The UK’s Vickers commission
beavered away for a year or more with a view, amongst other things, to reducing
the TBTF subsidy that banks get. Ditto Basel III and Dodd –Frank in the U.S.
And the net result? They’ve managed to make matters worse, not better. See
here.
Words and phrases like “shambles”,
“cock-up” and “incompetence” spring to mind.
(Hat tip to Mike Norman.)
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