Lawrence Chazen was my father’s privated lender, and a partner in the first Rosamond gallery in Carmel. Credit Suisse Group is associated with Noble and UBS bank that is in trouble due to two billion dollar trading losss by rogue trader.
Now that I have proven Bubba Jesus is not riding shotgun in some neo-Confederte’s big-wheeled truck, he off to shoot some wild hogs and drink a cold six pack, maybe he will come and save the collapsing world economy that will result in the starvation of millions.
Noble Corporation Board Approves Proposed Change in Place of Incorporation
SUGAR LAND, Texas, Dec. 19 /PRNewswire-FirstCall/ — Noble Corporation(NYSE: NE) announced today its Board of Directors has approved changing the place of incorporation of the publicly traded parent of the Noble group of companies from the Cayman Islands to Switzerland. The Company’s shareholders will be asked to vote to approve the proposed change at a shareholders’ meeting, which Noble expects will be called in the near future.
If approved by shareholders, Noble expects the change of the place of incorporation to be effective as soon as practicable following review and approval by the Grand Court of the Cayman Islands, which could occur in early 2009. The reincorporation would be achieved by merging Noble Corporation, the current Cayman Islands parent company, with a newly formed Cayman Islands subsidiary of the new Swiss parent company.
Noble Corporation’s Chairman, President and Chief Executive Officer, David W. Williamssaid, “After careful consideration, our Board of Directors has concluded that a change of place of incorporation to Switzerland is in the best interests of Noble’s shareholders and customers. Switzerland’s stable commercial and financial environment and its well-established tax regime will help us to maintain our competitive position in the global marketplace.”
Upon completion of the transaction, the Noble parent company will continue to be subject to U.S. Securities and Exchange Commission (SEC) reporting requirements, and its shares will be listed exclusively on the New York Stock Exchange under the symbol “NE”, the Company’s current trading symbol.
“At this point, we are continuing to evaluate whether relocating our corporate headquarters to Switzerland would be in Noble’s best interest and the best interests of our shareholders,” added Williams. “If we conclude that relocation is appropriate, we could begin to move personnel at any time, either before or after we conclude the transaction.”
Full details of the transactions, and the associated benefits and risks, will be provided in the Company’s proxy statement with respect to the shareholders’ meeting.
Noble is a leading offshore drilling contractor for the oil and gas industry. Noble performs, through its subsidiaries, contract drilling services with a fleet of 63 offshore drilling units (including five rigs currently under construction) located worldwide, including in the Middle East, India, the U.S. Gulf of Mexico, Mexico, the North Sea, Brazil, and West Africa. Noble’s ordinary shares are traded on the New York Stock Exchange under the symbol “NE”.
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In 1988, it gained a controlling stake in The First Boston Corporation and in 1993, Credit Suisse Group bought Schweizerische Volksbank (English: People’s Bank of Switzerland). In 1996 the two retail banks were merged and renamed Credit Suisse.
Under the Swiss Code, if Noble-Switzerland’s general reserves amount to less than 20% of the aggregate par value of Noble-Switzerland’s registered capital, then at least 5% of Noble-Switzerland’s annual profit must be retained as general reserves. The Swiss Code and Noble-Switzerland’s articles of association permit Noble-Switzerland to accrue additional general reserves. In addition, Noble-Switzerland is required to create a special reserve on its stand-alone annual statutory balance sheet in the amount of the purchase price of registered shares it or any of its subsidiaries repurchases, which amount may not be used for dividends or subsequent repurchases.
Swiss companies generally must maintain a separate stand-alone “statutory” balance sheet for the purpose of, among other things, determining the amounts available for the return of capital to shareholders, including by way of a distribution of dividends. Noble-Switzerland’s auditor must confirm that a dividend proposal made to shareholders conforms with the requirements of the Swiss Code and Noble-Switzerland’s articles of association. Dividends are due and payable upon the shareholders having passed a resolution approving the payment subject
GORDON T. HALL
Director since 2009
Mr. Hall serves as Chairman of the Board of Exterran Holdings, Inc., a natural gas compression and production services company. He previously served as Chairman of the Board of Hanover Compressor Company from May 2005 until its merger with Universal Compression Holdings, Inc. to create Exterran in August 2007. Mr. Hall retired as Managing Director from Credit Suisse First Boston, a brokerage services and investment banking firm, where he was employed from 1987 through 2002. While at Credit Suisse First Boston, Mr. Hall served as Senior Oil Field Services Analyst and Co-Head of the Global Energy Group. Mr. Hall has not held a principal employment since leaving his position with Credit Suisse First Boston
JON A. MARSHALL
Director since 2009
Mr. Marshall served as President and Chief Operating Officer of Transocean Inc. from November 2007 to May 2008, and immediately prior to that served as Chief Executive Officer of GlobalSantaFe Corporation from May 2003 until November 2007, when GlobalSantaFe merged with Transocean. Transocean is an offshore drilling contractor. Mr. Marshall has not held a principal employment since leaving his position with Transocean. Mr. Marshall also serves as a director of two nonprofit organizations.
