IMF warns of further recession risks

Banks round the world have still to reveal about half of their likely losses resulting from the financial and economic crisis, the International Monetary Fund said on Wednesday, warning that there was still a “significant” risk of another downward lurch in the global recession. The IMF described credit risks as remaining “elevated” even though financial conditions have improved significantly since spring.

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UK regulator seeks to deflate financial sector with global tax

The head of Britain’s top banking watchdog supports the idea of new global taxes on financial transactions, warning that a "swollen" financial sector paying excessive salaries has grown too big for society.

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UBS to cut nearly 9,000 more jobs

Switzerland’s largest bank will shed nearly 9,000 more employees as it tries to recover from the global financial crisis, its CEO said Wednesday. The announcement by UBS Chief Executive Officer Oswald Grubel came at the company’s annual general meeting in Zurich.

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The Case for Letting AIG Fail

There’s an uproar about whether the government should let AIG fail, a debate re-energized by the latest revelation of bonus payments going to AIG’s executives. In fact, there’s a good case to be made that AIG should fail, and it has nothing to do with bonuses. The rescue of AIG is warping the banking system and unnecessarily extending the credit crisis.

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