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
The market has failed over bankers’ pay – The Times
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.