Rangers: 'Make right financial choice' urges Charles Green - BBC News Rangers: 'Make right financial choice' urges Charles Green - BBC News

Wednesday, June 20, 2012

Rangers: 'Make right financial choice' urges Charles Green - BBC News

Rangers: 'Make right financial choice' urges Charles Green - BBC News

Rangers chief executive Charles Green believes Scottish football should do "what is right financially" as the club await a vote on their future status.

Scottish Premier League clubs will decide on 4 July whether Green's 'newco' Rangers can replace the old club in the top flight.

Green's group will get a vote and Rangers need the support of seven other clubs to gain an SPL place.

"There is no easy solution," Green told the Rangers website.

Continue reading the main story

We're not here to make huge profits and to pay those profits out in dividends back to investors

Charles Green Rangers chief executive

"It's something we all have to deal with, we all have to take responsibility for and we all have to come up with something that works not just for an individual club but for the whole collective.

"We've always said that we bought the club because we want to play a team in Europe, we want to rebuild the image of this club and everybody wants to play in the Premier League.

"Whether that can happen is out of my control. It's in the hands of the other members of that league."

Should Green not get the necessary support, Rangers would have to apply to the Scottish Football League for the vacancy that would arise in Division Three after various clubs are moved up a division.

Fans of SPL clubs have expressed a desire to see Rangers' application turned down on grounds of sporting integrity, but club chairmen may also be influenced by the potential financial implications of the Ibrox side's absence from the top division.

"My emails are blocked at the moment with fans thanking me for saving their club but making it very clear that Rangers fans will unite whether we play in the SPL the First Division or the Third Division," said Green.

"I know that Rangers fans will not desert this club. But it's important, not just for Rangers but for the whole of Scottish football, because the financial implications for the whole of Scotland, not just for SPL clubs, is a massive, massive problem to face up to.

"I think some of the views we see and some of the comments are not based on business and, of course, the criticism I regularly get burdened with is, for me, every decision is about business.

"It's not about passion, it's not about commitment to a cause.

"It's purely about doing what is right financially because if there is no money - and that doesn't just include Rangers Football Club, it includes the SFA, SPL and the old mantra of going right down to grassroots football - we go out of business."

Meanwhile, Green insists his group, which bought Rangers' assets last week, is "not in here to make a fast buck and disappear".

Former director Dave King has expressed concern about cutbacks, while former manager Walter Smith, who fronted an unsuccessful attempt to gain control of the club, has also been lukewarm about Green's plans.

"The investors who have come in have seen this as an opportunity to rebuild the club, but they see this as a long-term investment," added Green.

"We will be announcing further investors in the next few weeks.

"I'd just like to clear up one issue. We're not here to make huge profits and to pay those profits out in dividends back to investors.

"But this club has to make a profit because any business, whether it's a football club, a petrol filling station or a corner shop, has to do that.

"If it doesn't make a profit, it goes out of business and we haven't spent all our time and resources to acquire this club then allow it to go back the same way within a year."

Video doesn’t prove that Hargrove said “give me my money” - NBC Sports
Anthony HargroveAP

Maybe it really wasn’t Anthony Hargrove’s voice saying, “Give me my money.”

The video/audio of a comment supposedly made by the former Saints defensive end during the third quarter of the 2009 NFC title game provides further proof of Drew Brees‘ point (even if it wasn’t articulated the best way possible) that the media has more power than anyone realizes.

The NFL, however, fully realizes.

And the NFL used the power of the media to make millions believe on Monday that Saints defensive Anthony Hargrove said, ‘Bobby, give me my money’ after being told by assistant head coach Joe Vitt that Vikings quarterback Brett Favre may have suffered a broken leg in the 2009 NFC title game.

The seed was planted and fertilized when a dozen members of the media covering Monday’s appeal hearing received an invitation to witness an encore performance of former prosecutor Mary Jo White’s summary of evidence.  The relevant excerpt from the transcript of the media session contains White’s explanation, comments from NFL Security chief Jeff Miller, comments from NFL spokesman Greg Aiello, and two of the members of the media — Peter King and Jim Varney.

White initially explained that the video contains Hargrove’s “voice and picture.”  After the video was shown once to the members of the media, Aiello suggested that the media pay attention to Hargrove winking and smiling after hearing that Favre broke his leg.  White later claims that Hargrove “smiles and winks and states, ‘Bobby, pay me my money.’”

