Things worth reading: 1st March 2010

Things we're reading today include ...

 

Today's must read:

The president needed the gravitas of the former Fed chairman to sell his bank reform to Wall Street. But when the big banks didn't buy it, Obama sold him out.
How Obama Screwed Volcker - The Daily Beast

People

Warren Buffett raps failed bank chiefs - The Times
Buffett says executives who manage risk badly should pay - Financial Times
Michel Barnier: the most dangerous man in Europe? - The Telegraph
HSBC and Standard Chartered bosses to give bonuses to charity - The Telegraph
BoA's investment bank chief earns table-topping $30m - The Telegraph
$73m BofA package for Lewis - Financial Times

Companies

Lloyds slumps to £6.3bn loss as bad debts balloon - The Telegraph
A casino bank at Lloyds? It didn’t need one - The Times
RBS fears £1bn loss from staff defections - The Telegraph
Analysis: RBS investment arm made more money than the rest of the bank combined - The Telegraph
HSBC's £7bn profits to offer insight into Asian economy - The Telegraph
Cazenove partner: I tossed a coin to pick stocks - The Telegraph
UBS drops to third in table of biggest advisors to FTSE100 companies - The Telegraph
AIG records $9bn quarterly loss - BBC
Goldman Sachs: the bank they love to hate - The Times

Markets

Bank for International Settlements reports further £235bn slide in global lending - The Telegraph
Analysis: Losing money was the bankers' target all along - The Telegraph
California is a greater risk than Greece, warns JP Morgan chief - The Telegraph

 

Quote of the Day:

"US bankers were furious about attempts to reduce pay throughout the industry, arguing that any such move smacked of socialism and would be fiercely resisted."
US banks veto 'socialist pay' in secret talks - The Independent