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He has promised to put more emphasis on traditional forms of banking, like providing advice and lending to midsize businesses.
And one can only wish that other senior bankers had spent the last few decades applying their spare brainpower to crosswords rather than to innovative and world-damaging new forms of banking.
Clever, highly incentivised people will always outfox the careful and considered pace of the regulators – especially when technology, with smartphones and big data, is continually opening up new forms of banking, and thus new ways to get around the existing legislation.
In fact, trade finance is among the safety and oldest forms of banking.
The latter is often used as a pejorative shorthand for forms of banking in which UCB is retained privately in 'family banks' by paying clients.
Because the federal government still considers marijuana a Schedule I drug (along with substances like LSD and heroin), these businesses have long been shut out of traditional forms of banking.
Similar(53)
In its calculations of nonborrowed reserves, the Fed included in borrowed reserves new forms of bank borrowing not being held as reserves.
Even so, regulators reckon that on balance the growth of markets has been a good thing, making the financial system safer than more traditional forms of bank lending.
A few weeks ago its clumsy attempt to restrain dodgier forms of bank lending led to a bout of market panic.
But the political pressures on pay and other forms of bank-bashing in Britain and, to a lesser extent, America are driving some financiers overseas.
In the wake of the carnage in last week's markets, European countries pledged to inject capital into ailing banks and guarantee some forms of bank debt, a step analysts said was critical to restoring lending between banks and easing a crisis of confidence.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com