Things we're reading today include ...
Today's must read:
Have Banks No Shame? (New York Times)
A few months ago, I asked Simon Johnson, the former International Monetary Fund economist, now a prominent critic of the banking industry, what he thought the banks owed the country after all the government bailouts. “They can’t pay what they owe!” he began angrily.
Then he paused, collected his thoughts and started over: “Tim Geithner saved them on terms extremely favorable to the banks. They should support all of his proposed reforms.”
Mr. Johnson continued, “What gets me is that the banks have continued to oppose consumer protection. How can they be opposed to consumer protection as defined by a man who is the most favorable Treasury secretary they have had in a generation? If he has decided that this is what they need, what moral right do they have to oppose it? It is unconscionable.”
Companies
Freeman's auction of art from the Lehman Brothers Collection
Kaupthing chief named as suspect in fraud investigation (Guardian)
RBS shareholders to sue directors (Times)
Deutsche Bank execs cleared, spy probe goes on
(Reuters)
PayPal Reports Online Consumer Shopping Trends
(Payments News)
Huge profits put Goldman on track for pay bonanza (Telegraph)
Regulation
Democrats Weigh Tax On Financial
Transactions (Wall Street Journal)
Dark pools 'may need more light' -US SEC chief (Reuters)
Business access to finance 'threatened by regulation'
(Euractiv)
FSA discouraged European banks from opening London branches
(Telegraph)
Ditch the Directive: UK stands up for hedge funds
(Telegraph)
Economies
October surprise from bank earnings? (MarketWatch)
Crisis Leaves Europe in Slow Lane
(New York Times)
Five ways to repair Switzerland’s reputation (Financial Times)
Hamas Finds Gaza Tunnels’ $500 Million Loss Worse Than Madoff
(Bloomberg)
Wall Street Bonuses Likely To Remain Bigger Than Ever (Business Week)
The 'Democratization of Credit' Is Over -- Now It's Payback Time
(Wall Street Journal)
Markets
Split-second deals pose risk for market, players say
(Times)
Banks still stuck with the junk (CNN)
Quote of the Day:
"No more Internet banking for you!"
FBI director reveals wife banned him from online banking (Daily Finance)
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...
