Oh if bank regulators had only stuck to the dress code of bankers

Sir, John Kay directs his “A smart business is dressed in principles not rules” January 12, to the people in Basel dealing with the regulations of banks… and I cannot but reflect on how the current crisis would have been avoided if regulators had stuck to regulating the dress code of bankers.  Instead they went ahead and arrogantly discriminated among perceived risks with their capital requirements for banks, gladly ignoring that bank crisis always occur as a consequence of risks that have not been perceived.