Things we're reading today include ...
Q
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
(Telegraph)
US government faces pay challenge with one of Citigroup's biggest earners (Guardian)
Barclays lures US traders with $50m pay package
(Guardian)
BarCap pay offer questioned
(Financial Times)
Barclaycard chief given millions for promotion that never came
(Times)
City hits back at Treasury in bonus war
(Telegraph)
Give bonuses for long-term performance not for taking short-term risks
(Telegraph)
Credit Crisis
Stop bashing bankers - we must all accept blame for the recession (Telegraph)
Libor banks' interest rate fall signals end of credit crunch
(Guardian)
Disclose the fair value of complex securities
(Financial Times)
RBS £60bn takeover of ABN under investigation
(Times)
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
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...