Things we're reading today include ...
Today's must read:
The Future of Money: It’s Flexible, Frictionless and (Almost) Free - Wired
A simple typo gave Michael Ivey the idea for his
company. One day in the fall of 2008, Ivey’s wife, using her pink RAZR
phone, sent him a note via Twitter. But instead of typing the letter d
at the beginning of the tweet — which would have sent the note as a
direct message, a private note just for Ivey — she hit p. It
could have been an embarrassing snafu, but instead it sparked a
brainstorm. That’s how you should pay people, Ivey publicly
replied. Ivey’s friends quickly jumped into the conversation,
enthusiastically endorsing the idea. Ivey, a computer programmer based
in Alabama, began wondering if he and his wife hadn’t hit on something:
What if people could transfer money over Twitter for next to
nothing, simply by typing a username and a dollar amount?
Times
HSBC backs down on pay deal for chief Michael Geoghegan
- The Telegraph
Bank of England chief Mervyn King says recovery is
fragile - The Independent
UK may intervene on bank debt, says Paul Tucker - The Telegraph
UAE
banks have $15bn Dubai exposure - Financial
Times
Commerzbank warns on outlook - BBC
Wall Street bankers' bonuses jump 25% - The Times
Hedge funds do not pose systemic risk, concludes FSA
- The Telegraph
Quote of the Day:
"Usually a lack of profits is not considered a good result, but
compared
to the record loss the industry reported a year ago it represents a
significant improvement."
FDIC Chairman Sheila Bair
Banks at risk of going bust tops 700 - CNN
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...