Bank's King Says Needs Freedom to Force Reforms on Banks (UK)

[elleng]

'Ultimately, the regulatory framework should be set in a way that allowed banks to fail, King told a parliamentary committee scrutinising the Financial Services Bill, which includes a major overhaul of Britain's regulatory system.

"Once regulators get bogged down in excessive detail they'll never be a match for the banks," he said. "So we have to have a framework in which most of these firms can fail. If they screw up, that we just let them go, go bust."'

http://www.nytimes.com/reuters/2011/11/03/business/business-us-britain-boe-regulation.html?_r=1&hp