The biggest news stories of the week include …
- Buffett subpoenaed by crisis inquiry panel – Financial Times
- Lehman sues JP Morgan – BBC
- IBM acquires Sterling Commerce for $1.4 billion – The Times
- EU bank tax proposals are unveiled – The Independent
- Ackermann defends market's role in eurozone crisis –
- Everything you always wanted to know about the euro –
but were afraid to ask – The Independent
- Double-dip fears over worldwide credit stress – The Telegraph
- Banks reveal extent of 'dark pool' trading – The Independent
- Italian police eye £4.8bn in HSBC client accounts as
part of tax evasion case – The Telegraph
And our biggest stories of the week are …
Last week’s surprising comments from German Chancellor Angela Merkel that “the euro is in danger” and “if the euro fails, Europe fails” sent shudders across the world’s markets. As I talk to German colleagues, they refer to Greece as the Golden Fleece and everyone knows the Union and the euro are under the most intense strain ever. So what happens if Europe does fall apart and the euro fails and, specifically, what would it mean for SEPA?
I picked up a copy of Standard &Poor’s publication Credit Week this week and guess what? Page 38 explains and defends the reasons for the Greek downgrade in a one-page article by David T. Beers. It makes for fascinating reading, particularly in light of the fact that the credit rating agencies will come under a new EU regulatory mandate from 1st January 2011. Will Michel Barnier outlaw credit rating agencies from doing another Greek downgrade in the future, I wonder.
I spent the morning with a group of futurists debating the long-term outlook for financial markets. The key question I kept asking myself during the conversation is: when will the next financial crisis take place, what will cause it and is it predictable? And yes, we did come up with some ideas …
After looking at the future of banking yesterday, it’s time to look
at the history of banking today. Not in depth, that would be dull, but I
recently visited the archives of HSBC that go back to the origins of
the bank in China and beyond. Here are a few of their very human
I went to see my bank manager this week to discuss a small
irritation in the business accounts. The irritation is that the branch I deal with is for personal customers only, and yet I'm both a personal and business customer and don't expect to have to visit two different bank branches of the same bank for my services.
Another fun evening at the Financial Services Club the other day with Sir Win Bischoff, Chairman of Lloyds Banking Group. We all wanted to know what was happening with Lloyds Banking Group, I’m sure, but the evening was under Chatham House rules so none of that is bloggable. What I will say is that he gave a very good insight into where the industry has come from and is going.
It's interesting to see the rise in high interest, short term loan
sites. I blogged about Wonga last year, and now there's Quick Quid. Here's their advert …
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