Two years after the collapse of Lehman Brothers, regulators are working on ways to prevent it happening again. That means finding a way to wind down a complex, global financial institution safely, while making its shareholders and bondholders suffer enough to discourage reckless behaviour.
Don’t hold your breath.
On the face of it, this week marked some progress, with the Federal Deposit Insurance Corporation in the US publishing its plans to be able to liquidate large financial institutions in the same way that it deals with small bank failures – swiftly, ruthlessly and effectively.
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