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The train was parked in Nantes, 13 km from Lac-Mégantic.
At Nantes there are two railtracks, one main and one siding.For some reasons the conductor parked the train on the main line...where there is NO derail
On the siding there IS derail. Should he have parked the train on this track, he would
have avoided all this mess.
The conductor was sleeping in hotel close to derailment site when this occurred.
This man has since disappeared...
I agree with you ebear, main cause is regulation that authorize train to be unattended.
It is inconceivable to leave 73 wagons full of crude oil to be unattended.Anybody could get close to the train and loose the wagon's brake
Google translation
Bruno Michel Iksil had it all: intelligence, natural authority, the boss of mathematics and fortune. Out of Central, one of the most prestigious French grandes écoles the delight trading rooms, the son of an engineer could not hide a feeling of superiority, which is a good point to the City.
But the former Natixis, claiming that his main quality was humility, also had a serious flaw like many French traders at the height of their career in the Anglo-Saxon finance. The professional London boasted of being able to "walk on water" as Jesus.
RAISE THE "CDS" TO CREATE THE SHORTAGE
Change of scenery for the star trader Chief Investment Office, the direction of investments of U.S. investment bank JPMorgan Chase. Today, he is held responsible for the loss of at least $ 2 billion (1.5 billion euros) following misfires paris highly sophisticated financial products called "credit default swaps" (CDS), which provide the State bankruptcies or companies. Nicknamed "the whale London" in view of its position among the highest memory operator, the French had decided to raise the CDS to create scarcity. Fatal greed ...
"In these huge organizations JPMorgan style, there will always be an individual or a small group to play poker. It is up to leaders to put in place adequate controls," said Chris Roebuck, professor of economics at Cass Business School. And that's where the shoe pinches. The small unit which included Iksil was the personal fief of CEO Jamie Dimon. His superior at 125 London Wall, Achilles Macris had only to the big boss and the right arm of the latter, Ina Drew, who oversaw far the Chief Investment Office.
Moreover, the existence of this mysterious pharmacy Dimon allowed to bypass its direct employees, whose authoritarian man distrusted. In addition, he had a vested interest in promoting cell autonomous Iksil that professionals were paid less in bonuses.
In addition, in American banks, in contrast to what happens in Europe, the deposits are higher than loans. This is why cash flocked to the Chief Investment Office. Simple investor responsible for covering the risks, the Centrale became a speculator on everything and anything.
BOMB
In 2010 and 2011, the pole was Iksil Bruno realized windfall that fueled the year-end bonuses of management in New York. To begin with, Ms. Drew, who won $ 15.5 million (12 million) in commissions and bonuses last year ...
Jamie Dimon had ignored warnings about the potential danger of the accumulation of risk in London. The few Cassandras who had dared to challenge this subject had been marginalized or limogées. Small staff away from headquarters on Park Avenue, lack of proper controls, authoritarianism at the top, opaque transaction documentation ... Without knowing it, JPMorgan was sitting on a time bomb.
And the situation was reversed in early 2012 when hedge funds have been betting against JPMorgan to cover the case where the accumulated positions are settled in London. Even if the French trader had acted with the approval of the General Staff of JPMorgan, the Financial Services Authority, the UK regulator, has launched an investigation into whether this champion of financial capitalism has perverted the wheels.
Marc Roche - London Correspondent
Thanks Abs ! Did enjoy this great post . Also made me practice my French...:-)
Happy New Year to all !
By Hayat Gazzane | Edited 30/10/2012 à 13:40 (Google Translation)
Early 2010. The world gold is shaken by the story of a German channel in which an employee of WC Heraeus, one of the largest gold refiners in Europe, the camera shows an ingot of 500 grams which is ... actually a tungsten ingot. This metal is known to have almost the same density as gold, was actually just plated gold
Since then, several other cases of tungsten ingots were publicized. In March, a trader of precious metals English was shocked to discover that his bullion a kilo, which had been provided with a certificate from the renowned Swiss foundry Metalor was filled with tungsten. The operation had been to replace the heart of the ingot five stems of this metal. These thin bars represent 30 to 40% of the total weight of the ingot. The specialist sensed the deception when he discovered that his ingot showed 998 grams instead of 1 kilo ...
