NATIONALIZATION BIT BY BIT

STORMS HURRICANES-TORNADOES

LUKE 21:25-26
25 And there shall be signs in the sun, and in the moon, and in the stars; and upon the earth distress of nations, with perplexity;(MASS CONFUSION) the sea and the waves roaring;(FIERCE WINDS)
26 Men’s hearts failing them for fear, and for looking after those things which are coming on the earth: for the powers of heaven shall be shaken.

New England snow knocks out power, shuts schools By CLARKE CANFIELD, Associated Press Writer FEB 23,09

PORTLAND, Maine – A winter storm blew through northern New England on Monday, dumping 2 feet of snow in spots, forcing hundreds of schools to cancel classes and leaving tens of thousands of homes and businesses without power.More than 127,000 utility customers in Maine remained without electricity Monday evening after wet, heavy snow snapped tree limbs, power lines and utility poles.The Maine Emergency Management Agency said about 15 warming shelters had been set up around the state. Bangor Hydro Electric urged residents who lacked power to prepare for the possibility that it might not be restored until Wednesday.Lows for early Tuesday were forecast in the single digits in northern Maine and about 20 degrees in the south, the National Weather Service said.Gov. John Baldacci declared a state of emergency extending the hours that power crews can work to restore electricity. Baldacci, who was in Washington attending a National Governors Association conference, decided to return to Maine on Monday afternoon.Central Maine Power and Bangor Hydro Electric were getting help from out-of-state utilities that sent line crews to help restore service. The companies said the work was complicated by deep and heavy snow, poor road conditions and the rural locations of many outages.

Heavy snow fell across most of Maine through Monday morning, with some places reporting rates of 3 to 4 inches per hour.In Vermont, driving snow covered roads and forced the closure of northbound Interstate 89 between Waterbury and Richmond for two hours Monday because of accidents, the Vermont State Police said.We're having a hell of a time right now, said Larry Dodge, a Vermont Transportation Agency dispatcher.Several thousand customers in eastern New Hampshire also lost power, but most had their lights back on by afternoon.Hundreds of schools canceled in Maine classes for the day on what was supposed to be the first day back after a weeklong vacation. The storm caused some school closings in Vermont and New Hampshire, but many were already closed for vacation.The deepest snowfall was in the northern Maine town of Milo, which received 28 inches, according to the weather service. Other impressive amounts included 26 inches in Farmington and 25 inches in Bridgton, both in Maine. New Durham, N.H., reported 17 inches.In Milo, Tom Haley said the pile of plowed and shoveled snow outside Bailey Lumber Co. grew to 30 feet tall. Most people took the storm in stride, he said.It took just as long to shovel it out as the last time — and we're still waiting for spring, Haley said during a break from work. We've had enough.About 15 miles away, the snow piled up so fast that some of the 100,000 Christmas trees grown at the Finest Kind farm disappeared from view.The little ones are just barely peeking up through the drifts, owner Jim LaCasce said of the 3- to 4-foot trees.Ski areas were mostly thrilled with the latest storm. But the storm wasn't all good news at the Sugarbush ski area in Warren, Vt., which has received 56 inches of snow since Thursday. High winds forced it to close its lifts. But the forecast for the rest of the week is ideal, said spokesman JJ Toland.We're crying into our Gore-Tex today, Toland said Monday. We'll be smiling ear to ear tomorrow.Associated Press writers Wilson Ring in Montpelier, Vt., and Holly Ramer in Concord, N.H., contributed to this report.

HOMOSEXUALS.

GENESIS 19:5
5 And they called unto Lot, and said unto him, Where are the men which came in to thee this night? bring them out unto us, that we may know them.

