Wednesday, December 28, 2011

Bjarne Riis doing the Barnyard Talk about Andy Schleck


Bjarne did his barnyard talking about Andy Schleck in the Danish Ekstrabladet: Baa, baa, Andy is not going to win; Oink, oink, Andy is not disciplined; Quack, quack, he lacks the final bit!

But, tweet, tweet, Alberto Contador is almost perfect. Meow, meow, me am going to work on just some details with him (like eating contaminated Moo, moo?), and neigh, neigh, Andy's problem is that he is a contemporary of Contador.

Not much value can be extracted from the spiteful declarations of a man who was directing Andy while negotiating a deal with his immediate opponent Contador during the Tour of 2010, and not much credence comes from the man who directed Contador in 2011 and failed to have him win his 4th Tour de France.

But that barnyard talk is good to light a fire. Maybe this doesn't make Andy Schleck perfect, but hopefully enraged enough to do Ruff, ruff on the Tour 2012. Here are our friends from Velonation:

http://www.velonation.com/News/ID/10740/Bjarne-Riis-Andy-Schleck-lacks-the-will-to-win-the-Tour-de-France.aspx

Or the original bjarnyardish version:

http://ekstrabladet.dk/sport/cykling/article1681268.ece

Tuesday, December 13, 2011

Attorney for Deutsche Borse Subsidiary Clearstream Says Transfer of Iranian Central Bank Money Not Legally Relevant


I cannot believe this quote:

Once Mr. Panopoulos completed his presentation, which included points on jurisdiction and the current location of Iranian assets, Judge Goldstein summarized Clearstream's position.

"...you're willing to assume the plaintiffs' allegations...you just think that they're not legally relevant," the judge stated.

"Yes," Mr. Panopoulos said.

http://www.istockanalyst.com/business/news/5592185/attorney-for-deutsche-borse-subsidiary-clearstream-says-transfer-of-iranian-central-bank-money-not-legally-relevant

I am pretty sure we are going to hear much more about this in the near future!

MF Global Execs Say They Don't Know Where The Money Is


Bottom line in this article: "The search for hundreds of millions of dollars in missing customer funds has sent reverberations through the farm belt and trading floors, and has attracted the attention of the FBI and federal prosecutors. Thousands of customers have had their money frozen."


Only one question out of so many is answered: I always wondered what MF in MF Global meant. It was so obvious! MF stands for Missing Funds....

Friday, December 9, 2011

CARGOLUX AIRLINE EXECUTIVES PLEAD GUILTY FOR FIXING SURCHARGE RATES ON AIR CARGO SHIPMENTS


CARGOLUX AIRLINE EXECUTIVES PLEAD GUILTY FOR FIXING SURCHARGE RATES ON AIR CARGO SHIPMENTS

December 9, 2011

FOR IMMEDIATE RELEASE

Airlines Executives Agree to Serve Prison Time

Wifredo A. Ferrer, U.S. Attorney for the Southern District of Florida, announced that two executives of Luxembourg-based Cargolux Airlines International S.A. have each plead guilty and agreed to serve 13 months in prison for participating in a conspiracy to fix cargo rates for international air shipments.

Ulrich Ogiermann, the former president and CEO, and current employee of Cargolux, and Robert Van de Weg, the senior vice president of sales and marketing for Cargolux, plead guilty yesterday to the charges contained in an indictment filed on Oct. 28, 2010, in U.S. District Court in West Palm Beach, Fla. Ogiermann and Van de Weg pleaded guilty to conspiring with others to suppress and eliminate competition by fixing and coordinating certain surcharges, including security and fuel surcharges, charged to customers located in the United States and elsewhere for air cargo shipments including shipments to and from the United States. According to the indictment, Ogiermann participated in the conspiracy from at least as early as October 2001 until at least February 2006, and Van de Weg participated in the conspiracy from at least as early December 2003 until at least February 2006. Under the plea agreements, Ogiermann and Van de Weg have also each agreed to pay a $20,000 criminal fine and to cooperate with the department’s ongoing investigation.

Air cargo carriers transport a variety of cargo shipments, such as heavy equipment, perishable commodities and consumer goods, on scheduled international flights.

Including Ogiermann and Van de Weg, a total of 22 airlines and 21 executives have been charged in the Justice Department’s ongoing investigation into price fixing in the air transportation industry. To date, more than $1.8 billion in criminal fines have been imposed and four executives have been sentenced to serve prison time.

Ogiermann and Van de Weg are charged with price fixing in violation of the Sherman Act, which carries a maximum fine of $1 million and up to 10 years in prison. The maximum fine may be increased to twice the gain derived from the crime or twice the loss suffered by the victims of the crime, if either of those amounts is greater than the statutory maximum fine.

Yesterday’s guilty pleas are the result of a joint investigation into the air transportation industry being conducted by the Antitrust Division’s National Criminal Enforcement Section and the Atlanta Field Office, the FBI’s Atlanta Field Office, the Department of Transportation’s Office of Inspector General and the U.S. Postal Service’s Office of Inspector General. Anyone with information concerning price fixing or other anticompetitive conduct in the air transportation industry is urged to call the Antitrust Division’s National Criminal Enforcement Section at 202-307-6694, visitwww.justice.gov/atr/contact/newcase.htmor call the FBI’s Atlanta Field Office at 404-679-9000.

