Britain's second largest bank, Royal Bank of Scotland, is to ask shareholders for about £10bn of extra cash to improve its financial position. 

RBS will raise the money from existing investors through by far the biggest rights issue in UK corporate history. 

The global credit crunch has meant banks worldwide are keen to shore up their capital positions - and it is thought others may follow RBS's move. 

RBS, owner of NatWest, Ulster Bank and insurer Direct Line, has not commented. 

In a statement, it would only confirm it would give a trading update next week as planned. The update is due ahead of its annual meeting on Wednesday.
"I understand that next week they will announce a massive rights issue, that's a demand for new cash from their shareholders," said BBC business editor Robert Peston. 

Our BBC correspondent has also learned that RBS will make about £5bn of write-downs when it launches its rights issue next week, a record so far for a British bank. 

"This may sound like horrible news," he said but he added: "investors may well see it as a recognition that RBS has properly owned up to its past boo-boos - and they would view such catharsis as very good news". 

Prudence 

The rights issue is thought to be a prudent measure to provide a capital cushion for the amount of risk on its balance sheet after RBS played a leading role in last year's takeover of the Dutch bank ABN Amro.
"Having spent the best part of 70bn euros ($111bn; £56bn) last year on the biggest bank in Holland, they now have the smallest cushion relative to risk on their balance sheet of any bank in Europe," said Alex Potter, banking analyst at Collins Stewart. 

Some analysts say this will anger big investors who will see it as an embarrassing U-turn from chief executive Sir Fred Goodwin's former stance. 

"It is going to be pretty humiliating for the management," Simon Maughan at MF Global Securities. 

"They went out there and did a big acquisition, saying they didn't have to raise equity, and now they are saying that they do. That is pretty embarrassing and I think that institutional investors will demand that heads should roll," he added. 

Analysts stressed the rights issue was not something that should worry people with accounts at any RBS banks. 

"This is not a customer issue, it's a shareholder issue," said Justin Urquhart Stewart from Seven Investment Management. 

'Sharing pain' 

Heads of many of Britain's biggest banks, including RBS, had a meeting at Downing Street on Tuesday to discuss the continuing effects of the credit crisis. 

According to the BBC's Robert Peston, the Bank of England will announce a plan next week to give banks access to £50bn in government bonds in exchange for UK mortgage-backed securities to encourage banks to lend to each other again. 

This in turn should ease up lending to individual borrowers.
Liberal Democrat treasury spokesman Vince Cable supported the idea of a rights issue in addition to the Bank of England's proposals. 

"It's positive and it's necessary and it's got to happen for all of the big banks," he told the BBC. 

"Essentially this is all about sharing pain - shareholders have got to accept that any losses arising from the credit crunch accrue to banks and not to the taxpayer." 

The government and the Conservatives declined to comment. 

Analysts expect other banks to follow RBS by going to the market for extra capital. 

Bradford and Bingley denied widespread reports at the weekend that it was planning to raise money in the same way. 

RBS shares have had a volatile day's trading, opening higher before falling and then rising again. They rose almost 5% and closed at 384 pence at the end of London trade.

http://news.bbc.co.uk/2/hi/business/7353774.stm

Morgan Stanley warns of 'catastrophic event' as ECB fights Federal Reserve

The clash between the European Central Bank and the US Federal Reserve over monetary strategy is causing serious strains in the global financial system and could lead to a replay of Europe's exchange rate crisis in the 1990s, a team of bankers has warned.

"We see striking similarities between the transatlantic tensions that built up in the early 1990s and those that are accumulating again today. The outcome of the 1992 deadlock was a major currency crisis and a recession in Europe," said a report by Morgan Stanley's European experts.  
Jean-Claude Trichet is taking a hard line on rates


Just as then, Washington has slashed rates to bail out the banks and prevent an economic hard-landing, while Frankfurt has stuck to its hawkish line - ignoring angry protests from politicians and squeals of pain from Europe's export industry.

Indeed, the ECB has let the de facto interest rate - Euribor - rise by over 100 basis points since the credit crisis began.

