I am unable to think of any critical, complex human activity that could be safely reduced to a simple summary equation.

Perhaps the greatest challenge for the resolution of a systemic global bank is the possibility that public or private actors in different countries might take local actions that would cause the overall resolution to spin out of control.

Regulatory changes have forced banks to closely examine their liquidity planning and to internalize the costs of liquidity provision. The costs of committed liquidity facilities will be passed on to clearing members. These costs are perhaps highest in clearing Treasury securities, where liquidity needs can be especially large.

The financial crisis and the Great Recession posed the most significant macroeconomic challenges for the United States in a half-century, leaving behind high unemployment and below-target inflation and calling for highly accommodative monetary policies.

The post-Soviet mafia wove a spider's web of dirty money around the world. Where better to attack it than to start with the Ukrainian criminal heavyweights - the 'family' and its closest circle?

I would argue that no financial instrument counted as regulatory capital should be allowed to receive any protection from losses.

The modern banking system manufactures money out of nothing.

I'd been brought up in a society which didn't talk about sex, food, money, religion or politics. Those things were all deemed slightly rude.