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Tuesday, March 18, 2014

Banks Still Too Big To Fail

Sir Jon Cunliffe, Deputy Governor of the Bank of England, is quoted by the Telegraph talking about the size of some banks:
We have made a lot of progress on too big to fail. But we are not there yet. I do not think we can say with confidence now that we could resolve a failing global giant, if we don’t hang together most assuredly, one way or another, we will hang separately.
Resolving global systemically important banks and ensuring they are international in death as well as life, mutual trust has to be built on common standards and rules to ensure banks have debt that can be safely bailed-in in the right amount and location.” 
Methinks that nothing is too big to fail, what Sir Jon actually means is that the banks are too big to imagine failing.

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