Mon, Jun 29th, 2009
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BASEL, Switzerland, June 29 (Reuters) - Financial productsshould undergo registration like medicines to curb investoraccess until safety is proven, the Bank for InternationalSettlements said on Monday.
Policymakers were alarmed at how opaque and complexsecuritised products collapsed in value as the credit crunchbegan unfolding from mid-2007, despite being highly rated. Thissparked huge writedowns by banks that shattered investorconfidence.
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Financial products should be treated like medicines
In a story that sends one down the rabbit hole of international finance into the Alice in Wonderland world of the Bank for International Settlements (BIS), the gnomes of Basel said today that financial products should be treated like medicines and sold to(World News)
asbjornusTue, Jun 30th, 20091 Diggs, 0 Comments
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