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Things worth reading: 1st February 2010

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 bonusThe Times
Hank Paulson blames FSA for Lehman failureThe Telegraph
Paulson repeats claim that Britain 'screwed' US over Lehman rescueThe Times

Companies

RBS is considering sale of flagship headquarters GogarburnThe Telegraph
HSBC in China bank bid The Telegraph
Santander’s profits increase 30% in UKThe Times
Barclays Capital defends Lehman dealFinancial Times
Database glitches hit Egg cards BBC

Regulations

Political meddling seen as danger for banksFinancial Times
Political meddling seen as danger for banksFinancial Times
Bankers in favour of paying global feeFinancial Times
City of London loses 10% of senior staff in two yearsThe Times
FSA's Lord Turner signals crackdown on carry tradeThe 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

 

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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