The scandal of counterfeiting reappeared in September on the famous 5th Avenue in New York. A gold dealer had bought Manhattan's traditional supplier of ingots for $ 100,000. These were stamped with the seals of PAMP, one of the most famous Swiss foundries. When in doubt, it pierced his lot to realize that it was false: ingots consisted of 95% tungsten, hidden under a thin layer of gold
"There has been very few cases of this type. For me, it's the same hoax, "says Charles Sannat, chief economist for AuCoffre.com, specializing in online sales of gold coins. "It does not make sense to false on gold investment (represented by mini ingots from a few grams to 1 kilo, ed.) It is technically very complicated. You should know that tungsten melts only a high temperature above 3000 degrees. Today, there are only 16 factories around the world that have the ability to do so. It is not within the reach of everyone including forgers who amuse to poke small pellets. It does not worth it, "said the latter. "I think it is only the scope of major industrial or states, and the bars are central banks who are most affected. Today, there are an estimated 1.5 million bars of 12-13 pounds that would be wrong. "
Forged ingots were found in the vaults of Hong Kong a few years ago. Serial numbers date back to Fort Knox, where are stored the U.S. gold reserves. Since then, rumors converge to the United States. In 2009, Rob Kirby, Goldseek.com columnist and renowned for its knowledge of the sector, stated that 16,000 tons of fake tungsten bars thickets have been produced under the Clinton administration and some of them entered the international market in order to act on the demand for gold and support the dollar. The rumors were strong enough to push the Republican Ron Paul, a congressman, asking last year an audit to verify the purity of the stock stored at Fort Knox. No reply has yet been provided. "These are just rumors, there is no evidence, but the beams converge to the Americans," says Charles Sannat.
"Do not worry"
This bullion 1 kilo, filled tungsten was discovered in Britain. Photo credits:
Despite the rare cases detected, probably also settles in the minds of investors, at a time when gold is presented as a safe haven par excellence. More forums discussing warn against the risk of falling on "fake." "These stories create an atmosphere of paranoia in the minds of investors. But do not worry. The case of the ingot is filled a bit like the Loch Ness monster, at least at the individual level: nobody has ever seen! "Says the professional.
Several sites recommend to test ingots ultrasound to check for purity in terms of the characteristics of tungsten (see box), the basic tests of density and X-ray is not enough. "We know how not to get caught without cutting the ingot into two. Some devices such as General Electric Phasor allow for a few thousand euros to be sure that your bullion is real. But no reason to systematically test their bullion if they were manufactured before 1995, "says one in Aucoffre.com. "And if investors really scared, better to go for parts, especially when premiums are low, as is the case today. These are difficult to cram tungsten and false are easily detectable, "advises Charles Sannat. "And most importantly, buy officially. Otherwise, we run the risk of fraud. There is no way to protect 100% but you can take extra precautions. "
Tungsten more precious
An employee controls the quality of tungsten ore concentrate at year-dressing mill at a settlement Taiga Vostok
Of tungsten powder. Photo credit: © Yuri Maltsev / Reuters / REUTERS
Tungsten into the category of rare metals. Its production is almost entirely dominated by China (80%). This metal has one of the highest melting point (3422 ° C) of all metals and has the characteristic of having the same density as gold. It finds its opportunities in the automotive, mining and oil as well as new technologies, such as mobile phones and LCD manufacturing. Its use is almost inevitable in the industry, which pushed the British Geological Survey to place it in the forefront of strategic metals most years. Tungsten rouses envy. IMC International Metalworking, which is part of the Berkshire Hathaway empire, owned by billionaire Warren Buffett, has invested $ 80 million this year in a mine in South Korea. The tight supply pushing prices higher: in three years, the price of a kilo of tungsten is increased from 18 to 45 dollars. This is far more accessible gold, whose price is now 55,818 dollars per kilo.