A copy of this press release may be found on the website of the United States Attorney's Office for the Southern District of Florida athttp://www.usdoj.gov/usao/fls. Related court documents and information may be found on the website of the District Court for the Southern District of Florida athttp://www.flsd.uscourts.gov or onhttp://pacer.flsd.uscourts.gov.

Technical comments about this website can be e-mailed to the Webmaster. PLEASE NOTE: The United States Attorney's Office does not respond to non-technical inquiries made to this website. If you wish to make a request for information, you may contact our office at 305-961-9001, or you may send a written inquiry to the United States Attorney's Office, Southern District of Florida, 99 NE 4th Street, Miami, Fl. 33132.

Wednesday, December 7, 2011

Netflix Opens in Luxembourg: Yes, Tax Rates Matter


This is no secret: Luxembourg is the place to be for internet commerce. It is simply a play on VAT differentials. As long as the prevailing regulation has the merchant charge the VAT rate of its host country rather than the VAT rate of the customer's country (difficult to determine), Luxembourg is the best deal. Until it gets steamrolled by those who think that it's not funny or logical that the smallest member state charges the smallest VAT tax.

Netflix just joins a list of prominent foreign corporations, mostly US, in Luxembourg, who easily were drawing the same conclusions.



Wednesday, November 30, 2011

Andy Schleck loses his drivers licence.


Andy Schleck was caught some time ago speeding. Police clocked him at 101 km/h in a speed-limit zone with a limitation of 50km/h. I wonder if he was biking or driving. I assume the latter one, as the judge didn't think to put him on a podium, but rather put him on foot. I guess Andy can still use his bike to visit his fiancee.
Andy lost his licence indeed for 3 months and had to pay a fine of Euros 350.

Saturday, November 26, 2011

Robert A Mandell on becoming US Ambassador to Luxembourg


This interview was published on wort.lu with the title:
"The art of diplomacy" and a caption that read “Being a diplomat is two-fold. It's about history and relationships”

http://www.lavoix.lu/wort/web/en/luxembourg/articles/2011/11/168385/index.php

Just for the fun of it, here is another quote from Sir Henry Wotton (1568-1639): "An ambassador is an honest gentleman sent abroad to lie for the good of his country."

Two notes about that quote:

1. In Sir Henry's century, he could not imagine Perle Mesta, an ambassador who would be called Madam.

2. I found no lies in the Wort interview.

I did however notice the absence of the ambassador's priority to look into the Luxembourg tax haven story. But that declaration of intent was at a hearing before Congress. Then you learn at Charm School that some things should get done, not talked about. Done in a charming way. Here is a reminder:

"Mandell told senators that, if confirmed, he plans to focus on increasing U.S. exports and on making Luxembourg's banking industry more transparent." I'm in support, that's the Truth. http://egidethein.blogspot.com/2011/09/winter-park-businessman-bob-mandell-may.html

One has to give compliments for Ambassador Mandell's nice start. Most ambassadors never get to give an interview.


Thursday, November 24, 2011

Tour de France to visit Corsica in 2013







Won't start at the Tour de France 2013: Emile Lamberty, Pierre Meyer, Marcel Holtgen and Egide Thein of Union Cycliste Dippach, Luxembourg ca. 1963


If you plan to win the Tour de France in 2012, and you don't (maybe you end up second again, who is this?), you can plan on 2013. You'll start from Corsica, which has never happened before. It is called the Isle of Beauty. People have their authentic character, and in stereotypes, they sometimes explode devices. And their literature tells about gruesome vengeance, the well known vendetta, a word that is an export from there.

If Contador is whitewashed these days, then Andy Schleck and Andy's brother, Frank is his name, have to defend their honor: seen from Corsica, whatever whitewash is decided anywhere on the continent is just unacceptable.

http://espn.go.com/olympics/cycling/story/_/id/7276318/tour-de-france-visit-corsica-2013


Monday, November 21, 2011

“Why Luxembourg?”: a strategic location and a privileged business framework for international companies | ABBL

“Why Luxembourg?”: a strategic location and a privileged business framework for international companies ABBL

This has been a half century in the making. My European hit list:

1. Luxembourg. Maybe not perfect, but the least imperfect.
2. Ireland. Low tax. Though an Island and one of The PIIGS.
3. France. Recently became very good on paper, though cutting back on incentives in 2011. With some effort the best place to be.
4. Netherlands. The Dutch, a reliable stable place. Excellent for some businesses, not only tulips.
5. Belgium. A traditional but declining venue for your business. At least you are not bothered by the governement.

Thursday, November 17, 2011

Robert A. Mandell New US Ambassador to Luxembourg

AMBASSADOR

Ambassador Robert A.MandellRobert A. Mandell
Ambassador of the United States of America to the Grand Duchy of Luxembourg

Following his nomination by President Barack Obama and confirmation by the U.S. Senate, Robert A. Mandell was sworn in as the 21st Ambassador of the United States of America to the Grand Duchy of Luxembourg on October 25, 2011, in Washington, DC.