ROMANS 1:18-32
18 For the wrath of God is revealed from heaven against all ungodliness and unrighteousness of men, who hold the truth in unrighteousness;
19 Because that which may be known of God is manifest in them; for God hath shewed it unto them.
20 For the invisible things of him from the creation of the world are clearly seen, being understood by the things that are made, even his eternal power and Godhead; so that they are without excuse:
21 Because that, when they knew God, they glorified him not as God, neither were thankful; but became vain in their imaginations, and their foolish heart was darkened.
22 Professing themselves to be wise, they became fools,
23 And changed the glory of the uncorruptible God into an image made like to corruptible man, and to birds, and fourfooted beasts, and creeping things.
24 Wherefore God also gave them up to uncleanness through the lusts of their own hearts, to dishonour their own bodies between themselves:(HOMOSEXUALITY,AND ALL SEX SINS)
25 Who changed the truth of God into a lie, and worshipped and served the creature more than the Creator, who is blessed for ever. Amen.
26 For this cause God gave them up unto vile affections: for even their women did change the natural use into that which is against nature:(LESBIENS)
27 And likewise also the men, leaving the natural use of the woman, burned in their lust one toward another; men with men working that which is unseemly,(SODOMITES) and receiving in themselves that recompence of their error which was meet.(AIDS ETC)
28 And even as they did not like to retain God in their knowledge, God gave them over to a reprobate mind, to do those things which are not convenient;
29 Being filled with all unrighteousness, fornication, wickedness, covetousness, maliciousness; full of envy, murder, debate, deceit, malignity; whisperers,
30 Backbiters, haters of God, despiteful, proud, boasters, inventors of evil things, disobedient to parents,
31 Without understanding, covenantbreakers, without natural affection, implacable, unmerciful:
32 Who knowing the judgment of God, that they which commit such things are worthy of death, not only do the same, but have pleasure in them that do them.

NOTICE HOW THE SODOMITE RAINBOW GROUP IS WORKING TOWARDS WOMEN BY GOING THROUGH HOLLYWOOD TO GET THE WOMEN SUCKED INTO THERE GODLESS SODOMITE RIGHTS.

ACADEMY AWARDS 2009 Oscars turn into blatant homosex-fest,You will have equal rights federally across this great nation of ours February 22, 2009 10:37 pm Eastern By Joe Kovacs 2009 WorldNetDaily

Dustin Lance Black

The Oscar winner for best original screenplay used his acceptance speech as a pro-homosexual soapbox tonight, promoting same-sex marriage and federal equal rights for gays and lesbians.Dustin Lance Black won his Academy Award for writing Milk, the story of Harvey Milk, the first openly homosexual man to be elected to major public office in America. Milk was portrayed by Sean Penn in the film set in San Francisco in the 1970s. Penn was awarded the Oscar for best actor.

The emotional Black stated in his acceptance speech:

When I was 13 years old, my beautiful mother and my father moved me from a conservative Mormon home in San Antonio, Texas to California, and I heard the story of Harvey Milk. And it gave me hope. It gave me the hope to live my life. It gave me the hope one day I could live my life openly as who I am and then maybe even I could even fall in love and one day get married.I wanna thank my mom, who has always loved me for who I am even when there was pressure not to. But most of all, if Harvey had not been taken from us 30 years ago, I think he'd want me to say to all of the gay and lesbian kids out there tonight who have been told that they are less than by their churches, by the government or by their families, that you are beautiful, wonderful creatures of value and that no matter what anyone tells you, God does love you and that very soon, I promise you, you will have equal rights federally, across this great nation of ours.Thank you. Thank you. And thank you, God, for giving us Harvey Milk.Sean Penn also promoted the homosexual agenda during his own acceptance speech for best actor, saying, We've got to have equal rights for everyone.He first addressed the audience as You Commie homo-loving sons of guns.

GALATIONS 5:19-21
19 Now the works of the flesh are manifest, which are these; Adultery, fornication, uncleanness, lasciviousness,
20 Idolatry, witchcraft, hatred, variance, emulations, wrath, strife, seditions, heresies,
21 Envyings, murders, drunkenness, revellings, and such like: of the which I tell you before, as I have also told you in time past, that they which do such things shall not inherit the kingdom of God.

