Things we're reading today include ...
Today's must read:
The joke’s on us as Bling Central loses its sparkle - The Times
"Dubai has a £48 billion debt
default and this has a knock-on effect for our own RBS, which was Dubai’s
biggest loan arranger to the tune of some £1.4 billion, and HSBC, which has
some £10 billion tied up in the state, and Barclays, which has an estimated
£3 billion investment there. The stock market fell by 3% when it became clear to the money men that Dubai
was a busted flush — late last week (well spotted, boys). It was evident to most of us a year ago that Dubai was well and truly rogered ..."
Brown seeks to ease Dubai debt worries - The Independent
Abu Dhabi will not race to Dubai's rescue - The Telegraph
UAE central bank moves to head off run on banks in Dubai - The Times
BNP Paribas, Deutsche Bank Sue Bank Of America - KOAT
Author Banks voices anger on RBS - BBC
Traders stuck with LSE in spite of crash - Financial Times
Visa Electron to be phased out - BBC
Regulations
Sir David Walker says naming UK's millionaire bankers 'would drive them away' - The Telegraph
Critics attack Gordon Brown for failing to protect City as EU calls for super-regulator - The Telegraph
Lord Myners to investigate record bank profits - The Times
Markets
Scottish recession will continue deep into 2010, predicts Ernst & Young - The Independent
Neelie Kroes says rising state debt a 'time-bomb' - The Telegraph
Cyber-criminals cashing in with online pharmacies - The Times
Quote of the Day:
“Getting arrested is the one memorable thing I can remember him doing.”
Former colleague of Paul Hopes, a 'quiet' accountant who embezzled $5 million to spend on fast living and loose women
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...