The collapse of TPG Capital's rescue package for Bradford & Bingley is an embarrassment to Goldman Sachs, the Wall Street investment bank that arranged the deal in a matter of days when an earlier fundraising plan ran aground five weeks ago, writes Chris Hughes.B&B had previously aimed to raise £300m through a rights issue but this fell apart when the mortgage bank revealed that it was about to issue a profit warning.Goldman was not leading the rights issue, but it was instrumental in bringing in TPG and delivering a deal that seemed to provide immediate certainty over B&B's financial position. The new plan was for TPG to inject capital alongside a repriced rights issue.However, the TPG deal encountered immediate hostility from B&B investors, who argued that it was priced too advantageously for the US buy-out group. Investors also said they themselves could have fully funded a recapitalisation of B&B - as they now are - had they been given the opportunity five weeks ago
The collapse of TPG Capital's rescue package for Bradford & Bingley is an embarrassment to Goldman Sachs, the Wall Street investment bank that arranged the deal in a matter of days when an earlier fundraising plan ran aground five weeks ago, writes Chris Hughes.
B&B had previously aimed to raise £300m through a rights issue but this fell apart when the mortgage bank revealed that it was about to issue a profit warning.
Goldman was not leading the rights issue, but it was instrumental in bringing in TPG and delivering a deal that seemed to provide immediate certainty over B&B's financial position. The new plan was for TPG to inject capital alongside a repriced rights issue.
However, the TPG deal encountered immediate hostility from B&B investors, who argued that it was priced too advantageously for the US buy-out group. Investors also said they themselves could have fully funded a recapitalisation of B&B - as they now are - had they been given the opportunity five weeks ago
Moody blues cast a shadow over more than just B&B None of the participants emerges with credit from the collapse of the deal by US private equity house Texas Pacific Group to inject cash into stricken mortgage bank Bradford & Bingley. TPG has not done anything wrong with a capital W: it made use of a get-out clause allowing it to walk away from its proposal if B&B suffered two credit downgrades. It can attempt to justify its conduct by saying last week's slashing of the bank's rating by agency Moody's materially altered the parameters of the deal, and that it has a duty to its own investors that comes ahead of its obligation to B&B. But this leaves a nasty taste in the mouth coming from a group that only days ago was promoting its deal on the basis of certainty, security and speed - sure, the get-out clause was in all the documents, but no one deemed it worth discussing at that stage. TPG's action was technically legitimate, but it does not look gentlemanly. That will hurt its reputation - which has already been affected by its controversial involvement with department store Debenhams - and its ability to do other deals in the UK banking sector. Its conduct also gives ammunition to critics of the private equity industry as a whole, who see it as nakedly profit-seeking with little care for the longer-term well-being of companies, shareholders or employees. The rest of the sector will certainly not thank TPG for that.
None of the participants emerges with credit from the collapse of the deal by US private equity house Texas Pacific Group to inject cash into stricken mortgage bank Bradford & Bingley. TPG has not done anything wrong with a capital W: it made use of a get-out clause allowing it to walk away from its proposal if B&B suffered two credit downgrades. It can attempt to justify its conduct by saying last week's slashing of the bank's rating by agency Moody's materially altered the parameters of the deal, and that it has a duty to its own investors that comes ahead of its obligation to B&B.
But this leaves a nasty taste in the mouth coming from a group that only days ago was promoting its deal on the basis of certainty, security and speed - sure, the get-out clause was in all the documents, but no one deemed it worth discussing at that stage. TPG's action was technically legitimate, but it does not look gentlemanly. That will hurt its reputation - which has already been affected by its controversial involvement with department store Debenhams - and its ability to do other deals in the UK banking sector. Its conduct also gives ammunition to critics of the private equity industry as a whole, who see it as nakedly profit-seeking with little care for the longer-term well-being of companies, shareholders or employees. The rest of the sector will certainly not thank TPG for that.
Mr. Knohl said that it was less important whether Simon was the messiah of the stone than the fact that it strongly suggested that a savior who died and rose after three days was an established concept at the time of Jesus. He notes that in the Gospels, Jesus makes numerous predictions of his suffering and New Testament scholars say such predictions must have been written in by later followers because there was no such idea present in his day. But there was, he said, and "Gabriel's Revelation" shows it. "His mission is that he has to be put to death by the Romans to suffer so his blood will be the sign for redemption to come," Mr. Knohl said. "This is the sign of the son of Joseph. This is the conscious view of Jesus himself. This gives the Last Supper an absolutely different meaning. To shed blood is not for the sins of people but to bring redemption to Israel."
But there was, he said, and "Gabriel's Revelation" shows it.