SINS OF PEOPLE

2 TIMOTHY 3:1-5
1 This know also, that in the last days perilous times shall come.
2 For men shall be lovers of their own selves, covetous, boasters, proud, blasphemers, disobedient to parents, unthankful, unholy,
3 Without natural affection, trucebreakers, false accusers, incontinent, fierce, despisers of those that are good,
4 Traitors, heady, highminded, lovers of pleasures more than lovers of God;
5 Having a form of godliness, but denying the power thereof: from such turn away.
6 For of this sort are they which creep into houses, and lead captive silly women laden with sins, led away with divers lusts,
7 Ever learning, and never able to come to the knowledge of the truth.

DECIEVERS WAXING WORSE AND WORSE.

2 TIMOTHY 3:13
13 But evil men and seducers shall wax worse and worse, deceiving, and being deceived.

MORE SIN SIGNS

EPHESIANS 5:5-8
5 For this ye know, that no whoremonger, nor unclean person, nor covetous man, who is an idolater, hath any inheritance in the kingdom of Christ and of God.
6 Let no man deceive you with vain words: for because of these things cometh the wrath of God upon the children of disobedience.
7 Be not ye therefore partakers with them.
8 For ye were sometimes darkness, but now are ye light in the Lord: walk as children of light.

JUDE 14-16
14 And Enoch also, the seventh from Adam, prophesied of these, saying, Behold, the Lord cometh with ten thousands of his saints,
15 To execute judgment upon all, and to convince all that are ungodly among them of all their ungodly deeds which they have ungodly committed, and of all their hard speeches which ungodly sinners have spoken against him.
16 These are murmurers, complainers, walking after their own lusts; and their mouth speaketh great swelling words, having men's persons in admiration because of advantage.

Bitter at No Oscar Nod, Bill Maher Attacks Our Silly Gods on Oscar Show
By Tim Graham (Bio | Archive)February 23, 2009 - 07:29 ET

The Oscar folks selected Bill Maher to hand out the Best Documentary awards on ABC on Sunday night (his old TV home before he mocked our cowardly pilots six days after 9/11), and he was quick to note his film Religulous was not among the nominated. He suggested it wasn't because he made a junky film, but because the topic was too controversial:Now as a producer and a star of my own documentary this year, the one about religion that didn't get nominated. I know, it's a touchy subject. But someday, we all have to confront the notion that our silly gods cost the world too greatly. But there I go, ruining the ending.But if the topic was too controversial to be even nominated, let alone win, why was Maher allowed to come out and spew his atheism on ABC? Perhaps Maher should have pondered that he might be the opposite of Sally Field. It's not about God. It's about you. They don't like you. They really, really don't like you.Maher tried not to sound bitter as he hailed documentarians as our windows on the world (cliche alert) and claimed They give us the truth.That is a very broad brush, like saying every comedy movie is funny.

DOCTOR DOCTORIAN FROM ANGEL OF GOD
then the angel said, Financial crisis will come to Asia. I will shake the world.

JAMES 5:1-3
1 Go to now, ye rich men, weep and howl for your miseries that shall come upon you.
2 Your riches are corrupted, and your garments are motheaten.
3 Your gold and silver is cankered; and the rust of them shall be a witness against you, and shall eat your flesh as it were fire. Ye have heaped treasure together for the last days.

REVELATION 18:10,17,19
10 Standing afar off for the fear of her torment, saying, Alas, alas that great city Babylon, that mighty city! for in one hour is thy judgment come.
17 For in one hour so great riches is come to nought. And every shipmaster, and all the company in ships, and sailors, and as many as trade by sea, stood afar off,
19 And they cast dust on their heads, and cried, weeping and wailing, saying, Alas, alas that great city, wherein were made rich all that had ships in the sea by reason of her costliness! for in one hour is she made desolate.

EZEKIEL 7:19
19 They shall cast their silver in the streets, and their gold shall be removed: their silver and their gold shall not be able to deliver them in the day of the wrath of the LORD: they shall not satisfy their souls, neither fill their bowels: because it is the stumblingblock of their iniquity.

