Basel III: kill or be killed
The Basel Committee is trying to prevent a repeat of the financial crisis with a package of new rules, but banks argue the cure could be worse than the disease. After spending the past two months filling out spreadsheets on the impact of the proposals, the industry believes it has some ammunition. Matt Cameron reports
The financial crisis has hit the global economy hard. In the US, GDP shrank by 2.4% in 2009, with 14.7 million Americans out of work by the end of the year – double the number unemployed at the end of 2007. To prevent a repeat, leaders of the Group of 20 (G-20) nations want banks to take less risk and hold more capital, and have given the Basel Committee on Banking Supervision the job of coming up
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