Saturday, April 20, 2013

CFA, revoke any certification given to anyone in the Basel Committee or the Financial Stability Board.

If a certified financial advisor was offering the same advice to a wealthy retiree and to a poor young professional, he would have his CFA certification immediately revoked. 

Yet that is exactly what all in the Basel Committee and the Financial Stability Board are doing when regulating our banks and serving some baby-boomers’ Après moi le déluge philosophy. They require all our banks to act in the same way, concentrating on lending to what is perceived as “absolutely safe” and avoiding what is perceived as “risky”, like the lending to small and medium businesses and entrepreneurs.