Citi's Pandit notes limitations and dangers of Basel III

10/25/2010 | Bloomberg

Citigroup CEO Vikram Pandit said many requirements established by the Basel Committee on Banking Supervision will be ineffective or possibly even worsen the condition of a credit crunch. Basel III essentially reduces capital-level targets in flush times while increasing them in a tight economy, he said. "By creating an illusion of safety, Basel actually dulls the sense of urgency further," Pandit said.

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