Opinion leaders around the world look to the British for a clever and nuanced approach to financial-sector policy. But, with the UK authorities proposing ludicrously low capital ratios for banks, they currently look in vain.
WASHINGTON, DC – The devil is always in the details. And the greatest devils of our economic age lurk in the details of how officials regard the capital – the equity funding – of our largest banks. Government officials have identified far too closely with the distorted, self-interested worldview of global banking executives. The result is great peril for the rest of us.
WASHINGTON, DC – The devil is always in the details. And the greatest devils of our economic age lurk in the details of how officials regard the capital – the equity funding – of our largest banks. Government officials have identified far too closely with the distorted, self-interested worldview of global banking executives. The result is great peril for the rest of us.