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Let the hedge funds run the risks

June 18, 2010 : Permanent Link

Thw Washington Post – Beginning in the late 1980s, traditional banks began complaining that they were losing market share and profits and all their best people to investment banks, which had cleverly constructed an alternative, or “shadow,” banking system that was less regulated and backed by less capital. Their incessant whining and well-financed pleading eventually paid off in the late 1990s, when Congress dismantled the Depression-era wall between the two activities and let banks and investment banks merge. And it all worked splendidly — until, of course, it didn’t.

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