Just as then, the dollar has plummeted far enough to cause worldwide alarm. In August 1992 it fell to 1.35 against the Deutsche Mark: this time it has fallen even further to the equivalent of 1.25. It is potentially worse for Europe this time because the yen and yuan have also fallen to near record lows. So has sterling.
More Ambrose Evans-Pritchard
ECB in no mood to rescue us from debt
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Morgan Stanley doubts that Europe's monetary union will break up under pressure, but it warns that corked pressures will have to find release one way or another. 

This will most likely occur through property slumps and banking purges in the vulnerable countries of the Club Med region and the euro-satellite states of Eastern Europe.

"The tensions will not disappear into thin air. They will find fault lines on the periphery of Europe. Painful macro adjustments are likely to take place. Pegs to the euro could be questioned," said the report, written by Eric Chaney, Carlos Caceres, and Pasquale Diana.

The point of maximum stress could occur in coming months if the ECB carries out the threat this month by Jean-Claude Trichet to raise rates. It will be worse yet - for Europe - if the Fed backs away from expected tightening. "This could trigger another 'catastrophic' event," warned Morgan Stanley.

The markets have priced in two US rates rises later this year following a series of "hawkish" comments by Fed chief Ben Bernanke and other US officials, but this may have been a misjudgment.

An article in the Washington Post by veteran columnist Robert Novak suggested that Mr Bernanke is concerned that runaway oil costs will cause a slump in growth, viewing inflation as the lesser threat. He is irked by the ECB's talk of further monetary tightening at such a dangerous juncture.  
Ben Bernanke is reported to be irked by the ECB's approach 


The contrasting approaches in Washington and Frankfurt make some sense. America's flexible structure allows it to adjust quickly to shocks. Europe's more rigid system leaves it with "sticky" prices that take longer to fall back as growth slows.

Morgan Stanley says the current account deficits of Spain (10.5pc of GDP), Portugal (10.5pc), and Greece (14pc) would never have been able to reach such extreme levels before the launch of the euro. 

EMU has shielded them from punishment by the markets, but this has allowed them to store up serious trouble. By contrast, Germany now has a huge surplus of 7.7pc of GDP.

The imbalances appear to be getting worse. The latest food and oil spike has pushed eurozone inflation to a record 3.7pc, with big variations by country. Spanish inflation is rising at 4.7pc even though the country is now in the grip of a full-blown property crash. It is still falling further behind Germany. The squeeze required to claw back lost competitiveness will be "politically unpalatable".

Morgan Stanley said the biggest risk lies in the arc of countries from the Baltics to the Black Sea where credit growth has been roaring at 40pc to 50pc a year. Current account deficits have reached 23pc of GDP in Latvia, and 22pc in Bulgaria. In Hungary and Romania, over 55pc of household debt is in euros or Swiss francs.

Swedish, Austrian, Greek and Italian banks have provided much of the funding for the credit booms. A crunch is looming in 2009 when a wave of maturities fall due. "Could the funding dry up? We think it could," said the bank.

http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/06/16/bcnecb116.xml

Clear Channel's KFI Los Angeles Mocks Reagan Death Threat Story 

Martin Hill
Op-Ed News 
Tuesday, June 17, 2008

The 2nd most listened to talk radio station in America finally carried the story of Michael Reagan making death threats and being investigated by the FBI. They thought it was a real laugh riot.

http://9-11.meetup.com/380/messages/boards/thread/4901707

I called KFI this morning at 5:42 and talked with Bill Handel's screener about the death threats Michael Reagan made to anti-war activist Mark Dice. After 9 minutes on the line, she came back and told me they will cover it on the 8:30AM news. 

