Things we're reading today include ...
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Today's must read
John Thain, former CEO of Merrill Lynch, speaking at Wharton College on September 30th: "Creating things that you don't understand - that the buyer doesn't
understand, that the rating agency doesn't understand, that the
regulator doesn't understand - is really not a good idea no matter who
owns it. The fact that the firms that created them were
stupid enough to own them doesn't make me feel any better."
He also talked about bonuses and that office.
Transcript: John Thain's Wharton 'Lying' Speech (Here is the City)
Video: John Thain: It's 'Unfortunate That the American Dream Has Been Demonized' (Knowledge @ Wharton)
Economies
World financial crisis 'not over' (BBC)
Eurozone economy shrinks by 0.2% (BBC)
US budget deficit hits peacetime high: $1.4trn (Independent)
Banks step in as dollar tumbles (BBC)
Dollar rises on Bernanke comments (BBC)
Asia steps in to support dollar (Financial Times)
Markets
Bank waits but the City expects more drama next month (Independent)
Britain overtakes US as top financial centre (Telegraph)
Companies
Lloyds still short of official approval for giant cash call (Independent)
RBS and Lloyds loan levels probed (Financial Times)
Technology
Banking Survey: Social Media, Online Video Influences Bank Choice for 18 to 24 years olds (Marketing Forecast)
Zeus Trojan Infiltrates Bank Security Firm (Washington Post)
33 Arrested as FBI Busts Global 'Phishing' Ring (Washington Post)
Personal Finance According to Video Games (Mint Blog)
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Quote of the Day
"If you have a compensation structure, if you don't have good risk
controls - if you don't understand the risks that you're taking, if you
allow traders or businesses to wipe out the earnings of all the other
employees of the firm - that undermines the entire compensation
structure no matter what you have. That was one of the problems at
Merrill Lynch."
John thain
Q
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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...
