We had Glass-Steagall and pissed it away. Europeans are starting to realize the wisdom behind it, and are rightly considering instating ‘ringfencing,’ something that we don’t have the will or the balls to return to.

“As regulators join the Swiss bank (UBS) in scrambling to figure out how a single suspect could have racked up as much as $2 billion worth of rotten bets over three years, analysts and politicians say the catastrophic losses reinforce the case for divorcing retail banks from their investment arms.
“(John) Vickers’ 363-page report argued that Britain’s retail banks should be split off by 2019 to reduce the risks of taxpayers having to bear the cost of any future bailouts, saying that “the risks inevitably associated with banking have to sit somewhere, and it should not be with taxpayers.”


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