It can focus instead on fixing loopholes and finding ways to close outlier banks that lose far more money than the average.Where Basel 3 will almost certainly have to retreat is in its proposal to force banks significantly to cut their structural reliance on short-term funding.
"In three years, or maybe five years, they'll be back to fix these loopholes, because there will be a huge amount of fraud," Mr. Gillis forecast.
The U.K. government is also looking at ways to fix those loopholes.
If Congress was truly outraged at the practice, then they would fix the loopholes.
The answer is not to fix the loopholes in the tax system, but to rethink it entirely.
Or how about asking the government to fix the loopholes at the CTFC put in place by past presidential administrations?
Congress responded to these tricks in 2012 by passing another law directing the Pentagon to fix these loopholes, and new rules were finalized in September of last year.
Madrid's manipulation breaks no rule (though UEFA said Wednesday it would investigate to see if the players should be punished further), but the soccer authorities must fix a loophole that encourages such manipulation.
"If these governing bodies cannot get together to fix this loophole, if players stop using this wedge, which would stop the pressing of the issue, then I will relook at it and put the wedge back in play," Mickelson said.
