Tuesday, 2 September 2014

New bank rules make short selling more difficult - shock horror.

Front page story in today’s Financial Times is that banks are complaining that new funding rules for banks proposed by the Basel Committee on Banking Supervision will make it more expensive for banks to engage in short selling and similar dodgy practices.

Well boo hoo. I’m devastated.

The basic and socially useful purpose of banks is to supply people with mortgages and lend to business. If the new rules make short selling more difficult, I don’t give a monkey’s whatsit. I don’t give a toss. Let me put that in plainer English: I don’t give a f*ck.

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