Things worth reading: 27th July 2009

Things we're reading today include ...

Today's must read
This is how we let the credit crunch happen, Ma'am ... (Guardian)
"A group of eminent economists has written to the Queen explaining why no one foresaw the timing, extent and severity of the recession ...  'In summary, Your Majesty', they conclude, 'the failure to foresee the
timing, extent and severity of the crisis and to head it off, while it
had many causes, was principally a failure of the collective
imagination of many bright people, both in this country and
internationally, to understand the risks to the system as a whole.'"

Lending tactics

'Customers pay' as banks rebuild (BBC)
Banking costs 'put up mortgages' (BBC)
Darling warns banks on loan rates (BBC)
Banks show little interest in lending (Guardian)

Companies

RBS unveils charm offensive (Times)
RBS accused of bullying firms for £1bn in fees (Independent)
Citi trader Andrew Hall fights for $100m bonus (Telegraph)
PayPal Adaptive Payments (Payment Views)

Regulation

Brussels renews push for bank stress tests (Euractiv)
Geithner urges US watchdog reform (Financial Times)
Flexibility Is Signaled on Financial Oversight (Wall Street Journal)
Regulators Spar for Turf in Financial Overhaul (New York Times)

Economies

Iceland's krona proves the magic wand as Europe ails (Telegraph)
Beware of the cost of rescue, warns Tory bank guru Sir James Sassoo (Telegraph)
Global investors favor Bernanke's strategy for fixing economic slide (Detroit Free Press)

Technology

Stock traders find speed pays, in milliseconds (CNET)

Quote of the Day:
"Before the credit crunch, Fred Goodwin was one of BA's most valued
customers. It was always Sir Fred this, Sir Fred that and he would sit
in the very best seats."
British Airways in an article: "Greedy Fred the Shred Sheds his Knighthood" (Daily Mirror)

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