REVELATION 13:16-18
16 And he(FALSE POPE) causeth all, both small and great, rich and poor, free and bond, to receive a mark in their right hand, or in their foreheads:(CHIP IMPLANT)
17 And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name.
18 Here is wisdom. Let him that hath understanding count the number of the beast: for it is the number of a man; and his number is Six hundred threescore and six.(6-6-6) A NUMBER SYSTEM

WORLD MARKET RESULTS
http://money.cnn.com/data/world_markets/

HALF HOUR DOW RESULTS TUE FEB 24,2009

09:30 AM +25.50
10:00 AM +75.40
10:30 AM +81.08
11:00 AM +102.99
11:30 AM +81.10
12:00 PM +53.32
12:30 PM +59.74
01:00 PM +91.28
01:30 PM +134.05
02:00 PM +173.47
02:30 PM +185.50
03:00 PM +191.63
03:30 PM +245.79
04:00 PM +236.16 7350.94

S&P 500 773.14 +29.81

NASDAQ 1441.83 +54.11

GOLD 965.00 -20.00

OIL 39.96 +1.52

TSE 300 7858.34 +210.67

CDNX 853.59 -25.31

S&P/TSX/60 473.55 +15.42

MORNING,NEWS,STATS

YEAR TO DATE PERFORMANCE
Dow -18.93%
S&P -17.70%
Nasdaq -12.00%
TSX Advances 435,declines 1,149,unchanged 251,Volume 2,394,520,398.
TSX Venture Exchange Advances 310,Declines 493,Unchanged 308,Volume 207,196,982.

Dow +55 points at 4 minutes of trading today.
Dow -1 points at low today.
Dow +125 points at high today so far.
Gold opens at $964.00,OIL opens at $38.30 today.
JPMorgan Chase:Bank slashes dividends 87%,sees profitable Q1.
Home Depot Q4 adjusted EPS $0.19 ACT Vs $0.15 ESTIMATE.
Target misses Wallstreet Estimates as Q4 profits fall 41%.
Macy's Q4 profits beat expectations,maintains 2009 outlook.
RadioShack shares fall on weaker than expected Q4 earnings.
Heinz reaffirms fiscal 2009 outlook,Q3 net income up 11% to $0.76/share.
News Corp says PRES Chernin will step down on June 30,2009.

MAJOR CITI HOLDERS
State street 4.5%
Barclay's 4.35%
Prince Al-Waleed 4.0%
Capital world investors 3.83%
Vanguard 3.17%

AFTERNOON,NEWS,STATS
Dow -1 points at low today so far.
Dow +174 points at high today so far.
Stocks have dropped almost 8%,last 6 sessions.
Stocks rally to days highs so far today.
Dow on track to break 3 day losing streak.
S&P,Nasdaq on track to break 6 day losing streaks.
Financials gain ground today.

CNBC VIDEO ON NATIONALIZATION
http://www.cnbc.com/id/15840232?video=1043778961
http://www.cnbc.com/id/15840232?video=1043734882
HARPER OB KUDLOW
http://www.cnbc.com/id/15840232?video=1043703424
CAN CHINA FUND THE US
http://www.cnbc.com/id/15840232?video=1043456113
http://www.cnbc.com/id/15840232?video=1043417169

DAY TODAY PERFORMANCE - 12:30PM STATS
NYSE Advances 2,121,declines 1,573,unchanged 114,New Highs 2,New Lows 387.
Volume 3,108,862,597.
NASDAQ Advances 1,582,declines 1,017,unchanged 148,New highs 3,New Lows 245.
Volume 876,458,330.
TSX Advances 403,declines 956,unchanged 234,Volume 1,352,264,226.
TSX Venture Exchange Advances 172,Declines 421,Unchanged 296,Volume 115,384,244.

