Well, you think the New Year will change things, but the news headlines are continuing with the same themes: jobless going up, inflation going down, interest rates going down and down, and Bernie Madoff going down for a very long time.
A few headlines did catch my eye this morning though, apart from the FSA's announcements.
First, is the news that the Federal Reserve of Saint Louis has launched a new website to offer insights into how the financial crisis unfolded and the steps
the government is taking to contain it. Maybe it would have been nice if we could have understood all this before the event, but launching it now at least helps to see why all that sh*t hit the fan.
Second is the sad news of the suicide of Adolf Merckle this week. A billionaire fund manager reported to be the world's 94th richest man, Herr Merckle could not face the financial losses he had created.
Result: some papers seem to be starting a banker's suicide league table. Not sure I approve of that one.
Third, is a great blog entry in the New York Times, analysing how long this downturn might last. Answer: they have no idea!
Then there's the $1 billion fraud case that seems to surround the Indian IT Services Organisation, Satyam. The firm's Chairman resigned yesterday, and it's not been a good start for the Indian IT market powerhouse.
This one is closer to home as Satyam were once looking to sponsor the Financial Services Club. Hmmm ... a near escape me'thinks.
But the headline that really caught my eye is Larry Flynt's bravado in asking for a bailout for the porn industry. The guy who created Hustler Magazine and inspired the 1996 movie "The People verus Larry Flynt", wants the US Congress to approve a $5 billion bailout for the industry "to rejuvenate the sexual appetite of
America".
I guess if they can bailout banks and bailout car manufacturers, why not bailout anyone and everyone?
I personally think he would have been more successful in his call for help though, if he had used someone like Eliot Spitzer to lead that initiative.
Maybe not so much of a bailout as a ballsout?
Chris M Skinner
Chris Skinner is best known as an independent commentator on the financial markets through his blog, TheFinanser.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...
