Things we're reading today include ...
Today's must read: Is this the death of the dollar? (Telegraph)
"Border
guards in Chiasso see plenty of smugglers and plenty of false-bottomed
suitcases, but no one in the town, which straddles the Italian-Swiss
frontier, had ever seen anything like this. Trussed up in front of the
police in the train station were two Japanese men, and beside them a
suitcase with a booty unlike any other. Concealed at the bottom of the
bag were some rather incredible sheets of paper. The documents were
apparently dollar-denominated US government bonds with a face value of
a staggering $134bn (£81bn)."
UK:
Libor system set for shake-up (Financial Times)
Europe:
New EU bank regulator chief (Times)
EU leaders back financial supervision overhaul (Euractiv)
ECB policymaker warns on risks in regulation proposal (Financial Times)
Banking fears weigh on euro (Financial Times)
Banks Brace for Fight Over an Agency Meant to Bolster Consumer Protection (New York Times)
Bank CEOs still flying high (The Deal)
Mexicans in US face cashback (remittances) crisis (BBC)
JPMorgan to record $1.1 billion charge against 2Q earnings from TARP repayment (Chicago Tribune)
Goldman to make record bonus payout (Guardian)
PayPal President: No Spinoff (Business Week)
General:
Criminals target online gamers (BBC Video)
Quote of the Day:
"There is a message here: we haven't heard much about anyone counterfeiting roubles. That is probably telling you something." Jim O'Neill, Chief Economist, Goldman Sachs on the $134bn scam
Chris M Skinner
Chris Skinner is best known as an independent commentator on the financial markets through his blog, TheFinanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal's Financial News. To learn more click here...
