Basel III - 'Dangerous Nonsense' - discriminates against small banks

A report by the respected Austrian lawyer Gerhard Wildmoser comes to the conclusion that the new Basel III regulations favor big banks at the expense of smaller - and often much more conservative - banks. The key causes of the Credit Crunch - the careless attitude to customer's deposits, the purchase of questionable assets and the reliance on the state as a lender of last resort - would not even be addressed by the new regulations. In my view, the unelected bureaucrats and lobbying dominated by 'Too-big-to-fail' banks and their assorted 'research institutions' is on course to score another magnificent own-goal at the expense of taxpayers and citizens in general.