Dear patient readers,
I will be largely off the grid from Friday AM till Tuesday AM (I wish this was a holiday, but it should at least be interesting). Richard Smith will be ably minding the store. Please be nice to him.
There is actually a very big development in the UK on Monday which Richard will cover, namely, the publication of the preliminary version of the Independent Banking Commission report. It is expected to endorse either a partial or full split of retail banking from other bank operations. Given the size and importance of financial services to the UK, it may raise the obvious question: why have US reforms been so limited?