Things we're reading today include …
Today's must read:
"'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."
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
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 …
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