Things we're reading today include ...
UK Regulators and Policymakers at War:
King and I in 'joint effort' to produce white paper, says Darling (Guardian)
Rift between Darling and King widens (Guardian)
Financial White Paper won't end tensions at the heart of British policymaking (Telegraph)
Bank defies the Treasury again as it seeks new powers (Independent)
Alistair Darling set to boost FSA’s powers with new Banking Act (Times)
US Regulators and Policymakers at Odds:
Bernanke gets rough ride over BoA 'threats' (Independent)
Behind the Scenes, Fed Chief Advocates Bigger Role (New York Times)
Banking still in crisis:
Bank of England's Financial Stability Report
Bank says banking crisis easing (BBC)
British banks highly vulnerable to future shocks, Bank of England warns (Telegraph)
Spanish banks to get €90 billion bailout (Times)
Moody's negative on S.African banks outlook (Reuters)
Irish economy is the sickest of them all, IMF study claims (Telegraph)
Tax banks that grow too big, says FSA chief (Daily Mail)
Companies:
UBS unveils £2bn capital raising and warns of second-quarter loss (Times)
Standard Chartered 'in good shape' to beat forecasts despite downturn (Telegraph)
The banker with God on his side (Times)
General:
EMU – Weathering the perfect storm, speech by Jürgen Stark, Member of the Executive Board of the ECB
Return of the gravy train – did the crash really change the City at all? (Guardian)
One in five ID fraud victims 'not reimbursed' (Telegraph)
Google crashes as world searches for Michael Jackson death news (Metro)
Quote of the Day:
“There was a culture, there was a climate that developed where it’s as if you would say to yourself, ‘If there’s a contract, if it’s legal, if there’s a market, then I’ll do the deal, I don’t have to ask any questions, I don’t have to ask whether it’s right or suitable’. And I do think that we need to get back to that sense of what’s right and suitable and not merely, here’s something that’s a profitable transaction.”
Stephen Green, Chairman, HSBC
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...
