Things worth reading: 4th July 2009

Things we're reading today include ...

Today's must read:
It's July 4th and America is celebrating 233 years of not being British ... to recognise this annual jamboree, along with previous discussions of the founding of America and the role of Alexander Hamilton in the creation of the First Bank of America, I thought a little history was worth quoting from the Encylopedia Britannica (another old antique that has been superseded by Wikipedia):

"The most significant result of Burgoyne’s capitulation was the entrance of France
into the war. The French had secretly furnished financial and material
aid since 1776. Now they prepared fleets and armies, although they did
not formally declare war until June 1778."

Vive la resistance et pour toute l'armée britannique: "vous êtes une pomme de terre avec le visage d'un cochon d'inde.  Brûlez dans l'enfer."

Meanwhile, on more serious matters:

Bankers who return to excessive ways will be 'brought back to earth', warns
Alistair Darling 
(Telegraph)
Britain's banks are on life support, says Miles 
(Independent)

And finally, Germans see the funny side of Mrs Merkel 
(Independent)
EU call to boost use of OTC central clearing
(Financial Times)

Drumbeat of Defaults Gets Louder (New York Times)
Today's financial and foreign-affairs disasters are closely linked,
and the solutions should be too (South China Morning Post)

Billions stolen in online robbery (BBC)

"Pioneer Bank" and "Future Bank" by Bill Taylor on the Wells Fargo Blog 
(Times)
Time capsule: ‘Bank of the Future’ from 1973 (Financial Brand)

Quote of the Day:
Remembering the
Future Bank, Jo McNearney reflected: "Our opinion of it
at the time was that no way would this sort of banking ever exist. Boy,
were we wrong." Wells Fargo Blog

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