Katsumoto:

That is the question that I have been waiting for an answer for, its been two days now. As simple as the question is, there are no takers.

That's cocky!

Your answer:

http://www.balkaninsight.com/en/article/albania-central-bank-buys-landmark-tirana-hotel

More?











The end of your thread?

Some of your followers (namely Ekt) need to grow some balls.

They lack independent mind. Buncha praise singers

Did you even read that article you linked to?

Albania's CB is not acquiring that hotel for investment purposes or whatever else Sanusi is justifying the CBN for building its own.

From the very article you linked to, there are two reasons being offered:
1) Office space (it appears that this hotel is across the street from the Albanian CB office)
2) loan from the bank to the government

Anyway, at a more fundamental level, why do we care what Albania is doing? We should be looking at the best practices worldwide, not some other country where the CB is also possibly overreaching its mandate. In the article you linked to, notice that locals are criticizing the move. So how exactly does that support your argument (if you even have an argument)?

At times I think you like to be contrary just for the sake of it.

Hehe.

I am not sure which is worse, lacking balls or lacking brains.

Anyway, it looks like ola olabiy is just trolling or purposefully trying to derail the thread. I would suggest that he be ignored henceforth.

ekt_bear:

Did you even read that article you wrote?

Albania's CB is not acquiring that hotel for investment purposes or whatever else Sanusi is justifying the CBN for building its own.

From the very article you linked to, there are two reasons being offered:
1) Office space (it appears that this hotel is across the street from the Albanian CB office)
2) loan from the bank to the government

Anyway, at a more fundamental level, why do we care what Albania is doing? We should be looking at the best-practices worldwide, not some other country where the CB is also possibly overreaching its mandate. In the article you linked to, notice that locals are criticizing the move. So how exactly does that support your argument (if you even have an argument)?

At times I think you like to be contrary just for the sake of it.

I knew you would offer another excuse.

Tell me whether this is not what you guys requested for.

Wait for your boss to come in before we take it further. Okay?


Stay in Programming secton, mate.

ekt_bear:



Anyway, at a more fundamental level, why do we care what Albania is doing? We should be looking at the best practices worldwide, not some other country where the CB is also possibly overreaching its mandate. In the article you linked to, notice that locals are criticizing the move.

Imagine.

From the same guy who wanted just a similar example.

Moving the goal post?

ekt_bear:


Anyway, it looks like ola olabiy is just trolling or purposefully trying to derail the thread. I would suggest that he be ignored henceforth.

Yeye boi. Funny.

Moreover, I didn't say the CBN must buy hotels or other ventures.
I said it's NOT the first to do so. But, you all asked for an example.

Whether right or wrong is another question.

1. I've already explained why your example is useless, right? It appears that the Albanian CB was buying that hotel not for investment purposes, but for additional office space. Do you get why this is different from the various proposals that Sanusi has made, or not?
2. In my post earlier here was what I wrote:

Can you show us an example of any central bank in the world building hotels, taking over a commodity board, offering to run the power sector, etc?

If you can post such an example, please do so. But please be direct and to the point when doing so, to avoid cluttering this thread.

So I am sure that you can find cases where some central bank in Afghanistan, Sudan, Russia, Zimbabwe, etc do something crazy. But implicitly in my post, I'm not interested in what basket-case countries like that are doing. I'm interested in what the best practices are, where banking is already well-established and fairly strong. Countries like the US, UK, Canada, Germany, UAE, the BRICS, etc.

Now, granted, maybe I should have made this explicit, so that you'd not have felt the need to post some example from Albania.

ola olabiy:

Stay in Programming secton, mate.

I would tell you to return to whatever section your own area of expertise is, but I'm not sure what that is.

ekt_bear:

I would tell you to return to whatever section your own area of expertise is, but I'm not sure what that is.

None


I still like you nonetheless.

ekt_bear:


So I am sure that you can find cases where some central bank in Afghanistan, Sudan, Russia, Zimbabwe, etc do something crazy. But implicitly in my post, I'm not interested in what basket-case countries like that are doing. I'm interested in what the best practices are, where banking is already well-established and fairly strong. Countries like the US, UK, Canada, Germany, UAE, the BRICS, etc.

Now, granted, maybe I should have made this explicit, so that you'd not have felt the need to post some example from Albania.

Soon, I will let you know why I like you.

But, I wasn't happy with the word"clattering" in your post hence my outburst.

ola olabiy:

I knew you would offer another excuse.

Tell me whether this is not what you guys requested for.

Wait for your boss to come in before we take it further. Okay?
Stay in Programming secton, mate.

Just in case you missed my question earlier, here it's:

Somebody needs to call you guys to order  
Congratulations, both of you passed English with "A"s, however, the question is whether our CBN should be focused on raising chickens, baking cookies, and operating hotels?
Personally, I don't think it should, but Ola if you know of any other country worthy of our emulation whose central bank enagages in this sort of retail commerce, please educate us me.