Attorney Bill Handel's program aired the story at 8:46AM in a mocking manner, with Handel calling Mark Dice a "crackpot" and announcing that his friend Michael Reagan was being investigated by the FBI. They continued playing the death threat audio clip from 8:54 to 9AM, Yucking it up. Here is KFI's podcast page. http://www.kfi640.com/pages/podcasting/ If the audio isn't posted on their site I will try to post it on our youtube account tomorrow

E-mail Bill Handel in order to demand fair coverage of this important story on tomorrow's show. If he gets a lot of feedback on this issue, he will air it, forcing Mitt Romney's Bain Capital Clearchannel to cover the story. KFI's news tip line is (323) 225-5534. Bill Handel's show airs 5:00AM- 9:00AM Pacific Time Monday through Friday; his call in number is (800) 520-1534. E-mail Bill at bill@kfi640.com

Members of INLAND EMPIRE 911 TRUTH and WE ARE CHANGE L.A. protested Michael Reagan's syndicator AMERICA RADIO this afternoon in Los Angeles at 3PM. (Video to be posted tommorow).

Stay tuned for developments and watch for this important story to appear on other Clearchannel stations. Also, be sure to call your local radio station to tell them to air the story. 
-------------------------------------- ---------------------------------------- --
CONTACT KFI
http://kfi640.com/pages/Station.html?feed=128007&article=447631
KFI AM 640 
3400 W Olive Ave Ste 550 
Burbank CA 91505 
Business Hours: Monday-Friday 8:30AM-5:30PM 
Main: (818) 559-2252 
Programming: (818) 566-6476 
KFI Newsroom: (323) CALL-KFI (225-5534) 
Listener Line: (800) 520-1KFI (1534) 
To contact KFI about a news story or event, please email KFI NEWS. 
To communicate a show idea, topic or guest, please email each show directly. 

Note regarding submitting comments to KFI AM 640: 
Emails and letters sent to KFI AM 640 directly will generally be placed in the station's public inspection file, available for public review at the station during business hours. Posting a message to a chat room, bulletin board or other general user forum is not a good way to communicate directly with the station and the station does not include these postings in its public inspection file. 

FAQ 
How do I call KFI to be on the air? For live, local shows, call (800) 520-1KFI (1534). If you get through, you will talk to a screener. A screener filters calls to find those most appropriate for the show at that moment. The screener may or may not transfer you to the host and put you on the air. 

KFI AM 640 Sales 
Phone: (818) 566-6178 
Email: Darren McMillan, General Sales Manager, KFI AM 640 darrenmcmillan@clearchannel.com 

My company would like to advertise on KFIAM640.com. Who should I contact? 
CCLA Integrated Media 
Phone: (818) 566-6324 
Email: Michele Laven, Director of Integrated Media, Clear Channel Los Angeles michelelaven@clearchannel.com 

I want to send a press release or news item to the station. Who should I contact? 
KFI NEWS 
Phone: (818) 566-6397 
Fax: (818) 729-2514 
Email: Chris Little, KFI NEWS Director, KFI AM 640 kfinewsdirector@kfi640.com 

How can I register a formal complaint about a show? 
KFI AM 640 Programming 
Write: 3400 W Olive Ave Ste 550, Burbank CA 91505 
Email: Robin Bertolucci, Program Director, KFI AM 640 programming@kfi640.com 


KFI Info: 

From Wikipedia: 

KFI is a talk radio station owned by Clear Channel Communications, the largest U.S. radio owner. ...KFI also has an extensive news department, and produces news updates for other Clear Channel stations in the Los Angeles market. KFI employs 20 broadcast journalists. [3] KFI's newscasts air at :59 and :29 past the hour, with brief headlines approximately halfway between the fuller newscasts during local programming. The newscasts primarily focus on local news with relevant national and international stories included. KFI also has traffic reports four times an hour. ... KFI is a member of the Fox News Radio network and Fox News reporters appear on the station (but not its commentators, who have shows on competing stations in the market). However, the entire Fox News Radio newscast is not aired. For its efforts, KFI was named the Radio & Records News & Talk Radio Station of the Year in 2004.
In the Spring 2006 quarter Arbitron rating, KFI was the most listened to radio station in Los Angeles, averaging approximately 1.5 million listeners during any given weekday. In the Los Angeles market, this is extremely rare for an AM station, and more rare for an English-language station. The station is now the most listened to AM radio station as well as the most listened to news/talk radio station in the country, beating out WABC in New York City.

