market, though not to the exclusion of high net-worth investors, from whom 77% of those surveyed expect to see new money.   By contrast, only 43% expect institutional investors as a major source of new capital.

Also, Rothstein’s survey shows that most private equity managers don’t expect a recovery until the middle of next year.   Managers are looking for ways to improve the returns of their portfolio companies.  Nearly four in five expect to have greater involvement there, up from 63% last year.

A second Rothstein Kass survey of ultra-high net-worth investors finds that only 24% are highly satisfied with their current private equity investments.    This shows that investors are worried about private equity firm’s returns and expect a prolonged period of economic weakness.     

The Baltic Exchanges main sea freight index BADI, which tracks rates to ship dry commodities (iron ore, cement, grain, coal, fertiliser), fell a hefty 5.7% today. This is the index’s 6th straight session of losses, and doesn’t seem to bode well for those looking for green shoots of recovery in the global economy.