WRAPUP,NEWS,STATS
Dow -1 points at low today.
Dow +263 points at high today.
Dow +3.32% today Volume 467,962,350.
Nasdaq +3.90% today Volume 2,147,483,648.
S&P 500 +4.01% today Volume N/A
Dow 52-wk range 7,105.95 - 113,136.69
Nas 52-wk range 1,295.48 - 2,551.47
S&P 52-wk range 741.02 - 1,440.22

Nationalization, Bit By Bit Posted By: Lee Brodie
VIDEO http://www.cnbc.com/id/29331308
Sectors:Financial Services Companies:Bank of America Corp | Citigroup Inc

Whispers on the Street suggest Citigroup [C 2.14 0.19 (+9.74%) ] is on the brink of giving the U.S. government a larger stake in its business. And even if the government lacks voting control, the move could be the equivalent of a nationalization. Although it’s purely speculation, investors liked what they heard. Shares of Citi surged higher. However, the move is not without critics. One highly followed analyst, Fox-Pitt Kelton’s David Trone wrote. If Citi is nationalized, all bank stocks are likely to get crushed in fear.The reasoning is -- the larger government stake could fuel speculation that Bank of America [BAC 3.91 0.12 (+3.17%) ] and other lenders might need similar agreements. If that happened, shares of other lenders could fall, including relatively healthy ones.(But) we’ve got to get the bad banks out of the system and clean them up and get the securitization market going again, says former FDIC Chairman Bill Seidman on Fast Money.In the coming weeks, the Treasury Department is expected to subject banks with more than $100 billion of assets to stress tests to decide which need capital. Seidman has some ideas about how to clean up banks. Intrigued?

Expert group likely to suggest new EU bank watchdog
ANDREW WILLIS 23.02.2009 @ 19:01 CET

EUOBSERVER / BRUSSELS - A report out on Wednesday (25 February) will likely call for the setting up of a new European agency to regulate financial institutions within the EU.It will call for deep institutional change predicts Karel Lannoo, chief executive officer with the Centre for European Policy Studies, a Brussels based think-tank. The chair of the CEPS board, Onno Ruding, sits on the group tasked with issuing the report.Mr Lannoo, who specialises in the field of financial regulation, said the report would call for a single agency modelled on the European Monetary Institute of 1992 ... to lay the basis for the creation of a new European system of financial supervisors.The European Monetary Institute was the forerunner to the European Central Bank and encouraged co-operation between member-state central banks ahead of the creation of the ECB. The group drafting the report is headed by former International Monetary Fund chairman Jacques de Larosiere. It was mandated last October by commission President Jose Manuel Barroso to devise ideas for a new financial regulatory framework for Europe. While a number of ECB board members have suggested over the last month that they would be happy to take on a regulatory role in addition to their existing inflation-fighting tasks, the report is likely to suggest that the new agency be separate from the ECB. A commission spokesperson said on Monday that the group was still working on the final draft. They are working late nights on this,the official said. It is extremely complicated.

Struggle ahead

However, Mr Lannoo feels that the chances of EU leaders agreeing on a European solution are slim, pointing to comments made by EU leaders from the major economies at a mini-summit held in Berlin on Sunday that was supposed to cobble together a common front of the European G8 members heading into the April G20 meeting on the global economic crisis in London.If you look at the content of what they were saying, no one referred at any point to the Larosiere group or European structural reform. It's all the IMF and global solutions. No one said specifically we need a European answer.Certainly the Larosiere report will meet with a very hard fight, he continued. Speaking in the European parliament earlier this month however, Czech finance minister Miroslav Kalousek stressed that the EU should not wait for a global solution.Comments made by Czech Prime Minister Mirek Topolanek, in Berlin in his country's capacity as current holder of the six-month rotating EU presidency, to AFP reporters during his flight home also suggest that despite the unified front at Sunday's meeting, large divisions still exist between different member states.

The EU is home to 57 per cent of global banking assets, the highest stake held by any one region. Likewise, the largest 45 cross-border financial institutions in the EU hold over 70 per cent of deposits in the 27-country bloc.Current regulation of the financial sector within the EU is carried out at national level by local authorities. Some co-ordination between these authorities is carried out by colleges of supervisors made up of national regulatory officials. However, decisions made by these colleges are non-binding and current regulation of the sector is extremely heterogeneous, varying from state to state. Subsidiarity says you should only act at the European level if it cannot be done better at the national level. In this case you can achieve much better supervision at the European level, says Mr Lannoo.

