Happy Holidays!

I have a feeling that we have already lived through most of this already. Maybe it was the end of the tech boom and the implosions of Long-Term Capital Management and Enron, and the resulting regulations.

Looking around now at what regulators and legislators are proposing, it seems quite farcical. On the macro scale, the U.K.'s Financial Services Authority (FSA) has, in record time, revamped its liquidity risk requirements for all financial firms operating in the U.K., leaving many struggling to

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