Varney asks White, “How do you know it’s Hargrove’s voice?”

White, perhaps not recognizing in that moment the ironic link to a very common lawyer joke, says, “Because you can see his lips moving.”

But here’s the problem, and I didn’t notice this the first time I saw the video. 

When Hargrove’s lips can be seen moving, his voice can’t be heard.

Only after Hargrove’s face is fully obscured by the head and shoulders of defensive tackle Remi Ayodele are the words “give me my money” audible.

No one has questioned this because the media present at the session was told — and in turn told the rest of us — that Hargrove said, “Bobby, give me my money.”  Even Peter King, who seemed curious and a bit skeptical in the transcript, affirmatively stated twice in his article following the media session that Hargrove said what the NFL claims he said.

Watch the video.  At most, Hargrove is the one who says “Bobby.”  By the time “give me my money” comes out, Hargrove’s mouth and face and head are obscured by Ayodele.

Also, don’t forget that Hargrove didn’t apply the hit that resulted in Favre possibly having a broken leg.  Instead, Favre had been hit low by McCray and high by Ayodele.  So why would Hargrove be asking for any money at all?

None of this changes the fact that, barring evidence that the phrase was added artificially after the fact (I’m not saying it was . . . yet), someone said “give me my money.”  Which supports the conclusion that there was a bounty on Favre.

But I don’t believe the video shown by the league to the media shows that Hargrove said it.  And I can’t believe that the NFL presumes conclusively that he said it.  And I can’t believe the NFL sold it as fact to the media.  And I can’t believe the media swallowed the hook.

And I can’t believe I didn’t pay close enough attention to figure it out before today.

And given Hargrove’s passionate denial that it’s his voice, I believe him.

This serious flaw in the presentation of the evidence necessarily undermines the league’s entire investigation, further reinforcing the importance of asking tough questions about the proof, the process, and all other aspects of the case.  Regardless of whether the players are guilty or innocent, the NFL has peddled to the public, via the media, a stream of inconsistencies, mischaracterizations, and embellishments that raise legitimate concerns about the competence and/or the motives of everyone whose fingerprints are on the file.

UPDATE 8:44 p.m. ET:  A prior version of this item explained that, when Hargrove’s lips are moving, his words aren’t audible.  I’ve studied the video several more times, and it now appears to me that Hargrove is the one who says, “Bobby.”  However, by the time “give me my money” is uttered, Hargrove’s face and head and mouth are obscured.  Thus, the video doesn’t prove who said it.  It could have been Hargrove.  It could have been Ayodele.  (It would make more sense if the league were claiming it was Ayodele, since he hit Favre high when “Bobby” hit Favre low.)  It also could have been someone outside of view of the camera, talking about something completely unrelated to Favre’s apparently injury.

Stocks eye gains despite soft leads - Sydney Morning Herald

Australian shares have opened slightly higher after Wall Street greeted news of another bout of stimulus spending from the US Federal Reserve with only polite applause, but looked on worriedly as the outlook growth and jobs outlooks worsened.

In morning trade, the benchmark S&P/ASX200 index rose 2.1 points, or 0.1 per cent, to 4134.5 and the All Ordinaries is flat at 4175.8. The Aussie dollar was steady. It was recently buying $US1.0183, roughly in line with yesterday's close, but down sharply from the overnight peak of $US1.0224 at about 3am, a seven-week high.

What you need to know

Although the US Fed announced it would extend existing stimulus measures until the end of the year, investors were spooked by the central bank's assessment of the US economy. The Fed slashed its estimates for US economic growth this year to a range of 1.9 per cent to 2.4 per cent, down from an April projection of 2.4 per cent to 2.9 per cent.

European markets closed in positive territory after Spain insisted it had no need of a full-blown bailout even though its borrowing costs were hovering near danger levels and a vast rescue loomed for its stricken banks.

The big miners enjoyed mixed fortunes in US trade overnight. BHP closed 0.4 per cent lower and Rio rose 0.67 per cent, partly on news that it was pumping another $US3.7 billion into its Pilbara iron ore division.

Also locally, APN News & Media today announced it has bought a majority stake in one of Australia’s leading eCommerce businesses - brandsExclusive - for an upfront payment of $36 million.

