is here.
God bless that venerable institution. Here's Mark Thoma and Ed Glaeser, et al. debating whether the imposition of regulation, particularly regulation from Basel, led to the current crisis. Seems unlikely given that Basel wasn't about regulating investment banks like Bear (though they did have "better than Basel I" capital requirements imposed by the SEC), but it's still pretty interesting. HT: MR
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1. Posted by Chuck on April 9, 2008 @ 7:56 | Permalink
There are other examples as well of Citigroup destructive-acquisitions. In the case of the acquisition of Banco Cuscatlan of El Salvador, for example Citi have shut down Bancuscatlan entire money-transfer operation to operate under the license of another company, RIA Financial Services. On the top of that they left intact an inefficient management structure. Perhaps the problem with Citi is that they are too big that inefficiencies and imcompetency are unaccountable.
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