Huckabee video: "Some suggest that the fact that Bain Capital owns a major stake in Clear Channel is on Sean's network, maybe there's a correlation. I don't know." from http://www.mydd.com/story/2006/11/16/134450/66 "Clearchannel just recently went up for auction. Mitt Romney's Bain Capital bought it along with Thomas H Lee Partners, but I'm not sure who owns them. The rumor on the Street was that there might be regulatory problems because the firms own positions in other media companies, but I'm not sure which ones." http://rochesterturning.com/2006/11/16/your-liberal-media/

http://www.prisonplanet.com/articles/june2008/170608_a_mocks.htm

The Violent and Demented Pathology of Michael Reagan

In the video clip here, Michael Reagan suggests killing Arab and Muslim babies in the most cruel and inhumane fashion, thus revealing the disgusting and mentally depraved mindset of the neocons. For Reagan and the neocons, there will be peace “when everybody in the Middle East is dead.” 

Is it possible Reagan wants to one up another scurrilous neocon, Ann Coulter? “We should invade their countries, kill their leaders and convert them to Christianity,” said Coulter after the September 11 attacks. Coulter’s comment was so crazed and psychotic, the neocons at the National Review fired her, but Coulter did not blink. “I am often asked if I still think we should invade [Muslim] countries, kill their leaders, and convert them to Christianity. The answer is: Now more than ever!” she said in October, 2004. 

Indeed, Reagan did Coulter one better, or that should be worse, when he called for killing everybody in the Middle East, that is to say every Arab and Muslim. 

Colorado Congress critter Tom Tancredo was following the neocon script when he suggested bombing Mecca and Medina.  
 
 


But Reagan’s vividly demented imagination appears to be second to none with his grenade inserted in a child’s rectum comment. However, what is really amazing is the fact Reagan was not fired on the spot or in short order like Don Imus, but then Imus’ “nappy-headed hos” comment was politically incorrect whereas, in Bushzarro world, it is fully acceptable to discuss murderous perversion over the public airwaves if the threats are directed at Arabs and Muslims. 

Not that it matters. Because millions of Americans are apparently unconcerned by the horrific fact the neocons have murdered well over a million Iraqis and have condemned to a slow and painful death by way of cancer millions of others, thanks to the profligate use of depleted uranium.

http://www.infowars.com/?p=2705

Reagan's "Apology": Weak, Perfunctory & Disingenuous

 |  


Radio talk show host Michael Reagan's weak, perfunctory and disingenuous "apology" to Mark Dice for encouraging the activist be murdered for sending 9/11 truth material to U.S. troops only further necessitates the case for legal action to be taken in order to end the spiraling cycle of Neo-Con intimidation and smear.

Furthermore, it now appears that Radio America representatives have failed to inform the President of Radio America about Reagan's comments in an attempt to protect him from any potential discipline.

According to Mark Dice's website, "Radio America has said that they will NOT fire Reagan for his comments. The communications director refused to answer whether the president of the company was aware of Reagan's comments, leading us to believe that they are keeping this information from him, in order to protect Reagan."

Had Reagan prostrated himself and vigorously displayed remorse for his disgusting comments during the interview with Dice yesterday then Dice may have considered taking the high road, but the fact that Reagan still views his statements as no more obscene that Mark Dice's efforts to inform the soldiers underscores the fact that further action needs to be taken.
You won't have heard about it in the corporate media so we'll happily reprint Reagan's original statement once again.

Last week on his nationally syndicated show, Reagan stated, "We ought to find the people who are doing this, take them out and shoot them. Really. You take them out, they are traitors to this country, and shoot them. You have a problem with that? Deal with it. You shoot them. You call them traitors, that’s what they are, and you shoot them dead. I’ll pay for the bullets.” 

“How about you take Mark Dice out and put him in the middle of a firing range. Tie him to a post, don’t blindfold him, let it rip and have some fun with Mark Dice," Reagan added.

