Things we're reading today include ...
Today's must read:
A proposal for genuine Financial Reform by Marshall Auerback, a US Strategist for RAB Capital plc and a Fellow with the Economists for Peace and Security - the Big Picture
The primary focus of bank reform should be on regulating the asset side
of the balance sheet. This is particularly important, inasmuch as the
FDIC has effectively guaranteed the main liabilities–the deposits. With
that in mind, many activities of the banks need to be banned, taxed
and/or substantially re-regulated.
How to Reform Our Financial System, by Paul Volcker - New York Times
People
Argentina's top banker resigns - BBC
Lloyd Blankfein of Goldman Sachs 'expecting $100 million bonus - The Times
Hank Paulson blames FSA for Lehman failure - The Telegraph
Paulson repeats claim that Britain 'screwed' US over Lehman rescue - The Times
Companies
RBS is considering sale of flagship headquarters Gogarburn - The Telegraph
HSBC in China bank bid - The Telegraph
Santander’s profits increase 30% in UK - The Times
Barclays Capital defends Lehman deal - Financial Times
Database glitches hit Egg cards - BBC
Regulations
Political meddling seen as danger for banks - Financial Times
Political meddling seen as danger for banks - Financial Times
Bankers in favour of paying global fee - Financial Times
City of London loses 10% of senior staff in two years - The Times
FSA's Lord Turner signals crackdown on carry trade - The Telegraph
Davos
Bankers besieged at World Economic Forum for role in global financial crisis - The Australian
Technology
Bank Account Fraud? There's an App for That - Smart Money
Quote of the Day:
“Any time a client trades with us, we try to match them
off against our natural internal flows. That way we
can minimize the trading footprint we leave in the
marketplace.”
Paul Russo, Goldman’s head of U.S.
equities trading and co-head of global equity derivatives
Goldman Tops JPMorgan as Best Broker as Speed Shakes Up Trading - Bloomberg News
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...
