Those feeling the greatest pain are suffering from self-inflicted wounds. Embracing exotic financial structures, priced in a shadowy, non-transparent environment, ultimately proved to be their undoing. Now that the pain has shifted from shareholders and their corporate parents to taxpayers, it has become a matter of concern for the rest of us. The sins of a few have been foisted onto the backs of the many and it is our duty to address the core issues underlying the current crisis

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Artist Damien Hirst has set a new record after a two-day sale of his work fetched some 111 million pounds.

"We are very, very happy," a spokesman for auction house Sotheby's told AFP on Tuesday after the end of the auction in London, which initially was aimed at topping 65 million pounds for the artist famous for embalming animals in formaldehyde.

The auction, entitled "Beautiful Inside My Head Forever," broke new ground as the first time an artist has sold a body of work directly, bypassing art galleries who charge commission of up to 50 percent of the sale price.

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The City watchdog has warned investors that at least 10 firms are running scams targeting people who bought shares through a company that has since gone into liquidation.

The Financial Services Authority said investors who bought shares through Pacific Continental Securities had been cold-called by companies posing as recovery firms.

The firms offered to buy back the shares at an attractive price or put investors in touch with a buyer once an up-front fee had been paid.

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Union Bank of India announced the launch of Wealth Management Services to its High Net worth Clients today. The Bank launched its service offering to its clients in Bangalore. The Bank has tied up with Wealth Advisors (India) Pvt Ltd; one of the leading companies in the Wealth Management space for this initiative. With this offering the Bank plans to offer a wider range of solutions to its customers.

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Howard Baron, CPA, JD, President of The Baron Companies, a local accounting, tax and investment management firm, has discovered a creative alternative for clients seeking to become both environmentally responsible and business savvy at the same time. "Frustration is the mother of invention, in my case," said Baron. "The cost of fuel is reeking havoc with my clients' businesses. They are worried about the hassle, expense and resentment their employees face commuting to work. They need to 'go green' as a matter of business survival.

The finance ministry is in the process of finalising the investment guidelines for the non-government super-annuation funds.

Suggestions have been made that the private sector super-annuation fund, which goes towards the post-retirement pension payment of private sector employees, should necessarily have a professional adviser, said KP Krishnan, joint secretary (capital markets), ministry of finance on Tuesday.
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Fighting through a bear market is as much about monitoring personal spending as making wise investment decisions.

It may seem rudimentary to talk about budgets, but a family that has had a steady income of six or seven figures in the past really has to understand where their dollars are going during these times of turmoil,'' said Barry Glassman, senior vice president of McLean, Virginia-based Cassaday & Co., which helps manage more than $1 billion for clients.
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A good credit counseling agency gives advice on managing money and debts and budget development, as well as offers free educational materials and workshops, according to the Federal Trade Commission. Other things to look/ask for include:

Find an organization that offers in-person counseling. Reputable credit counseling agencies should send free information about itself without requiring any information from the potential client.
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