Not only that comparison with Albania of all nations is most unfortunate, but your own link contradicts your point.

ola olabiy:

But, I wasn't happy with the word"clattering" in your post hence my outburst.

Where did I used that word? It doesn't sound like a word that I'd use.

@Naijaking1, next time, it is better to dissipate your energy on whether it's okay for the CBN to do or not.

Not just an example. My advice.


Examples can easily be sourced and that leaves you exposed. Okay?

ekt_bear:

Where did I used that word? It doesn't sound like a word that I'd use.

Let me search for it

@ola olabiy: Isn't this Maiden Lane Transactions similar to AMCON? It is just a vehicle for managing assets related to financial institutions that the Fed had to bail out.

That is still directly related to the Fed's mandate.

Can you show us an example of any central bank in the world building hotels, taking over a commodity board, offering to run the power sector, etc?

If you can post such an example, please do so. But please be direct and to the point when doing so, to avoid cluttering this thread.

"clutter".

That's a carefully-veiled attack, Eku.

ola olabiy:

"clutter".

That's a carefully-veiled attack, Eku.

You have cluttered and derailed the thread to some extent, have you not? Rather than just posting concisely to argue your point, you are dragging things out far longer than they must or should be.

I just feel that making your points clearly and directly is useful, otherwise the thread will get derailed again (as it did with the risk management stuff.) If you feel that the CBN is well within its rights to do Activity X, then say so and argue why. All this other baiting stuff you were doing isn't needed, in my opinion.

Anyway, I don't think it is an attack so much as a statement of what has happened.

ekt_bear:

You have cluttered and derailed the thread to some extent, have you not? Rather than just posting concisely to argue your point, you are dragging things out far longer than they must or should be.

I just feel that making your points clearly and directly is useful, otherwise the thread will get derailed again (as it did with the risk management stuff.) If you feel that the CBN is well within its rights to do Activity X, then say so and argue why. All this other baiting stuff you were doing isn't needed, in my opinion.

Anyway, I don't think it is an attack so much as a statement of what has happened.

Okay, sir.

Now that the heat among the ''big heads'' on the thread is over, can we then summarise ?

ola olabiy:

That's cocky!

Your answer:

http://www.balkaninsight.com/en/article/albania-central-bank-buys-landmark-tirana-hotel

More?

The end of your thread?

Ola olabiy. . . . . . . . . .

I have been reading this thread and i find most of the posts very interesting and informing but i am surprised that this is your answer to the very simple question asked.

I'll post the contents of your link in case you missed some of the points. ,  . .

Albania Central Bank Buys Landmark Tirana Hotel


The Albanian government announced on Wednesday that it will sell the landmark Dajti Hotel in Tirana to the country’s central bank for €30 million.

Dajti, which was Tirana's only luxury hotel during the Stalinist rule of former dictator Enver Hoxha, fell into disrepair after the regime collapsed in 1991, and has been closed for the last few years.

Previous plans to turn the hotel into the foreign ministry offices were contested by the municipality of Tirana due to the building's historical value.

The oldest standing hotel in Albania, Dajti was build by an Italian architect, Gherardo Bosio, during the Fascist invasion from 1939-1943.

It is assumed that Dajti will serve as offices for the central bank while its headquarters in Skenderbej square are renovated. However, because the hotel will also need extensive renovations, some local observers say that its acquisition amounts to nothing less than a loan from the bank to the government.

Reacting to the acquisition of the hotel by the central bank, the Socialist opposition accused Governor Ardian Fullani of complicity in hiding the government's mismanagement of public funds.

“Governor Fullani has become a partner with [Prime Minister] Sali Berisha and is keeping him with Albanians’ money,” Socialist MP Erion Brace told reporters on Thursday. “The head of the central bank is abusing his position in order to hide the government’s bankruptcy,” Brace claimed.

Albania has seen falling revenues in the last two quarters as a result of slower growth, while efforts to emit 400 million in Eurobonds have been plague by the Greek debt crises.

The sale of the hotel could be a way to avoid a short-tem liquidity crisis due to the high-interest commercial loans that it took in 2009 to finance massive road building projects.



Your post is disappointing! ! ! !

ola olabiy:

@Naijaking1, next time, it is better to dissipate your energy on whether it's okay for the CBN to do or not.

Not just an example. My advice.

Examples can easily be sourced and that leaves you exposed. Okay?

I had implored you to educate us on any country worthy our emulation whose central bank is engaging in retail commerce, you couldn't. The best you could do was cite Albania, Albania, Albania
Not only that Albania is not a country we would emulate by any standard, your own example contradicts your own position. No need playing with words, no needs derailing a good thread either.

