The sovereign debt restructuring mechanism is the most contentious proposal ever to come out of the upper echelons of the IMF. It is almost universally opposed by the private sector, most emerging-market borrowers think it a very bad idea indeed, and before it has even been drafted it has already been blamed for tens of billions of dollars of decreased capital flows to emerging markets.

Lehman Brothers found itself at the centre of embarrassing public revelations last month when a chef formerly employed by the bank challenged the terms of his dismissal and implied that loose morals were inherent to the firm's culture.

Hutchison publicly blames its abandonment of a foray into euro bonds on adverse market conditions. But the company and its advisers seem to have neglected to weigh up specific reasons for investor caution.

The Turkish banking sector is undergoing a revolutionary transformation. For decades the playground of crooked bankers and the politicians and bureaucrats they funded, the sector is now being cleaned up.

"You should always buy a company that any fool can run, because one day, one will." These were the words of one of the world's most successful investment managers, Peter Lynch, speaking at an awards lunch in London.

The International Accounting Standards Board is planning to change its approach to the treatment of assets in securitizations. But many feel the new proposals don’t improve on the confusion they replace

Dozens of former bankers are on trial in Turkey for allegedly stealing $17 billion from the 20 banks that have been seized by the government since the end of the 1990s. None of the trials has ended, while some of the cases have entered their third year. If Murat Demirel's case is typical, it seems they might go on for ever.

A big chunk of Iceland's second-largest bank looks destined to fall to a father and son team who made a fortune from selling their brewery in Russia. Questions remain, though, about their suitability to control the National Bank of Iceland.

Argentina

Large investment-grade corporate borrowers have increasingly turned to securitization as rating downgrades and investor risk aversion have pushed spreads on normal bonds to junk levels. Can asset-backed markets meet these giant issuers’ funding needs?

What's red, green and disliked by most Germans? Answer: the new - or old - coalition government. In fact, it's something of a mystery who voted for Gerhard Schröder. Most Frankfurters grimace at the mere mention of his name. Just as when Bush won the US election, it's as if Germany has had a momentary lapse of concentration and lumbered itself with a government it didn't really want.

Managing director and global head of fixed income e-commerce, Lehman Bros

Head of global markets, Bank of America