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90 at 9: Obama's bank reforms useless; Back near bubble peak; O'Reilly loses APN fight

90 at 9: Obama's bank reforms useless; Back near bubble peak; O'Reilly loses APN fight

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Bernard Hickey details the key news overnight in 90 seconds at 9am in association with ASB. One year to the day after the collapse of Lehman Bros and people are asking if anything has changed on Wall St and in our own economy. Barack Obama relaunched his campaign to regulate America's banks overnight, but has changed virtually nothing. Former IMF chief economist Simon Johnson and Nobel prize winner Joseph Stiglitz say the 'too big to fail' banks are even bigger and riskier than they were before Back in New Zealand we also appear to have learned nothing and changed little. REINZ price figures out yesterday show the median price rose 2% to NZ$347,000, just below the NZ$352,000 peak reached in November 2007. Meanwhile the currency is firm over 70 USc. Finally, in Ireland former Heinz boss and Lions winger Tony O'Reilly appears to have lost his battle to save his controlling stake in APN Media and he will have to give up half his stake, the Sydney Morning Herald reported. APN owns the NZ Herald.

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