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)
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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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...
