The biggest news stories of the week include:
Banks not buying in to Single Payments Area (Euractiv)
Credit crunch almost over, says ECB (Euractiv)
US economy is growing once again (BBC)
ING to separate banking and insurance operations, and divest ING USA (ING Press Release)
Brussels to split up Britain's high street banks (Times)
Bernanke: Smaller Banks Not Necessarily the Answer for ‘Too Big to Fail’ Dilemma (Wall Street Journal)
Part one | Reckless strategies doomed WaMu and Part two | WaMu: Hometown bank turned predatory (Seattle Times)
Wall Street's Naked Swindle by Matt Taibbi in the Rolling Stone
And our biggest stories of the week include:
I've often used the relationship between money and sex as a clear allegory for how important finance and financial services is to our lives. Now we have proof as Yale University document the first instance of monkey prostitution.
I had a really interesting chat with a lawyer recently, who claims that contracts between banks and their technology providers which include NDA (Non-Disclosure Agreement) and SLA (Service Level Agreement) rules aren't worth the paper they are written on.
In preparing for the speech of Vince Cable, being delivered this evening at the Financial Services Club, I have been reading his book the Storm: The World Economic Crisis and What it Means. It seems rather clear of our mania with using property to make money
when you summarise the figures Mr. Cable presents in the book as
background to the crisis.
Earlier this week, as mentioned, we looked forward to a fine dinner with Vince Cable at the Club and a fine dinner it was. Dr. Cable covered a wide range of topics from the credit crisis to the
housing crisis, from banker's bonuses to banker's morals and ethics,
from the role of the EU to the future of Britain's economy.
With the EU breakup of Britain's banks and the sell-off of the best bits of Northern Rock, only a few companies can afford to buy the residual pieces, even though they are good pieces. Virgin is at the forefront of those most likely to buy.
My good friend Conny Dorrestijn shared this article she wrote on teenager's views on money and banking. I thought it so good that it's worth sharing here.
The next generation of banking won't be American. If you don't believe this, then an article that appeared over the
weekend gave me more insight into the relationship between the
American culture and gambling than any other.