Things we're reading today include:
Special Report: Global Financial Outlook: The London Banking Center Is Beginning to Feel Like Itself Again. – New York Times
"As bankers and traders in London wait nervously for regulators to lay out a set of post-crisis rules for the industry, the real threat to their global pre-eminence is likely to come from elsewhere.
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Adair Turner, chairman of the Financial Services Authority.
The rapid growth of emerging economies in Asia means neither London nor New York may be able to hold on for long to the unofficial status of the world’s most important financial center, a title they spent much of the past decade tussling over, analysts say."
The outspoken Mr. King
King renews call for banking overhaul – Financial Times
Mervyn King calls for pay cuts and a carve-up of international banks – The Times
Bank of England bosses back Obama plan for reforms – The Independent
Mervyn King says banks need to understand radical reform is 'on the table' – The Telegraph
Ailing Banks Favor Salaries Over Shareholders – New York Times
Bernanke vote expected by end of week – The Times
Bernanke's role 'is being politicised' – The Independent
Volcker Rule is necessary to prevent bank failures turning into a crisis – The Telegraph
Davos Summit 2010: Banks must get real on profits, says WEF report – The Independent
Quote of the Day:
"Airport security is about as effective as a condom with a hole."