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<oembed><version>1.0</version><provider_name>naked capitalism</provider_name><provider_url>https://www.nakedcapitalism.com</provider_url><author_name>Yves Smith</author_name><author_url>https://www.nakedcapitalism.com/author/yves-smith</author_url><title>The Banks Are Bluffing &#x2013; They Aren't Moving Anywhere | naked capitalism</title><type>rich</type><width>600</width><height>338</height><html>&lt;blockquote class="wp-embedded-content" data-secret="0AYgCpQutn"&gt;&lt;a href="https://www.nakedcapitalism.com/2012/09/the-banks-are-bluffing-they-arent-moving-anywhere.html"&gt;The Banks Are Bluffing &#x2013; They Aren&#x2019;t Moving Anywhere&lt;/a&gt;&lt;/blockquote&gt;&lt;iframe sandbox="allow-scripts" security="restricted" src="https://www.nakedcapitalism.com/2012/09/the-banks-are-bluffing-they-arent-moving-anywhere.html/embed#?secret=0AYgCpQutn" width="600" height="338" title="&#x201C;The Banks Are Bluffing &#x2013; They Aren&#x2019;t Moving Anywhere&#x201D; &#x2014; naked capitalism" data-secret="0AYgCpQutn" frameborder="0" marginwidth="0" marginheight="0" scrolling="no" class="wp-embedded-content"&gt;&lt;/iframe&gt;&lt;script type="text/javascript"&gt;
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</html><description>Yves here. This is a subject near and dear to my heart. Banks occasionally harrumph that if regulators are too mean, they'll just pack up and go somewhere else. That's complete bluster as far as TBTF banks are concerned. Any major bank needs to be backstopped by a real central bank. The Caymans don't begin to cut it. And central banks are actually not all that welcoming of world scale players trying to take advantage of the slack they give to banks they've been in bed with a long time. UBS considered splitting in two and relocating its investment banking operations when the Swiss National Bank announced it would impost 20% equity requirements. It has concluded it has to stay put.  Andrew Norton debunks another sort of threat made by large banks: that they will move significant activities out of particular financial centers like London.</description></oembed>

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