Saturday’s events also brought low the career of one of Switzerland’s most prominent business executives. Mr. Grübel, a former Credit Suisse Group chief executive, came out of retirement in February 2009 to help turn around UBS in the wake of the credit losses it suffered during the financial crisis. At UBS, Mr. Grübel sought to win back client confidence for a bank that was among the hardest hit by the financial crisis.
He also had to cope with a bruising battle with U.S. authorities over allegations that UBS bankers helped Americans avoid taxes. UBS admitted wrongdoing as part of a sweeping settlement.
Mr. Grübel, 67, had been expected to unveil a major restructuring of UBS’s investment bank at a meeting with investors on Nov. 17. He has for some time been expected to move toward retirement, but he consistently said he intended to see his restructuring plan through to completion and wanted to leave UBS on a steady course. Few thought he would remain beyond the end of his reorganization plan, which was slated to end around 2013.
All of those plans were thrown in disarray 10 days ago when UBS disclosed that a London-based equity trader at its investment bank generated $2.3 billion in losses this summer through what it called unauthorized trades. People familiar with the situation say 31-year-old Kweku Adoboli is that trader.
U.K. authorities have charged Mr. Adoboli with fraud and false accounting, alleging that his crimes dated back to 2008; UBS has said the unauthorized trades occurred over the last several months.
In court on Thursday, Mr. Adoboli’s lawyer, Patrick Gibbs, said his client was “sorry beyond words.” He added that Mr. Adoboli had gone to UBS “and told them what he had done, and stands now appalled at the scale of the consequences of his disastrous miscalculations.” Mr. Gibbs didn’t request that his client be released on bail, so Mr. Adoboli remains in custody. The next hearing is scheduled for Oct. 20.
Global leaders struggle to calm recession fears
By GABRIELE STEINHAUSER, Associated Press – 2 hours ago
WASHINGTON (AP) — The world’s major economic powers are pledging to launch a bold effort to deal with a chronic slowdown in growth and a European debt crisis threatening to push the global economy into another recession. But it was unclear whether their strong words would be backed up by equally strong actions.
The statement by the Group of 20 major economies was issued late Thursday and pledged that the countries, which represent 85 percent of the global economy, would do what was necessary to restore financial stability and clam financial markets which had plunged on Thursday over renewed fears of a global downturn.
The finance officials of traditional economic powers such as the United States, Japan and Germany and major emerging nations such as China, Brazil and India were seeking to demonstrate strong resolve in the hope that it will calm jitters that had sent financial markets down sharply. The United States was represented in the discussions by Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke.
“We are taking strong actions to maintain financial stability, restore confidence and support growth,” the G-20 joint statement said. “We commit to take all actions to preserve the stability of banking systems and financial markets as required.”
The G-20 group had not been scheduled to issue a statement after their working dinner but the turmoil on Thursday in global markets resulted in a change in plans. The group issued a one-page document that they hoped would demonstrate sufficient resolve.
The statement did little to reassure anxious investors. European markets showed modest losses on Friday while Wall Street was set to open slightly higher. In Asia, traders continued to dump stocks amid growing fears of a new global recession.
French Finance Minister Francoise Baroin told reporters the statement represented a “strong global” response to what he called a “very serious situation.”
The statement was issued in advance of the start Friday of the annual meetings of the 187-nation International Monetary Fund and its sister lending organization, the World Bank. The discussions, which will wrap up on Saturday, have been dominated by the European debt crisis.
A senior U.S. Treasury official who briefed reporters on condition of anonymity to discuss the closed-door discussions said that all the G-20 countries felt there was a sense of urgency to take strong actions to deal with the financial market turmoil.
By the early 2000s, Noble Drilling changed its name to Noble Corporation as a result of its change in domicile from the United States to the Cayman Islands.
On December 19, 2008, Noble, incorporated in the Cayman Islands and operated from Sugar Land, Texas, announced plans to reincorporate in Switzerland.
In March 2009, Noble Corporation redomesticated to Switzerland. At that time it was removed from the S&P500 Index.