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Things worth reading: 25th January 2010

Things we're reading today include …

 

Today's must read:

Joseph Stiglitz: Why we have to change capitalismThe 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 StreetThe Independent
Prop trading in spotlight as Obama plan reverberatesThe Telegraph
War on banks unsettles hedge fundsFinancial Times
Banks urge Britain not to join US crackdownThe Independent
Alistair Darling warns Barack Obama over banking reformsThe Times
Darling reveals frustration over Obama bank planThe Independent

Other Plans

Obama urges Senate to stand by Ben BernankeThe Times

Masters of the universe redesign the world at DavosThe Independent
Our financial rulers are on another planetThe Times
Ethics and values are vital to financial rethink, report saysThe Times
Celebrities call for extra bank tax to pay for charityBBC

Regulatory Plans

FSA warns firms on protection of client assetsFinancial Times
City brokers angry at new capital reserve regulationsThe Independent

Companies

Blackstone boss confirms UK bank planFinancial 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 shareFinancial Times
Goldman Sachs slashes London superstars’ pay to £1mThe Times
Goldman winds down flagship hedge fundFinancial Times

Markets

'Fewer people' default on creditBBC
Pensions pour into emerging market debtFinancial Times
Fears of public outcry as UK banks prepare to announce £25bn profitsThe 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

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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