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“If we add all the new proposals together – levies, Basel 3, leverage ratios, macroprudential capital requirements, Volcker rules, transaction taxes, systemic risk charges, etc., etc., – we could move into an environment of reckless prudence.”

–Howard Davies, Sloan ’80, director of the London School of Economics,  speaking with the New York Times on the eve of the World Economic Forum in Davos, Switzerland. Davies suggested instead “a global regulator with real power – ‘a kind of financial W.T.O.’”

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Also on Stanford Knowledgebase:

  1. QOTD: The Verdict on Davos
  2. QOTD: Opening Remarks
  3. QOTD: ‘Emerging Markets’ Obsolete

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