Things we're reading today include ...
Today's must read:
Joseph Stiglitz: Why we have to change capitalism - The Telegraph
"In the current crisis, bankers lost our trust, and lost trust in each other.
Economic historians have emphasized the role that trust played in the
development of trade and banking. The reason why certain communities
developed as global merchants and financiers was that the members of the
community trusted each other. The big lesson of this crisis is that despite
all the changes in the last few centuries, our complex financial sector was
still dependent on trust. When trust broke down, our financial system froze."
The Obama Plan
Obama's new rules stir up Wall Street - The Independent
Prop trading in spotlight as Obama plan reverberates - The Telegraph
War on banks unsettles hedge funds - Financial Times
Banks urge Britain not to join US crackdown - The Independent
Alistair Darling warns Barack Obama over banking reforms - The Times
Darling reveals frustration over Obama bank plan - The Independent
Other Plans
Obama urges Senate to stand by Ben Bernanke - The Times
Masters of the universe redesign the world at Davos - The Independent
Our financial rulers are on another planet - The Times
Ethics and values are vital to financial rethink, report says - The Times
Celebrities call for extra bank tax to pay for charity - BBC
Regulatory Plans
FSA warns firms on protection of client assets - Financial Times
City brokers angry at new capital reserve regulations - The Independent
Companies
Blackstone boss confirms UK bank plan - Financial Times
Barclays bank to 'defer bonuses' - BBC
B&B and Rock poised to merge ‘bad banks’ - The Times
Rivals continue to bite into LSE's market share - Financial Times
Goldman Sachs slashes London superstars’ pay to £1m - The Times
Goldman winds down flagship hedge fund - Financial Times
Markets
'Fewer people' default on credit - BBC
Pensions pour into emerging market debt - Financial Times
Fears of public outcry as UK banks prepare to announce £25bn profits - The Telegraph
Quote of the Day:
"While one person is talking about how difficult something is; another person is doing it."
LL Cool J, via Twitter
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...