According to the Telegraph,Gordon Brown could have saved HBOS without engineering the merger with Lloyds TSB that has brought the two banks to the brink of disaster, the Government's own financial watchdog has admitted.
The Times reports that the era of big bonuses for bankers seems almost certain to end after ministers joined ranks in condemnation of the payments. The paper adds that
The Government's position hardened yesterday after David Cameron, the Tory leader, proposed that bonuses in taxpayer-funded banks be capped at £2,000. Sources close to the Prime Minister said that a cap on such payments could not be ruled out.
The Guardian also leads with the story as well.It says he government yesterday publicly hardened its position on bank executive bonuses saying it will be "very, very robust" in clamping down on bonuses for 2008 in banks in which it holds shares. It will only allow modest payments for clerks earning around £20,000 a year.
The Independent thinks it has found a scandal that will exceed that of Madoff.According to the paper
American authorities have started to investigate the alleged role of senior military officers in the misuse of $125bn (£88bn) in a US -directed effort to reconstruct Iraq after the fall of Saddam Hussein.
The Sun reports on an accident at sea.It reports that British and French nuclear submarines which collided deep under the Atlantic could have sunk or released deadly radioactivity, it emerged last night.
Finally the Mail reports that a drug which appears to erase painful memories has been developed by scientists. The astonishing treatment could help sufferers of post-traumatic stress disorder and those whose lives are plagued by hurtful recurrent memories.
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