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The United States recently imposed new restrictions on dealings with Bahrain-based Future Bank, which is controlled by Iran's Bank Melli.
"Do not mentioned [sic] our bank name, BIC code ref. no., in any message routed through U.S.A. and do not route through New York," Future Bank officials were instructed in one message from Iran's Bank Melli.
The forum at Basel may now offer the best hope of guaranteeing future bank stability.
That should minimise the cost to taxpayers of future bank failures.
And let me assure you, Wall Street isn't lobbying to prevent future bank bailouts.
Sutherland also warned that the future bank would be much smaller than today.
Neither Future Bank nor Iran's mission at the United Nations responded to written requests for comment.
So did the blandly good news about love: consolation, perhaps, for bad news about my future bank overdrafts.
The group also recommended that the costs of future bank failures be shouldered by shareholders and creditors, rather than taxpayers.
But that plan, if adopted, would apply only to future bank failures, not to cases like that of Hypo.
The directive aims to ensure creditors and shareholders, rather than taxpayers, bear the losses of future bank failures.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com