Monday, September 12, 2011

Too Big To Fail?

He was referring to new capital requirements that call for banks to hold core tier one capital that equals 7% of risk-weighted assets. That number climbs to 9.5% for systemically important financial institutions like JPMorgan Chase, Citigroup and Bank of America.
“I’m very close to thinking the United States shouldn’t be in Basel any more. I would not have agreed to rules that are blatantly anti-American,” he said. “Our regulators should go there and say: ‘If it’s not in the interests of the United States, we’re not doing it’.”
If he'd stop offshoring profits and stop supporting corporations who do, this might have a little more meaning to me...