BASEL 11Submitted by jhalsey on Tue, 09/30/2008 - 07:44
I'm on my way to work and, besides, I don't know how to cut and paste but EVERYONE needs to read and learn about BASEL 11.
It was formed by the G10 nations in June 2004 to set a limit of 10 times the amount that can be loaned than is on deposit. EU banks came in line with this before Sept 1. Sept 20, 2008 was the deadline and the US has not complied. Hence, the big bailout. Royal Bank of Scotland is due billions of dollars once the "Main St. Bailout" is approved. Do you think our congressmen know this? I don't.
Basel !! is in wikepedia.