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Things worth reading: 18th August 2009

Things we're reading today include …


Today's must read

The vaults of Credito Emiliano SpA

hold the pungent gold prized by gourmands around the world —
17,000 tons of parmesan cheese. The
regional bank accepts parmesan as collateral for loans,
helping it to keep financing cheesemakers in northern Italy amid
the worst
recession since World War II.

Cheesy Collateral Keeps Italian Credit Flowing Amid Recession (Bloomberg)

Bonuses and Pay

Traders of 'plain vanilla' products pip elite in bonus boom  
US government faces pay challenge with one of Citigroup's biggest earners (Guardian)
Barclays lures US traders with $50m pay package 
BarCap pay offer questioned  
(Financial Times)
Barclaycard chief given millions for promotion that never came 
City hits back at Treasury in bonus war  
Give bonuses for long-term performance not for taking short-term risks 

Credit Crisis

Stop bashing bankers – we must all accept blame for the recession (Telegraph)
Libor banks' interest rate fall signals end of credit crunch 
Disclose the fair value of complex securities 
(Financial Times)
RBS £60bn takeover of ABN under investigation 
Iceland: what ugly secrets are waiting to be exposed in the meltdown? (Telegraph)

Crime and Punishement

Banker found guilty of $1bn fraud (BBC)
US man 'stole 130m card numbers' (BBC)

Other news

UK banks ‘may need to shut third of branches’ (Financial Times)
HSBC deploys device ID solution to stop internet fraud 
(Asian Banker)
New Research: North American Corporate Treasurers… 
(IDC Financial Insights)

Quote of the Day

"Being blonde is not just a hair colour; it's a vocation."
Denise van Outen

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About 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...

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