Lunchtime Links: George Osborne has delivered very good news to securitisation professionals

This week, it's the Conservative Party Conference. This morning, it was George Osborne's speech. During it, George took the opportunity to suggest a new form of quantitative easing for the UK economy: "credit easing."

The details remain sketchy and there are as yet no mention of them on the Treasury website, but Robert Peston at the BBC has provided some elucidation.

Peston says credit easing will involve the Treasury purchasing corporate debt on behalf of the Bank of England. This debt will comprise, "bonds made out of small business loans," says Peston, adding that, "The idea is to encourage banks to parcel up small business loans into such bonds."

This implication appears to be that the next round of quantitative easing will involve SME loan securitizations. Peston says the Treasury will probably only purchase the bonds if the eurozone crisis worsens and the flow of credit to small businesses is reduced. Banks may want to get their teams in order now.

Lord Myners points out that HSBC could move its retail bank to France and avoid all Vickers inconveniences. (Telegraph)

People are already leaving Morgan Stanley. (Wall Street Journal)

Donations from finance account for half of payments to Tories since 2010 general election. (Guardian)

George Osborne will be leaving the Conservative Party conference early in an effort to urge the EU to change its plans on derivatives reform. (Guardian)

Maybe Goldman Sachs will break even! (Alphaville)

Bonuses at Goldman Sachs are going to be tiny this year. (SundayTimes)

Higher rate UK taxpayers will lose childcare vouchers when they switch employers. (SundayTimes)

"We are not anarchists. We are not hooligans. I am a 48-year-old man. The top 1% control 50% of the wealth in the USA." (BBC)

Roseanne Barr says very wealthy bankers who refuse to surrender their money should be decapitated. (ABCLocal)

Tube drivers' salaries to rise to over 50k. (Guardian)

Self interest is primarily about status, and only incidentally correlated with wealth. (Falkenblog)