Making news today

In economic news:

  • Westpac ACCI survey of industrial trends

In company news:

  • Australian Ethical Investments general meeting
  • Echo Resources general meeting
  • June 2012 share price index futures contract expires
  • Ironbark capital - Record date
  • CI Resources Ltd - Record date
  • Fisher & Paykel Healthcare Corp - Record date
  • Dicker Data Ltd - Ex Div Date

Analyst rating changes:

  • Transfield Services raised to 'hold' at RBS
  • Orica raised to 'strong buy' at BBY Ltd
  • Consolidated Media Holdings kept on hold at Deutsche Bank
  • Alumina still rated as 'neutral' at Citigroup despite doubts on earnings

The dollar

The Australian dollar reached a seven-week high after the end of the US Federal Reserve meeting but fell back to where it began its overnight session.

At 7am the Australian dollar was trading at $US1.0183 US cents, compared to $US1.0194 cents on Wednesday. Since 5pm yesterday the Australian dollar traded between $US1.0133 and and $US1.0224, its highest level since May 4.

Westpac New Zealand senior market strategist Imre Speizer said the Aussie fluctuated wildly after the end of the Fed’s meeting in the early hours of Thursday (AEST).

‘‘As markets often do, they price things well in advance,’’ Mr Speizer said. ‘‘They did price in this Operation Twist and they did price in a new round of quantitative easing but they didn’t get it. So, over all, it was viewed as a disappointment.’’

Here are the recent cross rates:

Offhsore overnight

Bond markets

Spanish and Italian government bonds surged for a second day amid speculation European leaders are seeking ways to reduce the borrowing costs of the region’s lower-rated nations.

  • Spain’s 10-year bond yield fell 30 basis points, or 0.30 percentage point, to 6.74%
  • Italy’s 10-year debt dropped 15 basis points to 5.77%
  • German 10-year bunds slid, sending yields to the highest in six weeks, rising eight basis points to 1.61%

Treasuries fell and US stocks fluctuated as investors weighed plans by the Federal Reserve to boost growth and prospects for stepped-up efforts by European leaders to fight the debt crisis. Crude oil tumbled.

  • US 10-year yields climbed three basis points to 1.65%

United States

US stocks edged lower after the Federal Reserve acted to aid the fragile economy with stimulus measures that were in line with market expectations but went no further.

Key numbers:

  • S&P500 lost 0.17% to 1355.69
  • Dow Jones Industrial Avg lost 0.10% to 12,824.39
  • Nasdaq Composite Index added 0.02% to 2930.45


European stock markets were mixed on Wednesday amid hopes the US Federal Reserve would announce more stimulus to boost the world's biggest economy and as a government emerged in crisis-struck Greece.

Key numbers:

  • London's FTSE 100 added 0.64% to 5622.29
  • In Frankfurt the DAX 30 added 0.45% to 6392.13
  • In Paris the CAC 40 added 0.28% to 3126.52


Asian stocks rose, with the regional benchmark index heading for its highest close in a month, amid speculation the Federal Reserve will expand stimulus measures and after the Group of 20 leaders pledged to support economic growth and help overcome Europe’s debt crisis.

Key numbers:

  • MSCI Asia Pacific Index added 1% to 116.95
  • Japan’s Nikkei 225 added 1.11% to 8752.31
  • Hong Kong’s Hang Seng added 0.53% to 19518.85
  • China’s Shanghai composite lost 0.34% to 2292.88



Crude oil prices have tanked as investors weighed a worrying increase in US stockpiles and disappointment that the Federal Reserve did not announce a big, new economic stimulus.

  • New York’s main contract, light sweet crude for delivery in July, on Wednesday tumbled $US2.23 to close at $US81.80 a barrel.
  • In London trade, Brent North Sea crude for August settled at $US92.38, down $US3.07 from Tuesday’s closing level.

Precious metals

Silver futures have bounced back into positive territory while gold pared earlier losses as investors continued to sift through the Federal Reserve’s policy statement.

  • Silver for July delivery, the most active contract, settled up 2.1 US cents, or 0.1 per cent, at $US28.389 a troy ounce in after-market trading on the Comex division of the New York Mercantile Exchange.
  • Gold for August delivery, the most active contract, settled down $US7.40, or 0.5 per cent, at $US1,615.80 a troy ounce.

