Risk Professional

Alan Greenspan may have said he made a mistake but it wasn't his fault, and certain bank chiefs are laughing all the way to a different bank having killed their own, but an increasing number of senior officers are taking responsibility for mistakes made during their tenure.

Obama is on his way to the White House, perhaps the most inevitable president for a generation. He's a sponsor of a bill called "Stop Tax Havens Abuse Bill." The OECD, led by France and Germany, is supporting the continued attack - now more than a decade old - against "tax havens" as it announces "political boost to combat tax haven abuse." It includes the idea that support for financial institutions in the current financial crisis should be tied to reform of those institutions' offshore units to provide "compliance."

You have to feel sorry for French savings bank Caisse d'Epargne. Just over two weeks ago, they were very proud of their new secure payment systems for internet payments having joined both MasterCard SecureCode and Verified by Visa. And on 8th October, they announced that they had entered discussions with Groupe Banque Populaire which would, if successful result in the creation of France's second biggest bank. Then late yesterday came the kind of news that spoils le weekend.

Malaysian Prime Minister Abdullah Badawi lit a long fuse with his proposla over the weekend to widen membership of Malsysian politics, but some sparks have already begun to fly.

When the Bank of Credit and Commerce International was closed, it was found that UK local authorities had been tempted by the high rates of return offered by the rogue bank. Whilst no one is suggesting that the Icelandic banks that are in trouble are criminal organisations, it now transpires that UK local government and government agency money was invested at the high rates those banks offered.

Both Senators McCain and Obama rattled the drum on behalf of Israel when asked in a televised debate what the US reaction would be if Iran attacked Israel - and in doing so warned the UN that the US will not again wait while it debates.

Senator John McCain's performance in the second of three televised debates with arch rival Barrack Obama (who is also a senator but for some reason his name never seems to carry the prefix) was surprising for his tactic of throwing mud at the wall to see how much stuck. And his links to terrorism were nothing more than insults.

The UK Treasury has applied measures under The Anti-terrorism, Crime and Security Act 2001 to freeze the assets of Landsbanki, including those held by the Icelandic government.

The acronym for Movement for the Emancipation of the Niger Delta - MEND - is ironic for yesterday the group claimed that it has destroyed one of Royal Dutch Shell's principle pipelines in Rivers State.

The US Department of Justice has secured indictments against 16 foreign people and entities alleging that they have dealt in products destined for Iran in trades subject to US sanctions - including Dubai, Malaysian, British and German nationals and companies.