'I saw the angel in the marble and carved until I set him free'
Sunday, 7 October 2007
What Happens to a Bank With a Failed Business Model
The depositers should be protected, the shareholders should take their losses, and the managers should go to jail. Greenspan on Northern Rock and its ilk.
That would be our Leader ND, who failed to ensure the transfer of the macro economic research department to a regulatory structure essentially concerned with macro economics. Of course, some do not accept that the failure of Northern Rock has any systemic financial characteristics at all, any more than did Barings. Me, for instance.
2 comments:
I think that about sums it up
Except ... what of the 'designers' of the disfunctional regulatory framework ?
That would be our Leader ND, who failed to ensure the transfer of the macro economic research department to a regulatory structure essentially concerned with macro economics.
Of course, some do not accept that the failure of Northern Rock has any systemic financial characteristics at all, any more than did Barings. Me, for instance.
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