Well, maybe not exactly, but with the Treasury close to owning a 60% stake in RBS, its bankers are as good as working for the state. Chief exec Sir Fred Goodwin has been duly dispatched to spend his days playing golf and restoring old Ferraris. Banks are on their way to becoming the fourth utility (behind gas, water and electricity) says the Telegraph. Employees can probably expect to get paid accordingly.
The amazing ballooning RBS bailout. (Felix Salmon)
Barclays spurns the taxpayer.
UK financial sector liabilities = 4.2x GDP.
"The FSA has no wish to become involved in setting remuneration levels...."
Good news for Morgan Stanley: G7 pledges 'no more Lehmans'. (FT)
Mitsbushi UFG wants Buffett-esque terms on Morgan Stanley investment. (FT)
JPMorgan may be asked to buy Morgan Stanley: "It would be a bloodbath." (CNBC)
Fannie & Freddie do TARP. (Clusterstock)
Nassim Taleb does Newsnight. (Infectious Greed)
Wells Fargo likely to 'significantly downsize' Wachovia's investment bank. (Bloomberg)
"Dear Sir..." Goldman defends itself. (Forbes)
Five senior Lehman bankers deprived of $100m in bonuses. (Sunday Times)
If we are bursting bubbles, the Treasury bubble is the ultimate bubble. (Seeking Alpha)
FT cuttings used to depict bankers' wives in nude. (Sunday Times)
"No one should work more than 50 minutes a day. If I work for more than that my income drops. Humans are good at enjoying themselves." (Sunday Times)