FURTHER FURTHER READING
- Bill McBride's FOMC preview.
- David Warsh on Marriner Eccles.
- Greg Ip explains what's happening with Puerto Rico's debt crisis.
- Krugman trolls deficit hawks with one amazing chart.
- The price of Internet is too high.
FT EVENING ROUND-UP
Day of reckoning as European banks' bill for misconduct mounts: "European banks faced another day of reckoning yesterday when they were forced to pay fines and make legal provisions running into billions of dollars to cover the growing cost of financial misconduct. There were fresh revelations from UBS and Deutsche Bank, which became the first banks to admit they had become ensnared in a global probe into alleged manipulation of the $5.3tn foreign exchange market while Dutch lender Rabobank agreed to pay a $1bn settlement over its role in the Libor-rigging scandal. " (Financial Times)
US home price growth at seven-year high: "US home prices rose at their strongest annual pace in more than seven years in August, while monthly figures confounded expectations of a slowdown spurred by higher interest rates. The Standard & Poor's/Case-Shiller index, which tracks property values in 20 metropolitan regions across the US, rose 12.8 per cent in August from the same month in 2012 – the fastest since February 2006. This beat analysts' expectations of a 12.4 per cent rise and followed a 12.3 per cent jump in the year to July." (Financial Times)
Goldman Sachs eases work conditions of junior investment bankers: "Goldman Sachs has eased the working conditions of its junior investment banking staff by discouraging them from working weekends, highlighting how investment banks are changing their culture to retain young workers." (Financial Times)
