« Things worth reading: 8th April 2014 | Main | Things worth reading: 9th April 2014 »

April 08, 2014

Comments

Feed You can follow this conversation by subscribing to the comment feed for this post.

KTQ

20 years ago Bill Gates said that banks were dinosaurs. One banker responded, "Not all dinosaurs roll over and die. Some of 'em can run real fast and bite the hell out of you."

The banks ran real fast to their tame legislators and revolving-door regulators and bit back at technology with regulation that defends the perimeter (KYC/ATF and FATCA) and creates a scale bias in favour of ever bigger global banks (BASEL II/III and central bank liquidity largesse). The complexity of bank regulation and compliance is part of the global bank domination and defence strategy. Very few regulations achieve their stated objectives, (e.g. "prevent terrorism finance" or "promote financial stability") but all of them deliver bigger and bigger dominant banks that operate globally, are accountable to no one, and pay very little in taxes.

Bill Gates saw that in 1994 and chose to sell systems and applications to banks rather than compete with them. Right choice.

Verify your Comment

Previewing your Comment

This is only a preview. Your comment has not yet been posted.

Working...
Your comment could not be posted. Error type:
Your comment has been saved. Comments are moderated and will not appear until approved by the author. Post another comment

The letters and numbers you entered did not match the image. Please try again.

As a final step before posting your comment, enter the letters and numbers you see in the image below. This prevents automated programs from posting comments.

Having trouble reading this image? View an alternate.

Working...

Post a comment

Comments are moderated, and will not appear until the author has approved them.

Twitter FSClub

    follow me on Twitter

    Your email address:


    Powered by FeedBlitz

    Search blog


    Amazon Digital Bank

    Financial Brand Editor's Choice

    Alex: The Finanser BlogAlex at the Financial Services Club
    Gaping Void: The Finanser BlogGaping Void's Hugh MacLeod worked with the Finanser
    Wordle: The Finanser Blog

    The Financial Brand

    NetBanker

    Payments News - from Glenbrook Partners

    Payments RSS

    Tomorrow's Transactions blog

    Analytics