UK
Lunchtime Links: Do you drive fast cars, drink lots of champagne and wear red braces?
8 August 2008
Radio Four has conducted an in-depth interview with two traders. Key question: Are you Gordon Gekko? Key takeaway: Shouting on the trading floor is NOT a sign of STRESS. (Radio 4).
RBS posts its first loss in four decades (Guardian).
….but the pain was far less than expected (Financial Times).
Auction rate security (ARS) repurchases galore: Merrill buying back $10bn, Citigroup buying back $7.3bn, UBS may buy back….$25bn (Bloomberg).
Writedowns on ARS buybacks could total $4bn (Bloomberg).
US bank shares plummet (Financial Times).
European banks have struggled while European economies were good, so what will happen when European economies turn bad? (Financial Times).
Profits up 40% at Schroders private banking unit (Wealth Bulletin).
…but AUM down £9bn across the board (Evening Standard).
Citigroup sacks utilities trader behind dubious website featuring immodestly clad females and references to excretion. (Bloomberg).
Governments caused the credit crisis, but capitalism gets the blame. (Telegraph)
Rooftops of the rich (Flickr).
Friday frolics:
John Thain in wrestling outfit circa 1807 (Dealbreaker).
Sexual harassment arbitrage (Longorshortcapital).
Don’t feed the birds (Wulffmorgenthaler).
