Things we're reading today include ...
Today's must read:
Barack Obama's speech on banking reform: in full - The Telegraph
"While the financial system is far stronger today than it was one year ago,
it's still operating under the same rules that led to its near collapse.
These are rules that allowed firms to act contrary to the interests of
customers; to conceal their exposure to debt through complex financial
dealings; to benefit from taxpayer-insured deposits while making speculative
investments; and to take on risks so vast that they posed threats to the
entire system. That's why we are seeking reforms to protect consumers."
Shares fall on Obama bank plans - BBC
Barack Obama declares war on Wall Street - The Times
Proprietary traders are an obvious target for Obama's reforms - The Telegraph
Obama talks tough on day Goldman reveals bonus pot - The Independent
Goldman Sachs pays more than £300,000 to workers for 2009 - The Times
Bankers complain, but their party goes on by Rory Bremner in The Telegraph
Accounting plan could exacerbate cyclicality - Financial Times
Fraud losses 'cost £30bn a year' - BBC
Quote of the Day:
"The financial services sector in general and banking in particular is
facing a tsunami of regulatory pressure, public pressure, opinion pressure
and political pressure ... what keeps me awake at night
is coping with all of that and how it's going to play out."
Marcus Agius, Chairman, Barclays Bank
Barclays chairman Marcus Agius tells bankers not to complain - The Telegraph
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...