Base metals

Base metals closed mostly lower on the London Metal Exchange (LME), losing ground late in the session as hopes faded for further stimulus ahead of the Federal Reserve’s rate-setting announcement.

  • At the PM kerb close on Wednesday, LME three-month copper was 0.8 per cent lower at $US7,545 a metric ton.

How we fared yesterday

Australian shares rose slightly today on hopes the Federal Reserve will announce more stimulus measures for the struggling US economy, while locally News Ltd surprised with a takeover bid for ConsMedia.

The benchmark S&P/ASX200 index rose 9.1 points, or 0.2 per cent, to 4132.4, while the broader All Ordinaries index added 9.4 points, or 0.2 per cent, to 4176.8.

BusinessDay with agencies

New money boost close after knife-edge BoE vote - Reuters UK

LONDON | Wed Jun 20, 2012 5:25pm BST

LONDON (Reuters) - The Bank of England signalled on Wednesday that it was close to releasing a wave of new money into the shrinking British economy because of the worsening euro zone debt crisis.

Such a move would effectively involve printing money to buy government bonds, in turn lowering British borrowing costs.

Coming on the back of last week's announcement of new BoE and government measures to spur lending to businesses, it underlines the depth of concern that exists about the state of Britain's economy as its main trading partners weaken.

The first of last week's new lending measures also took effect on Wednesday, when the Bank gave banks 5 billion pounds of low-interest six-month loans. The banks were urged by the Bank to take the money, sources told Reuters.

Minutes of the BoE's last policy meeting showed officials split 5-4 against launching a new round of monetary stimulus by buying government bonds, a form of quantitative easing, significantly with Governor Mervyn King in favour.

A Reuters poll taken after the minutes came out showed that economists now see a 80 percent chance of another round of QE next month.

The last time the MPC was so divided was in June 2007 - when officials split 5-4 over whether to raise interest rates on the eve of the financial crisis - and the previous time King was in a minority was August 2009, when he also wanted more QE than the consensus.

The minutes show far stronger support for more stimulus than many economists had expected, and follow the announcement last week of new Bank and government and help Britain's economy, which returned to recession late last year.

They also gel with the mood of other authorities around the world in the face of weakening global growth and massive uncertainty about the euro zone, which combines to rival the United States as the largest economy in the world.

The U.S. Federal Reserve is under pressure to authorise more stimulus later on Wednesday at the end of a two-day policy meeting, while the People's Bank of China cut interest rates two weeks ago in a surprise move.

The BoE's Monetary Policy Committee said the global economy was slowing and that risks to Britain and the rest of the world from financial distress and political tension in the euro zone had intensified.

“"Most members judged that some further economic stimulus was either warranted immediately or would probably become warranted in order to meet the inflation target," minutes of the June 6-7 meeting said.

British sovereign bonds outperformed German government debt after the news, as markets bet the bank would soon restart its programme of quantitative easing.

QE is designed to help the economy by making borrowing cheaper and has already led to 325 billion pounds of British government bond purchases.

"The vote in June was much closer than many had been expecting," said Citi economist Michael Saunders. "It's clear the MPC are heading for further QE soon in large scale and I think it's highly important that the governor has switched his vote on that."

The Bank called a halt to new gilt purchases in May, largely because inflation was proving slower than forecast in falling back to its 2 percent target.

But this month the Bank said inflation was now likely to be lower than forecast, in part because of falls in oil prices and less generous wage deals as well as risks from the euro zone. Since the MPC meeting, inflation dropped unexpectedly to 2.8 percent from 3 percent.


Last month external Bank member David Miles was the only official to call for an expansion of QE, but this month he was joined by King and external member Adam Posen in urging an extra 50 billion pounds of purchases.

Paul Fisher, the BoE's executive director for markets, supported a 25 billion pound increase.

The Bank policymaker Ben Broadbent - one of the five to oppose more QE this month - told Reuters in an interview that the case for more QE had increased, but that he would want to look at the impact of new Bank and government schemes to boost credit before agreeing to more gilt purchases.

Despite the closeness of the vote, some economists said it would be wrong to see more QE next month as a done deal.

