Report ends a bad month for Basel II in US
NEW YORK – The Basel II implementation saga in the US appeared to be sinking deeper into the regulatory quagmire, ahead of a new study that was due to be issued at the end of January.
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
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