Prior to becoming the U.S. Ambassador to Luxembourg, he was Chairman and CEO of Greater Properties Inc., a closely held commercial real estate venture in Central Florida. Previously, he served as Chairman and Chief Executive Officer of The Greater Construction Corp. from 1998 until 2005. Greater was a family-owned homebuilding business established in Central Florida in 1965. During its history, Greater built 45 new communities in which it sold more than 12,000 homes in Central Florida. In October 2005, Greater Construction was sold to Meritage Homes, Inc., an Arizona company, and became part of the twelfth-largest homebuilder in America.

Ambassador Mandell has been involved in several capacities in the federal, state, regional and local governments. Two years ago President Barack Obama appointed him to serve on the President’s Export Council, where he was Vice Chairman of the Trade Promotion and Advocacy Subcommittee, as well as a member of the Small and Medium Sized Business Engagement Subcommittee. He took an active part in advancing President Obama’s goal of doubling exports within five years.

He also served on the Board of Directors of Florida Hospital, a 2000-bed, acute care hospital in Florida and part of the Adventist Health System. The Ambassador also was on the Audit and Finance Committee of the Adventist Health System. Other boards he served on include the Sanford-Burnham Institute for Medical Research of LaJolla, California, and the Vermont Studio Center. He also was on the Central Florida Advisory Board of Orange Bank.

Additionally, Ambassador Mandell was Chairman of the State of Florida Environmental Regulation Commission from 1987-1990; Chairman of the Orlando-Orange County Expressway Authority in 1990 and 1991 and Vice Chairman from 1992 to 1995. He was a member of Orange County Chairman Richard Crotty’s Transportation Commission in 2002 and the Blue Ribbon Panel on Education for the Orange County Public School System in 2004-2005.

The Ambassador is a 1969 graduate of the University of Florida with a BS in Advertising and, in 1972, a Juris Doctor degree. He is an “AV” rated lawyer in the Martindate-Hubbell legal list. In addition, he graduated from the Harvard Business School’s OPM Executive Program in 2000.

Ambassador Mandell is married to Julie Walker Mandell and is the father of two boys: Zack, 26, and Xan, 20. Mrs. Mandell has two children: Lauren, aged 17, and Daniel, 25. The Ambassador’s hobbies are painting, traveling, and reading.

Saturday, November 12, 2011

Grand Duke of Luxembourg visits HCM City

As seen in "Saigon" English Version:


Surely a memorable event. No doubt because of the relationships developed.

In the strictly reserved Luxembourg back-kitchen, it is a memorable visit also because of the one who wasn't there. What that story is however, remains among us, the Luxembourgish speaking Luxembourgers. That's not many, and helps keeping things confidential.

Now you burn with envy? Try to understand what is going on. I have a calling:

Thursday, November 10, 2011

Perle Mesta, big donor and big bosoms


I always wondered, how Perle Mesta got appointed Ambassador to Luxembourg, and who checked her out. Now we know it:

Richard Nixon: D.C. Socialite

Wasn’t Made Ambassador Just

Because She Had ‘Big Bosoms’


Thursday, November 3, 2011

Luxembourg's Move to Exxxtreeme Transparency, or the Naked Truth.


This is a dramatic change from the usual old drum that Luxembourg is a secrecy haven, though we would prefer the more refined "commitment to confidentiality". How does that sound?

Well that isn't even true anymore. Luxembourg is now committed to eXXXtreme transparency. I would call it the naked truth. In a smart move, Luxembourg opened its doors to companies like Manwin, "the leading international provider of high-quality adult entertainment", that owns the largest network of adult websites in the world. The world is Luxembourg and everything outside, which is very big!

Manwin just acquired Playboy. Playboy is ours now! Manwin claims 60 million daily visitors on its websites. Manwin can't lose. That's 120 times Luxembourg's population. There must be some foreigners visiting those sites. So it is safe to claim that now we even spread transparency around the globe. But hey, don't worry: if you are a visitor on these sites, we'll understand that it's strictly for scientific research and educational endeavours, and we keep the visitors' list confidential.

Here are my very official sources:


http://www.mediabistro.com/fishbowlla/playboy-enterprises-manwin-group-luxembourg-playmate-casting-call_b43900

http://www.prnewswire.com/news-releases/playboy-enterprises-inc-and-manwin-close-deal-133032238.html

Friday, October 28, 2011

Q&A: Bob Mandell of Winter Park talks about new role as ambassador to Luxembourg


Learn more about Ambassador to Luxembourg Bob Mandell. As seen in the "Orlando Sentinel".

http://www.orlandosentinel.com/news/local/orange/os-bob-mandell-ambassador-luxembourg-20111027,0,6913472.story

The Ambassador is leaving on Friday evening.

We all wish you a safe trip, hopefully not on Air France (they might strike).

Remember, Luxembourg is 999, nothing to do with the tax talk of that guy who wants to replace the President you supported. No, it's square miles. So aim carefully.

When you arrive in Luxembourg on Saturday, it will be 32 F, a little above during the day with a mix of snow and rain. That's a pretty good day in Luxembourg, what you would call actually a very warm reception. What follows then is documented, weather-wise, in the Battle of the Bulge history that you studied.

