For immediate release - June 7, 2012
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The Federal Reserve Board on Thursday invited comment on three proposed rules intended to help ensure banks maintain strong capital positions, enabling them to continue lending to creditworthy households and businesses even after unforeseen losses and during severe economic downturns.
http://www.federalreserve.gov/newsevents/press/bcreg/20120607a.htm
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Comments: 3
"“The last six months have made it abundantly clear that voluntary regulation does not work,†he said in a statement. The program “was fundamentally flawed from the beginning, because investment banks could opt in or out of supervision voluntarily. The fact that investment bank holding companies could withdraw from this voluntary supervision at their discretion diminished the perceived mandate†of the program, and “weakened its effectiveness,†he added."
http://www.nytimes.com/2008/09/27/business/27sec.html?_r=1
Anmd you will find a direct comment on Basel III on http://www.nationofchange.org/biggest-banking-scandal-summer-hint-it-s-not-libor-1342797867
This explains how come a bunch of banksters is taking profit of deregulation to put the WORLDWIDE economy at risk, despite the subprime and the LIBOR crisis.
This explains, as well, how much wrong are the "libertarians" who keep wishing to facilitate speculations.
Such new regulations aimed to promote safer investmentsand loans providing a higher investment risk on a new restricted way to compute assets.
The main difference, IMO, is in instating non-voluntarily regulations. However, there is still room for fake figures to be presented to the SEC and FED as long term loans are considered as assets: if a credit line, per example, is considered as a "full" asset while only part of it is paid-out by the bank which refuses to disburse the remaining balance, the figures willl end being wrong. I have a written proof of such way to act: per ex. the C/L is for 110,000 while only 64,000 were effectively paid out, the balance (46,000) will increase the assets and therefore increase the speculation ability.