are dealing with these issues. This is a time for new international institutions to
come to the fore.”
Bob Barbera, author The Cost of Capitalism “We’re now in the position of
pointing fingers and trying to redraw the rules of the game but let’s not miss the
fact that policymakers did a spectacular job over the last nine months.”
John Caslione, author of Chaotics “We’re in an age of heightened turbulence,
which reveals vulnerabilities and opportunities. Banks have to embrace this and
be prepared for it.”
Jake Cohen, INSEAD “At the heart of the problem is the fact that the regulatory
agencies didn’t attract and retain the best and brightest.”
Mohamed El-Erian, author of When Markets Collide “It is unacceptable to
have a system that privatises massive gains and socialises massive losses. Governments
must insist on higher levels of capital in banks and more counter-cyclical
behaviour.”
Bill Fleckenstein, author of Greenspan’s Bubbles “We need to separate commercial
and investment banks, so if an investment bank goes under it’s not going to
drag the whole financial system under.”
Harald Hau, INSEAD “We have to expose the banking system to more competition
from the outside. There should be more financial market development to limit
the role of the banks on the economy.”
Angela Knight, British Bankers Association “Banks are holding much more
capital, adopting better governance, risk and remuneration policies, and offering a
more personalised service to customers.”
Ilian Mihov, INSEAD “In the 1930s Roosevelt revamped completely the system of
financial regulation. Today we can see policymakers going through the same
exercise.”
Victor Nichols, Experian “Transparency is the watchword. Customers and
investors have to be able to see the advantages and risks associated with any
portfolio or loan.”
David Wyss, Standard & Poor’s “Regulation has got to become more consistent.
Within the United States, having a central regulator concerned with systemic risk
is a necessity.
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