A good recipe for those days is glow wine. Have a look in the wine cellar. If during the Sede Vacante no-one poached around there, you should find $2,400 worth of wine, left from your predecessor Cynthia Stroum who bought it and doesn't drink wine, to the wrath of the Inspector General (buying wine that is, drinking wasn't the issue). Here is the recipe for a good glow wine, from @CDkitchen, where I think CD stands for Corps Diplomatique:

INGREDIENTS:

1 (750ml) bottle red wine
1/2 cup water
1/4 cup sugar
2 three-inch cinnamon sticks
3 cloves
2 lemon slices


PREPARATION:

Bring the sugar, spices, lemon, and water to a boil, then let this mixture steep for 30 minutes. Add the wine and carefully reheat to just under the boiling point. Strain into mugs and serve hot.

Note: You can substitute extra wine or a fine apple brandy for the water. And many traditional recipes call for a dash of Angostura bitters, though I think it tastes fine without them, and the Inspector General might not approve the expense. The rest is clearly a health issue and the best aboriginal Luxembourg medicine money can buy.

Thursday, October 27, 2011

Robert "Bobby" Mandell, new Ambassador, drives to Luxembourg with his shofar.

Though a shofar is not a chauffeur, it reminds me of Pearle Mesta in Irving Berlins "Call me Madam".

Upon swearing her in, President Truman (oh Presidents did that theselves!?) said: "Congratulations, Madam Ambassador. When do you leave us?"

"Tomorrow morning!"

"And when do you arrive at your new post?"

'I don't know! Hey Boss, where the heck is Luxembourg?"

The real story seems to have been that she eventually landed in Paris and her chauffeur drove her to the wrong place: looking for Luxembourg in the Belgian Province of Luxembourg.

Today a GPS might help, but careful. The margin of error is small and you could miss the target.

I am generally and personally most intrigued by the following quote (link below):

"The present ambassador to Luxembourg spoke first and told us it is home to the second largest investment fund in the world, behind only the United States, and that it has strategic and financial importance in the world because it is the home of the United States’ and the EU’s money-laundering protections and operations."

I guess that's the Charge d'Affaires who was talking in approximations. The post is vacant. But the quote sounds quite funny to the people in the know. There you have it, the key word(s): money laundering. Our operations are well protected. What a smart move to do it also for the US. But there I'm tooting our horn. Precedence now for the shofar.

Congratulations, Mr. Ambassador.

Thursday, October 20, 2011

HedgeFund.net: Luxembourg in the news from HedgeNews

A very good to the point article. The Fund industry is one of Luxembourg's biggest successes. One should add, also the least controversial among financial services there. Read more:

HedgeFund.net: Public news from HedgeNews

Remember though that just one detail in the article is not true: "Some of the major hedge fund firms and banks with a base in the 1,607-mile country ..."

Luxembourg got inflated here by 60%. It is just 999 square miles. Herman Cain would have known. We just couldn't make it four digits, but that's beautiful.

Wednesday, October 19, 2011

Luxembourg Gives Boost To Financial Centre In Asia


From our friends at Tax News.
Just one correction: it is the Grand Dukes son who "presides" and the Minister of the Economy who"leads".
Note that the other Minister is on a separate mission for the Financial Center.
Both members of the government must enjoy the distance they put between them and Luxembourg, given the shouting they heard about a national football / mall project and the ugly habit of abusing corporate boards by populating them with politically preferred people. Call them PPPs.

Luxembourg Gives Boost To Financial Centre In Asia

Robert A. Mandell's nomination as ambassador to Luxembourg .....


.... still waits approval from the US Senate. To my Luxembourg friends: don't hold your breath, The ways here are impenetrable, so who knows. I keep a watchful eye though and found someone who has to admit he doesn't know. In the meantime, this is a good overview about a fixture in US politics, that is useful for everyone to understand in Luxembourg. Bundling in Luxembourg is the other way round: the most faithful bundle board nominations without going through the pain of raising funds for the boss' campaign. Just for being faithful, reliable. Here we go:

http://news.muckety.com/2011/10/18/what-do-bundlers-get/34611

Quote:

"Ambassadorships are a favor handed out to many big money raisers. We count 23 such appointments in the Obama administration, some of which are shown in the map above. A 24th - Robert A. Mandell’s nomination as ambassador to Luxembourg - awaits Senate approval.

Mandell was named after another Obama bundler, Cynthia Stroum, stepped down in the midst of a near-mutiny by embassy staff."


Tuesday, October 11, 2011

Tour de France 2012

Computers are tricky business. Some actions might have unintended consequences. Such as the inadvertent publication of a secret on a website.

This schedule is on the following site: http://www.velopeloton.com/tour-de-france-2012/
There is even a link to hotel reservations for those who want to beat the rush!


Tour de France 2012
                                  Click on picture
Tour de France 2012




Thursday, October 6, 2011

Luxembourg Bank: Breakup Proposals for Dexia Begin to Emerge


NYT details the story well. Except that it seems to be a given that the buyer is the Qatar Sovereign Fund. The transaction would then have to be seen in the context of a global agreement that also awarded 35% of Cargolux to Qatar Airlines for $117.50 million, a bargain.

The price sticker on DEXIA BIL Luxembourg seems to be another bargain at Euros 900 million. The Luxembourg State seems to become a smaller shareholder. The Luxembourg Government just perpetuates its tendency to shore up failing companies with good (taxpayer) money.

Path to NYT:

http://dealbook.nytimes.com/2011/10/06/dexia-in-discussions-to-sell-luxembourg-unit/

Tuesday, October 4, 2011

TJN's Financial Secrecy Index: Luxembourg is # 3.


The influential Tax Justice Network has issued its Financial Secrecy Index. You;ll find it here:



Luxembourg made it to number three after Switzerland and Cayman Islands. As the world goes, that is either good or bad. It is in the eye of the beholder. TJN thinks it is very bad. The Luxembourg survey is certainly an invitation to image control:


Sunday, October 2, 2011

Australia, Finland and Luxembourg Competing at the UN

Competing for a seat at the UN Security Council.
As seen in AdelaideNow.com.au:



"One group of votes Australia has been courting is the Gulf Co-operation Council. The GCC comprises the emirates, monarchies and sheikhdoms of the Persian Gulf. We have good political credit with them. We helped liberate Kuwait from Saddam Hussein, we are aligned with the West on Iran - which is a major issue in the Gulf - and we have a solid trading record in the region.
So their votes should be pretty safe. Well not quite - they've told the Government they will make a final decision after they've seen how the three candidates for the Security Council vote on the Palestinian question. And I suspect Finland and Luxembourg will be voting for the Palestinians."


See the whole article here:


http://www.adelaidenow.com.au/ipad/downer-a-un-vote-of-nerve/story-fn6br25t-1226156371960


I would just like to reiterate my bad feelings about Luxembourg's UN Security Council ambitions. The article gives some powerful argument why. It is already getting costly, for a small country with a focus on international services. Don't alienate your clients, Luxembourg.


Australia, good luck mate.

Thursday, September 29, 2011

ArcelorMittal Closes Two Mills in Luxembourg



We were writing 1974. About 1/3 of Luxembourg's workforce was cooking steel. Luxembourg produced 21 tons of steel per capita, followed by Germany with 2.5 tons. That's the weight the steel industry mustered then. In 1975 the steel industry came crashing down in a fast and scary way, under the double action of slowing demand and the competition of emerging steel producers.

What is left of the former ARBED is under new ownership, ArcelorMittal. It still employs about 6,000, quite a number for Luxembourg. This closing targets about 10% of them. In the present setup, who will come up with an innovative solution? Globalism takes away the cake from those who have the cake. How desirable is it? Pursue it at any price? The only barriers to globalism were the borders. They tend to disappear. Everyone seems to want it. It is an excellent deal when you had no cake. The new countries are the multinational companies who now can play the best options.
What is safe at ArcelorMittal Luxembourg? What cannot be easily done elsewhere.
ArcelorMittal Closes Two Mills

Wednesday, September 28, 2011

Fitch affirms Luxembourg at 'AAA'

Let me get this straight: we get a boring AAA ?

That cannot possibly take into account the fact that Luxembourg has the highest per capita GNP, and it defies our first place in all other categories: our Prime Minister enjoys a 92% popularity rate, we are, according to statistics, the heaviest drinkers and smokers on earth, the best student at the UN, the highest donor country, and we save Greece. There is even more, but that would take away some of the gravitas of this comment.

Bottom line: we deserve better. Please Miss Fitch, invent another category, the AAAAA. We certainly fit(ch) that rating. Think about the economic stimulation this would trigger internationally through others' sheer jealousy and their desire to catch up!

http://www.reuters.com/article/2011/09/28/idUSWLA630120110928


Tuesday, September 27, 2011

Letter to a Great Luxembourg Scientist, Dr Félicien M. Steichen, MD, 1927-2011



Dear Félicien:

You left us, but I won’t write an obituary. You would have said it yourself, with that twinkle in your eyes: “this ain’t a place for obituaries.”
We met 22 years ago when I moved with my family into your neighborhood in Larchmont, New York. You lived there on 12 Pryer Lane with your wife Michèle, your daughters Anne and Claire and your son François, in your beautiful home overlooking Long Island Sound. The old BMW in your driveway, with that big letter “L” on the bumper, let everyone know that there was a true Luxembourger around. I knew you already as a “Living National Monument”, for your incredible contributions to medical science. I came to learn more about your tireless work, developing laparoscopic surgery.
Your neighbor, a surgeon himself, would say how guilty he felt playing with his dogs while he knew that you were working on yet another paper. I can still see you there, the lamp glowing on top of that cypress table crafted by an Amish cabinetmaker.  In this office, your creative genius would produce dozens of scientific papers, to promote minimally invasive thoracic and abdominal surgery. They cover the challenges of sutures and stapling, the introduction of 3D in laparoscopic surgery together with new tools known as “Tools of Steichen”.
For more than 48 years, after graduating from the University of Lausanne, you left giant footprints at many places such as Baltimore and Johns Hopkins Hospitals, Lenox, and Saint Agnes. The crowning of your tremendous work and the worldwide recognition as the great pioneer and professor was the creation of the Félicien M. Steichen Chair of Surgery at New York Medical College in 1993, of which you became the first holder. Among your many awards, this is the ultimate one.

We all remember you as the discreet gentleman, who would be first in line to do anything “Luxembourg”. We had such fun launching the Luxembourg-American Chamber of Commerce in New York. I am most thankful for your ever open doors.

One day I needed your help as a surgeon. I’m still wearing (proudly) the three tiny marks of laparoscopic incisions you made. And for sure the following morning I left Saint Agnes all repaired. My wife and I mostly remember the days of deep distress, when you showed up at our son’s hospital bed. Your spontaneous travel to that place, your appearance in that hospital room has done more than all medical science on earth.