Expert group members include Lehman, Citibank big-wigs

Critics of the EU do not need to look as far as the impending squabble at council level regarding the group's report. Instead they point to the Larosiere group as a simple continuation of a financial regime of greedy bankers and inefficient regulators that led to the financial crisis in the first place. The group is made up of eight members, including the chairman. Of these, Rainer Masera is a former managing director and chairman of Lehman Brother's financial institutions group in Italy. Onmo Ruding is a former vice-chairman of Citibank and Sir Callum McCarthy is the former chairman of the Financial Services Authority in the UK. The group's concentration of banking bigwigs - in many quarters viewed as the very individuals responsible for the mess - will likely upset some of the sectors hardest hit by the crisis. At the same time however, others will argue that it would be hard to come up with a similar group with the necessary financial experience that did not include bankers.The report will likely form an important part of the commission contribution to the European council meeting on 19-20 March.Depending on its reception there, some components may yet make it to the G20 table on 2 April.

Commission consults unions, business amid fears of unrest
HONOR MAHONY 23.02.2009 @ 18:06 CET

EUOBSERVER / BRUSSELS – With EU under threat of rising social unrest as citizens feel the effects of the economic crisis, the European Commission has for the first time ever invited business and social representatives to attend one of its normally private weekly meetings.The meeting (25 February) comes as several member states – including France, the UK, Ireland, Latvia, Bulgaria, Lithuania and Greece – have seen protests by thousands of workers, civil servants, farmers, youth and other citizens - furious at governments' handling of the crisis. One of the issues to be discussed at the Wednesday tête-à-tête will be the Posted Worker's Directive, a law saying that workers temporarily posted to another member state must be employed under the same rules as locals.But a gap in the law means that companies, while obliged to pay the local minimum wage, may bypass local collective agreements on wages. Recent rulings by the European Court of Justice have interpreted the law in a way that favours the smooth running of the internal market.These rulings have been seen by trade unions and politicians on the left as coming at the expense of workers' rights. Trade unions now want the law revised to better protect workers.

John Monks, head of the European Trade Union Confederation, said he would be raising these issues when he meets the 27 commissioners. He has also said he is disappointed that the commission has not put the issue as a policy priority for 2010.This law was recently the subject of protests at a UK oil refinery. The owner of the refinery had decided to employ Italian workers to carry out a construction project prompting a strike among British workers, which quickly spread to other refineries.But Mr Monk's message is set to clash with that of Ernest-Antoine Seilliere, the head of the employers' federation, Business Europe.The organisation recently sent a letter to European Commission chief Jose Manuel Barroso in defence of the legislation.It said it remained convinced that the law provided adequate protection to workers and ensures fair competition in the internal market. The letter urged the legislation not to be revised.The split highlights a growing schism in Europe, also reflected at a government level, about the extent to which governments should regulate to control the fall-out of the economic crisis.So far, the commission has said it will not tweak the workers' directive. It has also tried to stay steer the EU on a course that upholds the good functioning of the internal market, even as member states chip away at it with measures designed to help domestic industry, particularly the car sector.

FACTBOX-EU moves into top gear on financial regulationBy: AFX | 23 Feb 2009 | 09:16 AM ET Feb 23 (Reuters

- The European Union is moving into top gear on financial regulation reform as part of global efforts to apply lessons from the credit crunch and make markets safer for investors. There is a race to adopt key proposals before the European Parliament holds elections in June and a new European Commission takes up the reins by year end. Most proposals depend on joint approval from parliament and EU states to become law. The following are the main regulatory steps underway or anticipated in coming weeks as part of wider, global efforts to reform financial markets, the topic of a G20 summit in London on April 2. BANK CAPITAL RULES EU states have adopted a preliminary reform of the bloc's bank capital requirements or Basel II rules that will introduce a tougher regime for selling securitised products. Parliament is set to vote in committee on March 9 and chances of a joint deal in April look good so far. Once adopted, a second wave of reform will be proposed in the summer that will likely include the introduction of simpler leverage caps and tougher capital requirements on trading books.

