Today’s Bobguide reminds me why I subscribe to it. Normally it is just a list of corporate advertisements – but today’s was a real pearler. As regular readers here will remember, I maintain an interest in overseas Basel II implementation – in particular the US, where it has been just plain barmy at times.
The discussion at the AEI looks like about one of the first “full and frank” discussions between the regulators and the regulated in this process, as the comment from Gary Wilhite (Wachovia) shows. As noted in the Bobsguide piece, this was an important piece of the discussion.
…the CCO of one of America’s largest banks [Wachovia] read through the list of collaborative working groups established between the EU regulators and the institutions they supervise to work though the details of Basel II implementation. He then noted quite sadly that no such cooperative effort exists between US bank regulators and the institutions which they oversee.
Any wonder why the rest of us are just shaking our heads? If they are not talking there is no chance of getting it right.