Things we're reading today include ...
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Today's must read
John Thain, former CEO of Merrill Lynch, speaking at Wharton College on September 30th: "Creating things that you don't understand - that the buyer doesn't understand, that the rating agency doesn't understand, that the regulator doesn't understand - is really not a good idea no matter who owns it. The fact that the firms that created them were stupid enough to own them doesn't make me feel any better."
He also talked about bonuses and that office.
Transcript: John Thain's Wharton 'Lying' Speech (Here is the City)Video: John Thain: It's 'Unfortunate That the American Dream Has Been Demonized' (Knowledge @ Wharton)
Economies
World financial crisis 'not over' (BBC)Eurozone economy shrinks by 0.2% (BBC)
US budget deficit hits peacetime high: $1.4trn (Independent)
Banks step in as dollar tumbles (BBC)
Dollar rises on Bernanke comments (BBC)
Asia steps in to support dollar (Financial Times)
Markets
Britain overtakes US as top financial centre (Telegraph)
Companies
Lloyds still short of official approval for giant cash call (Independent)
RBS and Lloyds loan levels probed (Financial Times)
Technology
Banking Survey: Social Media, Online Video Influences Bank Choice for 18 to 24 years olds (Marketing Forecast)
Zeus Trojan Infiltrates Bank Security Firm (Washington Post)
33 Arrested as FBI Busts Global 'Phishing' Ring (Washington Post)
Personal Finance According to Video Games (Mint Blog)
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Quote of the Day
"If you have a compensation structure, if you don't have good risk controls - if you don't understand the risks that you're taking, if you allow traders or businesses to wipe out the earnings of all the other employees of the firm - that undermines the entire compensation structure no matter what you have. That was one of the problems at Merrill Lynch."
John thain
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