This month the New York Times
republished a press release from discussed a recent report by the British Bankers’ Association, a lobby group. The NY Times article was entitled Britain Losing Its Competitive Edge in Banking, Trade Group Warns, and it began like this.
“The British government needs to take “urgent action” to address concerns about its regulatory and tax environment if London is to remain a global financial center and if lenders based in Britain are to remain competitive internationally, according to a banking trade group.”
This month a group called the American Action Forum (AAF) published a document entitled “The Growth Consequences of Dodd-Frank,” looking at the U.S. Dodd-Frank legislation introduced to curb financial excesses in the wake of the global financial crisis that first emerged in 2007.
Reflecting the complexity and — how shall we put this delicately? — dodginess of large parts of the financial sector, Dodd-Frank is a huge and unwieldy creature. It’s also been set upon by sharks: read this stunning (though out of date) Matt Taibbi article about how it’s done. As he put it: