Lehman downfall triggered by transatlantic mix-up - papers

A breakdown in communications at the highest level between the US and the UK led to the shock collapse of the investment bank Lehman Brothers in September last year, a Guardian investigation has revealed.

The downfall of Lehman, which triggered the biggest banking crisis since the Great Depression, came after a rescue bid by the high street bank Barclays failed to materialise. Full story...

Lord Turner's call for a Tobin tax is "irrelevant" and his recent outburst on investment banks' pay and bonuses are the "wrong issues", according to Richard Lambert, director-general of the CBI.

The Telegraph reports Mr Lambert used his speech at the CBI's annual dinner in the north-east of England last night to urge the chairman of the Financial Services Authority to concentrate instead on the "real" problems facing business such as credit lines and bank competition. Full story...

Banks came under renewed fire yesterday after the City watchdog said they were responsible for nearly 1 million complaints in just six months, says The Independent.

The Financial Services Authority's director of retail, Dan Waters, demanded swift action to cut the number of unhappy customers, saying: "We are not happy with the volume of complaints. There should be less. Making sure firms handle complaints properly is a priority for us." Full story...