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John Nester

Cottage industry thrives on bypassing banks

Submitted by cahn on 19 July, 2009 - 4:15pm

Scott Langmack has given more than US$600,000 in unsecured loans to strangers.

"I can reliably get 12 per cent, worst case 9 per cent," said Mr Langmack, 50, a former Microsoft marketing executive who began investing in so-called peer-to-peer lending last year. "I can't find anything that gives me this kind of confidence."

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What did I say then?

Oil

Submitted by cahn on 27 October, 2003 - 1:13pm

Strikes in Venezuela and the prospect of war in Iraq make Opec's belated decision on production and quota levels look irrelevant. But the cartel's action provides an important boost to its credibility. Its members account for only one-third of global production, but they supply two-thirds of exports. Restoring confidence depends partly on Venezuela, Nigeria and Algeria, the most likely defaulters, sticking to the new limits.

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