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"Capitulation," writes Simon Nixon describing today's "U-turn" by the BoE and the U.K....
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Thursday, June 14, 2012, 5:58 PM ET"Capitulation," writes Simon Nixon describing today's "U-turn" by the BoE and the U.K. government. It's a good thing too, he says, after 4 years of regulations, stringent capital requirements, and "half-baked" reform ideas have helped strangle the banking system. Unfortunately, says Nixon, the banks may be so traumatized by now, they may not even be interested in availing themselves of the new funding scheme.
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Oh, the humanity