Things we're reading today include ...
Today's must read:
"For some of my colleagues, as in any firm, the bonus is the main
motivation to work. This is no different to my time in retail, where a
profit share scheme was also in operation. This is simply because money
motivates people. However, at this moment in time, it feels like dirty money."
"Mark" (not his real name) works for a stockbroker outside London
Bonuses
Bonus supertax questions linger - Financial Times
Companies
Would you give Halifax's latest TV advert the high five? - The Telegraph
SocGen warns of €1.4bn hit on toxic debt - The Times
SocGen writedown raises banking sector fears - The Telegraph
Goldman under attack as US begins credit crisis hearings - The Independent
Can Citi trump Goldman in 2009 bonus round? - The Telegraph
Regulators
EU supremo Michel Barnier says he believes in the City - The Telegraph
Questioning reveals Barnier’s reforming zeal - Financial Times
Wall Street bankers admit to mistakes over crisis - The Telegraph
Crunch time for reforming banks - The Telegraph
Treasury Secretary Timothy Geithner's emails supoenaed in AIG inquiry - The Telegraph
Economies
Britain out of recession, says NIESR - The Independent
Britain's recession the steepest for 88 years - The Times
German economy shrank 5% - BBC
Quote of the Day:
NSFW: "Are banks made of balsa wood held together by baby tears."
Jon Stewart, 7 minutes 30 seconds into the Daily Show, January 12th
Clip is below, but you have to click twice as first click gives you an unwanted popup advert:
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...