Financial regulation: old lady, new problems. (British merchant bank Barings)
Economist (US), The, July, 1996
The demise of British merchant bank Barings is being blamed on the problems of the Bank of England and its fellow financial regulators. The Bank of England has agreed to follow the suggestions of financial consultant Arthur Anderson to help it become a better regulator.
SINCE Barings, a British merchant bank, collapsed in February 1995 after amassing 860m ($1.4 billion) of trading losses, there have been many outside assertions that poor regulation by the Bank of England was partly to blame for the fiasco. Stung by the criticism, the Old Lady of Threadneedle Street has been indulging in a little navel-gazing of her own.
On July 24th she revealed the results. The report, written by Arthur Andersen, a consultancy, considers how the Bank might become a better...
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