Moves to learn the lessons of the humiliating run on Northern Rock last autumn were announced by the "tripartite authorities" yesterday, The Independent reports.
Aiming to produce a "world-class" regulatory system, the Bank of England, the Treasury and the Financial Services Authority jointly agreed on a range of moves aimed at strengthening each and improving liaison.
Many commentators, including the Treasury Select Committee, drew attention to the apparent lack of leadership during the Northern Rock crisis and the credit crunch.
Soon, a "Tripartite Standing Committee" of the Bank, the Treasury and the FSA will be formed to ensure the bodies work together.
RIVALS RALLIED AROUND Lehman Brothers as rumours of a "fire sale" swirled around the market, forcing the bank's shares to eight-year lows, according to The Telegraph.
In the face of continued speculation that Lehman chairman Dick Fuld is negotiating a below-asset sale to any number of potential suitors, leading analysts at rival banks, including Morgan Stanley, supported Lehman's shares by arguing that such a sale was unlikely.
Despite the support, Lehman's shares touched a low of $19.24 at one stage yesterday, slightly lower than Monday's $19.81 close, which was its lowest closing price since 2000.
THE US GOVERNMENT moved a step closer yesterday to ripping off the veil of secrecy that for centuries has protected the identity of UBS clients as a federal court took the unprecedented step of demanding that the Swiss bank hand over the names of as many as 20,000 of its customers, The Times reports.
A federal judge in Miami issued an order authorising the Internal Revenue Service (IRS) to retrieve from UBS information about US taxpayers who may be using Swiss accounts to evade income taxes.
The order, signed by Judge Joan Lenard and announced after the markets closed, directs UBS to produce records identifying US taxpayers with accounts in Switzerland who have elected to have their accounts remain hidden from the IRS.IFAonline
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