Complacency - it's coming back fast

Jaime Caruana, head of the influential but slightly secretive Bank for International Settlements, was speaking on the weekend:

"The head of the body that oversees global banking regulation has issued a stern warning that the world cannot afford to slip into a “complacent” assumption that the financial sector has rebounded for good."

At a meal with a senior financial sector official in the past week, this blogger was told

"It is becoming quite clear that lessons have not been learned."

And as for offshore, the latest initiatives have hardly made a dent: it is business as usual, as this and this and this highlight. And then there is this to worry about, too.