Report ends a bad month for Basel II in US


The long-awaited report from the Government Accountability Office (GAO) is widely anticipated to deliver a damning appraisal of the effects that adopting the Basel Accord would have on the US financial system.

"Senators [Richard] Shelby and [Paul] Sarbanes requested a year ago that the GAO conduct an analysis of Basel. GAO reports typically say what the person who asks for them wants them to say; they're not necessarily subjective," said Pam Martin, director of regulatory relations at the Risk

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