CREDIT RATING AGENCIES A draft law that will make registration and direct oversight of credit rating agencies by national securities watchdogs mandatory is now being adopted by EU states and the European Parliament. Hopes of a final deal in April look quite good. FINANCIAL SUPERVISION A high-level group headed by former Bank of France Governor Jacques de Larosiere is to put forward recommendations for introducing cross-border financial supervision in the EU on Feb. 25. The European Commission will use the recommendations to form outline proposals for a summit of EU leaders on March 19-20 aimed at giving political momentum for a more detailed reform. The European Central Bank wants a core role in supervising systemic risk among banks. INSURANCE The Solvency II rules are a sweeping overhaul of how the bloc's insurers ensure they have enough capital to cover risks on their books and how cross-border groups are supervised. EU states have adopted the reform in principle after scrapping a provision that a cross-border group's home supervisor would have the last word on EU-wide solvency capital levels. A parliamentary committee has adopted a text which includes this provision, though diluted to some extent. Negotiations between the two institutions are proving difficult, making a deal by April unsure. HEDGE FUNDS AND PRIVATE EQUITY The European Commission holds a hearing on potential future regulation for the two sectors on Feb. 26-27 before outlining its thinking on appropriate legislative proposals in a broader financial services regulation paper on March 4. CREDIT DERIVATIVES The European Commission has already begun a broad analysis of the derivatives market in the medium term but in the short term wants central clearing of off-exchange traded credit derivatives this year. Under the threat of legislation, banks and dealers last week agreed to centrally clear their European credit defaults swaps from July to improve transparency and cut risk.

RETAIL INVESTMENTS The European Commission is due to publish a White Paper on product transparency and distribution of retail products. It may include a draft directive giving the same type of protection to consumers whether they buy a product directly from an insurer or through an intermediary. ACCOUNTING EU has already forced through an easing of the fair value accounting rule used by the bloc's 8,000 listed companies. The European Commission is mulling what other changes could be made to avoid the impact of the credit crunch being exacerbated. REMUNERATION The EU adopted guidelines in 2004 on how shareholders can have more of a say over how company executives are remunerated but it does not address what the Commission sees as a need to link bonuses with the risks involved. European Commission President Jose Manuel Barroso told a German newspaper at the weekend that proposals to set up a system that removes the rewarding of failure and the lust for quick profits will be presented in April or May after an initial discussion next month with EU leaders. TOXIC DEBT Work continues on thrashing out a set of guidelines for EU states on how a bad bank could operate in terms of valuing toxic debt and ensuring the EU competition and internal market rules are not distorted. (Reporting by Huw Jones, editing by Andy Bruce) Keywords: EU FINANCIAL/REGULATION (Reuters messaging: huw.jones.reuters.com@reuters.net; + 32 2 287 6817; huw.jones@thomsonreuters.com) Thomson Reuters 2009.

Barroso – Merkel : Introductory remarks by President Barroso at a joint press point Reference: SPEECH/09/71 Date: 19/02/2009
Berlin , 19 February 2009 We had a very good and constructive meeting.

The world has been hit hard by the crisis. The crisis will take time to fix. But we can fix it. We have learned the lessons of the past and we have the right institutions, instruments and policies.But only if we work together and not against each other, we can ensure that we emerge in better shape, ready to take full advantage of the upturn. We must use the strength of a European approach, the strength of coordination among our 27-member European Union, the strength of our Internal Market, of the Euro. Our common European achievements are the source of growth, employment and prosperity.I am very pleased that Germany and Angela Merkel fully shares this view.Our unique European experience is also helping us to build a vision not only for Europe, but also for the world. The meeting of European G20 leaders this Sunday here in Berlin will be an important step in developing a clear and united European position for the G20 summit in London on 2 April.I believe as much as Angela Merkel that the G20 must deliver on the pledges made in Washington in November 2008.In our meeting today we also discussed the implementation of the European Economic Recovery Plan including the money available to promote new European initiatives in terms of energy interconnections, carbon capture and storage, and other important European projects.Our concern for the stabilisation of the financial markets and economic recovery will lead us to further concrete proposals in the near future, for example on hedge funds, private equity, impaired assets and executive pay. We are looking at all elements of the crisis, including what we can do in terms of economic stimulus and supervision and regulationThe Commission will also work together with Member States to limit the broader social impact of the crisis, accompany restructuring and support vulnerable populations across the EU.