Your other example with Maiden lane was even more laughable, because it shows that while you can "google" words and post them to support your position, you have no broad understanding of the context of these words.

Very unfortunate that arguments is still going on,


I like to offer my opinion and clear thoughts on "Maiden Lane Transactions" and the fed engaging in LLC's


Everyone was aware of the AIG, Bear Stearn were taken over by the govt. One out of the 9 Federal Reserve Banks, the NY bank created this financial vehicle for a purpose. The purpose of this was to facilitate securities transactions held within this companies and release of funds to buy toxic assets and bad debts; due to the fact that the feds DO NOT engage in commercial operations, but securities transactions, unlike CBN who actually took over the Nigerian troubled banks and still makes decision for them, and wants to build hotels and poultry farming, the feds created an LLC binding the feds to take on all those debt to rescue the economy. Through the same financial vehicle, other benefactors were, Bank of America who had invested in AIG, Goldman Sachs, Detroit Three or Big Three, Mortgage financial giant Freddie Mac and Sallie Mae; this financial vehicle was created from Trouble Relief Asset Program (TARP). Besides, current update to the Feds Balance Sheet showed that those troubled assets did a whole lot better, most of the companies paid their loans back. This is for a fact because I knew when it was in papers and reports when they did for instance AIG paid back the govt, BoA, Goldman Sachs, Ford, Chrysler, GMAC, and many others paid the feds back and the govt reduced it's holding interest from these banks and companies because as time went on, they were gradually becoming better with the exception of Freddie Mac which need another tens of billions of $$$ again.


IMO, Maiden lane was more of a financial instrument vehicle rather than a company itself. On that note, the holding company of Maiden Lane isn't the fed.

^^^
It has been rightly said that Maiden Lane is akin to our AMCON in Nigeria, and I agree. The initial post which inferred that it's a down stream retail profit making company set up by the Feds is wholly ignorant, and deserved to be condemned, because nothing could be further from the truth. Some of the companies it controls don't even do retail marketing.

conclusion: Lamido Sanusi - bigot, Over-hyped, and a Mediocre

conclusion: Lamido Sanusi - bigot, Over-hyped, and a Mediocre

Conclusion seconded!!

Ola, I have been reading your blind arguement since only to discover that u are so intellectually barren and ideologically impotent. How can you compare establishment of maiden lane-a financial vehicle to facilitate transactions by the federal reserve with running of Hotels, poultry keeping (perhaps the next one will be burukutu joint and barbing saloon) by cbn. Is any one talking about cbn's interest in Asset Management Company of Nigeria? No because it is in furtherance of the cbn duties of economic stability. Tell me with ur shallow brain hw keeping of hotel rooms and brothels sum up to performance of cbn function. Mr Ole.

WHAT ARE THE LIKELY EFFECTS OF SANUSI's CASH WITHDRAWAL LIMITS?

SLS has implemented a cash withdrawal limit for individuals and corporations alike. The vision to move Nigeria to a cashless society is a good one but is Nigeria ready for it at the moment? What infrastructures have been put in place to support such a move?

It seems SLS is showing the middle finger the Nigerians by his actions in the Senate and in Court.


N150,000 withdrawal limit: Court can’t stop me, says Sanusi

By Ikechukwu Nnochiri

ABUJA – The Governor of the Central Bank, Mallam Sanusi Lamido Sanusi, Tuesday, told a Federal High Court in Abuja that it was bereft of the powers to reverse his policy directive that limited daily cash withdrawals in the country to N150, 000, for individuals and N1million for corporate entities.

The CBN governor through a preliminary objection he filed in court, Tuesday, equally challenged the propriety of a suit that was entered against him by eleven communities in the riverine areas of Delta state, contending that they lacked the locus standi to take him to court over the policy guideline he issued to all the banks and other financial institutions on April 20.

It would be recalled that the village heads of the communities went before the High Court, praying it to void the decision of the CBN boss on the premise that it was arbitrary and unconstitutional, adding that it should be declared illegal.



The plaintiffs who maintained that going ahead with such plan would amount to an infringement on their fundamental rights as enshrined in the 1999 constitution as amended, equally joined the Office of the Attorney-General of the Federation as a defendant in the suit.

The communities behind the suit were Akpakpa, Ogidigben, Madagho, Ijalla, Kantu, Omadino, Ogheye, Dheghe, Ajudaibo, Obaghoro and Okrigho.

They specifically sought for an order of perpetual injunction, restraining the CBN and its governor, from implementing such policy, pending the hearing and determination of their substantive suit.

However, Sanusi in a Notice of Preliminary objection he filed through his counsel, Mr Damian Dodo, SAN, yesterday, urged the court to dismiss the suit in its entirety, arguing that the plaintiffs failed to disclose a reasonable cause of action.

