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UK Bank Bonus Tax Fails To Achieve Main Objective

The Financial Times reports that UK government officials have admitted that the bank bonus tax, introduced on the fly last month, has failed to achieve its main objective, which was to encourage banks to strengthen their balance sheets rather than pay big bonuses to staff.

Top Firm Sued For $24bn In Damages

Reuters reports that Credit Suisse has been sued for $24bn in damages by a group of real estate investors for allegedly lending money that it knew couldn't be repaid so that the firm could take over the properties when the inevitable defaults occurred.