Things worth reading: 31st July 2009

Things we're reading today include …

Today's must read
Virtual worlds are getting a second life (Guardian)
"The consultancy kzero.co.uk reports that membership of virtual worlds
grew by 39% in the second quarter of 2009 to an estimated 579 million.
Not all these members are active but I can't think of anything,
anywhere, that has grown so fast in the recession this side of Goldman
Sachs bonuses."

Individuals

Trustee sues Madoff’s wife for $45m 
(Financial Times)
Hank Paulson joins Coda electric carmaker (Telegraph)

Companies

UK acquisitions bolster Santander 
(Financial Times)
Santander produces 'exceptional' results
(Times)
New York Stock Exchange incurs loss on clearing move (Telegraph)
NYSE Euronext opposes ‘flash trades’, reports loss 
(Financial Times)
Deal far from done in effort to force UBS to reveal names of suspected tax dodgers 
(Asbury Park Press)
UBS sued in Hong Kong after costing elderly woman nearly $26 million in losses, suit alleges 
(CLTV)
Masabi, Mi-Pay Tout Mobile Payments for Rural Areas in Africa 
(Billing & OSS World)

Regulations

Bank regulation reform needs to be more radical, say MPs (Guardian)
Banking reform 'largely cosmetic' (BBC)
Giving the FSA more power will only further muddle the financial system (Telegraph)
MPs attack government shake-up of City regime as 'a muddle' (Independent)
US regulator criticises Obama bank plan 
(Financial Times)

Markets

Institutional investors ready to bypass banks in protest at rights-issue fees 
(Times)
Derivatives plans spark doubt on CDS
(Financial Times)

Technology

Clampi Trojan stealing online bank data from consumers and businesses 
(CNET)

Quote of the Day
"The FSA failed wholly to discharge its duties to protect the interests of investors and savers."
Report on the failure of Dunfermline Building Society … sounds remarkably similar to Northern Rock, HBOS, RBS …

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