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The Finanser’s Week: 5th November – 11th November 2012

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Our biggest stories of the past week are … 

A hundred years of cash

A hundred years ago, things were different but the same. We needed to eat, but what we ate was very much a national rather than international cuisine. We had to travel, but we would walk, bicycle of take the train…. 

HSBC
strike a negative note
 

Just received a copy of an email from Dominic
Thorncroft, Chairman of the UK Money Transmitters Association, that makes facor
interesting reading. It appears to be related to the issues the bank has faced
with anti-money laundering fines in the…

Dodd-Frank
(and EMIR): the unintended consequences
 

I was going to write one final piece about Japan, on a more serious note, as
the SIBOS week really brought home to me the fact that there is a two speed
financial world being regulated under one regulatory agenda….

Can
you imagine your bank advertising like this?
 

Japan has so much culture, tradition, beauty and … downright weirdness. I spent
the weekend in Tokyo and noticed lots of wonderful sights: kimonos, kabuki,
maple trees and such like. Then there is the night life, the lights, the music
and the karaoke. Then there are their banks … 

What
really happened at the SIBOS closing party?
 

I’ve gotten into this habit of using the SIBOS closing party to do something a
little bit on the edge. Controversial, but meant to be funny. Last year I was
the world’s hottest banker and this year I was…

 

The major general news stories of the past week include  

'Congratulations,
you've become a Goldman Sachs partner'
– The Guardian

Banking high-flyers await phone call after secretive,
brutal selection process that involves no job advert and no interview.

Banks
have lost 'right to self-determination', says HSBC chairman Douglas Flint

– The Telegraph

Banks have lost the right to shape their own future and will
have to accept whatever changes are imposed by regulators, according to Douglas
Flint, the chairman of HSBC.

HSBC
to face ÂŁ1bn fines over money-laundering
– The Telegraph

HSBC is set to face a final bill for fines as high as $1.5bn
(ÂŁ937m) for the "shameful and embarrassing" US money-laundering
scandal that has engulfed Britain's biggest bank.

HSBC
Investigation: clients of Britain's biggest bank exposed
– The
Telegraph 

Britain’s biggest bank is at the centre of a major HM
Revenue and Customs investigation after it opened offshore accounts in Jersey
for serious criminals living in this country, The Telegraph can disclose.

America's
self-aggrandising regulators are biggest risk to HSBC
– The Telegraph

It's the sort of chutzpah a Mexican drug baron might admire.

We're
a British bank, get us outta here
– The Telegraph

It may speak the same language, be our closest military ally,
and share a common history, but do not be fooled.

British
banks face new crisis as a result of accounting rules
– The Telegraph

British banks are to be forced to raise tens of billions of
pounds in fresh capital as a result of new accounting rules due to be announced
early in the new year.

Cull
of City jobs 'likely to be even greater than feared'
– The Independent

The scale of the bloodbath in City jobs looks set to be greater
than feared it emerged yesterday.

Standard
& Poor's order to pay millions over AAA ratings
– The Telegraph

Global credit rating agencies could be hit by a wave of
litigation after Standard & Poor's was found liable for "misleading
and deceptive" conduct in assigning triple-A ratings to debt-related
products.

VIDEO:
What is the US fiscal cliff?
– BBC

The US faces a deadline to agree new legislation that could make
or break the global economic recovery.

Financier
Amanda Staveley accused of lying to protect ÂŁ3m claim
– The Telegraph

Amanda Staveley, the financier who negotiated the multi-billion
pound refinancing of Barclays, was branded a liar and unprofessional in a High
Court battle over the sale of one of London's most prestigious building.

Financier
jailed for huge fraud
– BBC

A City stockbroker who conned investors out of millions of
pounds to fund his extravagant lifestyle is jailed for 13 years.

 

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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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