Things we're reading today include ...
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Today's must read:
"Bowing to political pressure from community bankers, the House
Financial Services Committee approved an exemption on Thursday for more
than 98 percent of the nation’s banks from oversight by a new agency
created to protect consumers from abusive or deceptive credit cards,
mortgages and other loans."
Bill Shields Most Banks From Review (New York Times)
US banks' profits beat forecasts (BBC)
Bonuses Put Goldman in Public Relations Bind (New York Times)
Goldman Sachs: Your tax dollars, their big bonuses (CNN)
Goldman Sachs' (too much) money problems (Business Week)
Citi Struggles Even as Other Banks Show Strong Profits (New York Times)
Citigroup portfolio 'a toxic mess' (Business Week)
Bank of America Chief Forgoes Pay for 2009 (New York Times)
No 2009 pay for Bank of America CEO Ken Lewis (CNN)
Regulations
Banks face big rise in capital holdings (Financial Times)
EU hedgie bill to cost £2.9bn (City A.M.)
Regulatory Overhaul Advances as Derivatives Bill Clears Panel (Wall Street Journal)
Markets
Hedge funds misrepresent facts, says research (Financial Times)
US criticises 'inflexible yuan' (BBC)
Lessons from the financial crisis, Keynote address by Jean-Claude Trichet, President of the European Central Bank
More cards, more GDP - more payments! (Deutsche Bank Research)
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Quote of the Day:
"We were reasonable; we were fair. The banks were not."
Republican Luis Gutierrez on the House of Representatives hearing on Credit Card interchange fees and charges
Full Testimony of the Hearings related to the U.S. Credit Card Interchange Fees Act and the Card Reform for Consumers Act
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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...
