My del.icio.us bookmarks for January 21st through January 23rd

These are my links for January 21st through January 23rd:

• FT.com | Willem Buiter’s Maverecon | Can the UK government stop the UK banking system going down the snyrting without risking a sovereign debt crisis? – Worth reading

  I don't share all his views – but his comparisons with Iceland are scary and appropriate

  And he gets to the right place – nationalisation is the ONLY option

• FT.com / Companies / Technology – Details of alleged Satyam fraud emerge – "The former chairman of Satyam Computer Services inflated the size of the outsourcing company’s workforce by nearly one-quarter and siphoned off the wages of the fake employees, Indian authorities have claimed."

  And PWC did not notice?

  Come on – this is first year auditing stuff

  Trouble is, they probably put a first year on it

  Never doubt the rubbish that the big firms pass off as an audit

• FT.com / Companies / Financial Services – Santander fund praised ‘impeccable’ Madoff – People should be asking more questions of Santander I say
• FT.com / Companies / Banks – BofA axes Thain as Merrill deal sours – The facts are simple

  The banks deceived themselves as well as us

  The opacity and complexity of offshore meant they did not know what they were doing. Someone coming in could not find out

  The answer is available: ban the use of offshore, orphan structures and any form of off balance sheet securitisation for now

  Isn't that glaringly obvious?

• FT.com / World – Obama ushers in an ‘era of openness’ – The headline works for me

  So be it

  That's my wish

• FT.com / Companies – Ebay hit by fall in consumer spending – No sector is immune
• FT.com / Companies – Parsons takes over as Citi chairman – "Dick Parsons, former chief executive of Time Warner, was last night named to replace Sir Win Bischoff as chairman of Citigroup, after the US bank’s fortunes failed to recover despite a $300bn government bail-out in November.

  Mr Parsons, who was Citi’s lead director and has been on the board since 1996, immediately urged the Obama administration not to nationalise the country’s ailing banks and called for the creation of a government-controlled “bad bank” to buy toxic assets."

  Using other people's money without having a duty of care to them is a toxic mix.

  Banks have already proven they do not accept the duty of care to a diverse shareholder base.

  They don' accept one to government

  That's why it will have to be imposed on them

• FT.com / Companies – Merrill delivered bonuses before BofA deal – Crooks
• FT.com / Companies / UK companies – Brown attacked over Northern Rock bonuses – We have to recreate the idea that salary is enough

  You should do a good job for what you're paid

  What is wrong with that?

• Germany hopes Zumwinkel case will pressure tax havens – One of Germany's business stars will answer charges of tax dodging when he appears in court on Thursday in a case the government hopes will increase pressure on havens such as Liechtenstein and Switzerland.
  Klaus Zumwinkel, whose Liechtenstein trust was uncovered when the government paid an informant for a bank disk containing the name of the former Deutsche Post chief and others, will also be confronted with files found during dawn raids on his home.
• Tax Justice Network: New German anti-tax haven law – Germany moves against the tax havens – more good news
• Savers need tax breaks, says Barclays Boss – Accountancy Age – a) Savings does not equal investment

  b) This helps Barclays more than anyone

  c) Savings are not needed right now – they fuel deflation

  So as usual a banker has got it wrong

  Let's ignore him – it's the only thing to do