"The immediate reaction on the minutes when you see a 5-4 is QE is imminent, and they are flagging it coming. But I don't think it is entirely as black and white as that," said Scotiabank economist Alan Clarke.

In the minutes, some MPC members had said they wanted to see the outcomes of Greek and French elections before deciding on more QE. Both took place last weekend, and Greece appears to have formed a government that broadly supports the country's existing bailout.

The government's options to stimulate the economy are limited due to its commitment to eliminate most of Britain's big budget deficit over the next five years - putting much of the onus on the Bank.

Demand for the 5 billion pounds lent on Wednesday appeared muted as the Bank had to lend some of the funds at the minimum 25 basis point premium over its 0.5 percent Bank Rate that it was willing to accept.

Anthony O'Brien, strategist at Morgan Stanley, said the result suggested that "the need for liquidity is not as bad as possibly people thought it might be", and that the terms on which the Bank accepted lower-grade collateral were relatively unattractive.

The Bank asked big banks to participate in the operation, in order to remove any stigma attached to taking what could be seen as emergency cash, several people familiar with the matter said.

(Additional reporting by Alessandra Prentice, Olesya Dmitracova, Steve Slater and Sven Egenter. Editing by Jeremy Gaunt.)

World stocks dip, long bond gains as Fed 'Twists' again - Yahoo Finance

By Steven C. Johnson

NEW YORK (Reuters) - Major stock indexes fell on Wednesday while Treasuries trimmed losses after the Federal Reserve extended monetary stimulus to keep the U.S. recovery from stalling.

Analysts said investors had expected the U.S. central bank to extend its bond-buying program - dubbed "Operation Twist" - but said some were disappointed that it stopped short of more aggressive measures to boost growth in the face of slower U.S. hiring and a festering European debt crisis.

In Operation Twist, which was to end this month, the Fed sells short-term debt it holds to buy longer-term bonds in hopes of lowering long-term borrowing costs.

Fed Chairman Ben Bernanke said that policymakers were ready and able to do more if needed, reiterating what he said in the past, but offered few specifics.

"The most dovish investors were looking for something a little more concrete about the path to more easing, but so far, Bernanke has sounded non-committal," said Standard Chartered currency strategist Mike Moran. "He's leaving the door ajar, but that's still a slight disappointment for some."

John Canally, investment strategist and economist at LPL Financial, said "there were a lot of guys out there with the finger on the 'sell' button unless they saw balance-sheet expansion."

The Fed's caution cleared the way for investors to take profits after four straight days of U.S. stock gains.

With half an hour of trading left, the Dow Jones industrial average was down 49.65 points, or 0.39 percent, at 12,787.68. The Standard & Poor's 500 Index was down 6.24 points, or 0.46 percent, at 1,351.74. The Nasdaq Composite Index was down 9.76 points, or 0.33 percent, at 2,920.00.

The MSCI index of global stocks reversed earlier gains to fall 0.1 percent.

The euro fell 0.2 percent to $1.2661 as profit-taking erased earlier support from reports that Greek conservatives had succeeded in forming a coalition government.

Bond prices also swung from gains to losses throughout the day, with the 30-year Treasury bond last up 13/32 to yield 2.71 percent. The benchmark 10-year U.S. Treasury note was down 4/32, the yield at 1.63 percent.

U.S. crude oil for July delivery fell $2.23, or 2.65 percent, to $81.06 per barrel. The July contract will expire at Wednesday's close.

"Crude futures have been following the stock markets, which have been strong in anticipation of the Fed move," said Mark Anderle, trader for TAC Energy in Dallas. "Now that the Fed's done it, we're going through the 'buy the rumor, sell the news' phase."


Whatever disappointment markets felt after the Fed was tempered by signs that Europe's leaders were making progress on a long-term plan to resolve the continent's debt crisis.

The FTSE Eurofirst 300 index of top European shares rose 0.5 percent after hitting a one-month high in the previous session.

German government bond yields also retreated from record lows after European leaders said they were aiming to hammer out a plan next week to integrate the region's banking sectors.

The United States and other nations have long urged Europe to embrace common banking supervision and deposit insurance to break the cycle of indebted governments having to take on more debt to bail out troubled banks.

A proposal to use the euro zone's new rescue fund to buy sovereign debt and reduce governments' borrowing costs helped ease selling pressure on other European bond markets.

