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Things worth reading: 14th December 2009

Things we're reading today include …

Today's must read:

Goldman Fueled AIG Gambles – Wall Street Journal

Goldman originated or bought protection from AIG on about $33 billion of the $80 billion of U.S. mortgage assets that AIG insured during the housing boom. That is roughly twice as much as Société Générale and Merrill Lynch, the banks with the biggest exposure to AIG after Goldman, according an analysis of ratings-firm reports and an internal AIG document that details several financial firms' roles in the transactions.

AIG Pays Bonuses With Fed Endorsement, Feinberg Says– Bloomberg


Bonus row rumbles on

Barclays chief Bob Diamond admits banks failed to manage bonusesThe Telegraph
Barclays to defer 60pc of bonuses The Telegraph
Financial Services Authority vets banks' pay policies – Guardian
Britain and France want bank tax to fund climate change planThe Independent
Darling's tax on bankers' bonuses is a rallying cry to the world – Guardian
Treasury bonanza looms as banks vow to pay big bonuses anyway – Guardian

Hedge fund rewards set to lure City talent – Financial Times

USA to follow suit?

Can Obama bully the bankers? – CNN 
US House Passes Historic Wall St. Reform Act – News Junkie Post 
US pay tsar Ken Feinberg limits company salaries to $500,000The Telegraph
America is angry, but Wall Street's bankers are still living the high life - Guardian
U.S. froze $2 billion held for Iran in Citibank: report – Reuters

And more regulation and taxes

Gordon Brown says support is growing for a global tax on financeThe Telegraph
EU backs Gordon Brown's call for global tax on financial institutionsThe Telegraph


Lloyds rights issue hailed a successThe Independent
Standard Chartered unveil a boardroom shake-upThe Independent
SFO to probe collapse of Icelandic bankThe Telegraph

Other news

FSA puts forward 'reverse stress test' planFinancial Times
Top bankers destroy value, study claimsFinancial Times
Cleaners 'beat bankers in worth', says researchBBC
Sovereign debt seen as biggest threat – Reuters?

Quote of the Day: 

"Just how byzantine are the new settings? It seems even Zuckerberg didn't realize that hundreds of his own personal photos featuring family and friends, beer and bare chests were exposed by the changes."
Facebook CEO Shows How Not to Use Site's Privacy Settings (NBC) – original privacy announcement


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About Chris M Skinner

Chris M Skinner

Chris Skinner is best known as an independent commentator on the financial markets through his blog, the Finanser.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…

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