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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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...