Dear Félicien: You are a great benefactor to mankind. Every morning, thousands of patients get readied for surgery somewhere. Many will have an amazing recovery, thanks to your pioneering work. They’ll say of their doctors what one of your friends told me about you: “He saved my life!” At the LACC, you have touched ours. We send our most heartfelt condolences to your family,


Egide Thein.

Thursday, September 22, 2011

Luxembourg home and offices of Leopard Trek owner Flavio Becca raided by police

This is reported by road.cc.


Find article here: http://road.cc/content/news/44413-luxembourg-home-and-offices-leopard-trek-owner-flavio-becca-raided


According to the article, this has nothing to do with Leopard-Trek. This is the relevant excerpt:


"Luxembourg-published tabloid magazine Privat says the police raids were carried out on Tuesday and concern a number of companies with which Mr Becca, whose parents moved to the Grand Duchy from Italy when he was a child, is involved. The website Wort.lu reports that a spokesman for the public prosecutor has confirmed that the raids took place."


Three remarks, to lay this to rest for the Schlecks:



  • This has nothing to do with cycling, but the other sponsors won't like this kind of publicity.
  • Unfortunately for our man Becca, he gets most to fear from that unwelcome publicity, and though not pronounced guilty of anything, he will be judged already in the court of public opinion.
  • Then again, if there are good news for Mr. Becca, they are this: we are at the stage of a Police investigation. Though that means that there were allegations credible enough to launch the investigation, it will take years and years before this gets resolved. The reason being that Luxembourg's Police and Justice system are dramatically understaffed. I reported in the following article the criminal case brought by a Luxembourg farmer against his neighbor, accused of stealing his cow: http://feierwon.blogspot.com/2011/06/la-justice-des-hommes-est-imparfaite.html After 13 years of proceedings, the man still hadn't gotten his cow back. Daisy might be dead by now. So may be most witnesses. But our man and the cow got their day in court: the European Court of Human Rights in Strasbourg sentenced the Luxembourg Government for violating the farmer's human rights by not providing an adequate judicial system that would have resolved the case in a "timely" way. The Government paid a fine. It did not improve its Judiciary. It did not bring the farmers cow back. The mooooving end.

Wednesday, September 21, 2011

Winter Park businessman Bob Mandell may become ambassador to Luxembourg



Very interesting. It took some time between the announcement and the hearing. US is becoming more like France: long vacations delayed the hearing.


But here's the beef:


http://www.orlandosentinel.com/news/politics/os-bob-mandell-ambassador-luxembourg-20110921,0,6653691.story


You'll have read the summary program:



Mandell told senators that, if confirmed, he plans to focus on increasing U.S. exports and on making Luxembourg's banking industry more transparent.

Tuesday, September 20, 2011

NETFLIX and the Quikster Blunder. Call me Quikstest!

Below is an Email from Netflix CEO Reed Hastings. He nopologizes (not in the dictionary yet) for messing up. His blunder will occupy front page in many course books about corporate blunders. And now also in those for damage control: the three things not to do.
I could not resist coming to the rescue.


OPEN LETTER ON MY BLOG TO REED HASTINGS: EGIDETHEIN.BLOGSPOT.COM

Dear Reed:

Thank you for reminding me of the good old days when Netflix had no negative connotation. I feel your pain. Apart from a new name Quikster, you didn't tell me why I and a million others should become customers again.

May I suggest to your competitor Blockbuster to enhance their own offering by calling it "Quikstest". As in Irving Berlin's "Hostess of the Mostest." Go ahead Quikstest.com is available. As always, FREE advice. FREE. Nothing beats FREE.  Hey, Blockbuster, if you execute on my recommendation, I deserve FREE service for ever. Deal? 

Netflix had no deal.

Happy Quikstings!

Egide Thein



Dear Egide,

I messed up. I owe you an explanation.

It is clear from the feedback over the past two months that many members felt we lacked respect and humility in the way we announced the separation of DVD and streaming and the price changes. That was certainly not our intent, and I offer my sincere apology. Let me explain what we are doing.

For the past five years, my greatest fear at Netflix has been that we wouldn't make the leap from success in DVDs to success in streaming. Most companies that are great at something – like AOL dialup or Borders bookstores – do not become great at new things people want (streaming for us). So we moved quickly into streaming, but I should have personally given you a full explanation of why we are splitting the services and thereby increasing prices. It wouldn’t have changed the price increase, but it would have been the right thing to do.

So here is what we are doing and why.

Many members love our DVD service, as I do, because nearly every movie ever made is published on DVD. DVD is a great option for those who want the huge and comprehensive selection of movies.

I also love our streaming service because it is integrated into my TV, and I can watch anytime I want. The benefits of our streaming service are really quite different from the benefits of DVD by mail. We need to focus on rapid improvement as streaming technology and the market evolves, without maintaining compatibility with our DVD by mail service.

So we realized that streaming and DVD by mail are really becoming two different businesses, with very different cost structures, that need to be marketed differently, and we need to let each grow and operate independently.

It’s hard to write this after over 10 years of mailing DVDs with pride, but we think it is necessary: In a few weeks, we will rename our DVD by mail service to “Qwikster”. We chose the name Qwikster because it refers to quick delivery. We will keep the name “Netflix” for streaming.