Mark Dice's decision to report the death threat to the FBI and pursue an FCC investigation of Reagan led to the talk show host offering his "apology" yesterday before scurrying out of the country.

In reality, the interview with Dice was merely exploited by Reagan as an opportunity to make himself appear as the victim while hardly allowing Dice to get a word in.

Listen to the interview via You Tube.
Isn't it ironic that after 19 minutes of Reagan continually fading down and interrupting Dice, he has the gall to claim, "You're talking over me!"

In response to Dice's analogy of what would happen if a left-wing radio host called for the "unequivocal tracking down and murder" of an individual, Reagan claimed that Mike Malloy and Randy Rhodes had called for the murder of George Bush - a complete lie and another probable case of slander in and of itself.

The interview was pre-recorded and so Dice's most powerful statements were most likely edited out. There is a notable piece of editing when Dice questions Reagan's claim that he is still in the country despite telling Dice in an earlier private conversation that he was imminently leaving the country. During this sequence, Dice is completely cut off while Reagan talks over him.

Reagan invoked death threats against his father Ronald Reagan, who died four years ago, and also calls made to his cellphone by "your people" as an excuse to downplay the serious nature of his comments.

The only time when Reagan shut his mouth completely was when Dice read out California's Penal Code 422, which clearly illustrates that Reagan's comments fit the bill for terroristic threats.

Reagan's macabre obsession with violent murder was no more evident than in an August 2006 radio segment when he encouraged Arab babies in the Middle East be blown up by shoving "a grenade up their butts," while also stating that "there'll be peace when everybody in the Middle East is dead."
Reagan's foul, Hitlerian, racist and criminal statements can no longer be defined as free speech. When a national talk show host publicly calls for killing babies and puts out a contract on someone's life with 4 million people listening, action must be swift and severe.

At the very least, Reagan should be fired and never allowed to broadcast again. Don Imus was fired for much less and became the subject of national media obsession, yet not one mainstream news outlet has reported on Reagan's disgraceful comments.

Once again it is up to us, the alternative media and truth activists, to pressure the FCC into investigating Reagan by filing a report and kicking this cretin off the airwaves for good.

In addition, you can contact Radio America President Jim Roberts.

Jim Roberts 703-302-1000 ext 215. 

jroberts@radioamerica.org
jroberts@americanveteranscenter.org

http://www.prisonplanet.com/articles/june2008/061708_weak_apology.htm  

Neocon Talkshow Host Michael Reagan Wants to Kill Mark Dice

http://www.infowars.com/?p=2679

San Diego, CA) Radio talk show host Michael Reagan is calling for the murder of political activist, Mark Dice, after hearing that Dice is mailing letters and DVDs to troops in Iraq. Reagan wants to pay for the bullets.

Audio link: http://www.youtube.com/watch?v=WdJO-kUINMs

Transcript of Reagan’s statements:

“Excuse me folks, I’m going to say this. We ought to find the people who are doing this, take them out and shoot them. Really. You take them out, they are traitors to this country, and shoot them. You have a problem with that? Deal with it. You shoot them. You call them traitors, that’s what they are, and you shoot them dead. I’ll pay for the bullets.”

Reagan adds, “How about you take Mark Dice out and put him in the middle of a firing range. Tie him to a post, don’t blindfold him, let it rip and have some fun with Mark Dice.”

Dice is demanding that Reagan be fired immediately. “Calling for the murder of someone because you disagree with their political stance is absolutely unacceptable, un American, and possibly illegal,” says Dice.

Dice has filed a report with the FBI and is considering legal action against Reagan.

Dice’s organization, The Resistance, has launched a campaign to send documentary films and declassified documents to U.S. troops who are stationed in Iraq to inform them that the 9/11 attacks were aided by elements within the U.S. government.

# # #

Contact:

Mark(at)TheResistanceManifesto.com

Contact Michael Reagan’s Boss

703-302-1000

His death threats were aired Tuesday, June 10th during the second hour.

