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:
Warren Buffett on What's Next in the Payments Industry (PYMTS.com)
Companies
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)
Payments
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!)
Markets
UK banks face tougher reporting rules (Financial Times)
Banks face costs under ‘polluter pays’ reform bill (Financial Times)
Local stock exchanges to return? (BBC)
Economies
Bank of England policymaker warns of 'double dip' recession (Independent)
U.S. Risks Japan-Like ‘Lost Decade’ on Stimulus Exit, Koo Says (Bloomberg)
Bonuses
Behind Osborne's bonus proposals (BBC)
Bank bonus issue continues to alienate City from critics (Telegraph)
Tories urge bank cash-bonus limit (BBC)
People
Madoff colleague Picower found dead at Palm Beach home (Palm Beach Post)
Technology
Mind Your Tweets: CIA and European Union Building Social Networking Surveillance System (Dissident Voice)
Chart of the Day (doubleclick to enlarge):
Gold Gets Little Help From a Declining Dollar (Bloomberg)
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...
