More Execs Forgo Bonuses
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And Sir Win has told the BBC that bankers are partly to blame for the current financial crisis. He said on Radio 4's Today programme on New Year's Day: 'My view is that they are partly to blame. There are people who feel remorse about this......Do they all ? I don't know'. When asked to comment on the fact that former executives at UBS actually returned some of their previously-paid bonuses, Bischoff said: 'I'm not going to get into that. I think it's much more difficult in the Anglo-Saxon system' (Ed's note - where there's a will, there's a way, Sir Win.)'.
The Evening Standard reports that there is 'growing speculation' that Royal Bank of Scotland may sell some, or all, of its 4.3% stake in Bank of China as the 3-year lock-up has now expired. The stake is worth some $2.19bn. And Bloomberg reports that UBS has actually sold 3.4 billion shares in the Chinese bank. The $900m raised will be used to beef up the Swiss bank's balance sheet.
Finally, The Financial Times reports that investors pulled a net $320bn from mutual funds in 2008 - a record both in dollar terms and as a percentage of assets.
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