According to him, “this suit was instituted in substantial disregard to the provisions of section 52(1) (2), of the CBN Act 2007, section 53(1) (2) and 57 (1) (2) of the Banks and other Financial Institutions Act (BOFIA), Cap B3 LFN, 2004.”

http://www.vanguardngr.com/2011/07/n150000-withdrawal-limit-court-can%E2%80%99t-stop-me-says-sanusi/

Sanusi prescription may just be what we need to stop or at least discourage kidnapping

ola olabiy:

You are funny, man. And, I don't want you to lose the respect I have for you.

When it comes to issues about Naija, African and indeed the world's politics and history, you are almost impeccable.

But, here, you are not. Take it.

To those (baby-Katz I call you all) saying Katsumoto must be right, I think Stranger is right then. Do you all think that Katz is infallible? Or you want me to be condescending before you agree with me? And, the fact that another country once did it does not mean it's okay. No. It doesn't, at all.

SMH.

By the way, you are wrong again. Keep changing your question

Your initial question is: "A regulator as well as a competitor". A central bank that engages in profitable banking operation belongs to this category, isn't it?

That said:

Do you really want your new question answered? Uh?

Ola

There are no issues between us. This is simply a debate. As to be expected, people will find common ground on some issues and disagree on others. On this thread, Naijaking, Ekt_Bear, Manny4life are in agreement with me but guess what, there are threads where we have been on opposing sides. But everyone states their case hoping to convince the others. At the end of the day, no one can force another to accept his point. We just move on to the next topic or thread.

I have never said I was infallible and neither do I personal debates when others disagree with me.
Please lets not make it personal.  

Pennywise:

Sanusi prescription may just be what we need to stop or at least discourage kidnapping

How so?

ola olabiy:

That's cocky!

Your answer:

http://www.balkaninsight.com/en/article/albania-central-bank-buys-landmark-tirana-hotel

More?











The end of your thread?

A simple question was directed at you in different forms. The question is 'give us an example of any central bank that engages in commercial venture'. You could not come up with any satisfactory response.

In case you did not go through the link you posted; read the reply by Sharp man.

Your pattern of arguement is to selectively pick some points to respond to; then ignore the rest. Your rigmaroling is quite irritating. I think your are getting more respect than you actually deserve. I can't believe you can be so dumb.

By the way, are you trying to intimidate us to silence by referring to us as 'baby-katz'?

I'm dumbfounded by the fact that you can't differentiate between 'revenues' and 'income'.
You also baffled me by posting a link to Oxford dictionary to back up your arguement in an intellectual discussion.

Folks, It's  better we ignore Mr Ola Olabiy. My preliminary assessment of him shows that economics and finance is above his league. Some of his response are laughable. His lacks of in-depth knowledge on the topic of note explains his heavy reliance on google search engine to answer questions posed to him. His level of knowledge in this field is quite limited and unimpressive; he's only making it up with an adept use of English grammar.

freepeople:


A simple question was directed at you in different forms. The question is 'give us an example of any central bank that engages in commercial venture'. You could not come up with any satisfactory response.

In case you did not go through the link you posted; read the reply by Sharp man.

Your pattern of arguement is to selectively pick some points to respond to; then ignore the rest. Your rigmaroling is quite irritating. I think your are getting more respect than you actually deserve. I can't believe you can be so dumb.

By the way, are you trying to intimidate us to silence by referring to us as 'baby-katz'?

I'm dumbfounded by the fact that you can't differentiate between 'revenues' and 'income'.
You also baffled me by posting a link to Oxford dictionary to back up your arguement in an intellectual discussion.

Folks, It's  better we ignore Mr Ola Olabiy. My preliminary assessment of him shows that economics and finance is above his league. Some of his response are laughable. His lacks of in-depth knowledge on the topic of note explains his heavy reliance on google search engine to answer questions posed to him. [/b]His level of knowledge in this field is quite limited and unimpressive; he's only making it up with an adept use of English grammar.

Well, apart from manny4life who majored in Business at Howard, an HBCU with average SAT of 850 on the old SAT, no one here knows finance and economics that well, at least , not the OP and non of the other [b]baby-katz(s) ( Thanks Ola Olabiyi ), to my knowledge, majored in economics/finance/accounting/business in college.

That having been said, Ola olabiyi has shown superior knowledge WRT the topic than any of the other baby-katz. He performed exceptionally well taking on Baby-Katz I (Ekt-Bear), schooled Baby-Katz II ( manny), thoroughly embarrassed baby - Katz III (Dr. Naijaking) and humbled baby-katz IV, OAM4J, who also doubles as the OP's live-in partner.

More than that, brilliance isnt about always having the answer to things at your finger tips, because no one does. The most brilliant amongst us is he who knows how to find the answer. Think about it.