Email the FCC and let them know.

fccinfo@fcc.gov


Here is Michael Reagan speaking about how he wants to kill Mark Dice!!!
http://www.youtube.com/watch?v=HKt91EJa_t0

HOW TO PROPERLY FILE AN OFFICIAL FCC COMPLAINT AGAINST MICHAEL REAGAN FOR THE DEATH THREATS OF MARK DICE AND 9/11 TRUTHERS

By now we have all heard about the disgusting criminal act commited by talk show host Michael Reagan, who threatened the life of Mark Dice as well as all 9/11 truthers on his nationally syndicated radio show on June 10, 2008 in the second hour.

[See INFOWARS story here http://www.infowars.com/?p=2679 and youtube video here http://www.youtube.com/watch?v=WdJO-kUINMs

We are being encouraged to file complaints with the FCC. However, simply e-mailing the FCC is not the proper or correct way to file an official complaint. I called the FCC today June 13 at 12:32PM Pacific Time, at (888) 225-5322, and spent 10 minutes on the phone with a helpful FCC representative who instructed me as to the proper proceudres as to how to file an official complaint, which when concluded will include an official complaint case number on record.

Here is what to do:

Log onto http://www.fcc.gov

Click "For Consumers" (top right of page)

Click "File A Complaint" (middle bottom of page)

Click on "Broadcast (TV and Radio), Cable, and Satellite Issues"

Click "next"

Click "Unauthorized, Unfair, Biased, Illegal Broadcasts"

Click "Next"

Go to bottom of the page, click "Continue To Online Form"

You may get a notice stating "This page contains both secure and nonsecure items." Click OK.

Fill Out Form 2000E Media (General) Complaint

You will be asked for your name, address, phone number, and a description of your complaint. The blank entry field description form, located at the bottom of the form in 5. C. is limited to 1000 characters, so it must be brief. (Below is what I wrote). You will then be given a complaint number form, which you can print, and they say to fax that form to them when following up. The FCC agent told me that after you complete this process, your complaint will be sent to an FCC analysis team.

Here is what I wrote in box 5c. I had only a few characters remaining when finished.

---- 5C: On June 10, 2008, In the 2nd hour of the MICHAEL REAGAN nationally syndicated radio show which is broadcast by http://www.radioamerica.org, (program airs 6-9PM Eastern time, the website is http://www.reagan.com/) Michael Reagan made several deaths threats against and solicited the assassination of one Mark Dice of San Diego Californa; as well as others who share Dice's ideas. Reagan also said that Dice should be lined up in a firing squad and murdered and that he would pay for the bullets. Listen to this audio clip here: http://www.youtube.com/watch?v=WdJO-kUINMs I request that you take action against Reagan for his death threats, that his license be revoked and that he be criminally prosecuted. Your agency serves the public and must not allow this type of violence to be aired. As I am friends with Mark Dice and am publicly active with an activist group in spreading the same political message as Dice does, I take this threat as a personal threat against myself also. Please respond.

------

BACKGROUND: http://www.infowars.com/?p=2679 Neocon Talkshow Host Michael Reagan Wants to Kill Mark Dice

http://www.youtube.com/watch?v=WdJO-kUINMs June 13, 2008 Michael Reagan on his Tuesday June 10th show, during the 2nd hour, called for the murder of political activist Mark Dice and wants to pay for the bullets. Said all people who believe 9/11 attacks were aided by elements within U.S. government should be killed also.

Hear Mike Live every night from 6-9pm Eastern/3-6pm Pacific

His call in number is 1 (800) 468-MIKE

http://www.reagan.com/

E-mail Mark Dice at Mark@TheResistanceManifesto.com

Contact Michael Reagan's Boss! The syndication company is http://www.radioamerica.org/ Radio America 1100 North Glebe Road Suite 900 Arlington, VA 22201 703-302-1000

His death threats were aired Tuesday, June 10th during the second hour. Email the FCC and let them know. (follow the process above in order to file an official complaint and tpo get a complaint number) KJMWEB@fcc.gov fccinfo@fcc.go