Things we're reading today include ...
Today's must read:
Tobin is not a mythical monster to frighten the City; it has a moral force - Guardian
"'The Tobin tax is like the Loch Ness monster; it appears once or twice a year, then goes away.' Otmar Issing, the former chief economist of the European Central Bank, evoked the sinuous Scottish beastie to dismiss the idea of a levy on financial transactions in a recent debate at the London School of Economics, echoing an exchange he had with its inventor, the late James Tobin, an American economist.
Unlike the mythical Nessie, the Tobin tax can no longer be written off as a product of unhinged or over-imaginative minds. Recent sightings are becoming more frequent and more credible; neither is the proposal in the least monstrous, as some in the financial sector would have you believe."
People
Sir Philip Hampton: the era of big international banks is far from over - The Telegraph
John Varley's blueprint for successful and responsible banking - The Telegraph
Barclay's John Varley admits banks have 'much to be sorry for' - The Telegraph
John Paulson takes £1.45bn gamble on Citigroup - The Telegraph
Xavier Rolet, CEO of the London Stock Exchange - The Times
Madoff belongings go under the hammer - Financial Times
JPMorgan to take full control of Cazenove - Financial Times
Cazenove: when so much is owed to so few - The Times
Co-op customers attack IT flaws - BBC
Power failure hits HBOS customers - BBC
Bonuses
Alistair Darling blueprint to end the banks’ casino culture - The Times
Bankers' deals could be 'torn up' - BBC
Now State takes over bankers' contracts - The Telegraph
'Reckless' bankers face bonus cut - BBC
Bankers warn laws on pay and bonuses will scare off talent - Telegraph
Sweden seeks EU cap on hedge fund and private equity pay and bonuses - Guardian
Hedge funds stunned by EU clampdown on bonuses - The Telegraph
And finally ...
FSA treats mortgage lenders like 'drug dealers' says CML chief - The Telegraph
India is morphing into a global R&D hub, but can it ever take on Silicon Valley? - Techcrunch
Quote of the Day:
"Some day in the future our successors will find that, however good, the improvements our generation makes in the structure, regulation and supervision of the financial system will let them down."
Paul Tucker – Deputy Governor of the Bank of England
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...
