Too early to declare victory on TBTF?

Too early for TBTF call

Nick Sawyer

Standing beneath a gigantic ‘Mission accomplished’ banner on the deck of the USS Abraham Lincoln, US President George W Bush told the world in May 2003 that major combat operations in Iraq had ended. He was spectacularly wrong. The Iraqi insurgency continues to this day and has resulted in far more casualties than had occurred in the two-month period between the start of the invasion and Bush’s speech.

The collapse of a bank is a long way from war, but some regulators and market participants hav

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