For this reason I suggested a few days ago and it was accepted by the Czech Presidency of the European Council to hold a European Employment summit in May. It will be a very important occasion because I believe that we have to address not only the financial problems, but also the social problems.Wir müssen nun an allen Fronten zügig und bestimmt voran gehen. Ich bin sicher, dass Deutschland ein verlässlicher und europäischer Partner bleiben wird. Deutschland spielt eine Schlüsselrolle für die Überwindung dieser Krise. Es geht jetzt um die optimale Abstimmung der nationalen, europäischen und globalen Massnahmen. Gemeinsam wollen wir den Bürgerinnen und Bürgern zeigen, dass uns ihr Wohlergehen, ihre Zukunft und ihre Jobs besonders am Herzen liegen. Eines aber will ich ganz klar sagen: Protektionismus ist nicht unsere Antwort auf die Krise. Abschottung der Markte wird die Krisis nur verschärfen.Ich bin froh, dass dies auch die Position der deutschen Bundeskanzlerin ist.Die Europäische Kommission wird ihre Verantwortung voll wahrenehmen und Europas offene und soziale Marktwirtschaft gegen jeden Protektionismus verteidigen.

Wednesday 25 February: Recommendations of the De Larosière Group for reinforcing financial supervision

The news:

The high level expert group on EU financial supervision chaired by Jacques de Larosière will present its report to President Barroso and to the Commission.

Taking account of the group's recommendations, the Commission will on 4 March set out its view of the way forward, as part of its package of proposals to the Spring European Council on 19-20 March.This contribution to the Spring European Council will also cover an initial progress report on the European Economic Recovery Plan and initial proposals on the EU position for the G20 summit in London on 2 April.

The background:

The high level expert group on EU financial supervision chaired by Jacques de Larosière was set out by José Manuel Barroso on October 2008.The Group is requested to make proposals to strengthen European supervisory arrangements covering all financial sectors, with the objective to establish a more efficient, integrated and sustainable European system of supervision.

In particular the group should consider:

how the supervision of European financial institutions and markets should best be organised to ensure the prudential soundness of institutions, the orderly functioning of markets and thereby the protection of depositors, policy-holders and investors;how to strengthen European cooperation on financial stability oversight, early warning mechanisms and crisis management, including the management of cross border and cross sectoral risks;how supervisors in the EU's competent authorities should cooperate with other major jurisdictions to help safeguard financial stability at the global level.

The event:

The high level expert group on EU financial supervision chaired by Jacques de Larosière will present its report to President Barroso and to the Commission.Press event to be confirmed.Ebs coverage tbc

The sources:Remarks by President Barroso following the appointment of Jacques de Larosière (FR):http://ec.europa.eu/commission_barroso/president/pdf/press_20081022_fr.pdf
IP/08/1679 - High Level Expert Group on EU financial supervision to hold first meeting on 12 November.President Barroso 's website:
http://ec.europa.eu/commission_barroso/president/index_en.htm

Monday 23 February: Strategy for disaster prevention

The news:

The Commission will adopt a Communication on a strategy to prevent natural and man-made disasters. The Communication will outline a series of possible measures to improve disaster prevention, and look at options at the European level.

The background:

There has been a marked increase in the number and severity of natural and man-made disasters in the EU 27 since 1990, and many of these disasters have affected several member states at the same time. Such disasters are often related to climate change. While the EU has some instruments to prevent disasters, a more comprehensive approach is needed.This Communication will examine the scope for EU action regarding the prevention of disasters and identify measures that could be included in such a strategy.The strategy would help improve the knowledge base regarding disasters and their impacts, improve links between the relevant actors and policies, improving the use of Community funds, and map risks.

The event:

Adoption of a communication on strategy for disaster prevention.

The sources:

European Commission's website on Civil Protection

http://ec.europa.eu/environment/civil/prevention_overview.htm

Commissioner Dimas' website:
http://ec.europa.eu/commission_barroso/dimas/index_en.htm