IPFS News Link • Economy - International
‘Too big to fail’ banks are going back to the casino with your money
• globalpost.comBut whatever lofty pronouncements issue forth from the world leaders who attend the three-day meeting, nothing’s likely to trump what a little-known bureaucratic agency did in another Swiss town, Basel, just 10 days earlier.
That’s where the Basel Committee on Banking Regulation, a global club of central banks that attempts to coordinate policy across international markets, threw in the towel Jan. 12 on one of the most widely promised reforms of the post-Lehman Brothers era: forcing the biggest banks to keep more cash on hand in case of crisis.