But there is a major difference between a foreign regulator killing your insolvent banks and your own regulator killing your insolvent banks.

Given the quality of decision-making coming out of the Bundesbank et al, I am not convinced that the European policymakers would have been able to salvage a major banking blowup that happened on someone else's time table. Hell, they may not even be able to handle a blowup that happens on their own time table, but at least then they'd have a sporting chance.

- Jake

Friends come and go. Enemies accumulate.