Chris Skinner's blog Shaping the future of finance
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