Qwikster will be the same website and DVD service that everyone is used to. It is just a new name, and DVD members will go to
 qwikster.com to access their DVD queues and choose movies. One improvement we will make at launch is to add a video games upgrade option, similar to our upgrade option for Blu-ray, for those who want to rent Wii, PS3 and Xbox 360 games. Members have been asking for video games for many years, but now that DVD by mail has its own team, we are finally getting it done. Other improvements will follow. A negative of the renaming and separation is that the Qwikster.com and Netflix.com websites will not be integrated.

There are no pricing changes (we’re done with that!). If you subscribe to both services you will have two entries on your credit card statement, one for Qwikster and one for Netflix. The total will be the same as your current charges. We will let you know in a few weeks when the Qwikster.com website is up and ready.

For me the Netflix red envelope has always been a source of joy. The new envelope is still that lovely red, but now it will have a Qwikster logo. I know that logo will grow on me over time, but still, it is hard. I imagine it will be similar for many of you.

I want to apologize again to those members, both current and former, who felt we treated them thoughtlessly.

Both the Qwikster and Netflix teams will work hard to regain your trust. We know it will not be overnight. Actions speak louder than words. But words help people to understand actions.

Respectfully yours,

-Reed Hastings, Co-Founder and CEO, Netflix

p.s. I have a slightly longer explanation along with a video posted on
 our blog, where you can also post comments.






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Saturday, September 17, 2011

Luxembourg: banking sector situation "not worrisome"


What else is there to say for a Minister of Finance? Don't worry, be happy!

http://www.reuters.com/article/2011/09/17/eu-ecofin-luxembourg-idUSL5E7KH03620110917

EU slaps down US debt preaching

An interesting reporting from down under. It sounds like a story of two homeless guys arguing  about who is the better off, the one who just got downgraded by S&P, or the other one not sure if he'll see another day.

The accompanying picture is great!

http://www.news.com.au/world/eu-slaps-down-us-debt-preaching/story-fn6sb9br-1226140008441

Friday, September 16, 2011

Luxembourg:: Delivery of Boeing's first 747-8 cargo jet delayed

Alright, a little upset. All this with the new board getting tough. Maybe there is some dispute. Always a nice try to get a discount.

The Seattle Times says:

"Boeing on Friday abruptly suspended plans to deliver its first 747-8 freighter on Monday to launch customer Cargolux, saying only that "unresolved contractual issues" prevented the four days of ceremonial hoopla it had scheduled."

Visit: http://seattletimes.nwsource.com/html/businesstechnology/2016231470_747freighter17.html

Wednesday, September 14, 2011

Swiss deals complicate EU tax negotiations by Swissinfo.ch

Switzerland played this well. It leaves the former allies Luxembourg and Austria in the rain. The pressure is on them and it will be difficult for them to invoke these bilateral agreements with Switzerland to nix the former agreements on automatic information sharing in the Union. These did only allow for a transitional exception to automatic information sharing for Luxembourg and Austria.

It is true that this is revisiting past understandings: that was that ALL tax havens would move to the SAME system. Not as the un-elected Commissioner seems to say: to SIMILAR arrangements.

However, how urgent is this subject now that Euro zone is on fire and will either have to do a costly bailout or allow a costly collapse of the Euro? The funny thing is, it has become less of a Greek problem than a creditor's problem, according to the old saying: you owe the bank one million, and the bank owns you. You owe the bank one billion, and you own the bank.

http://www.swissinfo.ch/eng/Specials/Rebuilding_the_financial_sector/News,_results,_regulations/Swiss_deals_complicate_EU_tax_negotiations.html?cid=31129410

Wednesday, September 7, 2011

Luxembourg and Wikileaks


Imagine, you sit comfortably at your desk in a cozy Embassy. You are supposed to do something from time to time. (Beware: we now know you shouldn't pay for a wine bill on the last day of your fiscal year, and not for a new mattress). So Ann Wagner did the right thing: she wrote her reports, and those were not supposed to be leaked. Despite that certainty, that nothing would violate the confidentiality of her messages, she wrote her stuff very diplomatically. For that, some people in Luxembourg might be disappointed. Some spontaneous salsa was what they expected.


Monday, September 5, 2011

Luxembourg's Leopard-Trek Team and Radioshack to Merge


I love it to be right! I told you so! RADIOSCHLECK. It should have happened two years ago. See my last post. Here is the news.


Where is Lance Armstrong? Now do all the right things.

Wednesday, August 31, 2011

Tour de France, Andy Schleck, Radioshack and the Leopards.

The rumor comes back. I never doubted that it would come back that there is interest between Trek and Lance Armstrong and the Schlecks to work together. Obviously the Leopard team delivered a good show, but failed the whole season.

It is just amazing how the Schlecks are advised. May I say this again, in the words of 2009? I actually don't have to change a single word about my article posted on this blog on July 31, 2009. The Schlecks are ill advised, they have unusual talent, but since 2009 they wasted 2 years listening to self-interested people, who care as much about their own careers than the Schlecks about their career.

A professional cyclist's career is limited to 10-15 years. In the meantime Andy and Frank Schleck wasted 2 years of their limited time, building the careers of those who advise them.

Here is my own advice, completely free, but exactly 2 years and 1 month old. I wouldn't change a word to it.

