Dead in the water?

Basel II

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George Soros didn't mince his words. "Basel II, which delegated authority for calculating risk to the financial institutions themselves, was an aberration and has to be abandoned," he told a congressional committee meeting in Washington, DC last month. Strong words indeed, but were they fair? Given the years of hard work, the endless meetings, consultations and studies, not to mention the astronomical costs of implementation, calls for abandonment will no doubt annoy those involved in the Basel

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