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Banking On Move By Fed as Top Cop

“‘Financial institutions may be global in life, but they are national in death.’ The words of Thomas Huertas , a British banking watchdog, in 2009 sum up the most important piece of unfinished regulatory business left over from the financial crisis.”

“Unlike most other sectors, finance is a global industry regulated by national authorities. When the failure of a company with headquarters near Times Square, as Lehman Brothers Holding Inc. was, can hit traders in London, regional banks in Germany and churches in Australia, domestic regulators have their work cut out.”