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Things worth reading: 18th December 2009

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FT interview transcript: Josef Ackermann – Financial Times

"There were three sources of losses in this crisis, and there were
winners and losers from every business model. One was the lending side,
which was in commercial real estate and leveraged loans; the second was
investment portfolios that had to be marked down – something that was
not an issue for Deutsche Bank; and the third was the inventory that
was built up by investment banks with the aim of securitising and
selling it. If demand disappears you get stuck with the inventory. A
key lesson is that the inventory build-up will always be lower than
before the crisis. I cannot imagine going back to building up inventory
to the same magnitude.
Josef Ackermann, Chief Executive of Deutsche Bank


FSA fines Toronto Dominion £7m for second breach of trading rulesThe Times
Metro Bank presents quandary for FSATelegraph
NAB mulls UK disposals to create new retail bankThe Times
Deutsche Bank to spread UK bonus tax pain worldwide Telegraph
Citi shares dive on botched saleIndependent


UK banking sector 'more stable'BBC
Lenders face £1trn funding shortfall, says Bank reportIndependent
Why Are Banks Holding So Many
Excess Reserves?
– Federal Reserve
Bank shares dip on new rule fearsBBC
Banks must mend their balance sheets before the weather turnsTelegraph
Ireland pulls out of slump, leaving UK lagging in EuropeIndependent
Japan unveils banking reform plan – Financial Times
Senate panel approve Bernanke nominationThe Times


Banks told crisis could have been avoided with lower bonusesThe Times
New City tax on bonuses delights rivalsThe Times
Banks block £1bn fund for small businessThe Times

Quote of the Day

"We would like to see the restoration of a gold standard to
prevent the sort of excesses we have seen."

David Karsboel, chief economist, Saxo Bank
US pensions go bust, gold crashes, China flops, Bunds soar, predicts Saxo Telegraph

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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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