FT.com / UK / Business - Bank calls City’s bluff on regulation: "“Some of the downside of carrying around a big financial system is now evident to all. If some of that were to migrate overseas that would be unfortunate but given the costs of carrying that financial system around, it may be a price worth paying,” he said."
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This is accaepted, however, the 'ingenuity' of the designers of these 'socially useless' operations will find another gap in the regulations whithin which to create the next catastrophe.
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