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Laocoon, the Trojan priest, didn’t trust the Greeks and their wooden horse. But before he could warn his fellow Trojans, the hostile gods sent two snakes to throttle him and his sons. The sculptor’s treatment of this event seems to epitomize the struggle between the regulators and the regulated in today’s financial markets. But who is being strangled and who’s doing the strangling? A score of diverse institutions, operating globally in the major money centres and emerging markets, present supervisors with an increasingly tortuous task. |
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