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Things worth reading: 17th July 2009

Things we're reading today include …

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Today's must read:
Sir David Walker released his report and recommendations on corporate governance yesterday, including transparency of banker's remuneration and the "Sir Fred rule" to ensure an arrogant CEO will not bust a bank again.
Sir David Walker's 39 steps (Telegraph)

Walker's main recommendations (Telegraph)

Bankers' pay and bonuses set for full public disclosure (Guardian)
Crackdown on City pay ignites fears of exodus by star bankers (Times)

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Key Headlines:

Companies

Goldman Sachs’s record profits are not a signal to relax (Economist)
JP Morgan 36% profit surge highlights split between Wall St and Main St (Guardian)
JPMorgan chief hits at credit card rules (Financial Times)

BofA operating under secret regulatory sanction: report (Reuters)

Citi close to secret deal with regulator (Financial Time)

Lloyds customer service 'at risk' as further 1,200 jobs go (Telegraph)

Economies

Britain faces 'double dip' slump, warns IMF (Independent)

IMF warns pound could be at risk from uncertainty (Telegraph)
China's banks help push growth to fresh highs (Independent)

Paulson reveals US concerns of breakdown in law and order (Independent)

General

ECB paves way for easier securities trades (Financial Times)
Going overboard: are investment banks run for employees or shareholders?
(Economist)

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Quote of the Day:
"A technical snafu left some Visa prepaid cardholders stunned and
horrified Monday to see a $23,148,855,308,184,500 charge on their
statements.  That's about 2,007 times the size of the national debt."

Glitch hits Visa users with more than $23 quadrillion charge (CNN)

Statement

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About Chris M Skinner

Chris M Skinner
Chris Skinner is best known as an independent commentator on the financial markets through his blog, the Finanser.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...

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