"His mission is that he has to be put to death by the Romans to suffer so his blood will be the sign for redemption to come," Mr. Knohl said. "This is the sign of the son of Joseph. This is the conscious view of Jesus himself. This gives the Last Supper an absolutely different meaning. To shed blood is not for the sins of people but to bring redemption to Israel."
Were this so, it would have profound effects on Christianity imo. You can't be me, I'm taken
This would be one more moral+tribal position. It might make for some awkward shuffling, but it's not going to persuade world+dog that it's always been just a bit of story telling.
' Jesus died to redeem Israel, not to redeem all the sinners in the world'
I don't think there's any doubt that Christianity was in the first instance a Jewish sect. However, whether the Gentiles were included in the redemption was a crux early on, and quickly decided. Paul's epistles (from c. 50 AD on) clearly develop the "redemption of the Gentiles" view. Even though the Synoptic Gospels (Matthew, Mark, Luke, from the 60s AD on) insist on lining up the legendary life of Jesus with a mythical Messiah profile (including back-references to the Prophets), you can read (the resurrected Jesus appears to the disciples and gives them proof of his physical existence):
Luke, ch 24, King James version
44: And he said unto them, These are the words which I spake unto you, while I was yet with you, that all things must be fulfilled, which were written in the law of Moses, and in the prophets, and in the psalms, concerning me. 45: Then opened he their understanding, that they might understand the scriptures, 46: And said unto them, Thus it is written, and thus it behoved Christ to suffer, and to rise from the dead the third day: 47: And that repentance and remission of sins should be preached in his name among all nations, beginning at Jerusalem. (my bold)
Another point to remember is that the entire New Testament was written in the lingua franca Greek, not in the vernacular Aramaic or religious Hebrew.
I'm not at all surprised that evidence for a three-day resurrection Messiah myth should surface, it seems obvious to me that there was one, and it was part of the frame of interpretation used by the early Christians. But the very early passage from Jewish sect to universalist religion is all the same fairly well documented.
In any case, beyond that, I agree with those who say it won't make much difference to believers today. Either they habitually ignore history (and will go on doing so), or, if they're of the open-minded learned kind, they already know what I've sketched out above.
Rising prices have triggered an increase in gasoline thefts, according to police departments in the Washington region. With average prices of more than $4 a gallon for unleaded and $5 for diesel fuel, siphoning has become an easy and profitable crime of opportunity, officials said. But one business has benefited from the crime spike: Lock-equipped gas caps have been flying out of auto parts stores.
But one business has benefited from the crime spike: Lock-equipped gas caps have been flying out of auto parts stores.
Well, now we really are back in the '70s.
The District is escalating what some suburban commuters are calling its war against workers who drive into the city.
The District is moving toward becoming "the most anti-car city in the country," said John Townsend, a spokesman for AAA Mid-Atlantic. "They see commuters as the enemy." City officials say that the moves are part of a policy of putting the needs of its residents and businesses before those of suburban commuters and that they are trying to create a walkable, bikeable, transit-oriented metropolis. Like New York, London, Stockholm and Portland, Ore., District officials said, the city is reclaiming its streets for the people who live there. With billions of dollars invested in the Metro system, there are plenty of ways for commuters to get into the city without bringing exhaust-spewing vehicles with them, officials said.
City officials say that the moves are part of a policy of putting the needs of its residents and businesses before those of suburban commuters and that they are trying to create a walkable, bikeable, transit-oriented metropolis.
Like New York, London, Stockholm and Portland, Ore., District officials said, the city is reclaiming its streets for the people who live there. With billions of dollars invested in the Metro system, there are plenty of ways for commuters to get into the city without bringing exhaust-spewing vehicles with them, officials said.
Bwa-ha-haaaa....
Opponents of "absurd" new anti-annoyance laws in place for World Youth Day (WYD) will take their fight to court, claiming the powers impinge on human rights. Under the laws, authorised people, including police, will be able to direct people to stop conduct which "causes annoyance or inconvenience to participants in a World Youth Day event". "The laws that have been brought in last Friday are bad laws, they are counter-productive laws and they impinge important human rights," NSW Council for Civil Liberties spokesman Stephen Blanks told reporters in Sydney.
Opponents of "absurd" new anti-annoyance laws in place for World Youth Day (WYD) will take their fight to court, claiming the powers impinge on human rights.
Under the laws, authorised people, including police, will be able to direct people to stop conduct which "causes annoyance or inconvenience to participants in a World Youth Day event".
"The laws that have been brought in last Friday are bad laws, they are counter-productive laws and they impinge important human rights," NSW Council for Civil Liberties spokesman Stephen Blanks told reporters in Sydney.
