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Regulation following the 2008 financial crisis was about more of the same. Banks should now hold so much more capital that they could not fail. Banks were not simplified due to their successful lobbying. Regulation became more complex, which made it more difficult to implement and supervise. Some regulation was so complicated that it has still not been implemented more than a decade after the crisis. Complexity favoured larger banks with the resources to understand and take advantage of the regulation. J.P.Morgan’s investment losses in London, Danske Bank’s money laundering and Goldman Sachs’ Malaysian issues bear hallmarks of absent management. No one would manage that badly.
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- What Has Changed: How Little Has Changed in Terms of Complexity, Producer Managers and Absent Management in Banking
- Chapter 13
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