More Photography from Time
Slight difference the Conquistadors are the ones coming to take over, not do the natives menial jobs and try to quietly assimilate into their culture. Apples and oranges.
11/24/12 European banks have asked the European to postpone the introduction of tougher global bank capital rules by a year to 2014 after US regulators told lenders they did not expect the new regulations to take effect in 2013. The tougher rules, known as Basel III, are the world's regulatory response to the 2007-09 financial crisis and would force banks to triple the amount of basic capital they hold in a bid to avoid future taxpayer bailouts. The European Banking Federation sent a letter on Nov 21 to EU Internal Market Commissioner Michel Barnier, formally requesting a delay on the grounds that EU banks would be at a competitive disadvantage if they introduced the new rules before their US counterparts. "We are now very troubled over the possible repercussions that the most recent statement from the US Authorities may have for the international competitiveness of Europe's banks," the letter, made available to Reuters on Saturday, said. It said EU banks were facing sweeping regulatory changes including new rules on capital requirements and liquidity buffers, and the creation of a EU supervisory authority. I thank you Firozali A.Mulla DBA