Spain's 10-year government bond yield, a gauge of the compensation investors demand to lend to the government, fell 27 basis points to 6.93 percent. The equivalent Italian yield fell 15 basis points to 5.77 percent.

Spot gold fell $15.17, or 0.94 percent, to $1602.20. Gold hit its 2012 high around $1,790 in February when the Fed said it would keep interest rates near zero through 2014.

Mother and daughter, 73 and 40, 'used online dating scam to bilk $1M from women who thought they were sending money to soldiers in Afghanistan' - Daily Mail

By Daily Mail Reporter


A mother and daughter in Brighton, Colorado, teamed up with Nigerian fraudsters to bilk 374 women out of $1 million by posing as soldiers in Afghanistan on online dating sites, authorities say.

Tracy Vasseur, 40, and her mother, Karen Vasseur, 73, are accused of laundering the cash for the Nigerians running the scam. They allegedly kept 10 percent of the profits and passed the rest on to their African partners.

The Colorado Attorney General says Nigerian men posted fake dating profiles claiming to be soldiers and developed online relationships with women from around the world.

Scam: Tracy Vasseur, 40, and her 73-year-old mother Karen are accused of work with Nigerian scam artists to launder $1 million in ill-gotten gains

They used fake documents and photos to convince their victims of their stories, the Denver Post reports.

After developing trust with the unsuspecting women, the Nigerians asked for money -- either to buy a satellite phone so they could communicate more frequently, or to help finance visits to their new 'girlfriends.'

Many of the women gave thousands of dollars. Some sent tens of thousands, including a British woman who claimed she wired a total of $60,000 to her new 'boyfriend.'

All of the cash was actually sent to bank accounts in Brighton owned by the Vasseurs, according to prosecutors.

In 2011, Brighton police warned the women that they were in the midst of a criminal scam.

They continued anyway, the Post reports.

The two women had more than 20 accounts at local banks that they used to move the cash around and hide their ill-gotten earnings, authorities say.

Prosecutors didn't say how the women developed their relationship with the Nigerian fraudsters.

None of the Nigerians were identified. Internet shysters in the country have proven notoriously difficult for American authorities to track down and prosecute.

CANADA STOCKS-TSX edges lower as energy shrs weaken after Fed - Reuters

* TSX down 29.02 points, or 0.25 percent, at 11,759.34     * Weakens from Tuesday's five-week high     * Softer oil prices hit energy stocks     * Fed meeting disappoints stimulus hopes      By Allison Martell     TORONTO, June 20 (Reuters) - Toronto's main stock index edged down on Wednesday, led lower by energy stocks, which tracked a decline in oil prices after the U.S. Federal Reserve extended a program to stimulate the economy but offered no clues on further easing.     The resource heavy market ended weaker after the Fed said it would extend long-term bond-buying through "Operation Twist" but stopped well short of further quantitative easing.       "Everything was Bernanke-related, and to a large extent the result of the strong day that we had yesterday," said Pat McHugh, Canadian equity strategist at Manulife Asset Management. "Yesterday we overreacted in terms of anticipating something from the Fed."     Canadian stocks hit a five-week high on Tuesday, as financial and energy shares rallied on hopes the Fed would announce further monetary stimulus.     "We had a very good day yesterday, especially in Toronto, and I think today maybe it's just more of the malaise that we've had for quite awhile here," said John Kinsey, portfolio manager at Caldwell Securities Ltd.          The Toronto Stock Exchange's S&P/TSX composite index  closed down 29.02 points, or 0.25 percent, at 11,759.34.     The heavyweight energy group, down 1.29 percent, played the biggest role of any sector in leading the market lower. Oil prices slid after data showed U.S. crude inventories unexpectedly rose and traders were disappointed by the Fed announcement.      Suncor Energy was down 1.7 percent at C$29.65, and Canadian Natural Resources fell 1.9 percent to C$28.30. The two companies played the biggest role of any two stocks in leading the Toronto market lower.     Helping support the Canadian market was convenience store operator Alimentation Couche-Tard Inc. Its stock rose 5.2 percent to C$45.25, the biggest percentage gain of any company in the index.     The retailer said it had reached the 90 percent shareholder acceptance level in its bid for Norway's Statoil Fuel and Retail ASA, which will allow it to more easily incorporate the European acquisition.

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