Rather than congratulating themselves on surviving the great credit crunch and calculating how best to evade politicians’ and regulators’ intrusive calls for pay restraint, bankers should be taking stock and asking themselves whether the worst is over yet.
If it is not, this is the time to prepare new rescue procedures, before the downturn resumes.
Lee Meyerson, senior partner and head of the financial institutions practice at law firm Simpson Thacher & Bartlett, points out how completely dependent large parts of the US financial system still are on state support and how unsustainable this is....
