Basel Agonistes

For all its success in raising and standardising bank capital criteria, the first Accord is remembered as a boon for clever bankers looking for ways to earn fees structuring economically senseless deals that took advantage of the regulations’ many loopholes and arbitrage opportunities.

The Basel Committee has gone to great lengths to avoid repeating that mistake. But by ham-fistedly prescribing and proscribing in equal measure, it has stitched together a monster that can’t clear the first

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