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The basic rules of banking, as per Santander's boss:


  1. if you don't fully understand a product, don't buy it
  2. if you wouldn't buy a product for yourself, don't sell it
  3. if you don't know your customers very well, don't lend them any money

Only item 2 can be enforced by regulation, and it certainly should. 1) and 3) in Steinbrück's plan would go towards that.

In the long run, we're all dead. John Maynard Keynes

by Jerome a Paris (etg@eurotrib.com) on Fri Oct 10th, 2008 at 07:55:15 AM EST

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