Friday, July 31, 2009

Luxembourg, Tour de France, Armstrong, Andy Schleck and Radioshack.

The rumor was a rumor!

The rumor we heard has already been denied: Andy Schleck won’t be in a Lance Armstrong led Radioshack team in 2010, but continue with his brother Frank Schleck in their affiliation with Saxobank.

As a consequence, Tour de France 2010 has already three main contenders: Alberto Contador, Andy Schleck and Lance Armstrong, actually the podium of Tour de France 2009. Andy Schleck being the youngest of the three seems to have the greatest potential for improvement, mostly in the time trials. And his age makes him a real candidate for the yellow jersey in Paris in 2010.

This is a good reason enough for him not to tie himself in with another ambitious leader of another team, Lance Armstrong.

A second look.

However, let’s have a look at what would have been or could have been, if Andy Schleck would have signed up with Lance Armstrong and Radioshack. It is not a futile exercise, but rather part of a necessary due diligence about a career move. A professional cyclist’s retirement age comes early. Many never have revenues that rise to the level of minimum wages. There might be 500,000 to 1,000,000 people on the slopes of Mont Ventoux. But no one pays a dime, contrary to what fans would have to shell out in any other type of sport. So our heroes are paid for their very hard work by their sponsors, or from winning prizes and from endorsements. A successful champion can have a lucrative second job as an official endorser. How lucrative that is, depends on the market, in which people identify with him. For Andy Schleck, that’s 500,000 people in Luxembourg. For Lance Armstrong, that’s 300,000,000 Americans or 600 times Luxembourg. This brings me to the interesting point of what if.

Yes, what if?

What if we had had an Armstrong-Schleck association within a Radioshack team? Andy Schleck would have had to scale back his ambition to win the Tour for another year: Lance wants to win an 8th Tour. But Andy Schleck would have learned from a great master. A man who won so many competitions, who overcame immense adversity, who has proven his courage, who demonstrates an unfailing discipline, who almost scientifically has dissected all aspects of cycling from aerodynamics to equipment and nutrition, who operates according to his plan, and in my mind who exerts some kind of mental dominance by just showing up. Though this looks like blind fiery fan talk, I believe this is a cold assessment of what that man is. He won seven Tours!

Even associated with Lance Armstrong, Andy Schleck had still a chance to win the tour in 2010. Indeed it is a long way to Paris. If not, with a mentor like Lance Armstrong, Andy Schleck would have been the top contender in 2011 and many years thereafter. So we are talking about fame delayed for one year, because of a self-imposed hiatus to learn from the master and help him achieve his 2010 goal.

There lies the interest for such an association for Andy Schleck. His association with Lance Armstrong drags him from a small regional European market for endorsements into the arms of a continental market. His association with Armstrong would have created that missing link to the American public, which is very ready and open to consider someone who spreads good vibes as one of their own. And as a daily viewer of the Tour on the US channel Versus, I witnessed the sympathetic comments that the Schleck brothers earned there on a daily basis. The US market for endorsements is already half open!

Next steps, if I may!

In these days of beer diplomacy, why wouldn’t you, the Schleck brothers, and Lance come by and have a beer with me, and we’ll sort it out.

And now, I have to say it, I can’t hold it back anymore: Radioschleck!

Sunday, August 21, 2011

Europe to Greece: We can't come to the phone right now


"We'll return from vacation on September 15th, and will call you right back. If you need assistance in the meantime, please call Bernie Madoff, Inmate 61727-054 at Butner, SC, Medium Security Prison. "


Though this is a very serious and urgent matter, it has become a surrealistic laughing matter! Please see here:

Saturday, August 20, 2011

Boeing's 747-8 cargo jet gets FAA approval


It so happens that Cargolux gets good news. It will get Boeing's 747-8 as the first client. In these tough times a better way to compete than trying not to compete.

Boeing's 747-8 cargo jet gets FAA approval

Saturday, August 6, 2011

AllGov - News - Ambassador to Luxembourg: Who is Robert Mandell?

Though there is nothing new, let's see if AllGov can tell us really more in the days to come.

AllGov - News - Ambassador to Luxembourg: Who is Robert Mandell?

I guess we are waiting for a hearing. Difficult when Congress is on recess. At a real hearing someone has to listen.
Then I suppose there will be a confirmation vote. That puts us back to Fall.

However, I take bets on a recess appointment. AllGov should give us an education on that process.
President Clinton did so I believe for the nomination of James Hormel as Ambassador to Luxembourg.

Sunday, July 31, 2011

Tour de Schleck: Stuart O’Grady Signs with GreenEdge | CyclingFan.net

Sounds like an Australian edition of Leopard.

Stuart O’Grady Signs with GreenEdge CyclingFan.net

Quite understandale in those circumstances. Stuart O'Grady got a promotion and doesn't know what Leopard has in it for him next year. Pay attention who else leaves, and who joins.

Friday, July 29, 2011

Luxembourg - landing pad for American bundlers



Yes, this is well researched. To the benefit of the bundlers and hostesses of the mostess, we only remember those in Luxembourg. The seasoned career diplomats are too professional. The others are really fun. And we get access to the President. I can assure you, we love "Call me Madam". Without P. Mesta, Irving Berlin would have run out of ideas. We still cash in on Perle Mesta.