Things we're reading today include …
Today's must read:
Morgan Stanley CEO John Mack, Geithner, Fed Chief Ben Bernanke and US Treasury Secretary Hank Paulson on a conference call during the week of September 15th 2008 when Lehmans collapsed:
Geithner (to Mack): 'We've spent a lot of time working on this, and we think you need to call Jamie'.
Mack: 'Tim, I called Jamie. He doesn't want this bank'.
Geithner: 'No, he'll buy it'.
Mack: 'Yeah, for one dollar! That makes no sense'.
Geithner: 'We want you to do this'.
After some more tooing and froing, Mack: 'Well
look, I have the utmost respect for the three of you and what you are
doing…..But I won't do it. I just won't do it. I won't do it to the
45,000 people that work here'.
'Tell Him To Get F…ed. I'm Trying To Save My Firm' (Here is the City)
SEC Wants Authority to Gather Real-time Data on Swaps (Securities Industry News)
Critical time looms for Lloyds and RBS (Financial Times)
Bankers guilty of insider trading (BBC)
Goldman's Defense Of HFT To The SEC (Zero Hedge)
Your choice? More money or more sex (MSN Money)
World Bank-IMF meetings end with call for reform (Breaking News)
ID card officials back away from scandal-hit database (Computer Weekly)
Quote of the Day:
"Giving positive feedback to the Fed is like going to a fireman who
started a fire but kept it from spreading through the whole
neighborhood and telling him he did a great job."
BB&T Chairman John Allison’s big picture on banking (Charlotte Business Journal)