Things we're reading today include ...
Today's must read:
"Bank of America, through its top management, was motivated by self-
interest, greed, hubris, and a palpable sense that the normal rules of
fair play did not apply to them."
Andrew Cuomo, New York Attorney General
Ken Lewis charged with fraud over Merrill deal - The Independent
People
Companies
Santander's march on UK continues and RBS is next - The Independent
Deutsche Bank pays £200m in bonus tax - The Independent
Nasdaq OMX Nordic predicts 25% volume growth - Financial Times
Europe
Stock markets plunge over Europe debt fears - The Times
Iceland 'lied' over the state of its banks before collapse, says Dutch central bank - The Telegraph
Iceland warns EU on Icesave row - BBC
Bonuses
The market has failed over bankers’ pay - The Times
Markets
Banks shut low-use credit cards - Financial Times
Bankers without Borders to expand microfinance programme - Financial Times
Bank halts QE at £200bn despite 'sluggish' recovery - The Independent
Quote of the Day:
"Plans for a £200 million flotation of Walton & Co, a start-up bank,
have been pulled because of a lack of support from investors."
Shortage of funds forces start-up bank to pull IPO - The Times
Watch of the Day (2 minutes):
How Kwedit works: a new system for buying virtual goods if you don't have a debit or credit card, and then get others to pay for it later or pay in cash.
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...