Things we’re reading today include …
Today’s must read:
A two part report from the Seattle Times on the fall of Washington Mutual.
Part one | Reckless strategies doomed WaMu
Execs say WaMu fell victim to the economy &emp; but WaMu caused its demise by embracing risky loans and dismantling safeguards.
Part two | WaMu: Hometown bank turned predatory
Through high-risk and overpriced loans, WaMu became one of the nation’s biggest predatory lenders. The strategy eventually failed, bringing down the bank and costing thousands of borrowers their homes.
Today’s must watch:
ING to split bank and insurance businesses (Telegraph)
ING to separate banking and insurance operations, and divest ING USA (ING Press Release)
Standard Life Bank vanishes into Barclays empire (Times)
Consumer Survey Finds Misunderstandings About Gift Cards (Payments News)
Study: Cash is the most commonly used means of payment in Germany (Deutsche Bundesbank)
Consumers in Liverpool become the first Brits to use contactless bankcard payments on board buses (MasterCard Press Release)
Lazy bank customers cost themselves billions (Yahoo!)
UK banks face tougher reporting rules (Financial Times)
Banks face costs under ‘polluter pays’ reform bill (Financial Times)
Local stock exchanges to return? (BBC)
Madoff colleague Picower found dead at Palm Beach home (Palm Beach Post)
Chart of the Day (doubleclick to enlarge):
Gold Gets Little Help From a Declining Dollar (Bloomberg)